A Message from the CEO of Collectors Universe - Joe Orlando
HeatherBoyd
Posts: 408 admin
A Message from the CEO of Collectors Universe
Change. In general, very few people like it. This includes me. It’s the way we are wired as human beings, but change is a natural part of life and certainly of business.
In 2002, I can remember when I was asked to step in as the new president of PSA, the sister division of PCGS. I was a much younger man, not far past my 30th birthday. There were a lot of changes occurring at that time. The former PSA president, head card grader, lead autograph expert and others all parted ways with the company in a very short period.
It was a challenging time for the company, and believe me, there were moments where I told myself, "be careful what you wish for." It would be arrogant and disingenuous of me to pretend I didn’t have moments like that, especially being as young as I was. That said, I learned a lot from that experience and so did the rest of the staff who went through that transition.
What I learned above all else is that this is a team, a company filled with people who work hard every day to deliver a quality service and a premium product. This includes dozens of people behind the scenes, from our full-time expert graders to operations and customer service personnel who many of our customers do not know. It is the totality of this effort that makes our brands, PSA and PCGS, bigger than any individual. That is what a great brand is. So, while I will be stepping in to oversee the executive needs of PCGS in the interim, the hardworking team that has been making things happen will continue to do so.
Things change. People come and go, in every business. What’s most important is that the ever-evolving team produces the kind of quality and expertise that you, our customers, demand. Our goal at PCGS is to not only maintain the brand, we want to improve it. After 32 years, how do we do that? By listening to our customers, improving communication, staying innovative and investing in the future.
That’s what we did at PSA many years ago, which not only helped the division get through a challenging time, but the company grew substantially since then as a result.
In the coming months, PCGS will continue to add talent to our outstanding staff and look for ways to make our company better. You deserve it and we plan on delivering.
Sincerely,
Joe Orlando
CEO, Collectors Universe
Heather Boyd
PCGS Senior Director of Marketing
Comments
Mr. Orlando, thank you for taking the time to let us know about the changes. Looking forward to seeing the future of CU Inc.
While I hope Don is still active on the Forums and overseeks everything, I hope Joe Orlando will contribute, if he doesn't already have an account... that way I can tell him he's still young!
No matter who's at the helm, customer service should always take precedence. Change can be great, but not when it's change for the sake of change.
10-4,
My Instagram picturesErik
My registry sets
Well said and thanks for reaching out.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
There are a few individuals here that are qualified talent probably too many to list but, insider2 comes to mind.
Any chance Coinstartled could be a VP?
Lots of challenges ahead for PCGS, but I feel that Joe's message was the right thing to say at the right time. We all are rooting for PCGS to succeed!
I agree with Seth for a chance!
Thank you sir for reaching out to all of us. Now, "Damn the torpedoes, full speed ahead".
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
Thank you for informing us of the changes. Good luck and Best wishes Mr. Orlando !!!
First time, that I can recall, that I got an email about a major change.....not sure if it was because of membership or stock ownership, but it was cool to get. Good reach out, Joe.
(I'm guessing it was membership)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Thank you for the post and the info about yourself. Best of luck with the company!!!
U.S. Type Set
Clearly you have a large set of shoes to fill; best of luck in your new position.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Good luck, best wishes, and think outside the current box when it comes to leveraging the numismatic talent that's out there.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Thanks for that update Joe.
I wrote this up years ago and never got anywhere with it. Maybe new management might find a few nuggets in here to mull over? You never know where a good idea might come from.
Suggestions for PCGS
Has PCGS ever considered sticking with sequential Cert Nums? They seemed to be sequential for a while … a few years back they went from 3xxx to 8xxx … is there a reason to skip over all those numbers? I like sequential cert numbers because it gives you a rough idea of how long ago the coin was slabbed.
Why isn’t there an option (that can be turned on or off) for ALL coins that you submit to pcgs be automatically added to your inventory (even GENs). You still don’t have to make them public or add them to a showcase or registry, but it would be nice not having to type in all those cert nums by hand (which can be tiring on big subs).This is best as an OPTION that can be turned on or off – as some dealers and people that submit for others def would not want this option turned on.
