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There CAN be a very real downside to the Reconsideration Service

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  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭✭


    << <i>Let's say you consign 100 coins to a dealer. The dealer now has a great temptation to pick out the ten best coins of your consignment and resubmit them for Reconsideration. >>

    That would be so if the consignor was a competent grader, otherwise the coins could easily have been acquired based on the grades on the labels and none of the 100 might be worthy of an upgrade. Which begs the question- if the consignor can grade competently, why didn't the consignor submit the coins for reconsideration himself?

    edited... spelling
  • BaleyBaley Posts: 22,663 ✭✭✭✭✭
    Golly, this all seems very complicated. Maybe I'll just crack the coin out and stick it in an album and look at it every once in a while.

    Lots less stress

    Liberty: Parent of Science & Industry

  • CoppercolorCoppercolor Posts: 1,475 ✭✭✭
    I'm replying to TomB

    Tom has risen up of the ashes as I expected he would. image Actually, he flew out of them before I even posted but I hadn't seen his updated response.

    What I like about this site and many of the old guard (yes some new guard too) is that they can argue hypotheticals very politely, which adds richness and depth to the forum, while all the while knowing they would act very differntly.

    What Tom highlights most, and what I think is also a sign of his character, is his appreciation for infinite nuances that come with each customer, and consignment. I will likely never know but I sense how very hard it is to be a dealer, and have to deal with GQ public, and the intricacies of consignors/suppliers. Many of you have the patience of saints and this sets you apart immediately from those who don't and from those who treat every consignment as a repeat exercise.

    Among others, I work most with Dennis King and with Andy & Alynne Skrabalak who share thinking with TomB (as far as I can tell). I have become very fond of them as people, and oh by the way, as business people.
    I'd like my copper well done please!
  • While a recognize the potential upside to the dealer, I don't see the downside to you.
  • Wabbit2313Wabbit2313 Posts: 7,268 ✭✭✭✭✭

    While such dealer is playing games with your coin, it is not even for sale, since it is either in shipping or sitting at PCGS waiting for a regrade. You did not hire him/her to do this, you hired them to SELL YOUR COIN for as much as possible. Also, an undergraded coin in an old holder is a selling feature you no longer have if the dealer got an upgrade, and paid you an "estimated" sum of what he/she thinks you should get.

    If you know this happened to you as fact, hire a lawyer and insist criminal charges are filed. Law enforcement loves these cases, just go look in Minnesota.
  • TAMU15TAMU15 Posts: 577 ✭✭


    << <i>This thread should be titled " The benefits of being competent in the rare coin business" >>




    This.

  • shishshish Posts: 1,181 ✭✭✭✭✭
    roadrunner, TomB, and CRO, are the dealers I would choose to consign with. image
    Liberty Seated and Trade Dollar Specialist
  • Alltheabove76Alltheabove76 Posts: 1,520 ✭✭✭✭
    They CANNOT downgrade.

    image
  • njcoincranknjcoincrank Posts: 1,066 ✭✭
    It never ceases to amaze me how much people sit around and think up ways for a dealer to screw them. Mind blowing.

    Thank goodness non of you collectors would ever get a coin on approval and send it to PCGS for reconsideration (without telling the dealer you were going to do so). One less thing I have to think about with my retail customers.

    njcc
    www.numismaticamericana.com
  • PTVETTERPTVETTER Posts: 6,024 ✭✭✭✭✭
    Can someone answer this.?

    If a coin is in lets say an MS65 holder and submitted under the reconsideration service and come back in a MS66 holder.

    Why was the coin in a MS65 holder in the first place and not in a MS66?

    Same Coin nothing different except the added cost. $$$$$$$$$$$$$$$$$
    Pat Vetter,Mercury Dime registry set,1938 Proof set registry,Pat & BJ Coins:724-325-7211


  • lkeigwinlkeigwin Posts: 16,893 ✭✭✭✭✭


    << <i>They CANNOT downgrade. >>


    "For the record, anytime a coin is sent to PCGS for regrading or reholdering, under any service, if we believe the coin does not merit the grade that it was previously graded we will offer the submitter compensation for either the entire value of the coin (in the original grade) or we will offer to return the coin in a lower grade with compensation for the difference in value.

    This has always been considered part of the PCGS guarantee..."
    Don Willis, June 25, 2010
  • CoinRaritiesOnlineCoinRaritiesOnline Posts: 3,681 ✭✭✭✭


    << <i>Can someone answer this.?

    If a coin is in lets say an MS65 holder and submitted under the reconsideration service and come back in a MS66 holder.

