PCGS buyback
Alltheabove76
Posts: 1,520 ✭✭✭✭
I am curious if anyone has ever submitted a coin to PCGS that was overgraded, that they conceded as such, and they paid you the difference between the value of the actual grade vs the one on the label?
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It has not happened to me, however I know at least one person where they did do so.
Yes it has happened on rare occasions.
Do they not go buy their own valuations in their price guide?
My Early Large Cents
It takes a long time for the process to play out. Check out their statistics page on guarantee submissions; last I checked they had paid out around a million in the last year.
That value is only good for marketing and determining the price to charge you for guarantee premium on reconsiderations and crossovers. You're looking at wholesale value and not even necessarily the CDN.
Long time ago I bought a PCGS Hawaii Cent that had a bust outline scratch. They bought it.
$279,000 plus paid out in last month:
WARRANTY CLAIMS
Last 30 Days | 12 Months
NUMBER
27
VALUE
$279,174
https://www.pcgs.com/statistics/
They've done it for me two or three times. Never any hassle.
Here's a warning parable for coin collectors...
I did it years ago, two times. Was fast and fair.
Coin Rarities Online
Interesting information, good to know, thanks for sharing !!!
They repurchased a coin from a friend of mine after it was discovered the coin had been doctored. They were fair about the whole situation.
What happens to all the coins they buy back? Do they reslab them? How do they dispose of them?
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 sent in a 69DC 1960 proof dime that had developed spots. They downgraded it and I was given the option of taking the coin back as a 68DC along with a check for the difference in price, or a buyback at the 69DC price. I took the buyback.
About 12 years ago, back then Homerun Hall did it personally and it took a few months. Wonder who is doing it now?
Good question. I would think if they can conserve them then they do then re-slab otherwise they re-slab as details.
How they get back to collectors is another question assuming the prior premise is valid,
I understand the coins with CAC stickers are sent to John Albanese for immediate payment.
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
Years ago I sent back three artificially frosted cameo proofs. (each at different times)
For the recent coins, they simply refunded the auction price (Superior).
The other they gave me a choice, refund, or the coin back and the difference before and after. I opted for full refund. (Don't recall what they used for valuing the conserved and regraded coin).
Their guarantee is the best in the industry in my book.
“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!
Never an issue with the values...they might actually have been strong in some cases.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986