johnnybro123 said:
Quote:
you know PCGS does have a guarantee backed up by cash offer. If you send in for a regrade and it grades under what they slabbed it at , they will buy the coin for cash.
Thanks for posting this. I read up on their website all about their guarantee. I found it is, to me, not worth it b/c I lose no matter what
.
I end up having to pay
49.00 for membership just to be allowed to pay
25.00 to submit the coin. Basically I am paying them the price I paid for the coin just for the privilege of using their guarantee!
If they admit the error, they pay me the price of an MS70
ASE and 25.00 reimbursement for the submission fee.
So I now have ~
110.00 in my pocket - but.... I paid
75.00 to get it! So, in effect,
I end up letting them give me 35.00 for my ASE they should be paying me 80.00-85.00 for! -- well... I
do get a few non-tangible membership "benefits" I had no wish to have - especially for 49.00 -- in the first place!
Examining their side of it:
They paid out 110.00.
... but
during their association with this specific ASE,
If a private individual initially submitted it PCGS was paid 25.00 to slab it.
+25.00
The person who submitted it paid at least 49.00 membership:
+49
I paid them 49.00 for taking them up on their guarantee.
+49
If they sell the
ASE they bought from me, they get at least the going price of an
ASE:
+~35.00
subtract what they paid me:
-110
25 + 49 + 49 +35 -110 =
48.00 intake while making an error!
One step further...
Let's suppose they grade it as MS69 and sell it for going (I looked on
ebay) values of ~75.00 - add another 40.00 to the total =
98.00!
Wow, I wish I had the
potential (please note that word) of making 89.00 each time I made an error while providing a service. PCGS definitely has the potential to profit from making mistakes when dealing with private individuals. Maybe this explains some of the carelessness (perceived or not)?
BTW - On the page which cites conditions of which coins are eligible for their guarantee, they say that if a resubmitted coin is more than 2 points below what they labeled it as, this is called an "input error" and the coin is not eligible for the guarantee. They keep your 25.00 submission and ask you to pay postage to get the coin back!
I can see where this makes sense if a secretary accidentally typed a label making the coin appear to be worth 10,000 when it actually is only worth 100.00, they need this protection clause. But in my case, it can only work for their profit.
I wish the good old days of the handshake were still applicable. You made a mistake - you totally made it right. I'd like to see their policy be one of when there is a mistake such as this, they simply pay for the coin as labeled and take nothing from you at all - free submission. If the make a mistake - they make it right - pride in a service/job well done, and integrity.
edited for syntax
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Posted 11/20/2011 4:26 pm
I would love to add a set of 70's to my certified Silver Eagle collection
Keep feeding the beast.
