PCGS Has Damaged My Coin

A photo of the reverse.

The OP should have sold it immediately and let the buyer submit for a refund as it was obviously over graded comparing what was in the slab to what was on it.

Also reading this through I want to make the following observations for what it's worth:

1. Based on their own photographs PCGS obviously damaged the coin. Whether it was done accidentally and the responsible person didn't notify his/her managers or it was unnoticed is irrelevant.

2. Based on the submission form and their published policies PCGS is not liable (legally) for the cost of the damage they caused but morally may be another issue.

3. A large part of PCGS's business is based on trust. I bought a coin off ebay the other day despite the bad pictures because I trust that PCGS graded it correctly. One of the reason to get coins certified is that the seller and buyer both have the coin independently verified by a trusted TPG. Actions like this damage that trust.

4. A little better communication on PCGS's part understanding they were dealing with a very irate customer would have gone a long way to keeping this from escalating to the level it did.

5. In this case, knowing the facts as presented here, that the coins owner used a submission service recommended by PCGS, that the grade they placed on the coin was probably correct for when the coin was received by them but not when it was returned by them, that their own pictures prove they damaged the coin, I think morally they should have offered the customer the difference between current grade and the grade they placed on the coin with the provision that the customer signed a waiver stating that PCGS was not liable to do so.

Businesses do this all the time make a payment while admitting no wrong doing and getting a sign off on liability. Thus the one issue most often brought up, that of a precedent being set, is waived. The issue could not be used in future cases involving far more expensive coins

Understating the value of something to insure it for less is a big mistake with any item be it a coin, diamond ring, or a home. This completely negates the very purpose of making yourself whole again in the event of a peril. You are cheating yourself to save a few cents. Insurance companies can do this with your very home to appear to have the cheapest premium so you will buy the policy. Then when there is a catastrophe your left "holding the bag." Do not underinsure!

Say what now?

PCGS are the grand wizards of the coin industry.

And in the other thread when I criticized PCGS at least 3 people said my post should be deleted

I have a Kool Aid stand if anyone has $45 for a cup or submission.

Also, the submitting dealer wasn't named, but I'd avoid them too. They probably thought they were doing the OP a favor, saving some money on insurance, but they also took a huge risk if they didn't either do the research and insure for a good estimated value, or ask the OP what insurance they wanted to carry. The submission could have gone astray and if they similarly undervalued other coins, their client(s) would be out a LOT of money! They may have meant well, but its concerning.

"They probably thought they were doing the OP a favor, saving some money on insurance"

I doubt it.

I highly doubt it.

Much more likely, he was "playing the odds rather than the stakes" by using something other than Registered Mail.

The USPS specifically limits their insurance liability for coins (and a few other items) to $15, REGARDLESS of how much insurance is purchased.

I don't want to pay for Registered Mai. Who does? I don't want to endure the delays inherent in the Registered Mail procedure. (EVERY person who handles the mail must sign for it, and is PERSONALLY LIABLE for ANY loss. In one case a postal worker who somehow managed to lose an item that was insured for over fifty grand is having monthly payments deducted from his pay.

N.B.: I'm not a postal worker - but, I was.

PS: Edited to add that because I don't want to pay for Registered Mail or endure the delays, I use third party insurance.

PPS: Edited again to add that yeah, I know I'm resurrecting an old thread, but I think this is a VERY important issue that is sadly given very little attention.

I also had a repair business that started out as AV equipment repair.

Whenever I hired a tech I told them the worst thing you can do (besides stealing) is trying to deep six your mistakes. I only had very few problems with that through many years. Had a lot of other problems though.

But that brings us back to this PCGS mistake. I believe they are only obligated for the declared value of the coin. What they do in house to the person that damaged it is up to them. I'd bet they have policies in place to deal with this sort of thing. While I do sympathize with the OP, I don't think they have much recourse, other than to refuse to do business with PCGS.