***PCGS Service Announcement - New "Genuine" Service***

Goldbully

PCGS Service Announcement - New "Genuine" Service

- June 4, 2008
NEW "GENUINE" SERVICE

Effective immediately, the Professional Coin Grading Service (PCGS) will begin authenticating and encapsulating "problem" coins (i.e. altered surface, cleaned, environmental damage, etc.). Holders and inserts for the Genuine service will be identical to the normal PCGS holder except that the insert will read "GENUINE" in place of the usual grade. No grade will be assigned to these coins, but they will be eligible for inclusion in the PCGS Set Registry with a grade value of 1. Genuine service coins will be covered under the PCGS Guarantee of Authenticity but not under the PCGS Guaranty of Grade. PCGS reserves the right to reject any coins submitted under the Guarantee Service, including coins that are excessively damaged, altered to such a degree that making a determination of authenticity is difficult or impossible, or which have surface contaminants that may harm the coin in the future. In such cases, PCGS will refund the fee and related shipping charges for that coin. Customers should submit all coins for the Genuine Service on a regular PCGS submission form, marking "GENUINE SERVICE" in the “Other” box.

The fee for the Genuine service is $100 per coin. Turnaround times for the Genuine Service will be approximately the same for all other PCGS services. The Genuine Service is a stand-alone service and is not available in combination with any other service levels. “No-grades” from other service levels must be resubmitted under the Genuine Service in order to be encapsulated.


PCGS Link

IGWT

100.

notwilight

<< <i>100. >>



Dollars, posts, or other?

…

looks like i might be done with ANACS

doh

I still say boo. I'm glad it's so expensive though. Maybe it will keep anything but problem rare, key dates out of holders.

IGWT

Posts. In my quick read, I didn't even notice that the fee is $100. Wow.

sTONER

100.00 beans, is this a phuckin joke, or an insult

jessewvu

anyone have a .gif of a guy rolling his eyes and twirling his finger?

mike92694

<< <i>I still say boo. I'm glad it's so expensive though. Maybe it will keep anything but problem rare, key dates out of holders. >>



I still say Boo too. The competitors assign detailed grades for problem coins. I think I'll stick to them.

claychaser

Man, I should have posted this first to try for another 100-200 count thread.

The $100 fee is a lot more than the measly $12 at ANACS, but the coin will count for your registry set. Wonder if the auction houses will put their "details" grade on it, or just let the bidder figure it out for themselves.

SeaEagleCoins

no comment


edited to add... I have a sudden need to take a leak but I don't want to stain our hosts carpeting...

291fifth

$100!!!! What are they thinking?

SilverEagles92

UtahCoin

$100?????????
ANACS is looking pretty good right now for problem coins....

DennisH

$100 tells me that while they're willing to do them, they really don't want to do them.

But for high-end, big-bucks coins that have problems, I fully expect there will be some takers.

Bear

C'mon people, you spend more then 100 dollars for a new car.

This is intended for valuable , rare and major coins. Not piddly

cr*p.

pennyannie

Just another bend the small collector over.

BlindedByEgo

The only observation that I can make is that insuring for the authenticity guarantee must be brutally expensive.

Outside of that, I think that the price point is an order of magnitude too high.

Another marketing faux pas in my opinion.

GoldenEyeNumismatics

In a couple years I bet they do detail grades too.

Russ

<< <i>But for high-end, big-bucks coins that have problems, I fully expect there will be some takers. >>



That's what I was thinking. Not for the average joe but for something like a Continental Dollar, (I once sold one in an NCS holder ), this service will probably get some action.

Russ, NCNE

PerryHall

<< <i>$100!!!! What are they thinking? >>



$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Doogy

ha! I remember the legions of folks that cried foul(!) when the subject of whether PCGS should offer this service was brought up months ago.

many thought it would cheapen the brand, and that there was no way PCGS would consider this move.

Looks like the almighty dollar wins out again.

BlindedByEgo

<< <i>$100 tells me that while they're willing to do them, they really don't want to do them.

But for high-end, big-bucks coins that have problems, I fully expect there will be some takers. >>




As usual, my knee-jerk reaction didn't reflect that truth. So at what price point does that make the service desireable versus selling problem coins raw?

ricko

There will be takers for certain, early, rare coins. Cheers, RickO

cmerlo1

That's almost as bad as $20 for variety attribution...

sTONER

these clowns dont give a ratsass about the regular folk, as shown once a again, i bet J.A. is laughing right about now

Doogy

<< <i>

<< <i>$100 tells me that while they're willing to do them, they really don't want to do them.

