Rumor Control

DonWillis · September 23, 2018 10:25AM

I've read a lot of crazy speculation and outright misinformation here over the past week. Let me set the record straight on a few items.

1) Joe Orlando is the CEO of Collectors Universe. That is PCGS' parent company. I am the President of PCGS (10 year anniversary next week). That hasn't changed.

2) PCGS grading standards are not going to change. People saying that grading standards are going to loosen up is wild speculation. I believe that PCGS has the best grading team in the history of the company. In my opinion our graders do an excellent job. Nothing is going to change.

3) "PCGS is not a collector friendly company". This blows me away. Everyday I see our staff bending over backwards to help collectors. Sorry we can't change grades. Yes, we would like to speed up turnaround time. No, we can't have a show in everyone's home town. But we must be doing something right because PCGS Collector Club membership is at an all-time high. If anyone thinks about it, PCGS is the best thing that ever happened to collectors. The PCGS Guarantee is the backbone of the coin industry. Many of you weren't collecting prior to 1986 when is was 'buyer beware'. PCGS changed that forever and opened the market up to thousands of new collectors. PCGS is always there when you need us the most. If you have a problem that isn't being solved by our staff then contact me. dwillis@pcgs.com

4) I just had a call yesterday with a major dealer who posts here. Their comment was' gradeflation is killing the business'. I asked why then are you always posting about how tight our grading is? Why are submitters always complaining that they can't get an upgrade? I'm not saying that over time there isn't some gradeflation, but in my opinion that is not what is driving the market. How about the availability of information via the Internet. That availability has leveled the playing field between collectors and dealers. That's why auctions are so much more popular today. How about a strong stock market, weak bullion and competing collectibles? Being a coin dealer a much more difficult challenge that is was in the past.

TomB · September 23, 2018 10:50AM

So you don't have access to any alien spacecraft at Area 51?

Gluggo · September 23, 2018 10:57AM

Nice Post Mr. Willis.
I am a very small customer and while PCGS has graded my last 20 submitting not all a perfect 70. And while I complain about it I still come back to PCGS because they PCGS keeps doing a good job. I know I get a True and real grade and the value of my coins will reflect that should I ever decide to sell.

CaptHenway · September 23, 2018 11:07AM

I am glad to hear that you are still in business. I enjoy these forums.

I respectfully disagree that the coin market is any more or less “buyer beware” today than it was in 1986 when PCGS began grading or when ANACS began grading in 1979. An informed and educated collector is ALWAYS his or her best defense.

Buy the coin, not the plastic (or the paper certificate!)

Tom DeLorey

bolivarshagnasty · September 23, 2018 11:27AM

Thanks for taking the time to clarify.

Smudge · September 23, 2018 11:33AM

Thank you. We'll put.

EagleEye · September 23, 2018 11:47AM

I really like the way PCGS has been grading lately, with a few exceptions*. For one, It is really hard to sell an overgraded coin. When they are consistent, you should be able to pretty much predict the grades PCGS will assign.

*XF Indian cents should have separation between the lower hair curl and the ribbon.
XF45 Indian cents should have full diamonds, or something very close.
The 1856 Snow-3 F.E. cent should be attributed as MS format regardless of the grade.

Stuart · September 23, 2018 12:58PM

Don, Thanks very much for your informative, helpful and timely post!

WildIdea · September 23, 2018 1:14PM

Nothing beats direct communication from the top! Thank you

SeattleSlammer · September 23, 2018 1:24PM

I respect when the boss offers his personal work email if you have a problem that you feel has not been addressed.

bidask · September 23, 2018 1:25PM

Hope you stay on Don !

Onastone · September 23, 2018 2:08PM

Congrats on your 10 year anniversary Don!! I've been here for just over a year, already promoted to Expert Collector but hardly feel I'm an expert, but am learning a lot from everybody around here. I've learned PCGS really commands respect and has set the bar high where it belongs when it comes to coin grading. I recently had a problem with this site and received an email from Mike explaining what happened. All I know is that he was recently "terminated", don't know why, but he will be missed.

Timbuk3 · September 23, 2018 2:16PM

Thank you for your post and clarifying all this confusion. I'm glad Mr. Willis is still involved with PCGS !!!

ParlousJoe · September 23, 2018 2:45PM

Thank you for clearing things up DW and letting us know how things will continue to be, it is greatly appreciated!

MrEureka · September 23, 2018 3:23PM

Thanks for the post.

Also, is the email address above correct or a typo?

Finally, I’ll change the title on my Joe Orlando thread. Sorry about that. Honest mistake. It’s all yours now!