Consider adding PCGS Coins -- that were added to a Showcase Only -- to provide Ownership information in the Cert Verification page. Currently, only coins listed in official Registries are listed in the ownership area of the Cert Verif page. It would be nice to show both Registry and Showcase ownership on the Cert Verif page to help collectors track which members own a particular coin.
Is there a way to give users more control over which columns we choose to display in our Showcases and Registries. I don’t like the TOTAL POP and TOTAL POP HIGHER columns as they are confusing, and would like the option not to show those columns. Allow Registry and Showcase players more options to customize their display. Allow owners to default the number of coins displayed on the 1st page that loads in the Registry. It currently defaults to 50 and I'd like mine set to default to ALL (which isnt that many more than 50 in most cases) -- but saves a lot of pulling down menus and clicking options to see all of a set at one fell swoop.
Another useful option would be for owners of pcgs graded coins an option to provide contact info if they were open to taking high offers for coins they owned (they could always ignore or decline). People chould have the option to show if they are willing to field offers for coins they own or decline this option. What a great way to drive sales and interest, though. I’ve seen a lot of coins on the Cert Verif page that I would have loved to make a huge highball offer on (multiples of guide) – but there is no way to get in touch with the owner. This could be TURNED OFF so if someone doesn’t want to be bothered with offers (people that don’t sell ever) they don’t have to be.
Why isn’t there an option to automatically SORT showcases by denomination and date
Shouldn’t coin order always be chronological -- even with varieties -- In the Price and Population Guides, as well as the Registries, why is the 1909 VDB listed after the 1909? Same issue with the 1960 Small Date listed after the Large Date.
Why aren’t BN and RB proof Lincolns listed in CoinFacts between 1951 and 2013 ? It’s odd that PCGS separates out a subset of coins, and then summarily dismisses them (omits them) from Coinfacts. And why START relisting BN and RB proofs starting in 2013 and moving forward (they are even more rare that late).
Why not add a REHOLDER option to KEEP an old green label. Then people could order a brand new plastic slab but reuse the old label (which are the same size and could be easily reused). Many people don’t want to give up old green label’s but that option could allow for many old monster coins to be TV photo’d out of the slab and given fresh new (unscratched) slabs, while keeping valuable old OGH labels.
Why not consider an ADDED FEE option for a one-line NOTE from the graders on why they assigned a grade. For $30 to $40 extra dollars I would love to have some explanation on what they were thinking – valuable info – esp on some coins where one might have question on why a graders decision was made.
Digital album awards should ONLY go to those that use all PCGS trueview photos … allowing home grown photos leads to too many chances for over saturation and digital editing.
PCGS should consider combining the POP report and the PRICES report into a single table (just add extra rows) I would find it useful to see the POP and the PRICE at one fell swoop. One option would be Row 1 POPS then row 2 PRICES for those same dates. PCGS could color code the price rows in green or something. This would help identify relative bargain dates/grades.
PCGS should never allow date/mint slots with POPs GT 0 to have NO LISTED PRICE …. Like the 1922-D MS66BN Lincoln that has POP = 2 but no price listed. Why leave us in the dark like that? If there is a pop of at least 1, then list an estimated price. (note that this was fixed for the 1922-D in July 2016 – however there are many more coins where this is still a problem)
PCGS often IGNORES RB and BN Lincolns in the price reports … there should be no gaps. If it’s a low common coin, then list as $1. Personally I dont think I'd list anything lower than $10 since it costs about $20 to have anything slabbed.
Does PCGS actually CHECK market prices of high grade BN and RB coins … sometimes a MS66BN Lincoln can sell for many multiples of an MS66RD Lincoln on the auction sites (due to the 66BN being rarer and often showing nice color). PCGS seems locked into the paradigm that BN < RB < RD with prices – the reality of the marketplace does not bear that out. Recently a pop 3 1923-S MS65BN lincoln auctioned on ebay for $3250. The underbidder was $3200. There were a number of bids above $2000. Yet the price guide still lists that coin as $1500. This is even harder to expain for high grade pop 1 coins. If a coin is unique and sells for $5000 in a legitamate auction or by a respected dealer (and proof is offered) then the guide should say $5000. This happened with the pop 1 1916 MS67BN Lincoln cent which sold for $5000 then $5500.
