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PCGS Economy grading service $300 limit
skeeter
Posts: 177
If you have one or two coins valued from $500 to $1000 mixed in with your economy submission....will PCGS still grade it for $18???
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edited for spelling
But don't send in a raw $20 Saint and say it's only $300!!!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
for the MAX $300 submission level
Experience the World through Numismatics...it's more than you can imagine.
<< <i>And prepare yourself,, if the grade ends up matching the value declared. >>
If only that were true as this implies that PCGS will adjust your grade according to what you state the value is and nothing could be further from the truth!
Many folks wish that their coin will grade high and usually over estimate the graded value. However, occasionally, even a blind squirrel finds a nut every now and then so occasional under estimations are tolerated. But, continuously doing this will certainly warrant a call from PCGS. Do it after that and most likely your next submission will just get rejected.
The name is LEE!
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
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
There was a certain individual who constantly tried to pull off what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
<< <i>True story -
There was a certain individual who constantly tried to pull of what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>True story -
There was a certain individual who constantly tried to pull of what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
But how do you put a value on spectacular toning? These are the coins I deal with, and have sent in for PCGS grading. I had a hard time deciding the value. There's no price guide for eye appeal and I wouldn't price a rainbow toned coin the same as a blast white one.
Ok, fair question. Because this works both ways. By that I mean we have had submissions where the values have been grossly exaggerated. If they are given to us in person we will not accept them. This is because of insurance issues and also this is often the first step in a scam (yes people try to scam us every day!)
We can't - and won't - tell you what to value your coins at. You must tell us, but you have to be realistic. Check a price guide if you don't know or ask a trusted dealer.
Was not trying to deceive anybody but sometimes --it happens.
But to even it out on the same submission I declared a coin as worth $100.00 and the graders said it was an altered date not worth anything. I cracked that one out of a ACG slab. Talk about bringing back old memories from around here. That used to be a regular subject for discussion until the lawsuits started.
<<<But how do you put a value on spectacular toning?>>>>
Value it for whatever value you would want for it if it was lost or damaged.
Steve
<< <i>True story -
There was a certain individual who constantly tried to pull off what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
That joke wasn't funny at all.
It's not right what DH did period..
<< <i>It's not right what DH did period.. >>
You have that soooooooooo wrong.
or the 20% of that price offered you by a dealer?
Camelot
<< <i>
<< <i>It's not right what DH did period.. >>
You have that soooooooooo wrong.
I'm in total agreement with you......"Scam the Scamer"
<< <i>
<< <i>True story -
There was a certain individual who constantly tried to pull off what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
That joke wasn't funny at all.
It's not right what DH did period.. >>
You know Yaha you have no sense of humor or you are always trying to start something.
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<< <i>
<< <i>It's not right what DH did period.. >>
I disagree with that opinion.
Many people who are involved with this industry on a full time basis unfortunately have the self-righteous "the world is my cake and I will do what I wanna do" attitude. No amount of verbal or written warnings, threats or a suspension of their account will change their ways. Consequently, making them change their habits by way of the "scared straight" method is probably many times more effective than any threat or warning can accomplish.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>
<< <i>
<< <i>True story -
There was a certain individual who constantly tried to pull off what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
That joke wasn't funny at all.
It's not right what DH did period.. >>
You know Yaha you have no sense of humor or you are always trying to start something.
+1
<< <i>True story -
There was a certain individual who constantly tried to pull off what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
Great response!
IMHO they are all at least ms67's but I feel some are ms68's. Do I pay the extra $16 per coin plus other fees (Shipping, handling) to find out if im right?
Don't hate on Moderns. Your Kids and Grandkids are going to pay out the A$$ for them when they're your age!
<< <i>True story -
There was a certain individual who constantly tried to pull off what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
Funny story and the proper response by DH. I didn't realise he was into practical jokes. I think I know who this dealer may be. If anyone knows who this dealer is, send me a PM.
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>True story -
There was a certain individual who constantly tried to pull off what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading.
One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
After letting him suffer for a day, DH told him it was a joke but don't ever do it again. He hasn't.
Lying about the value of your coins is not only dishonest but a breach of your Membership/Dealer agreement. You will get the boot!! Plus we might lose your submission.
<< <i>If your coin grades high resulting in a significant value over the limit, I understand PCGS will bill the submitter for the difference in the grading fee. >>
Evidently not Perry.
