Bailout! I dislike that word. But do you know who's grading your coins at PCGS these days?

YaHa · December 2, 2008 8:49AM

I read on here that PCGS has laid off many workers or planning to in the near future. I hear that PCGS has tighten their levels of grades also. Do we know who is really grading your coins at PCGS nowadays?

I hope this thread doesn't go poof and hope maybe someone at the top in PCGS will enlighten us on what type of graders had been let go.

I am worry with all TPG's that submissions will be low but certain coins will have a inferior grade because the grader that has the expertise in that coin is no longer there.

I have heard there are all around certain guidelines/standards that all experts can grade coins, but there are certain specialists that demand perfection in the field of the coin they have studied and aced for many years and this deems the top slabbed coins.

So I could be wrong, I could be scared, but we all know the game in coins crossing for years and not crossing from all the top TPG's.

So please share your opinions.

darktone · December 2, 2008 8:56AM

The way things are going these days you never know what will topple next...........

Doogy · December 2, 2008 9:00AM

According to PCGS and NGC, the only thing that is booming submission wise with them right now is world coinage, so at least there is a silver lining. NGC has laid off workers, but to a greater extent, so has PCGS. Both will probably have to adjust their business model somewhat, and i'm sure that the execs are working on that this month. NGC is very well diversifed in a mix of US, world coinage, Ancients and medals; PCGS on the other hand has mostly hitched it's wagon to US coins, which submissions have dropped nearly 20% according to their numbers. Furthermore, a big problem with PCGS is that they have a large CU millstone tied around their neck that has lost 80% in stock value. The best move for them is to have some well heeled investors and their founder(s) seperate themselves from CU for the sake of the company and collectors/dealers.

Both NGC and PCGS have to contend with paying folks for overgraded, milk spotted, puttied, doctored coins and that money comes out of their pocket. With times being lean, it is no wonder they are being strict to maintain cash flow and not have to pay out too many warranty claims. The thing that has me wondering is whether a new and fresh privately owned PCGS will have the capital to not only warranty all of the existing coins out there, but also keep the staff they need in place to grade coins and continue day-to-day operations. It would take a lot of cash to pull this off, and business loans aren't exactly a 'dime a dozen' right now should they need the funds.

Bear · December 2, 2008 9:12AM

Gee the only four graders I know of at PCGS are

Old Blind Bob, One eyed Louie, Crazy Carl and

Mad Marty's Rubber Chicken, Stretch.

GASP! You don't think that Sir Daid of Hall is

doing the grading again. Naaaa, too implausible.

YaHa · December 2, 2008 9:40AM

<< Gee the only four graders I know of at PCGS are

Old Blind Bob, One eyed Louie, Crazy Carl and

Mad Marty's Rubber Chicken, Stretch.

GASP! You don't think that Sir Daid of Hall is

doing the grading again. Naaaa, too implausible.

>>

Bear, do you remember if One eyed Louie saw you when you stole Old Blind Bobs Salmon for dinner.

I bet ya he didn't because you are a clever bear and knew his right eye was the bad one. You Crazy Bear.

darktone · December 2, 2008 10:56AM

<< 

<< Gee the only four graders I know of at PCGS are

Old Blind Bob, One eyed Louie, Crazy Carl and

Mad Marty's Rubber Chicken, Stretch.

GASP! You don't think that Sir Daid of Hall is

doing the grading again. Naaaa, too implausible.

>>

Bear, do you remember if One eyed Louie saw you when you stole Old Blind Bobs Salmon for dinner.

I bet ya he didn't because you are a clever bear and knew his right eye was the bad one. You Crazy Bear.

>>

I just found a video of Louie stealing Bears Salmon

. LINK

Placid · December 2, 2008 11:02AM

This guy works for bananas.

MrEureka · December 2, 2008 11:12AM

For what it's worth, I think I've received more bodybags from PCGS in the last two weeks than in the previous 12 months. It's "interesting".

ColonialCoinUnion · December 2, 2008 11:16AM

<< For what it's worth, I think I've received more bodybags from PCGS in the last two weeks than in the previous 12 months. It's "interesting". >>

Our results have been nothing like that. Of course, I'm pretty sure we submitted different coins.

bidask · December 2, 2008 11:17AM

<< For what it's worth, I think I've received more bodybags from PCGS in the last two weeks than in the previous 12 months. It's "interesting". >>

Coming from you I would imagine it would be.