PCGS should adopt a “First IN First OUT” Grading policy instead of RANDOM order as it is now. Customer service often claims it's FIFO grading, but i have hard evidence from my own submissions over the past 7 years, that it's random.
PCGS should consider dropping the + grades since they cannot even consistently grade the same coin to the same whole number (there is just not that much skill in grading and it’s really a lot more subjective and fluid than most realize). I believe 18 grades of MS and PR from 60 to 70 is way too many grades. Submit the same coin 10 times and you will likely get a spread of grades which typically cover 2 whole grades from MS63 to MS65 for example. Giving a coin a grade of MS64+ implies more skill and consistency than is really possible. (Really you can tell 18 different gradations of MS or PR?). It's like saying its 38.728394 degrees outside when your thermometer is only accurate to 1 whole degree.
PCGS should get a better handle on color classes. Red (RD) does not mean red but copper. PCGS grades appear to often get confused with bright red or pink toning and calls them Red RD ... when they should be RB or in some cases BN. RD coins are not actually red color but copper color ... BN coins can be any color under the rainbow. I think sometimes some grades get confused by this (i have hundreds of examples!).
Allow a RECONSIDER option to fix Color Class definitions. Sometimes I get a MS66RB that really should be MS66BN. Allow collectors that love the BN color class to have coins with NO COPPER COLOR to be properly assigned the BN color class.
Allow Cert Verification pages to show OLD CERT NUMBERS … so the provenance of a coin can be traced back to former Cert Numbers.
Add the DATE GRADED to the Cert Verification page. Useful info. Esp if you insist on not using chronological cert numbers. it's helpful to know if a coin was graded and slabbed 20 years ago vs 1 year ago -- due to changes that happen over time in the industry.
Allow users to DELETE duplicate listings (the same coin with different cert nums (from resubmissions) in CoinFacts. Sometimes the same coin is shown 10 times with different grades and slightly different photos. It would be great to clean up all those duplicated photos and just show the latest photo and latest grade.
On TrueView photos make more of an effort to properly LEVEL a coin (in terms of rotation). Sometimes the coins in TV Photos and CF Photos are skewed (rotated) by as much as 5%. Which just looks sloppy.
Allow collectors to show MULTIPLE TRUEVIEWS for a given Cert Number. I sometimes get 3 or 4 different photos taken and with toned coin it often takes a number of photos to properly show off a coin. Why should we have to “Pick a single photo”.
Submissions should never be mailed back to us until AFTER the TrueView photos are posted. Sometimes we might want a tweak done to the shoot.
I always thought it would be really helpful if PCGS could figure out a way to combine the POP chart with the PRICE chart. That way you would not have to flip back and forth between 2 web pages to compare POPs with PRICEs.
Maybe 1 line for prices followed immediately with 1 line for pops (perhaps in a different color to aid viewing)
I'd like to be able to SEARCH the Cert Verification pages. For example what If I wanted to see all the 1922-D Lincolns that graded MS66BN. The listing in coinfacts is rarely complete.
My Coin Blog
My Toned Lincoln Registry Set
Quite a bit of info to chew on.
Some good nuggets in there.
I like total pop and total pop higher columns .
I give away money. I collect money.
I don’t love money . I do love the Lord God.
I was basically just saying give us an option. This is really only an issue in Toned Copper Sets, where the 1st set of pop/pop higher numbers is for the same color class and the 2nd set of pop/pop higher numbers is for all color classes. The second set of numbers has no meaning in a toned set where BN coins get bonus points and are much rarer than RDs (at the same grade). For example there are 9 total MS67BN Lincolns (none higher), but nearly 20,000 MS67RDs.
My Coin Blog
My Toned Lincoln Registry Set
Change is good. I thumb through mine, more often than not. .
i heard it was ricko that got it. just saying
There's some interesting things in WingedLiberty's posts I wouldn't mind seeing. The only things that need a little adjustment are those involving contact info. Most of us like to remain private, so maybe a link, like eBay or Heritage, to "contact owner" would be good.
Aside from that, some of the suggestions I really like. Too much for me to copy/paste before coffee.... LOL..
WL, you should edit and number each individual idea so we can easily reference by number!
Great transactions with oih82w8, JasonGaming, Moose1913.
David was a loss. Agreed.
