How does PCGS' buyback work?

mrmojorisin · August 22, 2008 6:25AM

I've searched here for old posts, but i couldn't find out how it works. do i have to be a member to return some coins? where do i send them? do i have to fill out a form? I have some 20th Anny ASE's that are spotting.

thanks

Craig

Longacre · August 22, 2008 6:27AM

I had NGC buy back one of my coins. A dealer handled it for me, and I got a check, lickety split. I am not sure how PCGS handles it.

BlackBeard · August 22, 2008 6:29AM

They offer a spot removal service where you submit it and they will remove the spot and reholder it free of charge. Except of course the return postage cost.

This is what I was told when I talked to someone in customer service about a spot on a Modern Commemorative Dollar. Not sure if this works for the milik spots.

richardshipp · August 22, 2008 6:33AM

I sent in 3 of my silver anniversary sets to PCGS because of spots... they ended up buying them back under their warranty... however, there was nothing "lickety split" about it

lkeigwin · August 22, 2008 6:35AM

Don't know about membership requirements. But I've done this a few times, each successfully.

Fill out their submission form, tick service level box "other" and cite "downgrade $25", specify coin and just write your reason (e.g., "no longer red, coin looks red-brown").

You pay postage and the return shipping fee. If PCGS agrees with you they send email asking whether you want a check for the lost value and the coin back (re-slabbed with the new grade) or if you want a check for the coin based on its original grade and PCGS keeps the coin. They reimburse your fee and shipping if the downgrade is correct. Their valuations are not debatable and it is not retail FMV, of course.

Takes about 8 weeks or so. At least 3 weeks alone to get the check/coin.

RayNY2E · August 22, 2008 6:45AM

Since When do you have to Tick $25.00 "Downgrade" ?? I Submitted 28 Anniversary ASE's and i was told (and did) Check "OTHER" and simply wrote in "SPOT REVIEW". I had no problems with the submission or resolution. The Proofs came back Ok, The MS ASE's did not get soo lucky. Perhaps the Turn around times are better now,but mine was close to 4 months back then. Ray in Florida..

lkeigwin · August 22, 2008 6:59AM

The first time I did this was at a show and PCGS filled everything out for me. I simply copied what they did on other submissions. Obviously it doesn't have to be perfect...just clear.

LincolnsRule · August 22, 2008 7:30AM

I had a 64rd 27-s Lincoln downgraded. At the time their price guide was at $1000, which was way out of date and low, and they offered me $900. I insisted on $2000 and had plenty of auction historys to back that up. Finally they agreed on $1500 plus I'd get the coin back as a 64rb (about a $500 value). Then a bit later they updated their price guide to $3000 go figure. The whole process took over a year. I had another downgrade submission that took 6 months.

perfectstrike · August 22, 2008 4:05PM

My downgrade box took 8 months until resolution. I forget how many they offered back at lower grades, something like 6 of 20 and all were at least 3 grades lower. I'm going to try a box of borderliners within the next 6 months, but I'll use a dealer for the deed.

David

ArizonaJack · August 22, 2008 6:05PM

So, theoretically speaking, if I took my overgraded 1909-S Indian cent in the XF-45 holder, had it reholdered at VF-35, would I get a check for the difference? Could I do this at the Long Beach show ( at least the reholdering part ) ??

7over8 · August 22, 2008 11:08PM

based on an actual account posted above of the negotiation that had to take place to get fair value for the coin,

is this a for profit endeavor......buying back bad / spotted / overgraded coins??? hmmmmm??? How much $$$$ did PCGS make on coins bought back and subsequently sold?

lkeigwin · August 22, 2008 11:57PM

<< <i>So, theoretically speaking, if I took my overgraded 1909-S Indian cent in the XF-45 holder, had it reholdered at VF-35, would I get a check for the difference? Could I do this at the Long Beach show ( at least the reholdering part ) ?? >>

I'm sure you can submit it to PCGS at the show. But I doubt they will close the deal there. You'll save on shipping this way but it won't speed things up much.

It's my understanding that the review and grade adjustment process is closely controlled at PCGS (no surprise). Maybe that explains the length of time it takes. Anyway, if you want a downgrade, check and re-slabbing you'll have to get in line and wait.

How does PCGS' buyback work?

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