Stack’s Bowers Galleries Partners with David Hall to Launch Collectible Market Qualified (CMQ)
StacksBowersGalleries
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September 6, 2023
Stack’s Bowers Galleries Partners with Professional Coin Grading Service (PCGS) Founder David Hall to Launch Collectible Market Qualified (CMQ) Offering
Stack’s Bowers Galleries to Rollout Coins In Motion (CIM) Animation Technology to its Collector and Dealer Customer Base in Calendar Fourth Quarter 2023
Costa Mesa, CA – Stack’s Bowers Galleries, the renowned numismatic auction house, and David Hall, the esteemed founder of Professional Coin Grading Service (PCGS), have partnered to introduce Collectible Market Qualified (CMQ), a new service offering that identifies the highest quality graded coins in the market.
Utilizing CMQ’s services, collectors, dealers, and investors can submit qualifying coins to be evaluated by David Hall and Stack’s Bowers Galleries’ CEO Greg Roberts, two of the most accomplished numismatists of all-time. Hall and Roberts will assess each coin for its quality, eye appeal and grade. Coins that Hall and Roberts unanimously agree meet CMQ’s rigorous standards will be recognized as “qualified” and granted a tamper-resistant hologram sticker, symbolizing a mark of approval.
CMQ stickered coins are designed to instill confidence in a coin’s quality and facilitate “sight unseen” trading. Stack’s Bowers Galleries’ and David Hall Rare Coins’ trading departments, who collectively buy and sell more than $500 million in rare coins annually, will be active market makers in all CMQ stickered coins, providing added demand and liquidity. Collectors, dealers, and investors in rare coins can have a new level of confidence when buying or selling CMQ stickered coins because they have unanimously met or exceeded Hall’s and Robert’s rigorous standards.
“Collectors and dealers can rest assured that no marginally graded or negative eye appeal coins will ever exhibit a CMQ sticker, providing a new level of confidence when buying or selling CMQ qualified coins,” commented Hall.
CMQ will offer two levels of stickers – CMQ and CMQ-X. Collectible Market Qualified Exceptional (CMQ-X) stickers will be assigned to a small percentage of coins that, “make you shake your head in wonderment,” added Hall. Each coin submitted for CMQ review will be photographed by Stack’s Bowers Galleries’ award-winning photography department and these images will be available in submitters’ online accounts.
CMQ will begin accepting coin submissions on September 6, 2023. For information on what coins are eligible, how to submit coins, pricing, and other inquiries, please visit https://cmq.stacksbowers.com/.
Additionally, Stack’s Bowers Galleries will be making its proprietary and patented Coins In Motion (CIM) high resolution collectible animation technology available to all collectors and dealers in the fourth quarter of 2023. Utilizing the same submission process as CMQ, collectors and dealers will receive ultra-high resolution 4K MP4 video animations of their submitted coins, ideally formatted for sharing on social media, including in collection management systems or to facilitate buying and selling.
About David Hall
David Hall, founder of Professional Coin Grading Service (PCGS), is widely recognized as one of the greatest and most influential numismatists of all time. Under his leadership, PCGS revolutionized the coin collecting hobby by introducing an objective and standardized grading system, which provided collectors and investors with a trusted and consistent method for assessing the condition and authenticity of coins. Hall's visionary approach played a pivotal role in establishing PCGS as the industry standard for coin grading and authentication.
About Greg Roberts
Greg Roberts is a highly accomplished figure in the numismatic world and one of a small handful recognized in the Coin Dealer Hall of Fame by PCGS. Throughout his career, Roberts has held several notable positions, including his current role as CEO of Stack's Bowers Galleries and A-Mark Precious Metals. Under his leadership, Stack's Bowers Galleries has solidified its position as one of the most prestigious and trusted auction houses in the world, specializing in rare coins, currency, and collectibles. With a career spanning several decades, Roberts has traded well in excess of $1 billion of rare coins, handled every coin in the Guide Book of U.S. Coins and built some of the greatest collections ever assembled.