DRUNNER · September 23, 2018 3:32PM

I always appreciate the time and effort taken by the administration at PCGS to deal with ANY concerns. The greatest fear I have of losing the Forums is the combined complaints of those who didn't get the grades they wanted becoming overly assertive and insulting as a reaction to their disappointment.

I enjoy the forums as a place of learning. Sometimes I learn that my grades might not be what I am sooooooo sure they are. Other times I pick up information from so many of the educated posters here.

Let's appreciate what we have . . . .

Drunner

thefinn · September 23, 2018 3:34PM

Customer service doesn't necessarily mean "up-grading my coins". Sometimes it means someone that you can reach on the phone that can answer a question, or explain why a variety wasn't notated correctly when pictures and documentation were sent with the coin.

ECHOES · September 23, 2018 4:24PM

Once again, Thank you!

specialist · September 23, 2018 4:41PM

Bravo Don!! Congrats on 10 years.

Sorry, we don't fully agree in item #4, BUT Like Rick now, I do too like the grading.

Sadly, we have created a bad culture. I see so many collectors the day they done, get that set into PCGS for regrade. EVERY ONE is guilty on that.

braddick · September 23, 2018 5:20PM

The first six respondents to this thread have FIVE stars each. I don't feel worthy now to comment further.

MilesWaits · September 23, 2018 5:51PM

Well spoken. Well written. Good passion. Love your forum!
I buy PCGS xclusively in my moderns quest.

1Mike1 · September 23, 2018 6:20PM

Thanks for clearing things up a bit. Sorry to hear about Mr. Hall leaving.

Goldminers · September 23, 2018 6:53PM

Thanks for the direct and honest communication. It is sometimes needed, as there are a lot of potentially misleading news articles and they can cause misperceptions.

I appreciate and remain solidly in support of PCGS as a collector, a forum member, and as a CLCT stockholder.

Thanks again

Paradisefound · September 23, 2018 8:30PM

Greatly appreciate the clear from muddy water Best of wishes for you and PCGS

asheland · September 23, 2018 10:03PM

Thanks for the information Mr Willis!

jerseycat101 · September 24, 2018 5:47AM

Are there efforts underway to speed up the turnaround times?

northcoin · September 24, 2018 6:01AM

@1Mike1 said:
Thanks for clearing things up a bit. Sorry to hear about Mr. Hall leaving.

Ditto. Of course if the OP could add one more item with regard to the subject of Mike1's response that would be appreciated as well.

pruebas · September 24, 2018 6:59AM

In my opinion, the cause of #3 is PCGS occasionally makes "stupid little mistakes" that cause angst and grief (not to mention more time and possibly more money) to get fixed. Holdering coins reverse side forward when other coins in the same submission are holdered correctly; spelling mistakes on the holder; incorrect attributions when the correct attribution was listed on the submission form; etc.

Coins collectors tend to be a little particular (anal retentive) about such things and often times getting these fixed is not easy.

I sometimes feel the customer service front line is not empowered to make simple decisions for the customer (not changing grades, but saying "I will get that reviewed.") PCGS seems to have the bureaucracy of a much larger company.

Alltheabove76 · September 24, 2018 8:05AM

I think the terse wording in the press release and the abrupt nature of it leads to a lot of questions. However, the fact you are still the head of PCGS says a lot.

Wabbit2313 · September 24, 2018 8:41AM

Well written note.

As far as gradeflation and point 4: There has been a tightening in the last 18 months based on my own submissions. My last batch of show graded coins went straight to CAC. 13 of the 20 stickered. That is unbelievable and I have had less success with sending 20 Rattlers or Fatty's in. I have had newly graded coins get a Gold sticker also.

I personally think it is a bit too tight when Rattler crackouts go down in grade. Many of the forum gradeflation talking heads rarely send coins in. I know of one, who is particularly loud, who has never sent a coin in.

Cheers!

CaptHenway · September 24, 2018 9:10AM

@Wabbit2313 said:
Well written note.

As far as gradeflation and point 4: There has been a tightening in the last 18 months based on my own submissions. My last batch of show graded coins went straight to CAC. 13 of the 20 stickered. That is unbelievable and I have had less success with sending 20 Rattlers or Fatty's in. I have had newly graded coins get a Gold sticker also.

I personally think it is a bit too tight when Rattler crackouts go down in grade. Many of the forum gradeflation talking heads rarely send coins in. I know of one, who is particularly loud, who has never sent a coin in.

Cheers!