    Why was the coin in a MS65 holder in the first place and not in a MS66?

    Same Coin nothing different except the added cost. $$$$$$$$$$$$$$$$$ >>



    Let it go man, let it go.
  • PerryHallPerryHall Posts: 46,837 ✭✭✭✭✭


    << <i>Can someone answer this.?

    If a coin is in lets say an MS65 holder and submitted under the reconsideration service and come back in a MS66 holder.

    Why was the coin in a MS65 holder in the first place and not in a MS66?

    Same Coin nothing different except the added cost. $$$$$$$$$$$$$$$$$ >>


    And if it doesn't upgrade (highly likely) the dealer is out $$$$$$$$$$$ for shipping both ways and the PCGS fees.

    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

  • georgiacop50georgiacop50 Posts: 2,909 ✭✭✭✭
    The majority response to this thread has taken me completely by surprise. I'm no angel, but clearly there are a bunch of folks here with questionable ethics/morals.

    Clearly some of the responders are simply confusing the issue:
    It can downgrade.
    It can not downgrade.
    The dealer is taking the financial risk.
    Some go as far as to imply the consignor is somehow "deficient" for not going for the upgrade himself.
    etc., etc.
    These are issues that are beside the point.

    But many are indicating they see nothing wrong with this scenario.
    That is amazing.

    I have the greatest respect and admiration for coinbuf, who states elegantly that



    << <i>... the most basic issue here is that the consignment item is not the property of the dealer, it belongs to the owner and by law it cannot be changed or altered without permission. If a dealer were to do as the op lays out, take a consignment coin and convert it into another holder/grade without the owner’s permission, he is committing a crime simple as that. The dealer has converted your property for his own financial gain. Any way you slice it its wrong and those of you that are trying to justify this behavior need to seek help with your ethics. >>

  • georgiacop50georgiacop50 Posts: 2,909 ✭✭✭✭
    P.S.

    I wish coinguy1 were here to chime in on this subject!image
  • dbcoindbcoin Posts: 2,200 ✭✭


    << <i>The majority response to this thread has taken me completely by surprise. I'm no angel, but clearly there are a bunch of folks here with questionable ethics/morals.

    Clearly some of the responders are simply confusing the issue:
    It can downgrade.
    It can not downgrade.
    The dealer is taking the financial risk.
    Some go as far as to imply the consignor is somehow "deficient" for not going for the upgrade himself.
    etc., etc.
    These are issues that are beside the point.

    But many are indicating they see nothing wrong with this scenario.
    That is amazing.

    I have the greatest respect and admiration for coinbuf, who states elegantly that



    << <i>... the most basic issue here is that the consignment item is not the property of the dealer, it belongs to the owner and by law it cannot be changed or altered without permission. If a dealer were to do as the op lays out, take a consignment coin and convert it into another holder/grade without the owner’s permission, he is committing a crime simple as that. The dealer has converted your property for his own financial gain. Any way you slice it its wrong and those of you that are trying to justify this behavior need to seek help with your ethics. >>

    >>




    Exactly. This is no different that a sleazy car salesman, insurance salesman, or financial guy ripping off their clients.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,605 ✭✭✭✭✭


    << <i>The downside to anyone having your stuff is that you don't have it. Ask Joan Langbord >>



    To the OP I think you meant "eloquently" instead of "elegantly", in a previous post here ^... though both words will work . In addition, as short as it needed to be said. I said. Nobody should be taking what ain't theirs, and that includes heirs and splitting hairs. So they (coins and such) are in the holder as it was obviously meant to be ATS. (why did NGC grade those Saints ? ) Who didn't "reconsider PCGS ? " image Talk about partiality. Let's look at this from the inside out and the outside in, collectively and not just for ONE situation but as a whole.

    To the coin: Who's is it really ?

    I'm thinking of the "service" and the reconsideration and how verbiage is used in the court of law and public opinion. Who's paintbrush tells the whole truth ?

    Call a spade a spade, the kettle black , or what's true ; truth. In the end it (the coin) belongs to the HOLDER. At least we've determined that to be 9/10ths of the law and that still doesn't make it right or wrong. It just makes it what it is until it's contested in a court of law or the court of public opinion, once again.

    Let me repeat myself :

    "The downside to anyone else having your stuff is that you don't have it. "
    Now to compensation. That's something to reconsider.
  • PerryHallPerryHall Posts: 46,837 ✭✭✭✭✭


    << <i>P.S.