About Stack's Bowers Galleries
Stack's Bowers Galleries conducts live, Internet and specialized auctions of rare U.S. and world coins and currency and ancient coins, as well as direct sales through retail and wholesale channels. The company's nearly 90-year legacy includes the cataloging and sale of many of the most valuable United States coin and currency collections to ever cross an auction block — The D. Brent Pogue Collection, The John J. Ford, Jr. Collection, The Louis E. Eliasberg, Sr. Collection, The Harry W. Bass, Jr. Collection, The Joel R. Anderson Collection, The Norweb Collection, The Cardinal Collection, The Sydney F. Martin Collection and The Battle Born Collection — to name just a few. World coin and currency collections include The Pinnacle Collection, The Louis E. Eliasberg, Sr. Collection of World Gold Coins, The Kroisos Collection, The Alicia and Sidney Belzberg Collection, The Salton Collection, The Wa She Wong Collection, and The Thos. H. Law Collection.
The company is headquartered in Costa Mesa, California, with galleries in New York, Boston and Philadelphia. Offices are also located in New Hampshire, Oklahoma, South Carolina, Virginia, Hong Kong, Paris and Vancouver. Stack's Bowers Galleries hosts an annual Global Showcase in August featuring United States coins and currency, Ancient coins and World coins and currency in its Costa Mesa auction gallery. They are also the Official Auctioneer for several important numismatic events, including the New York International Numismatic Convention, the Whitman Coin & Collectibles Spring, Summer and Winter Expos, the Spring and Fall Hong Kong shows, and the Maastricht Paper Money Shows.
Comments
peacockcoins
I wonder what the reject rate will be for CAC endorsed coins.
End Systemic Elitism - It Takes All Of Us
I got the email. I thought it was such good news I wanted to start this thread.
My head is spinning ... is this venture filling the void for the CAC sticker program. - interesting
CMQ - CASH MONEY Qualified!
WS
I think it sounds pretty cool and look forward to the product, though at this time I do not know if I would submit anything for review.
In honor of the memory of Cpl. Michael E. Thompson
I'm confused. Is Ihe CMQ sticker meant to identify a coin as one of "the highest quality graded coins in the market", or only as not "marginally graded" and not ugly? Or perhaps more to the point, is a CMQ sticker meant to be roughly equivalent to a CAC sticker, or will it be a somewhat less stringent (but still stringent) standard?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I will note, however, that the Stacks Bowers hyperlink placed in the OP actually takes you back to this thread, so that might need to get edited.
In honor of the memory of Cpl. Michael E. Thompson
Below is the actual link with images of the sticker on a pair of slabs-
https://cmq.stacksbowers.com
In honor of the memory of Cpl. Michael E. Thompson
Hey, someone has to be able to reject CAC slabs.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars
I will wait to see what the market thinks of these new stickers. I think it could fill the CAC void.
I'm looking forward to not using their service.
I wish they would be a little more specific in what exactly are all the criteria for their stickers. Also will they also reject coins that are not strictly uncirculated but market graded or acceptable by PCGS/NGC like CAC does?
Since the CAC sticker has a cool nickname: Bean or Beaned, CMQ stickers should be called a Grif. "8 out of 10 coins in my submission Griffed!"
I think that “coins that are not strictly uncirculated but market graded” would fall under the “marginally graded” category (in David Hall’s quote below) and thus, shouldn’t sticker. I also think it was a mistake to claim “…no marginally graded or negative eye appeal coins will ever exhibit a CMQ sticker,…”. Coin grading is too subjective and inconsistent for such a claim to be true.
“Collectors and dealers can rest assured that no marginally graded or negative eye appeal coins will ever exhibit a CMQ sticker, providing a new level of confidence when buying or selling CMQ qualified coins,” commented Hall.“
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I agree with your view. Next question of interest is 1) How much premium if any will this new sticker command in the market place and 2) How much premium might be added to the coin if it a achieved both stickers?
We’re going to need a bigger slab!
Joe.
