Conflict of interest.

keets

Is it a conflict of interest for PCGS employees to submit coins for grading??

Al H.

BAJJERFAN

They may not be allowed to submit directly, but how do you stop them from submitting through someone else?

Boosibri

If the graders are blind to the submitter as PCGS has stated then why should it be?

BAJJERFAN

<< <i>If the graders are blind to the submitter as PCGS has stated then why should it be? >>



The employee knows what he submitted so he could just tell the graders to be on the lookout, no?

jmcu12

IMO they should not be allowed to directly. They should have to go through a dealer or otherwise authorized person.

And if they are a grader I would argue that they should not be allowed at all. Though I do understand that this would be hard to prove/control as all they would need to do is use a private person, i.e. A collectors club member.

dbcoin

and I'm called a troll

With blind grading, why does it matter? David Hall's wife has submitted many coins costing millions in grading fees over the years. Richard Duncan has done the same. I'm sure the graders have done the same.

SAM5969

naiveté

BillJones

So long as none of the graders know who submitted the item, and none of the graders are the owner, I don't see a problem with that.

OPA

<< <i>So long as none of the graders know who submitted the item, and none of the graders are the owner, I don't see a problem with that. >>





However, when it's time to sell their PCGS graded coins, to avoid any conflict of interest, a "non interested" 3d party should do the selling.

LindeDad

At one time I remember it was posted that a grader had to give up the right to submit as part of the employment contract. I do not know if that is still a term of employment at any company now.
Seems like it would be good business sense to me. Integrity of the brand and such.

PerryHall

<< <i>Is it a conflict of interest for PCGS employees to submit coins for grading??

Al H. >>



There's at least the appearance of a conflict of interest which is not good.

TomB

<< <i>Is it a conflict of interest for PCGS employees to submit coins for grading??

Al H. >>



NGC is probably very happy to receive the submissions.

OldEastside

Not if its ATS

Steve

ColonelJessup

There was a PCGS grader (IIRC thru someone else) who was caught doing this back in the '80s. Got his ass kick out the door PDQ. And everyone on the bourse floor knew why. DHRC will not submit coins to PCGS as the conflict of interest is defined in public incorporation records and thus must (and is) avoided.

Would a monthly lie-detector be effective (if legal)? Would it be satisfactory to those with semi-hemi-demi-quasi apocalyptic visions?

lostincoins

If there is the appearance of a conflict of interest then a conflict of interest exists.

SullivanNumismatics

Yes, in my opinion it is.

TwoSides2aCoin

I don't have any PCGS employees or their coins to submit for grading, so I don't know.

ms70

Why?

mcgrover

I had a local dealer who I considered to be friend, and as a friend we would sit in front of his shop and watch the world pass by and chat. Over the years I was positioned to see him excuse himself and go in the back room with various 'customers' to transact business. I was positioned to hear him say things I knew to be false "this proof set has not been dipped" -after I saw him dip it. (Yeah I know no harm, no foul). Then I caught him being dishonest with me with a couple of things - too small and petty to relate here, but I concluded that it was the nature of the coin business, (and my buddy handled antiques too), that if there was an opportunity to pay the bills and feed the family, that the truth had some elasticity to it that could be stretched with no or little harm in the big picture. But I felt that there was a moral line which was crossed if the truth became too elastic, which I was a witness to, but it may be the nature of the business. I know there's a legal line which may not be crossed, but that line is pretty clear, while the moral line not so much. I've crossed many lines in my time, but I drifted away from doing significant business with my buddy, and knew to keep both eyes wide open when dealing in any venue with anyone else. My buddy felt sick on the flight back from the Long Beach show, lay down in his motel room, and never got up again. RIP. It's hard to sound like I'm not preaching. My only point is that the lines in the coin business are part of the business, and one crosses or pushes them at their own risk.

TwoSides2aCoin

What quality do I bring that will make the corporation better today than yesterday ?
If a man is there for a pay check and not to make the business better, he's probably not one I'd hire.

Who's interest do you have in mind when you show up for work ? I'm just thinking out loud. Because in essence, a worker should be there to work. Not on HIS stuff, but the business at hand.

keets

---mcgrover, since I noticed GC in your sig-line I will say that "A man should stand up for a Principal and sit down in his own seat" and leave it at that.
---Joe, I just had the thought that you will never quit coins and that is probably good for all of us. please keep the Faith.

ebaybuyer

this scenario may explain the existence of some overly generous grades, almost to the point of WTF were they thinking ?

astrorat

<< <i>I had a local dealer who I considered to be friend, and as a friend we would sit in front of his shop and watch the world pass by and chat. Over the years I was positioned to see him excuse himself and go in the back room with various 'customers' to transact business. I was positioned to hear him say things I knew to be false "this proof set has not been dipped" -after I saw him dip it. (Yeah I know no harm, no foul). Then I caught him being dishonest with me with a couple of things - too small and petty to relate here, but I concluded that it was the nature of the coin business, (and my buddy handled antiques too), that if there was an opportunity to pay the bills and feed the family, that the truth had some elasticity to it that could be stretched with no or little harm in the big picture. But I felt that there was a moral line which was crossed if the truth became too elastic, which I was a witness to, but it may be the nature of the business. I know there's a legal line which may not be crossed, but that line is pretty clear, while the moral line not so much. I've crossed many lines in my time, but I drifted away from doing significant business with my buddy, and knew to keep both eyes wide open when dealing in any venue with anyone else. My buddy felt sick on the flight back from the Long Beach show, lay down in his motel room, and never got up again. RIP. It's hard to sound like I'm not preaching. My only point is that the lines in the coin business are part of the business, and one crosses or pushes them at their own risk. >>

A lie is a lie is a lie ... regardless if there is "no harm."

TahoeDale

I think there exists a Chinese wall, as many law firms have in existence.

A current grader can submit coins directly to PCGS if he does not grade in that area --ie., ancients, moderns, if he only grades classics.