$326,000 refund Grading Services Revealed
earlygoldnut
Posts: 206 ✭
These are the grading services involved, these are listed in alphabetical order.
ACG
IGA The majority-
NTC
ACG
IGA The majority-
NTC
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Comments
Lucky you Cammy; due the above edit by the other poster I am now reinstating your raise.
IGA guys NOT ICG.
Cameron Kiefer
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I would suspect there could be more to it than simply the holders the coins were in. Perhaps the prices the seller charged for the coins AND/or how he went about "persuading" the buyer to buy them, played significant roles? >>
ok, now i am getting more confused. coinguy1, i was told my earlygoldnut to ask YOU about certain things, but now it sounds like you are pretty much in the dark.... what gives?
once & for all, if we have questions, who's the point man on all these mysterious going-ons??? not coinguy1?
K S
<< <i>ok, now i am getting more confused. coinguy1, i was told my earlygoldnut to ask YOU about certain things, but now it sounds like you are pretty much in the dark.... what gives? >>
Karl, I believe that was in reference to asking me about the veracity of those whose word you might have been doubting.
<< <i>once & for all, if we have questions, who's the point man on all these mysterious going-ons??? not coinguy1? >>
I doubt there is anyone who can/will answer all of your questions.
This would be correct-
There was the 1876 3.00 which I already wrote about and the rest were simliar as to time frame of dates.
<< <i>IGA The majority- >>
??? Where did they get so many IGA holders? That company has been out of business for almost twenty years. I don't think I've seen more than a dozen or so IGA holders at shows in the past three years. (Something in the back of my head tells me that there may have been a recent fly-by-night company recently that used those same initials, but after a quick check through my notes I haven't been able to locate it.)
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
I would love to know-and you are so far the first person that has indicated that they have ever seen an IGA holder.
The only IGA I know is a supermarket chain.
<< <i>so far the first person that has indicated that they have ever seen an IGA holder. >>
I'd be surprised if there is any holder Conder hasn't seen. He wrote the definitive book on grading companies.
Russ, NCNE
The Federal Trade Commission today announced a refund program to compensate consumers who purchased rare coins whose investment quality and grades were allegedly overstated by two Atlanta-based firms. Under the disbursement plan, consumers will receive a pro rata portion of their original investments.
The refunds stem from a December 1987 FTC complaint charging Rare Coins of Georgia (RCG), its president, Sheldon Schultz, Independent Grading Associates, Inc. (IGA), and its president, Robert Cornely, with misrepresenting the value and grades of rare coins they sold to telemarketers nationwide.
According to the FTC complaint, RCG, IGA, and American Coin Grading Services (ACGS), an unincorporated entity operated by at least one of the defendants, issued certificates that overstated the quality of rare coins, and supplied those coins and certificates to telemarketers. Using the certificates to promote the coins, telemarketers then resold the coins to consumers as high-quality investments, the FTC alleged.
A consent judgment to settle the charges, previously approved by the court, prohibits the defendants from making any future misrepresentations in the sale of rare coins or other investments and required them to pay $150,000 for consumer redress.
----------------
Link to photo of an IGA coin.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I don't recognize any of those three as established TPGs, nor would I ever buy a coin from them. Are people that gullible that they will take someone's recommendation that "Bob's Slabbing, Inc. says it is MS73, therefore it's worth oodles and boodles of munny." without bothering to check the validity/credibility of the slabbing company?
Especially given the figures involved, only an idiot would not do their homework before purchasing.
My take:
PCGS, ANACS, NGC? Definitely. Have bought sight-unseen.
SEGS, ICG? Probably. Want a return privilege though.
ICCS, PCI? Maybe. Definitely want to be able to examine the coins close up though. Return privilege is a must.
All others? Fly-by-nighters or outright scammers.
ACG? BWAHAHAHAHAHAHAH!
-Dan
1/2 Cents
U.S. Revenue Stamps
That the gentleman named in the FTC suit is not the same person involved unless he has changed his name.
That the IGA holder pictured is not the same one involved, perhaps it evolved. The holder is white, with gold letters, hard plastic case.
Very strange coincidence-
<< <i>Are people that gullible that they will take someone's recommendation that "Bob's Slabbing, Inc. says it is MS73, therefore it's worth oodles and boodles of munny." without bothering to check the validity/credibility of the slabbing company? >>
You're viewing it from the vantage point of an experienced collector. The average schmuck out there doesn't know the difference from slab-to-slab. They know only that the coin was "certified" by an allegedly professional third party.
Russ, NCNE
Liberty: Parent of Science & Industry
I think you missed the date of the FTC complaint. Dec 1987. At that time PCGS and NGC were only a few months old. The only long term established services from those you listed were ANACS, PCI and Accugrade. And at the time Accugrade was not thought of as a bad grading service.
The white Capital Plastics type IGA slab was their second generation holder and was only used briefly. There is one pictured in the Miscellaneous section of the book because at that time I wasn't sure if it was the same company or just something someone had made up. (At the time I had only seen pictures of them.) They are scarcer than the photocertificates, and so far all the ones I have seen have held gold coins. If anyone knows where one is with a lower valued coin in it, I am in the market for one.
<< <i>Especially given the figures involved, only an idiot would not do their homework before purchasing. >>
Coinpictures, if that is true, then there are MANY "idiots" who buy coins and all sorts of other things.
There are other possible explanations, however. Among them are greed, the pressure and tactics applied by the salesperson, the mental and physical health of the buyer, etc. I think it's unfair for us to judge others who have fallen victim to the likes of telemarketing schemes, unless and until we have been in their shoes. It's not only "idiots" who get taken.
The NCA may know where there are a few.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
<< <i>
<< <i>Especially given the figures involved, only an idiot would not do their homework before purchasing. >>
Coinpictures, if that is true, then there are MANY "idiots" who buy coins and all sorts of other things. >>
That includes a LARGE portion of the people posting on these forums
-Daniel
-Aristotle
Dum loquimur fugerit invida aetas. Carpe diem quam minimum credula postero.
-Horace