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Don't expect 'em back anytime soon............
bolivarshagnasty
Posts: 7,348 ✭✭✭✭✭
Checking on the status of a modern submission and noticed the following.
Estimated Turnaround Times
Standard & Secure
U.S.
World
Express 8 14
Regular 30 30
Economy 50 50
Modern 20 28
The turnaround times stated above are the previous week’s
Doesn't appear as though PCGS is running out of coins to grade as some have alluded to.
Estimated Turnaround Times
Standard & Secure
U.S.
World
Express 8 14
Regular 30 30
Economy 50 50
Modern 20 28
The turnaround times stated above are the previous week’s
Doesn't appear as though PCGS is running out of coins to grade as some have alluded to.
0
Comments
30 days on Regular service? (6 weeks?) Ridiculous.
Checking on the status of a modern submission and noticed the following.
Estimated Turnaround Times
Standard & Secure
U.S.
World
Express 8 14
Regular 30 30
Economy 50 50
Modern 20 28
The turnaround times stated above are the previous week’s
Doesn't appear as though PCGS is running out of coins to grade as some have alluded to.
They had just updated earlier today and it was:
6 11
26 26
42 42
20 28
They normally just update once/week but today they updated the status twice.
For the rest of you, with better planning protocols than me....That Sucks!
DB, hope you don't get barbequed with the earnings release tonight. A lot going on over there right now.
Care to elaborate? Earnings are pretty much what I expected. Nice growth over last year
DB, hope you don't get barbequed with the earnings release tonight. A lot going on over there right now.
Care to elaborate? Earnings are pretty much what I expected. Nice growth over last year
Already down 10% in the last couple of weeks and these service issues are going to eventually hurt them even more. You can't expect customers to wait 3 months to get coins back, or 2 months for the "faster" service. (Start to finish with shipping and taking 3 or 4 days to actually log the order and another 2 or 3 days before it actually ships)
I am not switching to NGC, but for many who send a lot of coins in, that is tying up tons of money that would have been used to buy more coins, and send more in.
Finally, where is your revenue increase that caused this huge backlog? Rev is flat and you have to be disappointed. Next stop, $15.
DB, hope you don't get barbequed with the earnings release tonight. A lot going on over there right now.
Care to elaborate? Earnings are pretty much what I expected. Nice growth over last year
Already down 10% in the last couple of weeks and these service issues are going to eventually hurt them even more. You can't expect customers to wait 3 months to get coins back, or 2 months for the "faster" service. (Start to finish with shipping and taking 3 or 4 days to actually log the order and another 2 or 3 days before it actually ships)
I am not switching to NGC, but for many who send a lot of coins in, that is tying up tons of money that would have been used to buy more coins, and send more in.
Finally, where is your revenue increase that caused this huge backlog? Rev is flat and you have to be disappointed. Next stop, $15.
It was down because of Hall's surgery. Revenue in the June qtr was up $1M from the same time last year. They processed 680,000 coins vs 534,000 1 year ago. Cards were also way up. World coins are now 10% of total and they just signed a new Chinese Mint which will add 200,000 coins/qtr. Everything is as expected.
Checking on the status of a modern submission and noticed the following.
Estimated Turnaround Times
Standard & Secure
U.S.
World
Express 8 14
Regular 30 30
Economy 50 50
Modern 20 28
The turnaround times stated above are the previous week’s
Doesn't appear as though PCGS is running out of coins to grade as some have alluded to.
They had just updated earlier today and it was:
6 11
26 26
42 42
20 28
They normally just update once/week but today they updated the status twice.
Those number are pathetic also! You are sadly mistaken if you don't think this level of service isn't going to slow down business from submissions.
Even at 10 bucks a coin grading, which it IS NOT, you would have had a 1.5 MM bump.
whatever solution you come up with, man, stop whining, they'll be done before you know it!!! now, bash me if you want to.
30 days on Regular service? (6 weeks?) Ridiculous.
+1
I've got a few that will have to go in on the economy tier. Think I'll wait till next year.
...to send them or receive them?
Spring National Battlefield Coin Show is April 12-13, 2024 at the Eisenhower Hotel in Gettysburg, PA. WWW.AmericasCoinShows.com
Experience the World through Numismatics...it's more than you can imagine.
Something does not add up. How can you process 150K more coins, have card sales and world sales up significantly, and only add 1MM in Rev?
Even at 10 bucks a coin grading, which it IS NOT, you would have had a 1.5 MM bump.
As I explained before, they changed their Modern coin pricing. The incremental increase is in Modern coins at probably $5/coin. Also subtract out $125,000 in Coinfacts revenue which they no longer charge for. The big increase this quarter was in card volume and card pricing which was up 4% sequentially from last quarter
I will on occasion buy raw coins expressly for the purpose of getting them graded believing they are undergraded in their current form. Doing so in the future, under these circumstances, PCGS would not be my grader of choice. The suggestion of Express (@ $60 a pop) or Regular (@ $32) is crazy talk. Why would anyone pay double the price for half the service?
This is an absolute mess and anyone who can't see that is just blind to facts.
