PSA declared value

Rdwyer1969

Hi folks. I’m considering sending out a number of cards to PSA for grading. I don’t understand the declared value request though. First, why do you have to specify a declared value on cards? Second, there are plenty of cards that will jump from one tier to the next based on grading…which is why I’m sending it to PSA. Do I always assume any card in my collection that has a chance at a 10 fall under the highest estimated value of that card as a 10? If I submitted, let’s say a Nolan Ryan rookie in pristine mint condition, and I declared its value to be the lowest price tier available, what does that mean for my submission?…is it an insurance sort of thing?
Thanks!
Rick

nendee

I usually declare a value based on around a 7. I believe that they may charge you for the higher level if it’s obvious?

miwlvrn

Be warned, however; if PSA damages your card during the grading process, they will credit you only what they feel is the Fair Market Value, even if that amount is significantly lower than what you specify on your sub form as your Declared Value. I have disappointingly had to deal with this concept very recently, where an item I sub'd was initially graded a 9 and therefore carrying what I would have set as a much higher value than my declared value, but they only gave me credit for what they found to be FMV, much lower than the declared value (let alone my assumed new higher value in that grade), They damaged it when holdering and so they had to change their assigned grade from a 9 down to a 4.

Rdwyer1969

@miwlvrn said:
Be warned, however; if PSA damages your card during the grading process, they will credit you only what they feel is the Fair Market Value, even if that amount is significantly lower than what you specify on your sub form as your Declared Value. I have disappointingly had to deal with this concept very recently, where an item I sub'd was initially graded a 9 and therefore carrying what I would have set as a much higher value than my declared value, but they only gave me credit for what they found to be FMV, much lower than the declared value (let alone my assumed new higher value in that grade), They damaged it when holdering and so they had to change their assigned grade from a 9 down to a 4.

Wow! Sorry to hear that!

But that even further makes me wonder why declare a value for anything any higher than the lowest price? I’ll call them in the AM and post back what I learn.

Jayman1982

@Rdwyer1969 said:

@miwlvrn said:
Be warned, however; if PSA damages your card during the grading process, they will credit you only what they feel is the Fair Market Value, even if that amount is significantly lower than what you specify on your sub form as your Declared Value. I have disappointingly had to deal with this concept very recently, where an item I sub'd was initially graded a 9 and therefore carrying what I would have set as a much higher value than my declared value, but they only gave me credit for what they found to be FMV, much lower than the declared value (let alone my assumed new higher value in that grade), They damaged it when holdering and so they had to change their assigned grade from a 9 down to a 4.

Wow! Sorry to hear that!

But that even further makes me wonder why declare a value for anything any higher than the lowest price? I’ll call them in the AM and post back what I learn.

2 main reasons:

1. As per their policy posted online: "PSA’s determination that you have understated the Declared Value will affect only the Service Level charge, it will not change the Declared Value for purposes of establishing the maximum item value for claim or shipping insurance purposes."

-so if you want your card fully insured on it's way back to you or while it's in their possession before a grade is assigned, you are best off being accurate with the declared value.

2. Because you will wait longer to get it back at lower service levels and then have to pay an upcharge anyways if they deem the graded value to be significantly higher than what you said it would be.

nendee

I think most people undervalue the declares to sneak under. I mean, I would guess the sneaking it under happens for cards around 0-20% higher than max declared value. If you have a ten grand card and you are sneaking it into economy, it’s on you is it gets lost! But if I have a maybe 600 card, and economies max value for declared is 499, I’ll put it in economy.

mark_dak

Anyone used the "Card Take-Home Submissions" at a show? I'm considering a trip to the Orlando show. I see that's only a 2 day show but "Take Home" will/may be available. Any info on how that may work? Would love to hear from members that have used this service before. Thanks

Mark