How can PCGS be so inconsistent
stev32k
Posts: 2,098 ✭✭✭
in Q & A Forum
I sent what I thought was a very nice 1871 proof 3 cent nickel to PCGS for grading. I judged it would grade PR63 or 64 because of some faint hairlines on the cheek. The graders thought it was better than that and it came back in a PR65 holder (cert. No. 21811732). When the first quarter 2005 freebie was announced the only coin I owned with a prime number date was this 1871 proof 2 CN. So I thought maybe I'll crack it out and send it in again - it's a very nice coin and I might get an upgrade, and the worst that could happen is it comes back in PR63 holder - wrong!! It came back in a body bag for damage!!
When the grade was posted I was sick - I thought I must have damaged it taking it out of the holder. When I received it I inspected it, took large, high resolution photos and it looked the same as when I sent it in? Where was the damage? Then I noticed a hand written note on the flip it said "corrosion removal on rims". What does that mean? I've owned the coin over thirty years and no one has touched it - it was in a capitol plastic holder, in a safe deposit box until about two days before sending it to PCGS. Then it was in a PCGS holder until about an hour before it was re-submitted.
Bottom line is that the coin has not been touched between the first and second grading - and what was an $800 or $900 coin is now worth about $250.
This seems like an enormous difference - PR65 to no grade for damage? There are two small marks on the obverse rim that are visible to the naked eye - they were there the first time it was submitted and had not changed the second time (I have large before and after photos). Depending on the light they look either like small black carbon spots or small pits. Now if this is truly enough damage to cause a coin to be body bagged why was it missed the first time?
And how many other PCGS PR65 coins are out there that would be body bagged if re-submitted?
My real question is how can this be resolved? I now have two very conflicting opinions that impact both the monetary and numismatic value of this coin – like night and day. Is it a true gem proof or a damaged, problem proof?
When the grade was posted I was sick - I thought I must have damaged it taking it out of the holder. When I received it I inspected it, took large, high resolution photos and it looked the same as when I sent it in? Where was the damage? Then I noticed a hand written note on the flip it said "corrosion removal on rims". What does that mean? I've owned the coin over thirty years and no one has touched it - it was in a capitol plastic holder, in a safe deposit box until about two days before sending it to PCGS. Then it was in a PCGS holder until about an hour before it was re-submitted.
Bottom line is that the coin has not been touched between the first and second grading - and what was an $800 or $900 coin is now worth about $250.
This seems like an enormous difference - PR65 to no grade for damage? There are two small marks on the obverse rim that are visible to the naked eye - they were there the first time it was submitted and had not changed the second time (I have large before and after photos). Depending on the light they look either like small black carbon spots or small pits. Now if this is truly enough damage to cause a coin to be body bagged why was it missed the first time?
And how many other PCGS PR65 coins are out there that would be body bagged if re-submitted?
My real question is how can this be resolved? I now have two very conflicting opinions that impact both the monetary and numismatic value of this coin – like night and day. Is it a true gem proof or a damaged, problem proof?
Who is General Failure, and why is he reading my hard drive?
0
Comments
It is possible that we made a mistake the first time we graded the coin. We do have a grading guarantee that takes care of people when we make mistakes. However, for obvious reasons, our grading guarantee only applies to coins currently in a PCGS holder. If you take the risk of breaking a coin out of a PCGS holder, then you must bare the consequences of any problem, just as you would receive the benefit of an upgrade.
Personally, if it was me, I would never break a coin out of a holder. If I thought the coin was possibly better than the current grade, I would use the regrade service. That's what I recommend.
Thanks,
David