Home U.S. Coin Forum
Options

Using LCS to submit coins for grading

HalfpenceHalfpence Posts: 442 ✭✭✭✭
edited December 28, 2022 6:01PM in U.S. Coin Forum

I just learned that this is an option. Is there a downside?

Comments

  • Options
    MasonGMasonG Posts: 6,268 ✭✭✭✭✭

    lcs = local coin shop? First thought- who's responsible for a loss once you hand the coins over to them?

  • Options
    spyglassdesignspyglassdesign Posts: 1,511 ✭✭✭✭✭

    If you can save money on grading fees and shipping... As long as they are a reputable outfit and you trust them with your coins.

    How much risk can you handle? They are really just another middle man. I think I'd rather submit directly at a show or by mail. Less people touching my coins.

  • Options
    HalfpenceHalfpence Posts: 442 ✭✭✭✭

    Yes, local coin shop. There are savings, as I could use their membership and save on the membership fee.

  • Options
    blitzdudeblitzdude Posts: 5,459 ✭✭✭✭✭

    Tried it once. LCS said they would submit but turns out they sent to another dealer who was going to submit for them. Supposedly dealer #2 misplaced the coins and they were never even sent to PCGS. Took about 5 months but I finally did get the coins back in their original condition. Raw pre-33 $10 eagle and a 1928p Peace Dollar that was already slabbed by NGC. I was hoping for a crossover on the Peace. Never again. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • Options
    lermishlermish Posts: 1,940 ✭✭✭✭✭

    Your mileage may vary but, just from talking to my several LCSs, I would not submit through them. I like my shops but their attention to logistical details leaves a lot to be desired. Shipping/submitting coins for grading is ALL logistics.

    The membership fee is worth it just for the peace of mind of submitting myself.

  • Options
    MasonGMasonG Posts: 6,268 ✭✭✭✭✭

    @lermish said:
    The membership fee is worth it just for the peace of mind of submitting myself.

    It's less than $6/month.

    Just sayin'.

  • Options
    lermishlermish Posts: 1,940 ✭✭✭✭✭

    @MasonG said:

    @lermish said:
    The membership fee is worth it just for the peace of mind of submitting myself.

    It's less than $6/month.

    Just sayin'.

    I don't want to spend other people's money for them but couldn't agree more. As someone who submits semi-regularly it's worth every penny.

  • Options
    1madman1madman Posts: 1,295 ✭✭✭✭✭

    Downside is if pcgs gets your labels incorrect on the coins, they’ve gotta be resubmitted to get fixed. It’ll drive the dealer nuts. I’m currently going through that problem with 3 orders.

  • Options
    yspsalesyspsales Posts: 2,215 ✭✭✭✭✭
    edited December 28, 2022 7:15PM

    No biggie...

    My average sub count means membership adds about $2 per coin over the course of a year.

    I don't have a relationship with a LCS, and also like to keep some of my business to myself.

    BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out

  • Options
    jacrispiesjacrispies Posts: 717 ✭✭✭✭✭

    I did run into one dealer a few years ago that said he would send any coin in to PCGS for $40 each. I've asked multiple LCS since who would send coins in, and every dealer said they would not like the responsibility and liability of handling someone else's coins.

    "For the wages of sin is death, but the free gift of God is eternal life in Christ Jesus our Lord" Romans 6:23. Young fellow suffering from Bust Half fever.

  • Options
    hfjacintohfjacinto Posts: 766 ✭✭✭✭✭

    I don’t really submit coins but when I needed to I used my local dealer, they charged a small premium for doing the work and I got the coin back in a few weeks.

  • Options
    jmlanzafjmlanzaf Posts: 31,936 ✭✭✭✭✭

    @jacrispies said:
    I did run into one dealer a few years ago that said he would send any coin in to PCGS for $40 each. I've asked multiple LCS since who would send coins in, and every dealer said they would not like the responsibility and liability of handling someone else's coins.

    It is a service not a profit center.

  • Options
    jdimmickjdimmick Posts: 9,600 ✭✭✭✭✭

    Make sure he is reputable and been around a while. Years ago, there was a guy (so called dealer) who sent coins in for people, but would switch out a few, and/ or purposely say they got lost and offer a type of insurance re-imbursement, but actually got to keep a winner!!

  • Options
    rickoricko Posts: 98,724 ✭✭✭✭✭

    My preference is to submit my coins myself. Many things can go wrong... accidentally or intentionally... and each step added is another opportunity for an issue. Cheers, RickO

  • Options
    neildrobertsonneildrobertson Posts: 1,181 ✭✭✭✭✭

    The vouchers cover the cost of membership. You'd only submit through a dealer if you had 1 or 2 coins. Otherwise, I'd say to do it yourself.

    IG: DeCourcyCoinsEbay: neilrobertson
    "Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me

  • Options
    CladiatorCladiator Posts: 17,919 ✭✭✭✭✭

    I've used my LCS to submit in the past and it's quite convenient. My LCS does have their sh*t together though.

  • Options
    stealerstealer Posts: 3,968 ✭✭✭✭
    edited December 29, 2022 2:29PM

    I always use my LCS to submit, and I am fortunate that they are a nationally recognized outfit.

    Upside for me: I don't have to worry about insuring the package and I can get coins for my collection graded
    Upside for them: they get access to fresh inventory

    It works both ways.

  • Options
    skier07skier07 Posts: 3,692 ✭✭✭✭✭

    Submit the coins yourself. It’s not that expensive and there are less variables and less room for error.