That said, the future of PCGS IS MODERNS - here and around the world. Essentially no talent was recently lost in that area and Jaime, as mentioned, is excellent in that field. My son, Justin, contributes (at no charge) articles on US modern (and classic) coins as well to PCGS. He just wrote another one published this past week in the area of the $5 Modern Commem. Series.
I believe Joe Orlando gets this and understands the critical importance of modern coins to his business. PSA just opened its office in Japan and will likely do a lot of modern card business there.
Just my 2 cents.
Wondercoin.
"Change. In general, very few people like it."
Unless it is pocket change and then we love it!
First order of business would be a slab that nothing sticks to.
The default set sort at 50 should be adjustable - especially for sets that have over 50 coins.
WingedLiberty1957 said:
Why not consider an ADDED FEE option for a one-line NOTE from the graders on why they assigned a grade. For $30 to $40 extra dollars I would love to have some explanation on what they were thinking – valuable info – esp on some coins where one might have question on why a graders decision was made.
I mostly agree with this part of WingedLiberty1957's post. $30 - $40 seems high for a single line explanation. $10 would be more acceptable. Free would be better and add value to the already highly regarded PCGS product. Beating the other TPG's to this innovation would be a feather in the hat and bring great bragging rights to PCGS.
Dear Joe Orlando,
I am grateful that I took the time to read your message. I agree with the concept of the constant of change. I participate in CU because I am a coin collector. I am 69 years old and yet I desire to know more about coins every day. I wish you well as you lead your company forward. Your friend. Peace Roy Ferrari
BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall, coinsarefun, MichaelDixon, NickPatton, ProfLiz, Twobitcollector,Jesbroken oih82w8, DCW
Why did Don WIllis leave?
Joe,
I understand the changes that sometimes have to be made in the corporate environment. I will not comment on that as I have witnessed many changes over the years and the public never sees the whole picture.
But it appears there is a desire on PCGS' part to be customer focused. This is great.
Why not send a survey to the customer base? There are scores of people with great ideas here on these forums and off of these forums. I think you will be gain great understanding of how the customer base feels and end up with many good ideas to consider for implementation. A survey also allows for private responses that might not be accepted if posted in public (or even posted at all).
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Makes sense.
Snow-3 1856 Flying Eagle's are MS and all others are Proof.
Thank you for the open message which I also got via email. It would be nice to see the human face of PCGS and its workers, their stories and other matters of human interest which would raise the awareness of how multifaceted your company is. Too often we just think of a company not all those hard working and honest people doing their jobs day in and day out.
I agree 100%. Now is the time to hear from the actual customers on what works, what doesn't and how PCGS can improve the customers experience while still padding their bottom line. They can choose what to do and what to not do.
I agree with the idea of paying a small extra fee for grading notes.
I think PCGS can improve on the order status (its pretty much useless) by updating estimated times and where in the queue submissions are. This would reduce calls, emails to PCGS etc by impatient customers who are kept in the dark.
PCGS should follow their main competition and PHOTOGRAPH ALL coins and make it available to their customers to reduce counterfeit, altered coins or counterfeit holders.
Wondercoin, tell us why you think Moderns will be the savior of PCGS? Anything that can be graded in huge numbers, is in general, not inherently RARE. If there are thousands of coins available in MS/PR 69 grades and fewer in 70, where's the collectability and future resale value in this? This drives collectors AWAY from our market. I understand how this helps PCGS but not sure how it helps the hobby?
If I'm missing something, please enlighten me.
Just my 2 cents worth too.
Chris. You acknowledge that you understand how this helps PCGS (as I do). You are not sure how it helps the hobby. Fair enough. I am not 100% certain that thousands and thousands of MS65 grade common date Morgan Dollars at $800/coin in 1982/83 helped the hobby. Today, we now have over 55,000 MS65 grade 1881-S Morgan dollars at PCGS alone (just that one grade and date). They don’t hurt the collectibility of the MS68 and MS69 grade. Likewise, thousands of MS65 state quarters don’t hurt the collectibility of the MS68 and MS69 graded coins. There are myriad scarce conditionally rare Mint State moderns both here in the US and worldwide. Moderns are not only a conversation about the 69/70 proof line.
Wondercoin.