The name is LEE!
TrainNut (YN) bought a mint sewn bag of 1963 Lincoln Cents to search for errors and "pop tops". The "money" grade is PCGS 66, he lets say the coin is worth $100-$200, so it would be a nice score for him to "make" one in this grade. He (actually - Dad, me) submits under the "economy" service with a stated value of $150.
Meanwhile, back at the grading room: The stars and planets have lined up right and the coin grades - MS67 RD! It's a pop 5 coin. Visions of selling at Heritage for big money (may in the $ thousands) and buying draped bust coins run through his head.
So, my question is: Did Dad violate the stated value rules?
==Looking for pre WW2 Commems in PCGS Rattler holders, 1851-O Three Cent Silvers in all grades
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Remember folks, PCGS was set up for dealers with Collectors Club members being added after the fact. You're supposed to have a reasonable guestimation of coin grade and value.
The name is LEE!
<< <i>Here's a hypothetical:
TrainNut (YN) bought a mint sewn bag of 1963 Lincoln Cents to search for errors and "pop tops". The "money" grade is PCGS 66, he lets say the coin is worth $100-$200, so it would be a nice score for him to "make" one in this grade. He (actually - Dad, me) submits under the "economy" service with a stated value of $150.
Meanwhile, back at the grading room: The stars and planets have lined up right and the coin grades - MS67 RD! It's a pop 5 coin. Visions of selling at Heritage for big money (may in the $ thousands) and buying draped bust coins run through his head.
So, my question is: Did Dad violate the stated value rules? >>
That's a trick ? for them.. I see your point exactly.. A amature coin collector might see one thing but not see something else.. So basically any TPG wants you to over value your coin and let them laugh at you during lunch in thinking this sucker thinks his/her coin is worth that much... Now this whole issue is a oxymoron.. Damn if you do, damn if you don't.. But if you don't you some TPG might lose your coin..
<< <i>The problem is valuing a coin at what you paid for it
or the 20% of that price offered you by a dealer? >>
If you bought it recently, your cost is the most reasonable valuation, and least
likely to be challenged.
To make up for those possible surprises on an economy submission, I usually over-insure the less expensive coins in the package. If there are a few $150 coins included, I insure all of them for $300 just in case. If the entire Registered mail package goes AWOL (unlikely), then I am covered for as much as I could get for it.
<< <i>Only if Dad truely thought is was an MS67RD but submitted it with an under estimation on value!
Remember folks, PCGS was set up for dealers with Collectors Club members being added after the fact. You're supposed to have a reasonable guestimation of coin grade and value. >>
Just to stir the pot a little:
For Joe Collector who does not specialize in a series, Lincoln Cents in this example, I would be hard pressed to call a MS66 ($150 value) from a MS 67 ($1000 or more in value) coin. In our case, we may very well submit the best one or 2 coins out of the bag and see what happens.
==Looking for pre WW2 Commems in PCGS Rattler holders, 1851-O Three Cent Silvers in all grades
Successful, problem free and pleasant transactions with: illini420, coinguy1, weather11am,wayneherndon,wondercoin,Topdollarpaid,Julian, bishdigg,seateddime, peicesofme,ajia,CoinRaritiesOnline,savoyspecial,Boom, TorinoCobra71, ModernCoinMart, WTCG, slinc, Patches, Gerard, pocketpiececommems, BigJohnD, RickMilauskas, mirabella, Smittys, LeeG, TomB, DeusExMachina, tydye
1. Value your coins at what you think they are worth (and put it down on the submission), based upon what you think they will grade.
2. Stop and reconsider that amount when you contemplate the tiny possibility that the coins could be stolen or lost somewhere along the way... because it has happened before.
True story: Many rare and valuable Morgan VAMs are common date coins that wouldn't be worth the cost of grading otherwise. There's a huge temptation to submit them for Economy grading (no VAM attribution) and state their value at $300 for insurance purposes on the submission form. But what if they're really $3,000 coins and the worst happens? A friend of mine once did this with a batch involving many coins... and the worst happened. PCGS paid for them promptly -- at the stated value of $300 each. It was just a fraction of what they were really worth, however. But it's a risk he took, and he had no one to blame but himself.
since it would behoove a person to send in more than 1 coin on a submission form the 300 value is a moot point.
