Rant about the grading services!
chabot510
Posts: 1,291 ✭
I just got 2 submissions back (1 to NGC, the other to ANACS). Both were regrades.
On the ANACS submission I had submitted 9 coins for customers which I believe are all AT. Some of them are blatant. Another coin on that submission was an overgraded AU 50 1901 Morgan. All were in older ANACS holders. I was expecting a phone call from them concerning the coins being taken out of their holders because of their toning. Well needless to say, I received them back today in their new holders! All of the coins on the submission remained the same grade with no downgrades or buy backs. This irked me a bit due to the fact that most of them were blatantly altered.
To make my day even better I received my NGC submission. My submission consisted of 2 Morgans in older holders designated as DPL. Again, I was expecting a phone call concerning the coins being downgraded to PL, etc. However, neither of the coins were downgraded, just put into newer holders. These coins are awful examples of DPL coins. The mirrors are possibly 2" at the most.
I was just bothered by the fact that it seems as if the coins were not even looked at and simply just put into newer holders. If any of you saw these coins I think you would feel similarly.
Sorry for the rant, I just needed to get that out there.
On the ANACS submission I had submitted 9 coins for customers which I believe are all AT. Some of them are blatant. Another coin on that submission was an overgraded AU 50 1901 Morgan. All were in older ANACS holders. I was expecting a phone call from them concerning the coins being taken out of their holders because of their toning. Well needless to say, I received them back today in their new holders! All of the coins on the submission remained the same grade with no downgrades or buy backs. This irked me a bit due to the fact that most of them were blatantly altered.
To make my day even better I received my NGC submission. My submission consisted of 2 Morgans in older holders designated as DPL. Again, I was expecting a phone call concerning the coins being downgraded to PL, etc. However, neither of the coins were downgraded, just put into newer holders. These coins are awful examples of DPL coins. The mirrors are possibly 2" at the most.
I was just bothered by the fact that it seems as if the coins were not even looked at and simply just put into newer holders. If any of you saw these coins I think you would feel similarly.
Sorry for the rant, I just needed to get that out there.
Nick
0
Comments
In honor of the memory of Cpl. Michael E. Thompson
<< <i>Don't the grading services simply reholder coins that are sent in for regrade if the new grade is lower? I thought you would have to submit them via designation review for them to be taken off the market. Is this true? >>
That's what I was thinking. I always thought a "standard" re-grade would only have a grade change for an upgrade.
To get a downgrade review, my understanding is that it needs to be submitted specifically for a downgrade review.
It looks like chabot used the wrong service if he was expecting to get the coins downgraded and get comped for such downgrades.
That was my understanding, as well. By definition, with regrade, the coin will not come back any lower in grade.
You have to remember that none of the TPG's could afford to take all their mistakes off the market. For now, taking the worst ones off would be the priority. Would have to concur that regrades either come back the same or go up. Imagine the amount of coins they would have to buy back if they actually had to stick with the grade they thought it was each time. They are just as apt to go down as to go up.
roadrunner
I just got 2 submissions back (1 to NGC, the other to ANACS). Both were regrades.
On the ANACS submission I had submitted 9 coins for customers which I believe are all AT. Some of them are blatant. Another coin on that submission was an overgraded AU 50 1901 Morgan. All were in older ANACS holders. I was expecting a phone call from them concerning the coins being taken out of their holders because of their toning. Well needless to say, I received them back today in their new holders! All of the coins on the submission remained the same grade with no downgrades or buy backs. This irked me a bit due to the fact that most of them were blatantly altered.
To make my day even better I received my NGC submission. My submission consisted of 2 Morgans in older holders designated as DPL. Again, I was expecting a phone call concerning the coins being downgraded to PL, etc. However, neither of the coins were downgraded, just put into newer holders. These coins are awful examples of DPL coins. The mirrors are possibly 2" at the most.
I was just bothered by the fact that it seems as if the coins were not even looked at and simply just put into newer holders. If any of you saw these coins I think you would feel similarly.
AS PER THE ABOVE YOU ARE AN EXTREMELY ++++++++ nieve young man
You have to remember that none of the TPG's could afford to take all their mistakes off the market. For now, taking the worst ones off would be the priority. Would have to concur that regrades either come back the same or go up. Imagine the amount of coins they would have to buy back if they actually had to stick with the grade they thought it was each time. They are just as apt to go down as to go up.
<< <i>I just got 2 submissions back (1 to NGC, the other to ANACS). Both were regrades.
On the ANACS submission I had submitted 9 coins for customers which I believe are all AT. Some of them are blatant. Another coin on that submission was an overgraded AU 50 1901 Morgan. All were in older ANACS holders. I was expecting a phone call from them concerning the coins being taken out of their holders because of their toning. Well needless to say, I received them back today in their new holders! All of the coins on the submission remained the same grade with no downgrades or buy backs. This irked me a bit due to the fact that most of them were blatantly altered.
To make my day even better I received my NGC submission. My submission consisted of 2 Morgans in older holders designated as DPL. Again, I was expecting a phone call concerning the coins being downgraded to PL, etc. However, neither of the coins were downgraded, just put into newer holders. These coins are awful examples of DPL coins. The mirrors are possibly 2" at the most.
I was just bothered by the fact that it seems as if the coins were not even looked at and simply just put into newer holders. If any of you saw these coins I think you would feel similarly.
Sorry for the rant, I just needed to get that out there. >>
This doesn't make a lick-o-sense. You wanted the coins downgraded or BB'd. Now, what was it your customers thought you were submitting them for? Same thing? Why wouldn't they just throw them out the car window instead of paying you to get them downgraded or BB'd?
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>AS PER THE ABOVE YOU ARE AN EXTREMELY ++++++++ nieve young man >>
I am naive because I can recognize a coin and what it should grade?