Just what the coin market needs ... more stickers to drain away more collector money that could be spent on nice coins themselves. If only collectors would learn how to grade conservatively ...
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Seriously, I hope they’re successful, because if CAC phases out stickering due to CACG, I will need a fourth party grader to add value to my coins, in the future. I refuse to resubmit all of my PCGS and NGC coins to CACG for regrading and re-holdering… that would be sheer insanity. I like my coins where they are. I trust PCGS and NGC. I like my old holders and my coins are stable. But, if the market demands a sticker, then I hope there is one available that is successful and trusted. Time will tell…
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Good points. But collectors can only learn a certain amount of knowledge from observing coins from photos and perhaps CAC. Most don’t have either the time or inclination to invest in serious grading skills
I do not want to violate the host's rules so I will remain silent and bite my cheek and do an eye roll.
I can't wait to see the first griffed CAC slab. Hopefully they won't obscure the built in bean.
I am disappointed that my nice Anacs and ICG slabs won't be eligible for a griffing.
Would be interesting if a Gold CAC received a Gold CMQ. Would the price jump astronomically
Does this mean that @winesteven is going to have to resubmit all his Indians for a third sticker.
Life member of ANA
Ugh. 🙄
ANA LM
USAF Retired — 34 years of active military service! 🇺🇸
I highly doubt Greg Roberts or David Hall will be evaluating coins.
I know it’s early in the game and things will no doubt change, but I find it odd that the new firm has stated that GR and HRH will review every coin. First, because they're busy guys and can’t possibly have enough time to grade much more than a couple hundred coins a day in their spare time. And second, because they’re coin dealers, and the obvious conflicts of interest would seem to create an insurmountable marketing hurdle. And yes, of course I know that they’re going to try to do it right, and I’m sure they will come up with solutions, but it’s not a great start.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Hey, why not? The more the merrier, lol. With my double stickered Indian Cents and Flying Eagles, adding on a CMQ or CMQ-X to each of those slabs would then make each one a threesome! That can be fun, no?
In all seriousness, not for me. However, as noted above, and also as pointed out to me separately by my friend @Catbert, apparently their purpose is not to make a lot of money now, but instead to position themselves for down the road when CAC stickering actually does stop. They’ll then be the #1 choice to fill that large void! The Stacks model for this is virtually identical to that of CAC stickering. Compare their lists of eligible coins. Additionally, Stacks will be making a “market” for their stickered coins, just as CAC does for their stickered coins!
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
That is exactly what it says.
Can't wait to see the 77RB NGC star bean griffed eagle eye photo seal.
Like the Griffin; but, I'm not so sure about those square stickers. They need to be precisely placed on slabs so they don't look crooked.
Oy vey!
I'd imagine those coins in old/scarce/super desirable holders with a gold CAC and Griff-X stickers will be priced to the moon!
In honor of the memory of Cpl. Michael E. Thompson
If only collectors would open their eyes and educate themselves to the world of raw numismatics. There are deals everywhere!
Or perhaps the quality material will exceed retail price anyway, regardless of any sticker.
I think CAC made a misjudgement because the market does not need another grading service. PCGS will remain on top because the situation has solidified long enough. CAC has given up the throne and Stack's swooped in to take the spot.
Keep in mind, when CAC came out, many people thought it was a dumb and useless idea. Nobody can say exactly what the future holds.
Just my opinion...
"For the wages of sin is death, but the free gift of God is eternal life in Christ Jesus our Lord" Romans 6:23. Young fellow suffering from Bust Half fever.
CACG is NOT trying at all to beat out PCGS or NGC in volume. They just want to provide a grading service that in their opinion is more consistent AND one that uses THEIR standard for grading, which presumably is stricter in certain regards. Collectors and dealers that want that will use that. Those that don’t want it, won’t, and my understanding is that CACG is OK with those decisions!
Separately, you indicate that when CAC came out, many people thought it was a dumb and useless idea. Time has showed those people that thought that were wrong, by every metric.
