PCGS comes through on a Guarantee Resubmission
coinguy1
Posts: 13,484 ✭✭✭
On January 9, we submitted a coin which we felt was overgraded, to PCGS, under their "Guarantee Resubmission" service.
I learned today, that PCGS agreed with us. They gave us a choice of a refund of our original purchase price ($10.637.50) or $4500 and the coin back, graded one point lower.
Bottom line - while I would have liked to have received faster service, PCGS did the right thing, at a cost to them, of roughly $4500.
In case anyone is wondering, I did not threaten to raise a ruckus on the message board if things didn't go our way.
Edited to add : I chose to take the $, rather than the coin and the $, as my valuation of the coin was a bit lower than PCGS's - sorry for any confusion.
I learned today, that PCGS agreed with us. They gave us a choice of a refund of our original purchase price ($10.637.50) or $4500 and the coin back, graded one point lower.
Bottom line - while I would have liked to have received faster service, PCGS did the right thing, at a cost to them, of roughly $4500.
In case anyone is wondering, I did not threaten to raise a ruckus on the message board if things didn't go our way.
Edited to add : I chose to take the $, rather than the coin and the $, as my valuation of the coin was a bit lower than PCGS's - sorry for any confusion.
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Comments
Good choice, as I'd imagine it's PQ in a holder that is minus a point from where it was at.
Or, is this not sound logic?
peacockcoins
Glad it worked out. Parallels my grade guarantee experience with them (although for a LOT less money). Coin back with a check that was more than adequate.
Russ, NCNE
K S
Looking for Nationals, Large VF to AU type, 1928 Gold, and WWII Emergency notes. Also a few nice Buffalo Nickels and Morgan Dollars.
Monty...
The loss to PCGS was approximately $4500, not $10000.
Also, you said:
<< <i>The only way to make anything in coins these days is to buy the old PCGS overgraded crap and send it in for grade review. >>
It doesn't work that way. You can't go around buying coins to have downgraded and make money on them if the grades are lowered. PCGS will pay a fair difference in value, but not at a profit to the submitter.
I would be curious as to why you ended up with a coin you had such a low opinion of in the first place? Trade in? Something else? Not trying to cause trouble (just always a bonus if I can).
Clankeye
It's easier to make a profit by reselling the coin. Explains why so many overgraded coins from all services are still out there in the marketplace.
<< <i>I would be curious as to why you ended up with a coin you had such a low opinion of in the first place? Trade in? Something else? Not trying to cause trouble (just always a bonus if I can). >>
Sure, you're not trying to cause trouble, just like you can't write a good story and just like you don't love Carver's and just like Carver's aren't ugly!
When I bought the coin, I thought it was ok. Some time later, it didn't look as good to me. Frankly, I don't know if my perception changed or if the coin, itself, did. My best guess is that the coin might have been dipped and toned slightly before I had purchased it and changed a bit afterwards - just a guess though.
WWQ
Does PCGS now dump the coin on Teletrade or Heritage?
PCGS refunded our original purchase price, as they agreed that it was fair current market value. The price looks odd because the coin was bought in an auction with a 15% buyer's premium, which often results in funny looking numbers.
They lowered the grade one point, which should make for a desirable coin for the new grade. PCGS shouldn't have to "dump" it, though I don't know what their plans are.
I thought you got the coin back? Did I misunderstand your post?
Russ, NCNE
Clankeye
I find your comment -- NOT FUNNY!! I may be too sensitive, but there is no need for that type of reference on these Boards. Please lets keep the Forum a safe place to visit.
Thank you
<< <i>I may be too sensitive, >>
Yes, you may be. But, since it is never my intention to offend (unless it's my intention) I shall remove what you find offensive.
Clankeye
I thank you for being a gentleman. I dont know why that struck me the way it did. But I appreciate that you removed it. I meant no harm to you as well
BTW -- Maybe it is because tomorrow, I will be a guest in the White House!!
Russ, NCNE
I am sorry that you did not get the results you were looking for.
You asked:
<< <i>Recently someone on the boards mentioned to me that p.c.g.s. gives about two fifths of the grade to eye appeal, do you agree with this? barberlover >>
That sounds like a big generalization and one that is all but impossible to quantify - not that grading, itself, is always purely objective or without controversy!
My thoughts are that a grade is based on a number of factors including: strike, luster, eye-appeal, man-made defects (such as hairlines, abrasions, bagmarks, etc.), mint-made flaws, color and so on. I do believe, that of those, eye-appeal is the most important, as it encompasses some of those other factors.
A coin might receive an extra point for great color and/or luster and/or eye-appeal, just as it might have a point deducted, due to a poor strike and/or unattractive color and/or dull luster, etc.