Grading

Sparhawk,

Based on my experience, TPG fall into three tiers:
1) Reputable and almost universally accepted (PCGS, NGC, ANACs). These make an earnest attempt to level the playing field for the collector by maintaining high standards.
2) Not quite as accepted but making an attempt (ICG, SEGS, PCI). These are working to make it to the top tier, but sometimes make a mistake. They are not universally accepted by the collecting community.
3) The basement ... all others not mentioned above. Many are self-promoters who slab and sell their own product. There appears to be only one motive - profit - at the expense of the uneducated collector.

I have purchased from the basement in the past, but I always pay basement prices. The tragedy comes when a newcomer pays full price for these "fantasy" grades. Your only defense is to educate yourself. You're in the right place.

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I would treat these coins as raw and use your own judgement.

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I would go even farther, and say that any coin which "ought" to be in a holder from one of the companies named by SeatedNut, yet isn't, should be avoided unless you really know your stuff.

I'm not talking about mid-MS Morgans or EF Large Cents, which are plentiful. I mean coins like Seated dollars, AU and above Bust Halfs, any gold, and the like. The people creating these basement slabs are immoral, not ignorant. They know darn well that a PCGS MS64 will earn them a lot more money than a TSG MS68. The coin would be in a PCGS slab if it could get into one.

As a rough guess, you can assume that a "TSG" MS65 coin is probably not even Uncirculated.

That doesn't mean you should completely shy away from basement slabs. If the photos are good (few are), and you're a variety collector like me, then there are, um, deals to be had. Nothing feels as good as snagging a valuable VAM from a third-world slabber who doesn't know what he's got.

Do you have a link to one of these Trust Grading Sevice slabs? I haven't heard of it.