Regardless, I submitted the coins on behalf of customers. I guess that I should have written downgrade on all of the submission forms.
I just find it a bit troubling that any one of the 3 major companies would not be searching all submissions for overgraded junk.
How else does one get to the top of the game withot eliminating obvious mistakes that were made in years past?
<< <i>This doesn't make a lick-o-sense. You wanted the coins downgraded or BB'd. Now, what was it your customers thought you were submitting them for? Same thing? Why wouldn't they just throw them out the car window instead of paying you to get them downgraded or BB'd? >>
My customers asked that I sumbit the coins for regrade because they felt that their coins escaped the system adn wee overgraded and not worthy of being holdered. I do not charge for submissions. I wasn't making a lick off of these!
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
Thanks for explaining that, I was about to ask you why the customer would want their coins downgraded in the first place.
I just find it a bit troubling that any one of the 3 major companies would not be searching all submissions for overgraded junk. WELL THE 3 MAJOR COMPANIES DO NOT FIND IT TROUBLING AT ALL as they do not want to pay for the millions and millions of dollars of value added plastic that surrounds thousands and thousands of coins
How else does one get to the top of the game withot eliminating obvious mistakes that were made in years past? then do not buy any of these mistakes and only collect coins as a collector for fun and know exactyl what you are looking at and buying and when you buy a coin in the holder ask yourself what is this coin worth right now out of its respective holder??/ and if the answer is much less then
LET THE BUYER BEWARE
only buy coins in holders you can evaulate and know the instant cash value right now if not then again let the buyer beware
you are extremely mistaken if you think there are any guarantees or as i like to call it insurance
as insurance guaranty companies ARE NOT IN THE BUSINESS TO PAY CLAIMS
now good or bad or right or wrong just the way it is
coins is capitalism in its rawest form
WAKE UP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
warren is a good dealer and has much experience in the coin game
he would be a great person to talk to about this thread topic which is a great thread!!
just please do not kill the messenger (me)
now with one young lady who bit*hed and screamed and moaned on here she got paid off but this is one out of many many MANY............................lol
<< <i>This doesn't make a lick-o-sense. You wanted the coins downgraded or BB'd. Now, what was it your customers thought you were submitting them for? Same thing? Why wouldn't they just throw them out the car window instead of paying you to get them downgraded or BB'd? >>
I'm surprised it took nine replies before someone said something to this effect. Reading on it still makes no sense. Pay to (hope to) have the coins downgraded? Even if they are graded too high and even if it is by a customer's request. Bizarre behavior to say the least. Then what? Sell them off at lower values or put them in a personal collection and look at them and smile knowing they finally have an accurate, lower grade attached to them? Weird.
Jerry
why would you pay to get your coins downgraded? they wanted to get downgraded? the want a lower grade on the plastic? why bother with the plastic at all then...
what you take in for revenue
THEN
you are out of business
<< <i>hmm, guess i'm as confused as the next guy...
why would you pay to get your coins downgraded? they wanted to get downgraded? the want a lower grade on the plastic? why bother with the plastic at all then... >>
If they downgrade your coin they pay you the value of your loss under their guarantee. They either buy your coin or return it in a lower grade holder with a check.
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>This doesn't make a lick-o-sense. You wanted the coins downgraded or BB'd. Now, what was it your customers thought you were submitting them for? Same thing? Why wouldn't they just throw them out the car window instead of paying you to get them downgraded or BB'd? >>
My customers asked that I sumbit the coins for regrade because they felt that their coins escaped the system adn wee overgraded and not worthy of being holdered. I do not charge for submissions. I wasn't making a lick off of these! >>
I hope you end up not charging or refunding your customers' money, because it appears you did not use the appropriate service. For NGC, it looks like the "appearance review" service should have been used under the NGC Grading Guarantee
<< <i> This irked me a bit due to the fact that most of them were blatantly altered. >>
I have seen coins I KNOW are naturally toned rejected by grading services.
I have seen slabbed coins that have toned after slabbing, usually fixable except for copper.
I have seen lots of ugly toned coins in slabs.
I have seen a few doctored coins in slabs, but they were "expertly" altered, not "blatantly" altered.
James Taylor has said that the new ANACS will not automatically put old slabbed coins in new slabs
unless they deserve it, hence the "pre 2006" and "2006 and up" dual pricing market that is developing.
I just don't see a major service slabbing, and then re-slabbing, a GROUP of coins with MOST of them altered...
<< <i>If they downgrade your coin they pay you the value of your loss under their guarantee. They either buy your coin or return it in a lower grade holder with a check. >>
PerryHall's post above bears repeating. More than one respondent to this thread expressed confusion as to why an owner of a coin (a submitter) would send a coin in for down-grade.
roadrunner
What exactly is PCGS's so-called AUTHENTICITY guaranty?
Read the guaranty (they call it a guarantee) and you will ask yourself "Where's Waldo?"
QUOTE
PCGS Guarantee of Grade & Authenticity
Customer Bill of Rights
The Guarantee of Grade & Authenticity is fundamental to PCGS's concept of third-party grading. The cash-back policy ensures the accuracy of the grade assigned to any PCGS coin as long as it remains in its tamper-evident holder. If a coin is believed to be improperly graded, and a discrepancy is found when resubmitted through PCGS's Downgrade Resubmission service, the guarantee entitles the coin's owner to options designed for his protection.
UNQUOTE
Notice the word "authenticity" only appears in the title and first line?? It doesn't say diddly-squat about recourse if you buy a "bad" coin in a PCGS slab!!
Why doesn't PCGS clarify this??
It is not even gender politically correct "designed for his protection."
Whadda' 'ya say HomeRunHall???