Confused about the guarantee
RonaldDay
Posts: 109 ✭✭✭
What does this mean? This guarantee shall not apply to any coin for which its status in the numismatic community has changed.
Doesn't this encourage submitters to sell coins they may think are over graded? This guarantee does not apply to, and cannot be utilized by, the original submitter (or the original submitter’s agents, employees, affiliates, family, or representatives) of the graded coin. I understand why this rule is there, but it certainly has neg consequences.
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That first rule would be to cover if, for example, the 1964 SMS coins were suddenly determined to be regular circulation strikes, or similar situations.
The second rule you listed is there because an original submitter would not have suffered any loss from an error by PCGS. I think this happened here once where someone submitted a 1909 VDB and it was mistakenly called a Proof by PCGS. Even though according to the holder the coin was worth several thousand dollars, the submitter had not lost any money when PCGS corrected their mistake. The same would hold if you submit a coin that should grade MS63 but somehow grades MS65, if you send it in for review(because you are an honest person who doesn't want an over-graded coin out there) you wouldn't get compensation(maybe just a free re-grading?).
At least that is my interpretation of that. Take it for what it's worth.
Collector, occasional seller
The same would hold if you submit a coin that should grade MS63 but somehow grades MS65, if you send it in for review(because you are an honest person who doesn't want an over-graded coin out there) you wouldn't get compensation(maybe just a free re-grading?).
I acknowledged the dilemma of the over-graded coin, but your post did not address the incentive to sell the coin to an unsuspecting buyer. While I agree the submitter wasn't harmed, it seems that there ought to be some incentive (on the part of PCGS) to prevent a coin like that from getting sold in the first place. As it stands now, the only incentive is on the part of the submitter to pass the coin off on somebody else.