Hey David, does this look familiar?
Russ
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in Q & A Forum
Russ
Posts: 48,514 ✭✭✭
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What you are showing is actually the seed of the PCGS idea. I sealed coins in holders in 1983 to 1985 and made a market in the sealed coins. I published bid and ask prices for the coins and guaranteed that anything in a sealed holder was automatically A-OK at whatever my bid price was, i.e. there was never a question of grade. This was actually more revolutionary than the PCGS idea. When I first started doing this, one major dealer (who's still quite active) called me up and warned me that I couldn't possibly do this and I'd end up going bankrupt!
PCGS was just an extension of this idea. Instead of just me grading the coins and buying them, I got a whole company of experts to grade them and eventually most of the rare coin business to buy and sell them sight-unseen.
Thanks for the memories.
David