Is PCGS sharing the names of submitters with you that you know this?
I know you are not talking about me. In the 25 years I was working in coin shops everything was submitted in the name of the dealerships.

Swampboy · September 24, 2018 9:21AM

CoinFacts rocks and Free CoinFacts is really really Really

Just though I'd mention that

Wabbit2313 · September 24, 2018 9:22AM

@CaptHenway said:

@Wabbit2313 said:
Well written note.

As far as gradeflation and point 4: There has been a tightening in the last 18 months based on my own submissions. My last batch of show graded coins went straight to CAC. 13 of the 20 stickered. That is unbelievable and I have had less success with sending 20 Rattlers or Fatty's in. I have had newly graded coins get a Gold sticker also.

I personally think it is a bit too tight when Rattler crackouts go down in grade. Many of the forum gradeflation talking heads rarely send coins in. I know of one, who is particularly loud, who has never sent a coin in.

Cheers!

Is PCGS sharing the names of submitters with you that you know this?
I know you are not talking about me. In the 25 years I was working in coin shops everything was submitted in the name of the dealerships.

Paranoia Will Destroy Ya

BLUEJAYWAY · September 24, 2018 9:35AM

DW:Thanks for draining the swamp of confusion.

TwoSides2aCoin · September 24, 2018 11:25AM

When rumor control takes precedence and top spot over the rules, we are in for fake news.

CaptHenway · September 24, 2018 1:04PM

@Wabbit2313 said:

@CaptHenway said:

@Wabbit2313 said:
Well written note.

As far as gradeflation and point 4: There has been a tightening in the last 18 months based on my own submissions. My last batch of show graded coins went straight to CAC. 13 of the 20 stickered. That is unbelievable and I have had less success with sending 20 Rattlers or Fatty's in. I have had newly graded coins get a Gold sticker also.

I personally think it is a bit too tight when Rattler crackouts go down in grade. Many of the forum gradeflation talking heads rarely send coins in. I know of one, who is particularly loud, who has never sent a coin in.

Cheers!

Is PCGS sharing the names of submitters with you that you know this?
I know you are not talking about me. In the 25 years I was working in coin shops everything was submitted in the name of the dealerships.

Paranoia Will Destroy Ya

How about it, Don? Is Wabbit privy to your submission information?

CoinRaritiesOnline · September 24, 2018 1:13PM

Thank you Don.

DrPete · September 24, 2018 1:27PM

Don Willis is an upstanding individual and knows the coin market. I first met Don when he was a dealer. He is a top notch guy and helps dealers and collectors all the time. He listens and will incorporate good ideas. He's a real forward thinking guy with experience in the trenches. Good to hear from you Don.

Nic · September 24, 2018 2:49PM

Thank you sir. Happy Anniversary!

Glad you are OK.

derryb · September 24, 2018 5:02PM

Just goes to show you. . . they might not always listen to us but they always hear us. Good thread.

CascadeChris · September 24, 2018 11:46PM

Thanks Don. Always nice to get word from the top.

7Jaguars · September 25, 2018 6:09AM

Can the political garbage sir! It has no place in this.

PCGS is a power unto itself and makes the decisions they make fit. I don't see how they should or would really care about all these outside opinions about their own corporate decisions.
I wish the best to them, DH and all.

RB1026 · September 25, 2018 11:39PM

Just saw this thread. THANK YOU Don and PCGS for the outstanding resources that you provide which GREATLY enrich numismatics for me. I LOVE CoinFacts, Photograde, the mobile app, TrueView photography, and this Forum just to mention a few of the benefits to me.

Congrats to you Don on your anniversary as well! I wish you and PCGS many, many more successful years together.

BlindedByEgo · September 28, 2018 11:13PM

Crap. What'd I miss?

fiftysevener · September 29, 2018 7:38AM

I get it that PCGS in your opinion is the best thing that ever happened to the collector and that PCGS grading standards are the backbone of the industry but don't you think NGC deserves some credit also ? I guess some original PCGS founders run NGC right ?
One advantage you have though is 7 day Registered delivery where Sarasota is 10 to 11 days depending on their mindset at Tampa USPS distribution.

Insider2 · October 10, 2018 9:10PM

NGC has a US PO branch office in their building. I'll bet PCGS does also.

cnncoins · October 11, 2018 6:09PM

Nope

telephoto1 · October 15, 2018 12:25PM

PCGS Collectors Club membership may be climbing... but seeing how John Q is required to join it if they want to submit directly, isn't that kind of obvious?

Rumor Control

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Paranoia Will Destroy Ya

Paranoia Will Destroy Ya