THE PCGS STORY ON THE PCGS SITE
The Need for a Universal Standard
In 1985, a small group of the nation's leading rare coin experts recognized that for the rare coin industry to realize its potential, several serious problems needed to be addressed.
Market participants soon became aware that one of the fundamental factors in determining rare coin values is the physical condition, or grade, of the coin. They learned that a coin graded Mint State 65, for example, may have market value many times greater than the same coin graded Mint State 64, even though the difference in an MS65 coin and an MS64 coin may be virtually undetectable to the untrained eye. A coin sold by one dealer as an MS65 could be sold by another dealer as an MS64 (or less). In some cases a coin buyer could be victimized by product misrepresentation. In other cases, he was caught in the middle of a dilemma of wide-ranging definitions due to the absence of a true standard. In other words, they were simply caught in the middle of divergent definitions due to the absence of a universal standard.
It doesn't say anything about who started PCGS, only part of the reason why. Those names may get lost and disappear over the next 25 to 50 years as we lose the older generation of collectors that know who, what, where, and when things happened to start this great company.
Even though there seemed to be some negativity around the top folks "leaving" a number of years ago, I believe a much more detailed write-up of the PCGS early days would be a great honor for those that kept things going as well as the history for all the new collectors to understand what it took to make this company into what it has grown into.