Reconsideration vs. Regrade - what's the real difference?
TequilaDave
Posts: 271 ✭✭✭
I've a few PCGS graded coins that I'm fairly certain will regrade higher. In a previous post, I was advised to opt for regrade over reconsideration. I tried reading up on the two using the PCGS website but I ended up being even more confused than I started off at. So my question is this - under what circumstances would you regrade over reconsideration and visa versa? Are coins more/less prone to upgrade using one vs. the other? Or are is it a "6 or 1/2 dozen" kinda thing?
Thanks in advance!
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Regrade is cracked out no matter what.
Reconsideration only cracks out if it upgrades.
Might be useful if you value your Rattler holder, for instance.
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Regrade means PCGS cracks every coin out of its holder prior to grading and then certifies each coin in a new holder and with a new certification number. The positive is that they will not lower the grade on the coins.
Reconsideration means that PCGS will grade the submitted coins in their old holders and will not crack the coins out unless they upgrade by a + designation or by a full grade. The determination on if to crack out by + or by a full grade is chosen by the submitter on the submission form.
That should be fairly clear, I think.
In honor of the memory of Cpl. Michael E. Thompson
That seems to be about the only difference I can find. I guess you could argue that a grader holding a slab that says MSxx may be subliminally biased and possibly less likely to upgrade than a grader holding a raw coin who is unaware what someone else thought about the coin. Other than that, I don't see much differences
You also pay a 1% fee on the value of the coin under reconsideration. There are times to do that service though. If you need a "plus" to get a top pop, you might just get it under recon. If you need a plus on your AU58, you might just get it on recon. The 1% fee might be enough for the grader to say, let's throw the guy a bone.
Can't disagree with the above posts. The only thing I'd add is that, like crossing, PCGS is conservative when it comes to judging a coin through plastic.
So, unless you're in love with the holder and/or the stickers (or there's a special situation like Wabbit mentioned) it's almost always better to "regrade". Not having to pay a premium is a bonus.
Lance.
Please correct me if I'm wrong . I was told that the grade can be lowered under the regrade service. When this occurs the submitter will receive a check for the difference in value.
Regrades are scary. Crack and cross is a winning strategy.
If I read it correctly, that can happen in the reconsideration but if you choose "regrade" it's guaranteed to grade no less than it originally graded at.....or maybe it can happen with both?
TomB, what say you?
I can speak from experience. I tried a coin twice under reconsideration trying to go from AU55 to AU58. No dice. I finally manned up and did a regrade at a show and got my 58!
Correct or an offer to purchase the coin. There is if I understand correctly some negotiation envolved.
Yes, it is true that the Regrade service can result in a coin that downgrades, which I hadn't been thinking of since the post was asking about getting the coins into higher graded holders and also because PCGS specifically suggests a service called Guarantee Resubmission if one thinks a coin should downgrade. That is my error for not including the information and focusing only on the possibility of an upgrade. My first response in this thread is not completely accurate.
There are also other details about suffixes and percentage fees for upgrade in the services, but they did not seem to apply to the original question, either, so I did not cover them.
In honor of the memory of Cpl. Michael E. Thompson
You have little to worry about that a coin will go down in grade. Of the hundreds I have sent, not one went down. It is possible, but unlikely.
Thanks Tom & amwldcoin, I appreciate the clarification.
My experience parallels Wabbit's.
Remember, PCGS guarantees regrades won't drop in grade. If there is an extraordinary reason a coin should regrade lower then PCGS will make a guarantee payout.
From their website:
"REGRADE: For a coin previously graded by PCGS you feel might be worthy of a higher grade, submit it in the holder. The coin will be removed from the PCGS holder and regraded. Minimum grades are not accepted. If the coin grades lower, the terms of the PCGS guarantee will apply."
Lance.
The reason I asked was I just submitted this example hoping for a down grade. I'll call customer service and ask if I can change the service from Regrade to Guarantee Resubmission. What do you grade it?
