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Pillar of the Community
 United States
4692 Posts |
Edited by jimbucks
07/28/2019 2:16 pm
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Pillar of the Community
United States
7632 Posts |
Legacy Grading, the replacement company headed up by the guy that used to run PCGS Currency grading, has had a rough start.
Last time I looked (back in May) they were making headway towards getting backlog cleared out and notes and refunds to submitters. The Legacy website was functioning, too. (Legacygrading.com)
Bottom line is I don't think they had a valid, actionable succession plan in place when the user agreement they had with Collectors Universe expired earlier this year. Once that UA expired they could no longer use the name PCGS. THAT was almost a kiss of death.
I hope they are successful.
Edited by westernsky
07/28/2019 2:55 pm
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Bedrock of the Community
13014 Posts |
Quote:
Has anyone heard anything (even speculative) about PCGS resuming currency grading? When the license wasn't renewed for the currency, PCGS/CU has said they were considering bringing the currency grading back in house. That's the last update they've really had with it from them which was February 20th. I assume they will resurrect the brand if they come up with a workable plan considering their international offices still do currency |
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Pillar of the Community
United States
3184 Posts |
Wow just read the coinweek comments below the article.....geesh!! If I collected notes and was going to send them in, I'd stick to PMG!
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Pillar of the Community
 United States
4594 Posts |
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Bottom line is I don't think they had a valid, actionable succession plan in place when the user agreement they had with Collectors Universe expired earlier this year. Once that UA expired they could no longer use the name PCGS. THAT was almost a kiss of death. Pretty sure they did not, at the time they were under the impression that a renewal was in the works. PCGS keeps claiming that "they didn't shut PCGS Currency down" https://www.PCGScurrency.com/Quote:
On January 30th the licensing agreement between Collectors Universe and K3B Inc., which allowed K3B Inc. to operate using the trademark and brand "PCGS Currency," expired. While this occurred unexpectedly, we are excited to have the domestic rights to the PCGS Currency brand back under the Collectors Universe umbrella. https://forums.collectors.com/discu...g-operationsQuote:
No. We issued our public statement on the matter both in our Currency forum here and on PCGScurrency.com when the website was released to us on Friday. Which is, I guess, technically true - refusing to renew a license isn't the same as shutting them down... just has the same next effect... -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Bedrock of the Community
13014 Posts |
We will never know what lead to the license not being renewed, it seems like CU was expecting it to be and then things fell apart or new information came to light where they decided to not renew it. Any number of demands or wants from either/both sides could have lead to the end from a business standpoint, only a handful of people will ever really know. Jason Bradford was recently suspended by the PNG which is really hard to have happen. https://coinweek.com/coin-clubs/png...on-bradford/ |
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Pillar of the Community
United States
4692 Posts |
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suspended by the PNG which is really hard to have happen. I didn't think they ever suspended anyone after seeing shady dealers on ebay advertising their affiliation with PNG. What comes immediately to mind is that he engaged in practices similar to CGA when it was first established, but that's merely speculation and there are plenty of complaints about him not refunding fees for non-graded notes and long turnaround times. This likely will be the death of this new currency TPG. If he started these practices during the tail end of using the PCGS name, that might be why he was refused continuing to license the name -- now that makes sense. Edited by jimbucks
07/29/2019 3:25 pm
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Pillar of the Community
United States
7632 Posts |
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Jason Bradford was recently suspended by the PNG which is really hard to have happen. Well, if losing your rented company name isn't a death blow then having your big cheese's name dragged through the numismatic press in less than flattering light surely will be. I doubt if Legacy will survive this mess. |
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Bedrock of the Community
13014 Posts |
Just saw this the other day as kind of an obscure update. PCGS recently hired Bruce Thornton as the Director of Banknote grading. Apparently his focus for now will be their business grading notes in Asia, but this could also be a step towards starting up the banknote grading in Newport as well. https://www.PCGS.com/news/PCGS-team...exciting-new |
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Bedrock of the Community
United States
94367 Posts |
I saw that as well, but I think the US PCGS Currency was always a completely distinct operation from the world banknote grading service.
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Bedrock of the Community
13014 Posts |
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but I think the US PCGS Currency was always a completely distinct operation from the world banknote grading service. It was, the name was licensed out as discussed above but that license was not renewed and PCGS said they were looking into restarting the US based version of it in house aka doing it themselves. They may never do it, but hiring a director of banknote grading seems to at the very least make it more likely they may do it in the future |
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Bedrock of the Community
13014 Posts |
Edited for more accuracy.
The big update though is that starting quarter one of 2020 PCGS will be doing their own paper grading again in Newport.
Edited by basebal21
08/16/2019 9:51 pm
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Pillar of the Community
United States
4594 Posts |
Yes, announced Friday at the PCGS Luncheon. No start date or details, just "coming soon"
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
4637 Posts |
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Bedrock of the Community
13014 Posts |
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Replies: 17 / Views: 5,362 |
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First Page
Posted 07/28/2019 2:52 pm