    I wish coinguy1 were here to chime in on this subject!image >>


    Mark is very active on the NGC coin forums. You could post your question over there. If you aren't a member there, you should be.

    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

  • Interesting information, thank you to all for a good read
    All the best,

    Rob

    image

    Successful Trades with: Coincast, MICHAELDIXON

    Successful Purchases from: Manorcourtman, Meltdown
  • Alltheabove76Alltheabove76 Posts: 1,520 ✭✭✭✭
    PCGS can't have an ad on their website that says "There is no risk of losing your original labeling if the coin does not upgrade" and then do just that if you send it in. That's false advertising and breach of contract, I do not believe they would do it.
  • Alltheabove76Alltheabove76 Posts: 1,520 ✭✭✭✭


    << <i>

    << <i>They CANNOT downgrade. >>


    "For the record, anytime a coin is sent to PCGS for regrading or reholdering, under any service, if we believe the coin does not merit the grade that it was previously graded we will offer the submitter compensation for either the entire value of the coin (in the original grade) or we will offer to return the coin in a lower grade with compensation for the difference in value.

    This has always been considered part of the PCGS guarantee..."
    Don Willis, June 25, 2010 >>



    When he said that it was true. But at that time the reconsideration service did not exist. They are clearly advertising that there is no risk of downgrade. Why do you not trust them?
  • ElcontadorElcontador Posts: 7,686 ✭✭✭✭✭
    I sent you a PM about this matter. The issue to which you refer has been going on for quite some time amongst unethical entities which buy, sell, and consign coins. The reconsideration service just provides another menu for these unscrupulous people to apply their trade.

    An ethical person will try and buy a shot coin, own it, and then submit it for a potential upgrade. An unethical person will take someone else's coin on consignment and try the coin. If it upgrades, he pays the consignor an agreed upon amount for lower grade, sells the upgraded coin and pockets the difference. With the reconsideration service, it's easier to get away with this tactic if the coin is tried and doesn't upgrade.
    "Vou invadir o Nordeste,
    "Seu cabra da peste,
    "Sou Mangueira......."
  • braddickbraddick Posts: 24,811 ✭✭✭✭✭
    I needed a new heel for my shoe, so, I decided to go to Morganville, which is what they called Shelbyville in those days. So I tied an onion to my belt, which was the style at the time. Now, to take the ferry cost a nickel, and in those days, nickels had pictures of bumblebees on 'em. Give me five bees for a quarter, you'd say. Now where were we? Oh yeah...the important thing was I had an onion on my belt, which was the style at the time. They didn't have white onions because of the war. The only thing you could get was those big yellow ones.

    peacockcoins

  • PerryHallPerryHall Posts: 46,837 ✭✭✭✭✭


    << <i>I needed a new heel for my shoe, so, I decided to go to Morganville, which is what they called Shelbyville in those days. So I tied an onion to my belt, which was the style at the time. Now, to take the ferry cost a nickel, and in those days, nickels had pictures of bumblebees on 'em. Give me five bees for a quarter, you'd say. Now where were we? Oh yeah...the important thing was I had an onion on my belt, which was the style at the time. They didn't have white onions because of the war. The only thing you could get was those big yellow ones. >>



    You're Abe Simpson. I knew it!!!image

    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

  • BaleyBaley Posts: 22,663 ✭✭✭✭✭


    << <i>I needed a new heel for my shoe, so, I decided to go to Morganville, which is what they called Shelbyville in those days. So I tied an onion to my belt, which was the style at the time. Now, to take the ferry cost a nickel, and in those days, nickels had pictures of bumblebees on 'em. Give me five bees for a quarter, you'd say. Now where were we? Oh yeah...the important thing was I had an onion on my belt, which was the style at the time. They didn't have white onions because of the war. The only thing you could get was those big yellow ones. >>



    oh yeah? Well, three wars back we called Sauerkraut "liberty cabbage" and we called liberty cabbage "super slaw" and back then a suitcase was known as a "Swedish lunchbox." Of course, nobody knew that but me. Anyway, long story short... is a phrase whose origins are complicated and rambling..

    I leave these: a box of mint-condition 1918 liberty-head silver dollars. You see, back in those days, rich men would ride around in Zeppelins, dropping coins on people, and one day I seen J.D. Rockefeller flying by. So I run of the house with a big washtub and... hey! Where are you going? Anyway, about my washtub. I'd just used it that morning to wash my turkey, which in those days was known as a walking-bird. We'd always have walking-bird on Thanksgiving, with all the trimmings: cranberries, injun eyes, yams stuffed with gunpowder. Then we'd all watch football, which in those days was called baseball...

