PCGS And CAC Incorrectly Graded My Coin

Six month seems like a VERY long time for the auction house to come back to you and demand the money back for a coin that they, clearly, were willing to list and sell on their site. Definitely consult with an attorney because it is very likely you can just tell them to go pound sand.

Coming to this late. Anyone who has ever actually read the PCGS "guarantee" will find it does pretty much what all business guarantees do: has a lot of fancy talk to make sure the company can get off the hook and the customer is led down a pathway of thinking they are protected when they get nothing.

Study it. I have.

Here are the ntoes I took while reading it as a summary:

Briefly, the PCGS "guarantee":
1. Says PCGS guarantees to use the method to grade your coin that they say they use (read it - no kidding).
2. If someone thinks their coin is over graded and send it back in (uh huh - to make the coin worth less...riiiight!), two options kick in:
a. PCGS will offer to buy the coin from the owner at the "current market value" - which PCGS later in the guarantee defines as
"dealer replacement cost" and to be determined by PCGS.
- I personally, therefore, think PCGS using the term "current market value" throughout the text of the guarantee is a bit shady b/c it turns out their definition of "current market value" means what they want to pay you based only on their own whims.
b. PCGS will pay the owner the difference (PCGS determined dealer replacement value - not actual market value) between the (wrong) higher grade and the new lower grade while the owner keeps the coin.
- in this case the owner could have just put the coin on ebay and saved the money, time, and hassle.

And...just how many people when getting a higher grade than expected are disappointed enough to want it to be devalued?

Add to that that most people use the slabbing services b/c those people do not feel they CAN personally grade a coin accurately. So just how many people are actually going to question the company's opinion anyway?


Read the fine print!

Want one more? One of the final statements of the guarantee says that this guarantee only applies if the coin is more than two grade points overgraded. But since there is absolutely no science behind their grading methods, just how would a person prove the two points? You cannot! PCGS is totally unaccountable to anyone concerning these points in the guarantee.

How about one more point? PCGS says legal action can only be taken to make them honor (devaluing your coin/slab) in Orange County, CA.

Our forum is big on saying buy the coin and not the slab. Add to this read the company guarantee before assuming it has you covered.

*** Edited by Staff to add Quote tags. [quote][/quote] Please use them in the future. ***

Unfortunately, I have additional coins there that are also listed for sale now, and some coins I bought that I havent yet paid for, as I wanted to pay after the new coins are auctioned. So its not as simple as walking away.

You still have the law on your side. You have done nothing wrong.

Sorry apcol258, nothing to do with fakes. Just seems the discussion would be aided by images of the subject coin.

And yes, TPGs make mistakes, and the CAC bean service is not an authentication service, and they did not "grade" this example per se..

PCGS guarantees authenticity and variety attribution if attribution is paid for; mechanical errors can be costly to the owner though.

You might get a self-proclaimed expert who wants to boast that they can see the mint mark and accuse you of being disingenuous, but for the most part I believe members are just curious what the coin looks like. Please consider posting an image once your dispute with the auction company is settled. Good luck with your efforts!

What is the usual procedure with auctions if a coin is sold and then found to be graded incorrectly?

Your coin was not graded incorrectly. It was an attribution error. Proof is not a grade but a method of manufacture.
I would say the auction house is doing exactly what its Terms of Sale allows it to do. I agree that the nine month interval is certainly a kick in the groin when you put your coins in the hands of professionals and this happens.
I would just relist the coin for auction and move on. Talk to you consignment rep and see if you can squeeze another trip for your coin to CAC at their expense. That's the least they can do for you IMO. Goodluck

From a personal perspective, I stopped buying and submitting to PCGS about two years ago for different reasons. The greatest, for me, is their grading in general. They simply are not what they use to be, especially with split bands and full steps. Yes, mistakes are made. But at what volume? So reading about this horror story only confirms my belief. I truly wish the best outcome for you.