But for high-end, big-bucks coins that have problems, I fully expect there will be some takers. >>




As usual, my knee-jerk reaction didn't reflect that truth. So at what price point does that make the service desireable versus selling problem coins raw? >>



even then, when NCS is widely accepted for these and a fraction of the cost, what takers would give in?

BECOKA

Holy cow. $100. For $30 they will grade and guarantee genuine. If you only want half the service it's $100. That's Bullsh*t.

zeebob

$100? This has got to be a ploy for the "lowest grade" Registry types. "...but they will be eligible for inclusion in the PCGS Set Registry with a grade value of 1."

"Bilk the vain" - good policy there PCGS!

Although the "bend-over-the-hobbyist" policy of restricted bulk submissions seems a little dubious.

Bear

PCGS IS A BUSINESS,

NOT THE SALVATION ARMY!

coindeuce

Hmmmm. Only a Franklin to be exempt from their aggressive stance to pursue facilitators of altered coins that are genuine.

beartracks42

<< <i>PCGS IS A BUSINESS,

NOT THE SALVATION ARMY! >>



Probably get more for your money with the SA.

messydesk

They want the high ticket stuff out of NCS holders and in theirs. The "Genuine" service is not a substitute for a bodybag. I wonder how many Reiver coins are destined for Genuine holders.

Placid

$100 is good so they dont get flooded with coins and slowing down turnaround times.

drwstr123

The $100.00 is like a "Cover Charge". It keeps out the Riff-Raff. Mike

jessewvu

I have no problem with this (as if what I say/think is worth more than a bucket of cold spit). As stated above, this is probably intended for high value coins and as such, insurance for the authentication guarantee isn't cheap. I also assume they will have multiple people, not just two or three, look at the coin too.

If you have a coin so valuable that you want to get it slabbed as authentic, then $100 bucks is small potatoes. But Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr for the bulk/special label announcement.

I wonder if this is the "peace offering" to that... The timing sure is right!

sTONER

BECOKA

<< <i>The $100.00 is like a "Cover Charge". It keeps out the Riff-Raff. Mike >>



That is fine but my problem is if you send in a coin for grading and it body bags, they have already done the work, why not have the option to return it in a genuine holder.

mozin

I am against PCGS tarnishing their reputation by encapsulating damaged coins. Hopefully, the $100 fee will be paid only for very high dollar coins. Still think PCGS is making a mistake by offering to holder damaged goods.

PQMorgans

The fee for the Genuine service is $100 per coin. You would think that when your coin was BB it would be holdered genuine

19Lyds

<< <i>$100 is good so they dont get flooded with coins and slowing down turnaround times. >>



I thought the BULK changes were supposed to fix this??

PerryHall

<< <i>So at what price point does that make the service desireable versus selling problem coins raw? >>



There other options (ANACS and NCS) for authentication.

BECOKA

<< <i>

<< <i>So at what price point does that make the service desireable versus selling problem coins raw? >>



There other options (ANACS and NCS) for authentication. >>



These to competitors also offer price points PCGS should have considered. It's bad enough you have to pay the grading fee to get a body bag to realize you have a problem coin, it's worse you have to pay triple the grading fee to maybe get it into a genuine slab.

PerryHall

<< <i>$100 is good so they dont get flooded with coins and slowing down turnaround times. >>



Not very likely. Most people that have wanted authentication only have probably already gotten their coins slabbed by ANACS and NCS.

jmj3esq

$100. That sucks.

ColonialCoinUnion

Personally I think the service is a good idea, and I'm sure a lot of early and rare coins with problems will be in these holders PDQ.

Can't speak to the fee, but I assume it means that PCGS wants to restrict this to major rarities and big ticket items, and feels that the financial disincentive to submit inexpensive coins will be pretty effective in that regard.

Longacre

It's the beginning of the end, my friends.

ziggy29

A hundred bucks? I can only think of two possible reasons for this:

(1) A desire to only allow the rarest coins (five figures and up) into these holders.

(2) A desire to make this service flop so that in the future, if someone wants it, they can say they tried it and customer demand was weak.

I also wish they wouldn't slab it with a PCGS-named label. I don't want to see problem coins when searching for 'PCGS' like you do when you search for 'ANACS'. I'm not against PCGS applying its authenticity guarantee to problem coins -- I welcome it, in fact -- I just want them called something other than 'PCGS' as NGC does with NCS.

sumrtym

$100 is just plain insane.

That being said, I see plenty of need for authentication of "problem" coins. Most notably that I can think of, gold coins, where good quality fakes abound.

savoyspecial

can they sticker?



greg

Manorcourtman

<< <i>It's the beginning of the end, my friends. >>



You bet dude. The end of time is near