Should PCGS Honor its Guarantee if NGC Lowers a Grade on a Cross?
braddick
Posts: 24,974 ✭✭✭✭✭
If you walk into a McDonalds and present a 'two-for one' Whopper coupon, McDonalds will honor the coupon, selling you two Quarter Pounds for the price of one.
This policy got me to thinking.
-Should PCGS honor its grade guarantee by allowing the submitter to attempt to cross their PCGS coins with NGC and should a coin return from NGC with a lower grade, PCGS pay the difference?
For example, you have a "$1,000.00 PCGS Coin" in MS65. It's valued at $100.00 in MS64. You cross it with NGC and it's returned MS64. All documentation is then submitted to PCGS and PCGS cuts you a check for $900.00.
Sound reasonable?
Of course the money's got to come from somewhere so I'd image PCGS would need to slightly hike their submission fees. I'd imagine a 20% increase should about cover it.
Is this a good idea? Should PCGS be the 'McDonalds' of the Numismatic community?
This policy got me to thinking.
-Should PCGS honor its grade guarantee by allowing the submitter to attempt to cross their PCGS coins with NGC and should a coin return from NGC with a lower grade, PCGS pay the difference?
For example, you have a "$1,000.00 PCGS Coin" in MS65. It's valued at $100.00 in MS64. You cross it with NGC and it's returned MS64. All documentation is then submitted to PCGS and PCGS cuts you a check for $900.00.
Sound reasonable?
Of course the money's got to come from somewhere so I'd image PCGS would need to slightly hike their submission fees. I'd imagine a 20% increase should about cover it.
Is this a good idea? Should PCGS be the 'McDonalds' of the Numismatic community?
peacockcoins
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Comments
I'm sure the bottom line on this would be that it all comes down to the matter of opinions. One tpg co. would claim the other has inferior
grading, therefore their opinon is wrong.
Great transactions with oih82w8, JasonGaming, Moose1913.
<< <i>I don't know about all that, but NTC is the "Burger King" of the industry because you can "have it your way". >>
Would this make ACG the McDonalds of the industry because a clown is in charge?
Great transactions with oih82w8, JasonGaming, Moose1913.
Web: www.tonyharmer.org
If you don't agree with the grade you shouldn't buy the coin. If you don't like the holder buy a NGC certified coin in the first place. If you love the coin but insist it be in a different holder get the dealer to cross it or pass. If you are an expert grader playing the crack out game you must assume the risk cracked out coins grade differently than you expect.
On a related note, in my opinion, anyone who buys a coin on the steep side of a 10X price jump for 1 point is a fool, given the variability in 1 point differences from day to day.
That's a pretty absolute opinion for a grey situation. Given those same variabilities, the coin could reasonably be two full grades finer than the next finest known. Would one still be a fool?
edited to add:
Braddick: the real test is whether or not the coin would cross back at the lower grade!
than themselves have removed a coin from a PCGS holder.
I saw a scan a year or two ago of an important high-grade Mercury dime
that crossed from NGC to PCGS and became a pop 1 coin at PCGS.
The scan of the reverse of the slab showed the original NGC certification tag,
as if PCGS had put it inside the slab. Or, perhaps the image was edited to
include the NGC cert.
To anyones knowledge, has either grading service ever included a competitor's
certification tag inside their slab when crossing a coin?
I think it would be an advantage for the owner of the coin to have a slab showing
the top two services agree on the grade.
Would you possibly pay more to purchase such a coin?
Ken
Good question. If NGC wouldn't cross it at the same grade then I would say yes, PCGS would have to pony up.
But if you crossed at any grade and it dropped a point you'd be out of luck, since it is no longer in a PCGS holder.
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since 8/1/6
<< <i>Should PCGS honor its grade guarantee by allowing the submitter to attempt to cross their PCGS coins with NGC and should a coin return from NGC with a lower grade, PCGS pay the difference? >>
As long as you pay PCGS the price difference if it goes up in grade.
<< <i>To anyones knowledge, has either grading service ever included a competitor's certification tag inside their slab when crossing a coin? >>
They would never do it--that would be one helluva mistake...
No. The grade/authenticity guarantee is that the coin is accurately graded as stated on the holder. One grading firm can not be held responsible for another firm's opinions. If a coin is slabbed PCGS MS65, then PCGS guarantees the coin will re-grade MS65 if re-submitted to PCGS.
There are always many dogs PCGS graded over the years. Simply checked the auction lots in national coin shows. Many of them are selling below bid (or no sell). There are good reasons. Of course, NGC generated much more dogs in the last 15 years.
I bet you could always find many PCGS dogs and NGC will lower their grades
<< <i>That would be like comparing apples to prunes >>
I thought prunes came from plums?!
peacockcoins
No. If yes, this is the easiest way for NGC to eliminate PCGS. NGC simply down-grades many PCGS dogs and this will create PCGS short-term financial problem. If yes, I will short CLCT as many shares as I can.
The other way around is to ask
Should PCGS Honor its Guarantee if NGC Lowers a Grade on a Cross?
If yes, I predict NGC life is numbered