New PCGS Downgrades

Typetone

I am now 5 for 5 with guaranteed regrades. I just got the word that 3 coins I submitted to PCGS for downgrade consideration were approved.

A 1962 50c in 68DCAM went to 65CAM
A common date Kennedy in 70DCAM went to 69DCAM
A 1955 50c in 65FBL went to 64FBL.

Of course very fair compensation was offered.

In my opinion this is one of reasons PCGS stands above the others. They honor their grading guarantee, and they don't argue about obvious problems.

Greg

ccrdragon

Got a call 2 days ago about my 1888 IHC that I sent in for downgrade:

Sent in as 1888 MS64RD - downgraded to 1888MS64RB + a very nice check to cover the difference.

I agree - anybody who will make good on that kind of promise gets my vote everytime!!!

Steve27

Do you have pics of any of these coins? I would like to see how obvious it was that they were overgraded.

Typetone

Steve:

I don't have pics but I can tell you the problems.

The proof Franklin grew several ugly brown spots, and frankly was a little light for a DCAM. It was kind of like the 1963 1c in PR70DCAM that was bought and downgraded. Probably a past bad dipping job.

The mint state Franklin had a gash in the hair and developed ugly black toning. I actually thought it could have been a body bag candidate as being damaged beyond repair! I was surprised that they decided to 64 the coin, but did compensate for the full 65 value. I will probably keep it as an example of an ugly Franklin, or maybe donate it to our club's YN auction.

The ex-70DCAM Kennedy is a magnificent coin, but I found a very, very, small mark hidden on the reverse. Though almost inconsequential, it could be seen under 5x. Problem is that the current market dictates that such a small mark reduces the value of the coin by 95%. In this regrade is where I think PCGS showed its qualities. I'm not sure another service would have given the downgrade (and the check), because many competing holdered 70's do have small flaws somewhere.

Greg

wondercoin

Just what I have known for years now.

By the way Greg, there may be a subtle difference, but, I do believe, in fact, a difference between a "very, very small mark" (removes a coin from PR70, as you correctly determined) and a mint struck "planchet" mark on typical high quality proof Kennedy half dollars, which may or may not remove a coin from PR70 status.

Wondercoin

rainbowroosie

Well done PCGS....we know some other grading services have lesser guarantees.

Mistercoinman

I think we all know why we collect PCGS. They stand behind their work.

Dabigkahuna

Greg,


Glad to hear it!


How long did it take from the time you submitted them to when you were made whole?


Larry
Dabigkahuna

Typetone

Larry:

Frankly, it took almost 3 months. That seems like a long time, but it didn't really matter to me as I wasn't going to do anything with them. I didn't want to sell them in their original holder, and I didn't really want them in my collection. Plus I hadn't really rushed to get them submitted anyway. So, the time was fine for me.

Greg