  • Options
    fiftysevenerfiftysevener Posts: 897 ✭✭✭✭

    It already takes far too long. You're going to have to wait until your LCS gets enough other coins of like type to submit. Otherwise it's likely gonna cost a hundred bucks for one coin.

  • Options
    justindanjustindan Posts: 697 ✭✭✭✭✭

    +1 for DIY.

  • Options
    HalfpenceHalfpence Posts: 442 ✭✭✭✭

    @skier07 said:
    Submit the coins yourself. It’s not that expensive and there are less variables and less room for error.

    It is expensive, actually. For me to become a member for the sole purpose of grading one high end coin (value greater than $2,500), it would cost me nearly $200 after all is said and done (membership, regular service fee, shipping both ways, guaranteed premium).

  • Options
    MasonGMasonG Posts: 6,268 ✭✭✭✭✭
    edited December 29, 2022 5:47PM

    @Halfpence said:
    It is expensive, actually. For me to become a member for the sole purpose of grading one high end coin (value greater than $2,500), it would cost me nearly $200 after all is said and done (membership, regular service fee, shipping both ways, guaranteed premium).

    Wouldn't whoever is submitting for you have to deal with three of those four things (membership, regular service fee, shipping both ways, guaranteed premium) for your particular submission? Are you thinking they might pay them for you?

  • Options
    HalfpenceHalfpence Posts: 442 ✭✭✭✭
    edited December 29, 2022 6:13PM

    @MasonG said:

    @Halfpence said:
    It is expensive, actually. For me to become a member for the sole purpose of grading one high end coin (value greater than $2,500), it would cost me nearly $200 after all is said and done (membership, regular service fee, shipping both ways, guaranteed premium).

    Wouldn't whoever is submitting for you have to deal with three of those four things (membership, regular service fee, shipping both ways, guaranteed premium) for your particular submission? Are you thinking they might pay them for you?

    I would pay all but the membership fee and shipping to PCGS (they would mail my coin with their next batch of coins), which would save me around $85. Thats not chump change.

  • Options
    vulcanizevulcanize Posts: 1,339 ✭✭✭✭✭

    My LCS person does not get coins graded anymore but he always used ANACS and sold me on the idea to send in the less stellar ones whenever there were $10 specials because it was cheapest way to get it slabbed for authenticity.
    I use the service of our hosts for the higher end stuff but have submitted two through the mod of another forum sometime back for bulk foreign special because it was more convenient at that time.

  • Options
    HalfpenceHalfpence Posts: 442 ✭✭✭✭

    @vulcanize said:
    My LCS person does not get coins graded anymore but he always used ANACS and sold me on the idea to send in the less stellar ones whenever there were $10 specials because it was cheapest way to get it slabbed for authenticity.
    I use the service of our hosts for the higher end stuff but have submitted two through the mod of another forum sometime back for bulk foreign special because it was more convenient at that time.

    That's a really good approach for authenticity. I'll have to remember that. ANACS doesn't require membership, correct?

  • Options
    ZoinsZoins Posts: 33,893 ✭✭✭✭✭

    I think it can work if you have a good relationship with the dealer and they are very attentive to details themselves.

    It doesn’t have to be at the level of Hansen and Simpson, but having a trusted dealer in your corner is a good thing.

  • Options
    jmlanzafjmlanzaf Posts: 31,936 ✭✭✭✭✭

    @fiftysevener said:
    It already takes far too long. You're going to have to wait until your LCS gets enough other coins of like type to submit. Otherwise it's likely gonna cost a hundred bucks for one coin.

    There are many LCS that submit coins weekly.

  • Options
    jmlanzafjmlanzaf Posts: 31,936 ✭✭✭✭✭

    @MasonG said:

    @Halfpence said:
    It is expensive, actually. For me to become a member for the sole purpose of grading one high end coin (value greater than $2,500), it would cost me nearly $200 after all is said and done (membership, regular service fee, shipping both ways, guaranteed premium).

    Wouldn't whoever is submitting for you have to deal with three of those four things (membership, regular service fee, shipping both ways, guaranteed premium) for your particular submission? Are you thinking they might pay them for you?

    Not really. They are already members. They are already submitting, so you are sharing the postage. And some dealers get discounted submissions. It can absolutely be cheaper.

    It's also worth mentioning that if you are using the vouchers, you could well be paying more than the service fee. It costs me $30 or so for an economy submission through my dealer friend. No way could I submit for that price myself. He also travels to shows if I wanted walk through.

  • Options
    vulcanizevulcanize Posts: 1,339 ✭✭✭✭✭
    edited December 29, 2022 11:31PM

    @Halfpence said:
    ANACS doesn't require membership, correct?

    No membership fees for ANACS. Go to their website and see if there are any local shows in the vicinity and just submit at their table, thus saving on one way shipping plus insurance costs. :wink:

  • Options

    My understanding is that CAC and the “new” CAC do not accept direct submissions from individuals?
    Is this correct?

  • Options
    DeplorableDanDeplorableDan Posts: 2,539 ✭✭✭✭✭

    @Custerlost said:
    My understanding is that CAC and the “new” CAC do not accept direct submissions from individuals?
    Is this correct?

    Both CAC stickering and CAC grading will service collectors and dealers who are members, but membership has been closed for around 15 months. Those who already have membership for the stickering service will be the first ones that can utilize the grading service, but the rest of us have to wait until they open the waiting list. Otherwise the only option is to submit through a local dealer with membership.

  • Options

    Thanks Dan.

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file