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 Replies: 24 / Views: 3,503 |
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Pillar of the Community
United States
1882 Posts |
Quote:and the TPG pays up....if the coin downgrades. Please define "pays up"... |
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Bedrock of the Community
United States
10982 Posts |
Quote:
Please define "pays up"... Cash to the owner of the coin. |
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Pillar of the Community
United States
1882 Posts |
No, what I meant is how much cash would they pay up?
Why would they have to give any cash to the original submitter of the coin? They received no harm from a higher grade, and potentially stand to *gain* from the over-grade.
At most, I'd expect they wouldn't charge for downgrading the holder.
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Bedrock of the Community
United States
10982 Posts |
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No, what I meant is how much cash would they pay up?
They will pay you difference between the current market value of the previously assigned grade and the current market value of the newly assigned grade. For example: I have a 1937 Lincoln Cent in a PCGS PR65RD Cameo slab that's valued at $1,900. I resubmit it to PCGS and they agree it's now a PR64RD no cameo valued at $180. They send me a check for $1,720 and the coin back it's new PR64RD holder. |
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Pillar of the Community
 United States
851 Posts |
Thanks Bherring I was laughed at for mentioning resubmitting a coin that I believed might grade lower.  |
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Pillar of the Community
United States
1882 Posts |
Quote:For example: I have a 1937 Lincoln Cent in a PCGS PR65RD Cameo slab that's valued at $1,900. I resubmit it to PCGS and they agree it's now a PR64RD no cameo valued at $180. They send me a check for $1,720 and the coin back it's new PR64RD holder. If you *buy* a coin already in a PCGS PR65RD Cameo holder, then that would apply to you. But if you are the one who originally submitted the coin, then why would it apply? Everyone who submits a coin hopes to get a high grade. There has been no damage done by PCGS to the person who originally submitted the coin. Here's what PCGS says about it: In the event the purchaser of a PCGS graded coin believes that the coin has been overgraded with respect to such standards and procedures, or is non-authentic, he may submit such coin to PCGS through the PCGS "Guarantee Resubmission" procedures and PCGS will re-examine coin to determine the coin's grade and authenticity.NGC says that they may require the owner of the coin to give purchase history of the coin, and may request the owner to reverse the previous transaction. If you are the submitter, they can refund your money for grading it and effectively reverse that previous transaction for you. Edited by steve199
02/10/2010 6:22 pm
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Pillar of the Community
United States
1882 Posts |
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I was laughed at for mentioning resubmitting a coin that I believed might grade lower. I didn't laugh...folks around here mighta got to wonderin' what I was up to.  |
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Valued Member
United States
258 Posts |
Once again a classic case of BUY THE COIN, NOT THE HOLDER! No you do not get the difference in market value if you submitted it. Only applies to whomever purchased it from you and even then it is not a guarantee they will lower the grade. Enjoy the coins overgraded status and seek to find a replacement in better condition graded the same. Sincerely, John Leckrone
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Bedrock of the Community
United States
10982 Posts |
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But if you are the one who originally submitted the coin, then why would it apply? How could it not? Say I sell it to my neighbor at full market price and then we both collect the refund? It really doesn't matter either way. |
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Pillar of the Community
United States
1882 Posts |
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How could it not? Say I sell it to my neighbor at full market price and then we both collect the refund? Well, NGC might catch you on that when they ask your neighbor where he purchased it. Hopefully PCGS would, too. Yes, it did occur to me the people might collaborate as you suggested. And it just might be fraudulant. |
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Pillar of the Community
United States
1882 Posts |
Oh, bherring...I'm not trying to say you would do something fraudulant. I understand you were using the "neighbor" scenario to make a point.
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Bedrock of the Community
United States
10982 Posts |
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And it just might be fraudulent.
It's not fraudulent. You are misinterpreting their guarantee. If they make a mistake and certify a coin higher than really grades then they will make good on it. It really doesn't matter who submitted it and who currently owns it. It can't. Edit for example: I buy a raw coin for $5K that's guaranteed genuine by Joe's Coin Shop. PCGS is fooled and the slabs the coin and later it turns out to be a fake. I get my money back from PCGS. Edited by BH1964
02/11/2010 12:55 am
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Pillar of the Community
United States
1882 Posts |
Quote:
Edit for example: I buy a raw coin for $5K that's guaranteed genuine by Joe's Coin Shop. PCGS is fooled and the slabs the coin and later it turns out to be a fake. I get my money back from PCGS. That's a better example. If the store is still in business, they are the ones who owe you $5K. Not PCGS. But of course the store could be out of business now. Or you could hold onto the coin for 20 years before learning it is fake, and no way you'd get a refund from the store at that point. The grading company should be on the hook for something then... |
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Bedrock of the Community
United States
17884 Posts |
Let me just add this, this question came up last year at Central States. Ron Guth's answer (President of PCGS at the time) was that the Guarantee of grade and authenticity does not apply for compensation to the original submitter of the coin.
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Pillar of the Community
United States
1882 Posts |
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Replies: 24 / Views: 3,503 |
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First Page
Posted 02/10/2010 3:53 pm
