Has PCGS become too free with the Genuine moniker?
IloiloKano
Posts: 1,051
When I cracked out a NGC Graded AU58 1915-S One Centavo to have it graded by PCGS, I knew I had made a mistake that could come back at a lower grade, and it came back with the Genuine 92 designation. That was a big hit constituting at least a $200 loss for me, but you take your chances when you crack one out. I guess my biggest personal objection is that cross-overs cannot be submitted with raw coins, which is the ONLY reason I would take the chance with cracking a coin out of another TPG's slab.
But I didn't take a hit even close to what this person suffered when he cracked out an ANACS graded EF45 1906-S US Philippines to be graded by PCGS and it came back Genuine 83 (Filed Rims). That could end up being a multiple THOUSAND dollar hit!
I'm beginning to wonder if their experts are spending the time necessary to adequately ascertain whether any doubts are justified, or if they figure they will err on the "safe" side, since they already got the submission money anyway, rather than spending a few more minutes to know for sure.
But I didn't take a hit even close to what this person suffered when he cracked out an ANACS graded EF45 1906-S US Philippines to be graded by PCGS and it came back Genuine 83 (Filed Rims). That could end up being a multiple THOUSAND dollar hit!
I'm beginning to wonder if their experts are spending the time necessary to adequately ascertain whether any doubts are justified, or if they figure they will err on the "safe" side, since they already got the submission money anyway, rather than spending a few more minutes to know for sure.
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Maybe the ANACS folks missed the filed rims.
Before i cross to PCGS I examine my coin very critically and try and do it without owners emotional attachment (i.e. get real) . Ownership can cause a one point grade increase, Get a second or even third opinion . I never crack and send unless i've tried a cross at least once,
and I can take the hit if body bagged.
My advise to him would have been, Learn all you can. Take an ANA Counterfeit /Authentication class for a couple of hundred dollars when they are offered.
This helps to learn how to spot such and other things and save you many of hundreds down the road.
Next one at the Long Beach coin show, California sponsored by the ANA and NASC 9,10 sept.2011
They have been moving them around the country.
I am seeing more surface action hiding "puttied "Morgans on ebay lately.
Krueger
Don't do the crime, if you can't do the time.
why have your coins graded at all??
in Europe they do just fine without it...
If you feel your coin has been unfairly graded, and it makes financial sense, crack it out again and resubmit.
<< <i>That also raises the question:
why have your coins graded at all??
in Europe they do just fine without it... >>
So true, but keeping your coins raw has it's own set of pitfalls, such as potential exposure to being accidentally damaged. The reasons I like slabs are (in order):
1) Protection for the coin
2) An additional opinion about authenticity
3) An additional opinion about grade
I also mourn the passing of the day of the traditional coin cabinet, but I believe we lost that when coin collecting became an 'everyman' activity. I hope that doesn't sound elitist, it wasn't meant to be.