grade guarantee question

BigGreek · February 3, 2005 11:49PM

I have a couple of coins I'm considering sending in under the grade guarantee.
There is a $10 per coin fee for this. If the coin downgrades, do they keep the $10
or include it as part of the guarantee? Do they keep the coin or return it to you
in the new holder?

I'm interested to hear about any experiences you've had with this type of submission.

Russ · February 3, 2005 11:52PM

If they downgrade, fees are credited back or refunded. You may or may not get the coin back. They may send it back in the lower grade holder and cut a check for the difference, or they can simply keep it and pay you the full value.

Russ, NCNE

BigGreek · February 3, 2005 11:59PM

Thanks Russ.

Follow up:

Do guarantee sumbissions also take the same number of days as an economy
submission or are they expedited.

DennisH · February 4, 2005 12:10AM

Isn't the Grade Guarantee (Downgrade Resubmission) fee $25 per coin?

The one time I used this service, it took a few months.

BigGreek · February 4, 2005 12:39AM

Looking at the submission form I don't actually see a service
level which specifies guarantee submissions. So.. I'm guessing
you submit it as a regrade and select the service level you want
(economy, regular, etc.)

In which case the fee will be whatever the service level requires.

I don't know where I came up with $10 (other than maybe the beer
I drank at last night's poker game).

coinguy1 · February 4, 2005 12:51AM

I have a copy of a PCGS dealer submission invoice in front of me. Among the listed submission options is: "Downgrade Resubmission" and the stated fee is $25.

I believe that this replaces what was once called "Guaranteed Resubmission" and I would not necessarily expect the turnaround time to correspond to that of a particular submission tier.

CarlWohlforth · February 4, 2005 1:17AM

When I downgraded coins in the past it took longer than economy

PCGS did give me a full refund on the price with out argument so I was happy with the guarantee.

RAD · February 4, 2005 3:41AM

Help me out here......why would anyone want to DOWNGRADE a coin?????

relayer · February 4, 2005 3:58AM

<< why would anyone want to DOWNGRADE a coin????? >>

To put the difference in value in your pocket.

RAD · February 4, 2005 4:06AM

Do you mean if you buy a "dog" ---let's say a coin in a MS67 holder that you think is really a MS66 or less, you can send the coin back to pcgs for review and if they regrade it as a 66, they will pay you the difference in value between a 66 and a 67?? If so.....COOL!!! (Except that I imagine PCGS would be VERY hesitant to downgrade, especially if the increment in value were large!!)

What happens if they grade it the same--do they just keep the fee?

And has anyone ever successfully done this, esp with large increment coins??

keets · February 4, 2005 4:13AM

(Except that I imagine PCGS would be VERY hesitant to downgrade, especially if the increment in value were large!!) not necessarily true.

What happens if they grade it the same--do they just keep the fee?they keep the fee anyway.

And has anyone ever successfully done this, esp with large increment coins??in a word, yes.

al h.

RAD · February 4, 2005 4:22AM

How do they determine the "value" at each level??

Gee, now I have to start looking not only for undergraded coins but low priced OVER-GRADED ones too??!!?? I can't stand it......!!!!

TommyType · February 4, 2005 4:29AM

<<

>>

Question: There was some talk about certain first digits cooresponding to show grades.....I see this one has a "4" in the front. Could that possibly indicate a downgrade???

keets · February 4, 2005 4:34AM

hey Tommy

the coin was sent through the USPS as MS66DMPL for grade review and returned with a check as MS65DMPL. that's where the lower grade insert number came from. your "4" suspicion may be part of the PCGS Urban Myth Folklore.

al h.

Millertime · February 4, 2005 4:48AM

Does PCGS use their price guide for the value?

BigGreek · February 4, 2005 5:14AM

<< I have a copy of a PCGS dealer submission invoice in front of me. Among the listed submission options is: "Downgrade Resubmission" and the stated fee is $25. I believe that this replaces what was once called "Guaranteed Resubmission" and I would not necessarily expect the turnaround time to correspond to that of a particular submission tier. >>

I don't see it in the collector's club submission form

I guess collectors can't downgrade ???

CarlWohlforth · February 4, 2005 5:17AM

I was a collectors club member when I sent in coins for the grade guarantee. For coins I had purchased recently I received what I paid. For coins I owned a long time PCGS made me a generous offer that I accepted with no need to haggle.

SMS · February 4, 2005 6:29PM

<< I was a collectors club member when I sent in coins for the grade guarantee. For coins I had purchased recently I received what I paid. For coins I owned a long time PCGS made me a generous offer that I accepted with no need to haggle. >>

So, in other words, PCGS does not even go by it's own Pricing Guide in determining values?

That's like buying a lamp from Wal-Mart with a manufacturer's "warranty", finding the thing does not work, sending it back to the manufacturer, and the manufacturer saying "Well, we have a MSRP of such-and-such, but because you got it on sale at Wal Mart, we'll give you that price instead and you can go back and pay full price at Wal Mart again."

coinguy1 · February 4, 2005 9:05PM

<< So, in other words, PCGS does not even go by it's own Pricing Guide in determining values?

That's like buying a lamp from Wal-Mart with a manufacturer's "warranty", finding the thing does not work, sending it back to the manufacturer, and the manufacturer saying "Well, we have a MSRP of such-and-such, but because you got it on sale at Wal Mart, we'll give you that price instead and you can go back and pay full price at Wal Mart again. >>

I think the purpose of the guarantee should be and is to protect a submitter by making him/her whole, in the event of a down-grade.

Following the Price Guide is NOT necessarily the fairest thing to do for both parties involved. And resubmitting coins for down-grades should not be a vehicle by which submitters can profit at the expense of PCGS. Generally speaking, people whose coins have been down-graded have indicated that they have been treated fairly. That includes the small number of times I have relied upon the guarantee.

haletj · February 5, 2005 5:24AM

No one (including HRH) has ever given me a straight answer to this question...
How much do I get for a pcgs 64rd 27-s Lincoln that downgrades to 64rb? Lots of pcgs 64rd Lincolns are really rb coins, and they usually go for $800 in auction, ones truly red go for $2000-$4000 (I paid $2000 for my truly red one). PCGS price guide is $1000.

Also, I have a pcgs ms66 68-p Lincoln that should be ms64. Ebay prices have ranged from $50-$300 just in the last three months (yep!!). PCGS price gude says $20. What can I expect to get? It is not worth my trouble to get back $20, but ceraintly worth it if I get something more.

flog31 · February 6, 2005 12:02AM

Here is the answer I got from customer service when I contacted them last month about this issue...

Thank you for contacting customer service. Please fill out a submission form and write “guarantee service” on it, the cost is $25.00 per coin plus return shipping. The coin goes through grading as a raw coin if the coins grade downgrades then the guarantee sets in and you will be contacted regarding the buy back options. The grading fees are also returned.

If you have further questions please contact customer service at 1-800-447-8848 or by email.

grade guarantee question

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