What will PCGS do?

crypto79 · August 27, 2011 1:02PM

I have a near favorite coin that I pulled out of the lock box while working on my presentation for the Nov Seated liberty exhibit at the Baltimore show. Much to my dismay what I thought I remember as being light tone appears to be active PVC that is sprouting green splotches. The coin isn't nearly as brilliant as I remember it and has a milky look over all.
Obviously I will turn it in for the grade guarantee with my next batch of submissions at the same Baltimore show but my question is; Assuming I am right and it is heavily coated with PVC, will they attempt to "clean" it off and regrade it and return it or just take the situation at face value and decide from there? If I had the choice between its value in cash and the coin I would pick the coin every time and I don't really want to lose it but I know if I don't do something the actual coin (and not just the grade) is doomed

coinkid855 · August 27, 2011 1:05PM

They'll probably get it off and send it back in a new holder at the same grade.

-Paul

19Lyds · August 27, 2011 1:32PM

<< They'll probably get it off and send it back in a new holder at the same grade.

-Paul >>

Provided you don't mind waiting forever.

IMO, you oughta submit it for "Spot Review". Much quicker turn around times.

AMRC · August 27, 2011 2:18PM

<< They'll probably get it off and send it back in a new holder at the same grade.

-Paul >>

Groiny · August 27, 2011 11:47PM

llafoe · August 28, 2011 12:46AM

Green and white toning... you lucky fella! Toning will surely add at least one grade... so it's a plus one or a one plus... get a bean too and you'll triple/quadriple your money!

BigDowgie · August 28, 2011 12:48AM

cyrpto79,

I'm curious on this one why PCGS should be held liable in this case? This would mean that PCGS contaminated the coin with PVC. Or are you saying they should have never graded it in the first place and you are the innocent buyer of this less desireable coin?

How long ago was this coin originally graded? I'm just trying to understand this PCGS policy.

Thanks
Dowgie

Groiny · August 28, 2011 1:01AM

keets · August 28, 2011 1:09AM

I'm curious on this one why PCGS should be held liable in this case?

if the substance was on the coin when PCGS graded and encapsulated it they should have seen it and rejected the coin. it isn't unlike the much noted instances where Gold coins have been puttied, Silver coins thumbed, etc. and though the techniques aren't easily noticed PCGS accepts responsibility. it is the right thing to do and PCGS should be acknowledged for that fact.

PerryHall · August 28, 2011 1:11AM

<< cyrpto79,

I'm curious on this one why PCGS should be held liable in this case? This would mean that PCGS contaminated the coin with PVC. Or are you saying they should have never graded it in the first place and you are the innocent buyer of this less desireable coin?

How long ago was this coin originally graded? I'm just trying to understand this PCGS policy.

Thanks
Dowgie >>

In theory, they should have caught the PVC contamination during the grading process---not that it's always easy to do. It's just part of their grading guarantee and in most cases it's an easy fix.

19Lyds · August 28, 2011 1:13AM

<< cyrpto79,

I'm curious on this one why PCGS should be held liable in this case? This would mean that PCGS contaminated the coin with PVC. Or are you saying they should have never graded it in the first place and you are the innocent buyer of this less desireable coin?

How long ago was this coin originally graded? I'm just trying to understand this PCGS policy.

Thanks
Dowgie >>

PCGS would "prefer" to not have a coin thats contaminated with PVC in one of their slabs and will make every attempt to conserve the coin thereby insuring its grade. If the grade cannot be preserved then a "market difference" would be paid back to the owner of the coin regardless of the source of contamination.

This is THE basis of PCGS's grade Guarantee and its THE reason they are the number one TPG and WHY they appear to be tough on grades. Someone that own's one if their slabs is INSURED market value for the coin whether the current owner had it graded or not.

I don't really think its a question of liability as much as I think it's PCGS's willingness to support there Business Policies.

I remember submitting an IKE S/S RPM for grading which I expected an MS63. It came back as an MS65. After receiving the coin, I could not, in good faith, sell the coin as an MS65 so I sent it back for a regrade. PCGS offered to regrade the coin as an MS64 and still PAY ME MARKET DIFFERENCE which I felt really weird about accepting so I negotiated some free grades instead.

It's their policy to stand behind their grades. PVC is not ALWAYS detectable on a coins surface (before the sniffer that is) and some coins DO turn in the slabs. This is one reason the grade guarantee doesn't cover certain BN/RB/RD copper coins.

BigDowgie · August 28, 2011 2:02AM

Thanks for the replies. I agree, it just makes good business sense. This also gives me a greater appreciation of why they were so excited about the Sniffer!

Dowgie

crypto79 · August 28, 2011 2:05AM

So the general consensus is PCGS does make a effort to save the coin before declaring it a loss? I hope it can be saved. I wasn't sure if they had a conservation section willing to try.

lkeigwin · August 28, 2011 6:07AM

<< So the general consensus is PCGS does make a effort to save the coin before declaring it a loss? I hope it can be saved. I wasn't sure if they had a conservation section willing to try. >>

I have done this many times. Yes, they will try to conserve it. You won't even be consulted. If it works the coin will be returned in a new holder with the same cert#.

If it deserves a lower grade you will be contacted to find out if you want a full payout and no coin or a partial payout and the coin back in a lower grade.
Lance.

What will PCGS do?

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