    Liberty: Parent of Science & Industry

  • This content has been removed.
  • roadrunnerroadrunner Posts: 28,313 ✭✭✭✭✭


    << <i>It never ceases to amaze me how much people sit around and think up ways for a dealer to screw them. Mind blowing.
    Thank goodness non of you collectors would ever get a coin on approval and send it to PCGS for reconsideration (without telling the dealer you were going to do so). One less thing I have to think about with my retail customers.
    njcc >>




    I've never had to sit around and think of ways to get screwed by dealer and/or collector alike. Nearly all of them have happened to me over the past 40 years. I'd write a book, but no one would believe it.
    And no, I'd never ship a dealer's coin(s) sent on approval back for reconsideration/regrade, etc. I'd either buy it or return it to them. Most approvals last about 24-48 hours though some dealers might
    give you a week. I prefer to get it back by the next day if it doesn't work for me. No time to send a coin out for reconsideration. If the dealer you've consigned to likes the coins for whatever reason, then
    let him buy them right then and there while informing the consignor. Illini420 has it right by stating he's there to get the most money for his client's coins, not cherry pick them for himself or with his buddies. Hey,
    maybe that consignor will come back again if you go above and beyond and get them more money for their coins than they wanted.

    Not all dealers are unethical.....just too many of them for my tastes, especially the local shops. Sheesh, I had a dozen local shops within 25 miles of me while in my teens and I can honestly say maybe 1 or 2 of them
    I could trust not to try and rip me off. If you wonder where my "attitude" comes from it was probably forged in those early days. And ordering from Coin World wasn't any better back then with about 90% of the coins
    received being over-graded and requiring a return.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭
    I am amazed, and sad, to see the number of people that consider the OP to be ethical conduct on the part of the dealer. Perhaps a sign of our moral decay, but even Rome was great once upon a time.
  • KoveKove Posts: 2,038 ✭✭✭✭


    << <i>This thread should be titled " The benefits of being competent in the rare coin business" >>




    Or, the "Top Ten Reasons I'm Glad I Don't Handle Consignments."
  • mozinmozin Posts: 8,755 ✭✭✭
    The thing I do not like about the Reconsideration Service, is that a coin earning the Plus grade upon reconsideration, is not broken out and given the Plus. I certainly would rather the coin be broken out, and reholdered with the Plus on the label.
    I collect Capped Bust series by variety in PCGS AU/MS grades.
  • AMRCAMRC Posts: 4,280 ✭✭✭✭✭
    But if collector bought them at full price, and got an upgrade, it would be fine right?

    No down side seen here. It is YOUR responsibility to have your coins fully market ready when you decide to sell them. Not the dealers, unless that is explicitly part of the services you are "buying."

    Whenever someone consigns with me they are asked if they would like the coins crossed and cac'ed. It is at their call.
    MLAeBayNumismatics: "The greatest hobby in the world!"
  • Perhaps a thread tracking the reconsideration is in order?I seem to hold the opinion that it might be a ploy to SQEEEEZEze more money from us. honestly , didn't PC already have this service ? It was simply just a regrade.If I have a graded coin going back for variety, I already am forced to pay a regrade fee and a variety fee. It's already in PC plastic, it doesn't need a regrade ! It needs a simple chech and relabel ! Why do I get charged for a raw coin service? Many people would agree that PC for the most part undergrades so you will send it back again , so whats the real diference here other than PC taking more of your money and time to get the grade right ? Ive heard of coins going from 64 to 66 on 4 diferent grading sessions SO riddle me how THAT is possible ? I see high volume dealers coins everyday with high grades that looked thrashed yet if one submits a handful of quality coins , 3/4 the batch comes back dogs.,, this is common knowledge,there is simply no grading standard , send a crack out a full band or full bell coin in a PCGS holder and it comes back no bells , does that make sense ? Obviously if there are no guidelines, its a crap shoot .Every coin should come back. The same as it was, THAT is the accuracy I want in a grader . If you are going to charge me for that service,that's what I want,so Give it to me !put on a pair of glasses and do it right, By not doing so, .. PC is kinda rubbing its own name and reputation In the mud It's Marketing, why would u ever need PC to consider a grade ? It's because the potential for it to not get it right., By even having this service is making customers lose faith in PCs accuracy. Also its almost in PCs interest to NOT upgrade your Coins,as that action alone is stating their misjudment on their part. It's in their best interest not to up the coins .one things for sure, death and taxes.

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