Assuming it doesn't detail due to the high points being scuffed and assuming the reverse is in line with the obverse, I'd say AU50 on the high end and XF40 on the low. But take this with a grain of salt....
I don't know what grade it is but I'll bet it doesn't downgrade through the "regrade" service.
You can try the guarantee resubmission. My recent experience is that PCGS is much more reluctant to make payouts than just several years ago. The best chance of winning is with damage (graffiti or scratches graders missed).
Lance.
I believe you, I showed this coin to several experienced graders at the Baltimore show. They all graded it the exact same grade. Please take a guess.
I followed your advice and submitted it under guarantee resubmission. I'm going to try and forget about it because this could take up to 60 business days.
EDIT: You have a real risk of the coin downgrading, and possibly even not being able to get the coin back to the original grade, even after several submissions. Also, depending on the coin, you run the risk of getting a problem or details graded holder. There isn't really any reason to crack and submit raw to the same grading company vs just doing a regrade submission. Crossovers are a different story.
Or unless you are trying for a 58+ and don't want your 58 market graded up to MS!
The reason I submitted this example was to down grade it because I'm convinced that it's overgraded. In addition, I'd like to use it in my grading set because it's a great example of an ??-?? I'm curious to see if our host will agree and change it's current grade. I showed this coin to five veteran numismatists (including an ex PCGS grader) who all graded it the same. I'm cautiously optimistic that our host will agree. Guess the grade.
If it's cracked-out the grade guarantee is lost. This would be very unwise.
Grade guarantee submissions used to take a very long time. Maybe that's changed. But I'd be surprised by a 60-day turnaround.
How about a reverse picture to help with guess-the-grade?
Lance.
Either way, it's the right thing to do as you minimize your risks and safety of the coins.
Woops! I somehow misread his question as regrade vs reconsider, probably because of the rest of the thread.
As you requested.
Only 1 guess so far, I'll just say that it surprised me.
I really like the reverse! The obverse...not so much...the cheek, arm, breast and thigh contact marks are distracting to me.
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Sounds like you really want us to guess so I'm idfk, xf details?
Thanks, hint it's straight graded.
53
What is the right thing to do?
I'll guess 58.
Since you think it is overgraded it's possible PCGS wrote-off the obvious obverse wear as cabinet friction and called it MS. The reverse shows little, if any, sign of wear. I know it sounds a little nutty but stranger things have happened.
FWIW, you're not going to get very many guess-the-grades in this thread. The title suggests different content. Maybe start a new thread?
Lance.
I grade it 58
I agree. It is.
Well Done Lance & Bruce, I knew you guys would get it.
It's currently in an MS-61 holder, hopefully soon to be in an AU-58 holder. She definitely has wear on the obverse high points. For this grading set it's all about finding the right coin, with the right amount of wear, and the right look. Perhaps I'm maturing as a collector.
Sorry for hijacking your thread Dave, I appreciate the information and advise on this topic from members.
XF 45 with no help from the obverse.
60 or 61
Why would you want to get that coin in a 58 holder? Hoping PCGS would bail you out of a bad buy?
Knowledge is the enemy of fear
Apparently you didn't read the thread.
IDK what to think about this
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I did and is why I asked.
There are plenty of perfectly legit, and much more attractive, 58s out there. The OP should just buy one of them if he wants one for his grading set. Why go through all the hassle?
Knowledge is the enemy of fear
That's what I usually do...
but on one coin it took me 2x before I got the upgrade from 63 to 64. I don't crack many coins,but when I do I have not fail to get an upgrade yet.
Ooops ..I lied. There were two coins that came back from PCGS with the same grade which I'll try again for an upgrade in the future. No downgrade yet.
I think the coin is properly graded at 61. Reverse is clearly uncirculated. Obverse is all beat up.
If by some outside chance they downgrade it, you would be in the $800 refund range, but I doubt that will happen.
I'll post when the results come in.
The slide marks bother me too much.
Wow! I would have thought AU58!