Mitch is right. Moderns are, and have always been, the lifeblood of PCGS and the hobby. In this arena PCGS is more a B2C and less a B2B. (bulk submissions aside). They can grow the hobby here by appealing to new hobbyists.
and it sets us apart from practitioners and consultants. Gregor
I hate to disagree with DHeath, but grading moderns really began with the advent of the 2000 statehood quarters, followed by all the US Mint Programs. PCGS had graded mostly classic coins for the first 15 years of it's existence. Grading Moderns was NEVER the "lifeblood" of the hobby or PCGS. In fact, the acceptance of the PCGS product from 1986-2000 of Classic Coins by collectors and the hobby in general, really allowed them to begin grading other areas of coinage in much larger numbers with full collector acceptance.
Mitch, just to be accurate, MS 65 Morgan Dollars at $800 a coin happened in the crazy 1988-1991 market run up, fueled by the coin funds jumping into the market, not in 1982-83 (when the market was "dead" in general). ANYTHING getting run up and then dropping like a rock is not good for the market, not just $800 MS 65 dollars.
I still have my bluesheet from May 29, 1989, where EVERYTHING on the sheet had PLUS signs. For example, Proof 67 Lib nickels were bid, sight unseen, at $12,000 each. Now, they're under $1000. I could give you many examples.
The point is that ANYTHING that drops by multiples over time hurts the market. The $800 Morgans you speak of are just one example. It all hurts the hobby, whether it is MS 65 Morgans, or 1995W ASE's in 70. Historically, RARER coins hold their value over time. This difference of opinion is probably why I deal in mostly Classic Coins and you deal mostly in Moderns.
Chris: Thanks for correcting those dates. When things get to be 30-40 years ago... I find myself off a few years. LOL.
I don't doubt rarer coins hold their value - whether they are classics or moderns. The "trick" is to know what is "rare" in both arenas. That is always the "$64,000 question".
And... FYI the statehood quarters started in 1999, not 2000.
Wondercoin
I take your point. PCGS was initially a B2B serving dealers. Dealer acceptance was critical. However, PCGS became a B2C accepting collector submissions. Coincident to this was the rise on online sales and interest in the new State Quarter program (almost 20 years ago). Why might one reasonably argue moderns are the lifeblood of PCGS and the hobby? Moderns are a common point of entry for collectors and represent an opportunity for growth in collector rolls. The mint no longer produces classic coins. However, they are still making moderns. Since PCGS is in the business of holdering coins...... One has only to look at the numbers of each type being holdered to see where the future revenue stream lives.
From the Annual Report: "In the US, the modern coin market requires a grading capacity to address the very high level of output from the US Mint experienced at the beginning of the new coin year in January. During fiscal 2017 we revamped our systems and processes to handle that requirement, which enabled us to establish new output records."
I think many in the dealer community are concerned about Internet sales, the direct relationship between the TPGs and collectors, and the interest in 20th century coins which they believe are negatively impacting the sale of commodity classic coins. They are concerned about disintermediation. Of course, that is just my view. However, I believe there is room for all.
From the same report: "The advent of the Internet and, in particular, eBay’s development of an Internet or “virtual” marketplace and other Internet-selling websites, such as Amazon, have overcome many of the inefficiencies that had characterized the traditional collectibles markets. eBay and other online marketplaces (i) offer enhanced interaction between and greater convenience for sellers and buyers of high-value collectibles; (ii) eliminate or reduce the involvement of dealers and other “middlemen;” (iii) reduce transaction costs; (iv) allow trading at all hours; and (v) regularly provide updated information to collectors."
and it sets us apart from practitioners and consultants. Gregor
DHeath,
I understand that Moderns and anything that can be graded in quantity is critical to PCGS's revenue stream at this juncture.
I only took issue with the statement "Moderns are, and have always been, the lifeblood of PCGS and the hobby."
This simply is incorrect.
Another thought... If there is room for another grade between 69 and 70, then logic would dictate that the "tweeners" should be 69s and the former 69's are really 68....
Think about it... why are modern coins essentially graded in binary terms: 69 or 70?
Whitman Brands: President/CEO (www.greysheet.com; www.whitman.com)
PNG: Executive Director (www.pngdealers.org)
I’ve said it once already... there is a world of modern coins out there that include great scarcities or rarities in Mint State grades of MS66, MS67, MS68.
Wondercoin.