I plan on sending in 20 raw coins under the modern tier, I'll insure them at 300 each no matter what- I do not trust the post office anymore than I trust the milkman when I'm at work ( I have a really cute wife).
if out of those 20 I get one or two, hell maybe even 3 that exceed the stated value( like in worth 2K+)- I have no qualms if PCGS calls and sez 'hey you have a few items that kinda go beyond the 300 limit, and a few that did not make it- but we need to bump the insured value to XXXX dollars'...- I would not hesitate in a heartbeat to say here is my CC bill it. and go from there...
But then I may ask them to hold the pkg- I'm on the next flight to L.A. to get them personally...
know what I mean?
and I agree with DW and DH- don't taunt the happy fun ball to much it may POP in your face.
Now that is the most intelligent theory I have read from a member on these boards for a long time. It should be a courtesy call to the submitter if this is the case.. Hell, I have no problem paying the extra insurance cost...
Again, I bet there is a 80/20% that most submitters don't know what their coin would grade.. Paying the U.S.P.S more insurance and shipping fees seems ludicrous to me..
Hell,I thought I had two freaking blazing rail splitter lincolns and none touched with fingers or hands, no hits or gouges, just those die cracks mine you that they were small, grades were 65 and 64..
So simple, I lost big time on shipping and variety fees.. Yea, the game is tough, but I will compare the images to the coins I sent in to the ones I got back... I learned to do this because another company lost my order, said they found it, but it wasn't what I sent to them.. That's why I am worried about these statements..
"Understand no problems with PCGS".. Yet.
Good for DH!This is hilarious.Thankfully there were no actual heart attacks.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
On a serious note, I once sent in a Kennedy half that graded at near top pop on a Modern Submission. I was not expecting this and declared the value at less than $100. The coin after grading was valued at close to $3000. I dont remember what PCGS did about the return insurance. I hope it wasnt insured at my original value.
My question is, what does PCGS do when a coin grades much higher than anticipated and the value is far beyond the declaired value (and it was not done on purpose)?
<< <i>Since the limit is set at 300, why not just send what you plan on and hope for the best.
since it would behoove a person to send in more than 1 coin on a submission form the 300 value is a moot point.
I plan on sending in 20 raw coins under the modern tier, I'll insure them at 300 each no matter what- I do not trust the post office anymore than I trust the milkman when I'm at work ( I have a really cute wife).
if out of those 20 I get one or two, hell maybe even 3 that exceed the stated value( like in worth 2K+)- I have no qualms if PCGS calls and sez 'hey you have a few items that kinda go beyond the 300 limit, and a few that did not make it- but we need to bump the insured value to XXXX dollars'...- I would not hesitate in a heartbeat to say here is my CC bill it. and go from there...
But then I may ask them to hold the pkg- I'm on the next flight to L.A. to get them personally...
know what I mean?
and I agree with DW and DH- don't taunt the happy fun ball to much it may POP in your face. >>
I'n stunned, Morganhunter2! You actually have a milkman who delivers milk to your house?
An authorized PCGS dealer, and a contributor to the Red Book.
Now if I could learn to find coins valued at over $100 to send in bulk.
``https://ebay.us/m/KxolR5
<< <i>My question is, what does PCGS do when a coin grades much higher than anticipated and the value is far beyond the declaired value (and it was not done on purpose)? >>
They keep the coin and send the submitter $300. Haven't you been paying attention?
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>Back about 6 years ago I submitted an ecomony order of Franklins. This was during the AU58 period, I submitted 5 Franklins, figure the value based on MS64FB guidelines. Well the 1962 graded out at 66FB (quite a bit over $300). All I did was call up and have them increase the insurance. I think Russ has the same thing happen with a Kennedy. >>
Nice Hit on the 66fb 1962 coin Marty.. I bet you were doing the coin crab dance.. I could see you now.. Hands in the airs, fingers clicking together going around the house trying to nip your wife and kids..Oh, don't forget also trying to do that damn Maccaroni dance or whatever they call it... Again congrats on the 66FB.
<< <i>True story -
There was a certain individual who constantly tried to pull off what the OP asked. Submitted coins and valued them far below their real worth, just to save a few bucks on grading. One day at a show DH saw the individual and walked up to him, apologizing profusely because PCGS had 'lost' his most recent submission, handed him a check for the declared value, and turned around and walked away. The guy almost had a heart attack on the spot!
Great Story!