PCGS Has Damaged My Coin

I am not a lawyer and don't pretend to be one, nor do I know Australian law, but I believe it has similar origins in British Common law. But I think PCGS has a wonderful case for defamation against you, which Mr. Willis is gracefully NOT pointing out...

http://www.law.uts.edu.au/comslaw/f...amation.html




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which is where it gets fun and expensive, showing that your claims met one of the specific circumstances... and since everyone (yourself included) agrees the coin was submitted as being worth $15 and by contract that's all you were entitled to it's not a big leap to jump to malice.

Youre original statement wasn't exactly forthcoming to be honest. There were some major important details missing which is what Strass's point was.

Really what it comes down to is its like insuring you're 300k house for 36k (about 12 percent like here) having it ruined and asking for a full pay out. I honestly don't think making all the threads was the best way to approach it since your dealer seems to have righted the wrong rather quickly.

As far as Willis is concerned you're another customer of 100s of thousands. What is it that makes your case worthy of special treatment is the question that really has to be answered. Things have happened to other people in the past who got stuck with the policy outcomes. If special treatment were to have happened it would have been privately because of the fact a lot of people use them.

It really doesn't have to do with shareholders other than the fact they have a duty to abide by their stated policies and contracts. Situations like this are why they exist. They don't exist for when things go smoothly. Once you go public though and leave out that the they were submitted in a way to skirt their fees their sympathy becomes non-existent. People try and scam them all the time, if they just took every thing at someone's word and bent over backwards for it they might as well just close their doors.

I didn't see anything threatening about their statement, just kind of the unfiltered truth. In the end it's good the dealer made the situation right for trying to scam them.

Great, of course it could still cost you tens of thousands of dollars to prove your statements in court.



No one denies they damaged your coin, but under the contract they do NOT have to replace it with a coin of equivalent grade. They can do that or they can pay you the value of the coin, but they are not liable for more than the value declared on the invoice. That is the contract you agreed to. If you didn't sign the agreement then you don't have a contract with PCGS and they could be seen to be liable for nothing.



Without consulting? You said you talked with them for a month. They asked for the coin back, apparently more than once, you refused to return it and insisted on knowing what the compensation would be, they said $15 (their offer of compensation) which you refused and they washed their hands of it and since they had satisfied the guarantee by offering compensation they cancelled the certification number. You were consulted.

will do

OK. Enough already.

The cert number for your coin has not been "cancelled", it simply is not displayable.

Really Serial, since you raised an issue with the coin and provided PCGS with pictures of the damaged coin within the slab, what are they to do if not restrict access to the certification number?

To me, you sound like a "difficult" customer that is looking for a commitment from PCGS on a value for your coin. You consistently state that PCGS is being "cagey" about your returning your coin to them and that you feel once they do get the coin, they'll only pay you $15? Think about it? The coin in MS64, which they graded it as, has a published value close to $500. Why would you even think that they would only pay you $15 for it? Perhaps because you were trying to get the Ops Manager to "commit" to a dollar value? S/he can only go by what the declared value might be and truth be told, lots of folks minimize the declared value on their coins to avoid higher costs. PCGS knows this but it does not prevent them from properly grading the coin which is where the true value is.

My advice is to send the coin back so that they can examine it and then offer you a "true" settlement.

The way that works is once they determine who damaged the coin, which is obvious that they did from your photographs, then they'll make you an offer via email. Usually that offer amounts to either buying the coin outright at 'Fair Market Value" or they'll reslab it with a Genuine Damaged label and offer you the difference in value which would amount to Fair Market Value for an MS64 minus the FMV of the coin in the Genuine Slab.

Bad mouthing PCGS due to your lack of knowledge on how to proceed AND pressuring folks, who have no idea what the value of the coin might be, into a firm price is NOT the way to proceed as you'll only shoot yourself in the foot.

From what I have read, had this occurred with any other grading service, you would still be in the same boat.

jdmern:


PCGS guarantee's their grades regardless of any specific time frame. All that Serial has to do is send the coin back to PCGS so that it can be examined and a proper settlement offered. It's that simple and the cert number has not been cancelled, it simply is not available for public viewing.

As for the dealer, I don't think he chiseled or cheated anyone with a $15 declared value. He probably had no idea WHAT the value was!

Serial:
Please point out where PCGS is aware of it?