Auditing PCGS
skerke
Posts: 404
Does anyone know if PCGS has an external audit firm? I know David Hall has stepped down as President , but still on the board. How is it that he could have a coin company selling slabbed coins, while he himself was president of the independent grading company that certifies the very coins he was selling. Is it only me thtat sees this as a major conflict of interests?
I'm wondering if 20/20 or 60 minutes would be interested in doing a piece on TPG's . There's enough storeis on this board alone where someone sends in a coin, it comes back bagged, sends in the same coin and it comes back ms+ slabbed. What recourse does an individual have?
These are somewhat rhetoric questions, I just was in a sour mood, and thinking about the customer service rep who never bothered to return my emails or calls. Like they could care less about my resubmittted 2 cent piece and how it went from being BB'd to 63 brown.
I'm wondering if 20/20 or 60 minutes would be interested in doing a piece on TPG's . There's enough storeis on this board alone where someone sends in a coin, it comes back bagged, sends in the same coin and it comes back ms+ slabbed. What recourse does an individual have?
These are somewhat rhetoric questions, I just was in a sour mood, and thinking about the customer service rep who never bothered to return my emails or calls. Like they could care less about my resubmittted 2 cent piece and how it went from being BB'd to 63 brown.
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<< <i>I, for one and not the only one, do not need 60 Minutes affecting the values of my coins. If there ever is any questions of proper conduct on the part of the major TPGs, you better believe the industry's response would be sufficient to arrest it. The appearance of potential conflict of interest may very well be the reason for HRH's stepping aside. Simple enough. With Noe and all of that REAL meshugas, I don't think HRH or PCGS would play into a serious problem. >>
Noe is interesting for all the politics involved but the amount of
money is tiny compared to what has been lost with the grading
games played over the years. I've long felt that coin grading
would make for an interesting segment on a 60 minutes type
of program. The inconsistancy, big money involved and the
crack out game would be covered.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>PCGS's parent company is audited by Grant Thornton, Inc., the largest non-Big 4 audit firm. >>
This would be more related to financial statement presentation and propriety versus the accuracy of grades being assigned via the grading process. There is no way a public accounting firm could independently monitor and opine on the former.
<< <i>Not speaking for HRH, but my understanding is that David Hall Rare Coins does not submit to PCGS. The PCGS coins they sell are bought from others. This is intended to avoid the conflict of interest. >>
Maybe so - but the majority of the inventory always looks recently conserved/dipped - makes me believe there is some sort of processing going on. Nothing wrong with that, those type of coins work for others, just not for me. For disclosure purposes, as I prefer not to get threatened or banned, this is just my humble opinion.
Firstly, let me state that it is sometimes nerve-racking trying to talk to someone besides a telephone person who has almost ZERO knowledge of coins, let alone having that person understand the sometimes ANAL attitudes of Numismatists.........not that I am implying that your is, Skerke. (but mine sure can be
I have had a few of them times where I just wanted to talk to a NUMISMATIST at PCGS instead of a CSR (customer service rep). The CSRs have no clue about anything, and perhaps that is how PCGS wants it.
Ever ask a cashier at Home Depot where the wax rings are that go under the toilet ? These people scan items at a register and have no understanding of the workings of the WHOLE, but I wouldn't think of having 20/20 or 60 minutes do a cover story or feature on those in charge because subordinates are ignorant or inconsiderate or too busy to answer my questions. (it really ticks me off now to see adverstised at Home Depot:"We Install Roofs"........isn't that a conflict of interest ? They sell me the supplies then compete with me for the labor after getting all the profits on the materials.) The conflict of interest issue is long known to be a splinter that continues to fester in most businesses. The Bastages should have a sign that says "WE CHANGE WAX TOILET RINGS UNDER TOILETS", too.
It happens, and why not ? If I had my own McDonald's, I'd be tempted to sell OMAHA STEAKS through there.... the meat is better... But I don't,.... just like you don't see David Hall selling ACG holdered coins to his clientele. It is a catch 22 and a great point, but not quite a "ready for prime time" issue.
Likewise, it is sad that the man who's vision was to ensure that coins got a decent and fair grade for the marketplace gets thrust under the microscope once again, but it is normal, I suppose. And the good ole USA is turning into a watchdog, of sorts. Let's watch for real criminals, though...instead of "KEYWORD SPAMMERS and Decent Business People....
So David, when ya gonna start flippin' burgers, mate ? We got that "INTERNAL AUDIT FIRM" right here.
Let's be honest with ourselves..... If David didn't love what he does and wasn't a man of integrity, do you really think he would actually post anything here ? Not that any of us are above reproach, mind you.... but just my humble observations from the sidelines.
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