At some point you have to ask if this is the new norm. If it is, that just opens the door for someone else who takes customer service a bit more seriously to obtain more customers. If (as has been previously discussed) the grading that is taking place appears stricter than normal, that too is an opportunity for competitors who aren't so rushed they have to be extra cautious.
I will on occasion buy raw coins expressly for the purpose of getting them graded believing they are undergraded in their current form. Doing so in the future, under these circumstances, PCGS would not be my grader of choice. The suggestion of Express (@ $60 a pop) or Regular (@ $32) is crazy talk. Why would anyone pay double the price for half the service?
This is an absolute mess and anyone who can't see that is just blind to facts.
That's your opinion. Some folks will pay up for the faster services. Some folks will delay sending in coins. A delay does not mean lost business, it just means its deferred. Some folks will send coins to NGC. If they are Vintage coins, they will ultimately end back up in PCGS holders. If they are crossed, then the grading fee is significantly higher. PCGS has 70% of the Vintage market and has now moved to over 50% of the Modern market. PCGS has moved into a clear #1 position. In the card market, PSA has over a 90% share and no one is even close to them.
Clearly they need to get better at service, but as Yogi said, "no one goes there anymore. It's too crowded"
Well then the Coins piled up on my desk are deferred. Would you rather have $10K now, or in 1 year?
What if they announce a price rise effective in January in the next few months? They really didn't raise prices this year and they gave out Coinfacts for Free. I expect some price changes next year. Wouldn't you send in coins before the price rose?
Regardless, I am not so sure how much the delays cost them. When they were running like clockwork this time last year, they barely had any coins to grade. So it's not as if fast turn arounds created business. In July/August, they have already done almost 400K coins compared to 440K July/August/Sept of last year.
They have some process issue which they will figure out and clear out the backlog.
It is plain and simply spreading themselves too thin with all the shows and overseas travel. No one was minding the shop.
I'd expect both groups would give consideration to future submissions until things are proven back to normal. About a month ago we received the only response from PCGS on this issue indicating they were aware of the issues, addressing them and they expected things to improve. Well...... here we are.
I own a business. I understand the lingering effects of Customer Service that some find unsatisfactory. This isn't going to resolve itself any time soon.
It is plain and simply spreading themselves too thin with all the shows and overseas travel. No one was minding the shop.
Yep, and the effects of bad/slow service won't be felt until it's too late. Consumers never forget the bad experiences they have with a company.
At some point you have to ask if this is the new norm. If it is, that just opens the door for someone else who takes customer service a bit more seriously to obtain more customers. If (as has been previously discussed) the grading that is taking place appears stricter than normal, that too is an opportunity for competitors who aren't so rushed they have to be extra cautious.
I will on occasion buy raw coins expressly for the purpose of getting them graded believing they are undergraded in their current form. Doing so in the future, under these circumstances, PCGS would not be my grader of choice. The suggestion of Express (@ $60 a pop) or Regular (@ $32) is crazy talk. Why would anyone pay double the price for half the service?
This is an absolute mess and anyone who can't see that is just blind to facts.
That's your opinion. Some folks will pay up for the faster services. Some folks will delay sending in coins. A delay does not mean lost business, it just means its deferred. Some folks will send coins to NGC. If they are Vintage coins, they will ultimately end back up in PCGS holders. If they are crossed, then the grading fee is significantly higher. PCGS has 70% of the Vintage market and has now moved to over 50% of the Modern market. PCGS has moved into a clear #1 position. In the card market, PSA has over a 90% share and no one is even close to them.
Clearly they need to get better at service, but as Yogi said, "no one goes there anymore. It's too crowded"
...here's to hopes that NGC doesn't have an "Avis" moment
At some point you have to ask if this is the new norm. If it is, that just opens the door for someone else who takes customer service a bit more seriously to obtain more customers. If (as has been previously discussed) the grading that is taking place appears stricter than normal, that too is an opportunity for competitors who aren't so rushed they have to be extra cautious.
I will on occasion buy raw coins expressly for the purpose of getting them graded believing they are undergraded in their current form. Doing so in the future, under these circumstances, PCGS would not be my grader of choice. The suggestion of Express (@ $60 a pop) or Regular (@ $32) is crazy talk. Why would anyone pay double the price for half the service?
This is an absolute mess and anyone who can't see that is just blind to facts.
That's your opinion. Some folks will pay up for the faster services. Some folks will delay sending in coins. A delay does not mean lost business, it just means its deferred. Some folks will send coins to NGC. If they are Vintage coins, they will ultimately end back up in PCGS holders. If they are crossed, then the grading fee is significantly higher. PCGS has 70% of the Vintage market and has now moved to over 50% of the Modern market. PCGS has moved into a clear #1 position. In the card market, PSA has over a 90% share and no one is even close to them.
Clearly they need to get better at service, but as Yogi said, "no one goes there anymore. It's too crowded"
...here's to hopes that NGC doesn't have an "Avis" moment
Avis is now a distant #3 and never again got near Hertz and is less than 1/2 the size of Enterprise. With Uber and Lyft in the wings, the viability of their business model is in doubt