Using LCS to submit coins for grading

Halfpence

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

MasonG

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

spyglassdesign

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.

Halfpence

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

blitzdude

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!

lermish

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.

MasonG

@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'.

lermish

@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.

1madman

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.

yspsales

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.

jmlanzaf

Depends on your relationship to the LCS and how good the dealer is. I have 2 BM LCS who I would trust to submit a million in coins for me. There's also a couple shops i wouldn't trust with my laundry.

I've said it before. A good relationship with a good dealer is incredibly valuable.

jacrispies

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.

hfjacinto

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.

jmlanzaf

@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.

PerryHall

Most collectors who ask a TRUSTED dealer to submit a coin or two for them rarely need to slab coins so it may not make sense to pay for a membership and they do it primarily to save on insured shipping by piggybacking on the dealer's submission package. I've done this in the past with a TRUSTED dealer and split the cost of shipping, so it was a win-win situation for both of us. Think of it as carpooling for coins.

jdimmick

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!!

ricko

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

neildrobertson

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.

Cladiator

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

stealer

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.

skier07

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

fiftysevener

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.

justindan

+1 for DIY.

Halfpence

@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).

MasonG

@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?

Halfpence

@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.

vulcanize

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.

Halfpence

@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?

Zoins

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.

jmlanzaf

@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.

jmlanzaf

@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.

vulcanize

@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.

Custerlost

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

PeakRarities

@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.

Custerlost

Thanks Dan.