Spot Review question - Can I get the coin back if it downgrades and I don't want it to?
jessewvu
Posts: 5,078 ✭✭✭✭✭
I have a few coins I am sending in but if it downgrades they will offer to buy it back or send it back to me in a lower grade slab. I really want to have a 20th Ann PR70 Rev Pr and if they can't get the spots off, I will not have one. Can they just send the coin back to me as if I hadn't sent it in? Or is their policy to correct the grade and then talk about what to do next?
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The thing about their downgrades is that the reason they do that is their guarantee and their reputation. They, understandably, don't want subpar coins in their holders. So, given that, why would they want to see one and then send it back out in the same holder (what if they had a chance to do the right thing at $xxx price and then, later, someone else, or you, decide to send it in and it is now $xxxx price???? not smart business sense nor is it good to have a spotty coin in PR70 holder for them).
I would think that part of the deal with using them as a grader is that if they get a coin that doesn't make the grade for them, they can remove it from the market in that holder (downgrade+money)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
If it downgrades you can get a check for its value (PCGS determines this and it is NOT the FMV in their price guide). Or you can get the coin back reslabbed with its correct grade and a check for the loss in value.
Some collectors have negotiated hard with PCGS, and with some success, to get them to adjust their valuations to what the market really is. This is a tedious process and you must present a good deal of evidence to support your assertion.
I wouldn't be surprised if you could cancel the review soon after you submitted it, assuming it's just sitting in a queue. Call and ask?
Lance.
That said, if PCGS can't get the spot off, they should replace the piece--either fair market value, or just a different 70 they can get their hands on.
They will either offer a payout and keep the coin or give you the downgraded coin in a slab with a smaller payout.
My advice to you is if you want to keep the coin in its current slab DO NOT send it in for a spot review! Once its removed from the PCGS Slab, and the spots cannot be removed (which is typical for these SAE's) they WILL NOT put it back into a PR70 Slab.
Milk Spots cannot be removed by dipping anyway so just hang on to your Borden's Coin, save your money and perhaps shop for a replacement.
Edited to add: Forget about asking Customer Service. They may nod their heads in agreement but they are not the folks doing the crackout and dipping and the folks that do this have no idea what type of agreement was come to with regard to yout Customer Service phone call.
All this is my advice from my personal experience.
The name is LEE!