Gemineye · December 2, 2008 11:42AM

<< The thing that has me wondering is whether a new and fresh privately owned PCGS will have the capital to not only warranty all of the existing coins out there, but also keep the staff they need in place to grade coins and continue day-to-day operations. It would take a lot of cash to pull this off, and business loans aren't exactly a 'dime a dozen' right now should they need the funds. >>

Don't tell me PCGS is online for a bailout and David Hall has to sell his private jets too......?!?!.........

Bear · December 2, 2008 11:44AM

Is it possible that David has hired coroners to grade the coins.
That might account for the increase in body bags.

lasvegasteddy · December 2, 2008 11:48AM

i'm clueless to pcgs lay offs and downsizing...kinda a good way to be after my kids had me watch zietgiest and it's addendum too

WTCG · December 2, 2008 11:53AM

I know with certainty which graders are still around and let's just say that personnel changes are definitely not anywhere near as dramatic as most people would imagine.

There were layoffs in all areas but the departments that got hit harder aren't directly involved with the actual grading of the coins.

Coxe · December 2, 2008 11:57AM

Haven't heard anything. Doubt this is a poofable offense at all. Layoffs in any company in this economy are par for the course. Rest assured, despite salary levels, CU isn't likely to let go of their best graders, the ones that would be very difficult to replace and which help their reputation in the service provided.

BAJJERFAN · December 2, 2008 12:06PM

<< Is it possible that David has hired coroners to grade the coins.
That might account for the increase in body bags.

>>

You mean like Juan Coroner and Smith-Coroner?

crazyhounddog · December 2, 2008 12:15PM

Nowadays, they could be sending them to China for grading! They can get it done a lot cheaper there! Ha Ha Just Kidding!

bidask · December 2, 2008 12:30PM

Are they still paying big bucks to be a grader, I'm looking for a new job.

relicsncoins · December 2, 2008 1:15PM

Let's face it, the only renewable source in this hobby is moderns. There is a finite supply of classic coins. Sure they can be cracked and re-submitted, but eventually they will end up in plastic with a grade that no one in there right mind would crack.

JJ

hiijacker · December 2, 2008 5:07PM

Here is a question:

What would happen if PCGS went bankrupt?

Do submitters have any risk of losing the submitted coins, or are they fully protected?

wondercoin · December 2, 2008 6:47PM

In the area of moderns, I believe PCGS has been grading fabulously over the past 30-60 days since Don Willis took over. Now, let me preface that comment with a disclosure that my personal results in many areas have been worse than before during this same past 30-60 day time period (i.e. this is not a Kiss-arse statement). BUT, the quality of the coins for the grade have been spectacular as well as the consistency over the past month or two.

One explanation - PCGS kept its "star" graders as some of the junior level guys got laid off - hence, a better veteran staff this past month or two?

Wondercoin

Coxe · December 2, 2008 9:00PM

<< Let's face it, the only renewable source in this hobby is moderns. There is a finite supply of classic coins. Sure they can be cracked and re-submitted, but eventually they will end up in plastic with a grade that no one in there right mind would crack.

JJ >>

That's why I figured they would do more in their variety service, with an attendant support in their registries. This pushes classics back through again. However, it is labor intensive and requires much more expertise than grading. Another way is to revise the grading scale, but we know how popular the 100-point idea was. Change the holders? I expected this with all of the Chinese fake slabs and their competitors' responses with new slabs. The last that comes to mind is the grading of problem coins. The rollout of the genuine service is an anemic attempt to do this. YBy not doing details grades but raising rates, they are doing very little to the marketshare that NCS, ANACS and ICG have. I would expect this to come up eventually. No, they won't resist, kicking and screaming. Remember how people never thought they would do moderns and certainly not NCLT? Problem coins are a lot easier to fold in than medals, SCDs or similar. Oh, there are also ancients and enhancing foreigns. They sure need to find another angle in case people get wise to the 69/70 game ridiculousness and that segment declines markedly.

Bailout! I dislike that word. But do you know who's grading your coins at PCGS these days?

Comments

Leave a Comment