Question about card values when submitting to PSA
shagrotn77
Posts: 5,607 ✭✭✭✭
This is something I've always been a little fuzzy on. Let's say you're submitting to PSA under a monthly special that includes cards that are worth $500 max. One of your cards would be worth more than $500 in high grade - but your example is low grade. Do you go by the value of the card in the grade you think it will get, or is there some other way to assign value (i.e. use X in SMR to value the card)?
"My father would womanize, he would drink. He would make outrageous claims like he invented the question mark. Sometimes he would accuse chestnuts of being lazy. The sort of general malaise that only the genius possess and the insane lament. Our childhood was typical. Summers in Rangoon, luge lessons. In the spring we'd make meat helmets. When we were insolent we were placed in a burlap bag and beaten with reeds - pretty standard really."
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Late 60's and early to mid 70's non-sports
I've been told to put them down as the highest value they could possibly be worth so that you can be protected if P.S.A. damages them at their office. I have always assumed this meant their grade in P.S.A. Gem Mint 10 condition so I would certainly recommend using S.M.R. or the Beckett price guide for valuation.
This would be over estimating value by far for most submitters who average 8s and worth only 1-10% of PSA 10 value. With some cards you could waste a lot of insurance coverage multiplied by many submissions.
I was told actually the opposite of this. To put the conservative value unless you are absolutely confident about a PSA 10 grade which then your service level would be much higher. Even the service level selected should be conservative and if you do land an elusive monster card PSA will surely contact you to charge you for the $700 level.
If you're too conservative, the card could get hurt when handled and you'd be out $$$$. Don't risk it.
Dress for the job you want, not the job you have!
Problem is you can pay for 5k insurance on the way there too and back and possibly get back $500 or less worth of cards. Seems to me it would all come out in the wash if you were conservative with the estimate as well and if PSA never ruined a card you would come out far ahead in the meantime. In either case I have done it both ways. I tend to treat it on a per card and confidence in grade basis so I guess we all just do it differently. I have submitted plenty of vintage and over estimated especially, newer post 1980 cards are much easier to pick up most of the flaws IMO.
I've been told to put them down as the highest value they could possibly be worth so that you can be protected if P.S.A. damages them at their office. I have always assumed this meant their grade in P.S.A. Gem Mint 10 condition so I would certainly recommend using S.M.R. or the Beckett price guide for valuation.
You've been given some horrible advice. Declared value on a submission is purely for shipping insurance and overestimating value only benefits USPS or FedEx, not you or PSA. It would be nearly impossible to prove if a card were damaged by PSA and is an incredibly uncommon occurrence. On the off chance it did happen to a card in one of your submissions (and you were able to somehow prove it), the declared value on the submission form is completely irrelevant.
Replacement cost is what should be used for the declared value. Price + shipping for another card in similar condition, nothing more unless it's something so exceedingly rare that you'll never be able to replace.
Doug
That's what I am doing. Replacement cost for my cards. It is not easy to find them in perfect shape.
Doug
7 for effort, 2 for creativity
That's what I am doing. Replacement cost for my cards. It is not easy to find them in perfect shape.
Doug
I disagree, rounded corners and creases are pretty easy to find cheap.
So let's say that I have a '69 Reggie Jackson rookie to submit and monthly special X has a value limit of $500. The card is worth way more than $500 in higher grades, but this one is a beater. Do I assign it a beater price? Is it even eligible?
I've got a batch that I'm pretty sure will all get 10s, so I am going to max it out. I don't want to take any chances.
No way this is legit
I've got a batch that I'm pretty sure will all get 10s, so I am going to max it out. I don't want to take any chances.
I see many tears of unfathomable sadness in your future...
I think a beater Reggie could go on a $100 max bulk order and be fine. Worst case they give you a call and ask for the difference for that fee. You'll be happy to pay it. But I've found them to be pretty cool.
I've hit a few 10s that blew past the max. Had they been lost though on return, my declared value wouldn't have replaced them. I think just being realistic is the key.
Good luck.
I guess I wasn't clear in my original question. Apologies for that. I'm not asking about the value you assign for insurance purposes. My question is about cards that can/can't be part of monthly specials where a card has to be worth less than X to qualify.
So let's say that I have a '69 Reggie Jackson rookie to submit and monthly special X has a value limit of $500. The card is worth way more than $500 in higher grades, but this one is a beater. Do I assign it a beater price? Is it even eligible?
Yes, assign it a conservative value based on condition. I've never declared a value of a card based on it getting a 10. I rarely declare a value above an 8 even if I think is has a shot at a 9 or 10.
I've been told to put them down as the highest value they could possibly be worth so that you can be protected if P.S.A. damages them at their office. I have always assumed this meant their grade in P.S.A. Gem Mint 10 condition so I would certainly recommend using S.M.R. or the Beckett price guide for valuation.
You've been given some horrible advice. Declared value on a submission is purely for shipping insurance and overestimating value only benefits USPS or FedEx, not you or PSA. It would be nearly impossible to prove if a card were damaged by PSA and is an incredibly uncommon occurrence. On the off chance it did happen to a card in one of your submissions (and you were able to somehow prove it), the declared value on the submission form is completely irrelevant.
Replacement cost is what should be used for the declared value. Price + shipping for another card in similar condition, nothing more unless it's something so exceedingly rare that you'll never be able to replace.
Thanks for the excellent advice.
What about in the case where the collector has his cards self insured through CIS or ACNA and their cards are covered under that policy while in transit? Would the declared value even matter if the cards are already covered under the collector's insurance?
What about in the case where the collector has his cards self insured through CIS or ACNA and their cards are covered under that policy while in transit? Would the declared value even matter if the cards are already covered under the collector's insurance?
I'm not familiar enough with the self insurance policies to know if they cover PSA returning cards to you, but that would seem to logically fall under PSA responsibilities. If they are covered under self insurance, declared value would only impact what service level a card needs to be submitted under.