Anybody Else Struggling to Get Swiss Specimen Coins In To PCGS Holders?
johnjohn10
Posts: 106 ✭✭✭
Over the past 3-4 years I have submitted around 70-80 Swiss SP coins to PCGS. Recently, last 12 months, the number of coins not getting into SP slabs has increased dramatically. I used to have maybe 10% not get into the slab on the first pass. I would break them out and resubmit them. I think I only had 1 coin that had to go back a third time.
Now I am seeing 70-80% not getting into a SP slab, even the second pass it is failing. I have two coins there right there now for pass number three and then I am done, need to stop throwing good money after bad. It seems now that if they are not deep cam coins they fail. I can’t explain what has changed. Since the value (and what I paid) is 5-20X the price of nice BU examples, not getting into the holder is substantial. My recourse it to sell them back into Switzerland since they recognize them as SP coins to minimize the loss.
I have been told to just stop sending in raw coins for grading from other world coin dealers since they are experiencing the same thing. I have decided to only buy SP in slabs.
I was also thinking of trying other TPG to see it they are better at still recognizing SP coins.
I don’t know what has changed but it has been dramatic. Anyone else what to share their insights?
Comments
I can’t help you specifically, except to commiserate and say that PCGS is in a world of hurt in the last year or two, particularly with attributions. The workflow also seems deficient.
I have an order of modern patterns in now and, depending on the outcome, I am seriously considering not continuing with my membership.
I have no submission experience with the Swiss SP issues so I am unable to offer any insights.
I have some concerns about some of my submission outcomes within the past 12-18 months. I have shared my submission results in an effort to be transparent. I suppose reasonable minds can differ as to a grade and even what is market acceptable in terms of surfaces that have been compromised. As for attribution issues, the Cuban 1897 souvenir Peso which was the subject of an earlier thread seemed to have the appearance of a Matte Proof which was not acknowledged by our host.
I have a 2 coin submission pending now, which in my view, should be pretty straight forward in terms how they should grade.
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PCGS SP designations on Swiss have always been tricky, with a lot of guesswork involved. That’s not completely their fault. Even the Swiss will tell you that there’s no clear line between MS and SP, and that it’s often more of a judgement call than an expert determination of fact. I have no advice for submitters, but would advise collectors not to take the designations as gospel. And more specifically, if a coin isn’t as convincing as the most convincing known specimens of the date, I would not want to pay a premium for an SP designation.
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I have same issues with Soviet Union's 1980 Olympic gold and platinum matte finish coins. Even though the difference is night and day in hand, our host will not recognize the matte proofs as such and coins come back as MS.
NGC seems to be much better at recognizing matte proofs for me...