Finally, CAC has given up the throne? “Stack’s swooped in to take the spot”? Tell me how many submissions has Stack’s received?
I fully agree with you that nobody can say exactly what the future holds.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Will the day arrive when the stickers are graded?
It will be intresting to see how this new program sets up and more importantly how the marker accepts the alternative to cac stickering. I myself think that cac stickering will come to a halt much sooner than is being stated, (thats my own speculation).
so filling the void sort of speak might be a good idea. I like walker fan, have no intention on sending already graded pcgs and/or NGC holders to cacg to cross over, there staying right where they are.
I wish them the best in this new endeavor. Both are respected contributors to this great hobby. Currently my likes in gold coinage have lined up with JA at CAC. It will be interesting to see how my likes align with this new venture.
Successful BST with BustDMs , Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino (CBH's - 35 Die Marriage's)
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
It really shouldn't make any difference. It's not like they are stickering the sticker. Both firms are stickering the slab. So, if the standard is the same, the two gold stickers should be redundant opinions.
Whose to say the standard is the same, similar probably. My take after checking out their website is they will put a greater emphasis on eye appeal than CAC
I'm not sure if this is a good thing or a bad thing, but I am quite confident in saying that nobody should complain about. It is the "to be expected" result of two factors, greed and the inability of collectors to hone their grading/attribution skills over time while they gain confidence in themselves.
Interestingly and in nearly absolute terms, all but PCGS and NGC encapsulations have been eliminated from the general marketplace. With a "slow drip" the CAC sticker has been added to the equation. It appears to me that it won't be long, perhaps by the end of the decade, that a PCGS/NGC coin capsule could contain as many as 4-5 of these stickers asserting its worthiness to a point which relegates the insert and the encapsulated coins as secondary. Certainly collectors will still want to know what the coin looks like and what the grade is, but the "slow drip" is insidious and takes us over.
It happened when TPG's first arrived and the Hobby eventually succumbed and adjusted. It is underway right now with a large swath of this forum, dealers and the Hobby in general: a coin must have a CAC sticker. Others insist on a coin with an Eagle Eye sticker. I hear the choir starting up, "It doesn't hurt to have another opinion" and I guess that's OK. But when does it stop??
I fully trust my grading ability. However, I don't trust auction photos.
I agree @jmlanzaf
I love the hobby. I do not have the funds to travel to big shows to view lots prior to auctions. That’s they can, great. Continue what you are doing. For me, CAC is that set of eyes that saw the coin in hand.
If I didn’t like the same things as JA I would not seek out his coins. For now we seem to be in agreement. I will wait and see if that is true with the new company.
Successful BST with BustDMs , Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino (CBH's - 35 Die Marriage's)
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Are the grif and griffex stickers green and gold backgrounds or is the griffin a different color? It's hard to tell from the photos.
But do you trust a Stacks auction photo with a Stacks sticker?
There appears to be a conflict of interest when a company stickers the coins it is also offering for sale.
One day I am going to take a PCGS slab with CAC sticker and try to add an Eagle Eye photo seal, Stacks sticker, plus whatever they come out with in the future just to see how many I can get
While it does indeed sound like they'll put a greater emphasis on "Eye Appeal", how do they do that, since eye appeal is so subjective? Most of my silver coins have in all likelihood been previously dipped, but gently enough that CAC has stickered every single one. I believe most people on this forum would NOT buy these coins, despite being fully lustrous. Below is an example. On the other hand, most collectors here drool over toned coins, even those not with rainbow colors (as our late friend @ricko would have said, "tarnished" coins). Me (and many others) avoid purchasing those coins. So it'll be interesting to see if Stack's will sticker both styles of coins, or not.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
The size of the conflict is directly related to how important they feel their reputation is. For those organizations that don't give a hoot about their reputation, then the conflict is very important. For those organizations that truly believe their reputation is their most valuable asset, then I don't give a hoot about the theoretical conflict, as I believe they put that bias behind them, and i give them the credibility they deserve.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996