Are PCGS Graders Coin Collectors?

braddick

I know they can't directly deal in coins, but do you think the Graders are also collectors?

Also, if so- do you think they occassionally come across a coin they wish they could own? Would it be improper of them to then notify the owner and make an offer?

Conflict of interest or not?

LanLord

I would hope that they were also collectors, some of the most experienced in the hobby/business if PCGS is doing it right. And I would actually feel complimented if one contacted me about a possible purchase of something I sent in.

IrishMike

Dunno if they are or not or for that matter graders for any of the companies. One thing I would make a wager on is that they spend more than 5-10 seconds looking at the coin before they purchase it.

WWBillman

Mike,

Please do not misinterpret this

Now that Rick has come out and said 5 to 10 seconds on average to grade a coin I am really wondering how long an NGC grader looks at a coin before giving it a grade.

I am pretty sure you are a member over on the NGC forum and have posted answers here to questions asked there. Do you think NGC would answer this one? Would they answer honestly? Completely impartial of course by not mentioning to them what PCGS has said when you ask.

IrishMike

Was a generic comment I referred to graders at any company. Rick's comments were not new news around here. Most of us were aware a long time ago how much time they spent and I am sure it's the same amount at every company.

EVillageProwler

Bill,

NGC graders spend 5-10 sec on average grading as well. On behalf of the ANA, they taught the grading course this summer right before the ANA. Their graders gave the 5-10 sec estimate.

BTW, from reading your post, I get the impression that this is news to you and that it's supposed to be semi-secret. I've known of this for quite a while, and it's the industry standard response that the big grading firms give. It's really not a secret, and it's also an estimated range of an average of untabulated numbers based on an unscientific method.

So, I wouldn't read too much into this 5-10 sec thing... My gut tells me that it's just what they (all the services) say because they have to give an answer and that it's close enough...

EVP

WWBillman

EVP & Mike,

Thanks for the info. I was unaware prior to Ricks post that was the average. It seems to have been a surprise to others here as well.

TheNumish

Hey Bill,
If you sat down with a bag of BU morgan dollars and started grading each coin I think this is what would happen. The first coin would take a few minutes. The second coin a little less time. By the time you got to the 1,000th coin you might be grading them in 15 seconds. If you did this everyday for a week by the end of the week you might be grading them in less than 10 seconds. At the end of a year you'd be able to do this with most coins. You'd also be more accurate than the first day you started even though you spend less time grading each coin.

Here is where the real question comes. Even though you love coins after doing this for a few years would you still want to collect them and look at them or would you start getting tired of them? For me I think it would be hard. I'd have to find something else to do. I'd still see a lot of coins I'd really love looking at but as time went on it would probably happen less and less often.

nwcs

Personally, if I was a professional grader seeing hundreds of thousands of coins a year I would probably lose interest in general collecting. However, I would gain interest in the premium specimens that take my breath away. I would say the graders are much like us in that regard. See something outstanding or historical and then spend a little extra time wishing, hoping, longing to take it home. Then putting it back as it would be too expensive.

Neil, revisiting memories of coin shows...

Trime

As stated, NGC and PCGS claim they spend the same time grading a coin. Time is money.
Definitely a conflict of interest to offer to buy coins that pass through their hands.
A number of graders collect other things ( cars,art, etc) rather than coins. Interestingly a number of big time dealers have explained that they stopped collecting when they became serious dealers because of the COI that it created for them and their clients.

kieferscoins

I bet none of them currently collect coins. The fun is probably lost and the view of big business submisions is seen. This is a good question for Rick on the Q&A forum. PCGS must have guidelines for their graders if they currently collect coins.

Cameron Kiefer

nwcs

Maybe they are only allowed to own ACG slabbed coins as punishment for trying to maintain a collection.

RLinn

<< <i>The first coin would take a few minutes. The second coin a little less time. By the time you got to the 1,000th coin you might be grading them in 15 seconds. If you did this everyday for a week by the end of the week you might be grading them in less than 10 seconds. >>

and after a little while longer you'd be able to do it with your eyes closed. Hmmmmm......maybe that explains some of the also ran grading services?