Any "reconsideration" stories out there?
jacktheknife
Posts: 1,547 ✭
Good?
Bad?
Impressions on how it is working...
I have a couple coins I would like to try, but thought I would see how it plays out a little first.
Jack
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<< <i>I have one in right now. I will let you know. >>
I have two submissions in for what originally thought was
a straight regrade - only to find out - it was a reconsideration
submission. It was somewhat confusing - but I picked up on it
quickly. If my coins upgrade ( I expect all to be bumped at least
one grade tier ) - so, hearing the 2% surcharge plus the submission
fees - meant to me, at least, that my submissions would finally
get into the graded holders they deserved to be in - in the first place.
I have always been of the opinion that if the correct grading fees were
charged, the correct grades would be obtained. Hearing unsubstantiated
rumors that Graders look at a coin for less than 10-15 seconds and can
determine what they are holding in their hand ( all the nuances involved )
seems far fetched, but asking different graders from the top two TPG's,
these are not rumors.
If the added incentive of an additional 2% is applied to cross overs and
"Reconsidered" / "Regraded" coins, I feel that both TPG's should be back
in the grading service, not just a numbers company ( graders have to grade
500 coins a day - or look elsewhere for employment ). Spend more than a
few seconds looking at a coin - maybe - just maybe - spend some time with
their company's grading set for the series that they are about to grade.
Ok, that's it for now.
~~~~~~~~~~~~
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<< <i>I am very confused. Are you saying that the tpg's are willing to regrade a coin and if it should upgrade they would charge a % on the coins value or the increased value? Isn't that motivation for more coins to be resubmitted by the owner and motivation for the TPG to give upgrades inorder to make additional monies? >>
Taken from another thread and presumably the PCGS website.
Starting January 1, 2013, we are introducing the PCGS ‘Reconsideration’ service. This service is a direct response to all of you who have asked us to have a regrade service in which we do not break a coin out of its old holder unless the grade will go up. With this new service you can submit your PCGS graded coin for regrading but your coin will not be removed from its current holder unless it upgrades one full point or more (it will not be removed simply for a plus grade). With this service, the PCGS graders will grade your coin in its current PCGS holder (much the same as we currently do crossovers), and then if the coin deserves a higher grade we will reholder your coin in the new grade. If we don’t feel your coin deserves a higher grade, we will return your coin to you in its old holder. The fee for this service will be the usual regrade fee plus a 1% of value (based on PCGS Price Guide or the declared value whichever is higher) “Guarantee Premium” to take care of our increased liability on the coin. More details of this service can be found on our website at www.pcgs.com/servicesandfees/.
It's quite vague as to whether the 1% fee applies to the pre-regrade value or the post-regrade value.
<< <i>They still haven't solved the problem at hand. I have most of my collection in older holders, I also believe they are undergraded, but I don't want to crack them out of an older holder even if it is guaranteed to upgrade 1 or 2 or even 3 points. My serious suggestion is, and I have opined this before is for them to have a sticker that they can put on their holders that shows the new higher grade. Now that I would go for in a big way but then that is where the green/gold bean comes into play and the reason that I won't be using the reconsideration service. I want my older holders! >>
But a sticker would just be like CAC; people will find ways to peel them off and put them on other holders if they are desperate enough. Sure, databases are great but until everyone has a smartphone with data plans, it's going to be worthless at shows.
<< <i>They still haven't solved the problem at hand. I have most of my collection in older holders, I also believe they are undergraded, but I don't want to crack them out of an older holder even if it is guaranteed to upgrade 1 or 2 or even 3 points. My serious suggestion is, and I have opined this before is for them to have a sticker that they can put on their holders that shows the new higher grade. Now that I would go for in a big way but then that is where the green/gold bean comes into play and the reason that I won't be using the reconsideration service. I want my older holders! >>
Oh, I am sure you would JUMP at a 2-3 point upgrade, even if they put them in bright yellow puffy holders. Now if you are a holder collector, and not a coin collector, why would you care about the grade anyway. Maybe they can make a new service for you. Send in your MS-66 coins, and we will put them in the old holders, but they will go 63 since no one cares about the grades, only the old holders!
Sorry, but the "don't care" about 3 point upgrade.....COME ON!
<< <i>Why should we pay an extra fee plus 2% for them to do the job they should have done the first time? >>
+1
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Oh well, swing and a miss.
I was hoping to hear some stories about the service and if any coins were actually upgrading, not rehash another thread on pros/cons of the service.
Anyone actually have it work for them? Let's hear the stories.
Jack
<< <i>I am very confused. Are you saying that the tpg's are willing to regrade a coin and if it should upgrade they would charge a % on the coins value or the increased value? Isn't that motivation for more coins to be resubmitted by the owner and motivation for the TPG to give upgrades inorder to make additional monies? >>
I'm sure PCGS will only upgrade a coin if it's worthy of an upgrade but it sure has the appearance of a conflict of interest.
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>
<< <i>They still haven't solved the problem at hand. I have most of my collection in older holders, I also believe they are undergraded, but I don't want to crack them out of an older holder even if it is guaranteed to upgrade 1 or 2 or even 3 points. My serious suggestion is, and I have opined this before is for them to have a sticker that they can put on their holders that shows the new higher grade. Now that I would go for in a big way but then that is where the green/gold bean comes into play and the reason that I won't be using the reconsideration service. I want my older holders! >>
But a sticker would just be like CAC; people will find ways to peel them off and put them on other holders if they are desperate enough. Sure, databases are great but until everyone has a smartphone with data plans, it's going to be worthless at shows. >>
Why not use a colored outer ring like they used on the doilies? They would need to make it thin enough to fit the current blue boxes yet strong enough not to crack too easily.
Red for a 1 point bump.
Green for a 2 point bump.
Orange for a 3 point bump.
Blue for a + bump.
Yellow for a grade and + bump.
A coin getting a 1 and a + would have a red top ring and a yellow bottom ring.
Anyone who can refine or offer a better alternative, please feel free to do so.
I believe it was a good move - for the many possible pieces in either older holders or some newer that might truly be under-graded by 1 point...or more perhaps. It is a safe way of handling this issue.
A diff between AU58 and MS61 is big in many areas.
As is 65 v/s 66
I am talking about legitimately graded originally 65 which totally merit a 66 period.
As in I highly doubt PCGS under-grades as a rule so they can make money later - that premise is stale and hopefully non-existent.
This is not for the Disneyland traders hoping to snare a grade that is NOT worthy of the coin since day one.