Coin Community Family of Web Sites
Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest!
Username:
Password:
Save Password
Forgot your Password?


Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

PCGS Currency Grading - Any New Info?

Next Page | Last 15 Replies
 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 17 / Views: 2,541Next Topic
Page: of 2
Pillar of the Community

United States
3629 Posts
 Posted 07/28/2019  12:42 pm Show Profile   Bookmark this topic Add jimbucks to your friends list Get a Link to this Message
Has anyone heard anything (even speculative) about PCGS resuming currency grading? I never understood why they took it offline in the first place. Odd for a publicly traded company (Collectors Universe) to eliminate a revenue source and go silent on it.
Pillar of the Community
Learn More...
United States
3446 Posts
 Posted 07/28/2019  1:46 pm  Show Profile   Bookmark this reply Add BStrauss3 to your friends list Get a Link to this Reply
PCGS Currency Grading wasn't related to CU - it was a licensed use of the PCGS name that was terminated...


https://lmgtfy.com/?q=pgcs+currency+grading&iie=1

-----Burton
46 year / Life ANA member (joined 12/1/1973)
Life member: Numismatics International, CONECA
Member: TNA, FtWCC, NETCC
Owned by four cats and a wife of 35 years (joined 1983)
Bedrock of the Community
Learn More...
United States
51147 Posts
 Posted 07/28/2019  2:03 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
The successor company is Legacy, but I haven't heard much about them lately.
Pillar of the Community
United States
3629 Posts
 Posted 07/28/2019  2:06 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply
I found this.
https://coinweek.com/paper-money-2/...ncy-grading/
For now, I'll play it safe and use PMG.

Update: After reading the comments on this article https://www.coinnews.net/2019/02/20...ncy-grading/ I would not submit to them. Read the comments for yourself, and it's pretty damning.
Edited by jimbucks
07/28/2019 2:16 pm
Pillar of the Community
Learn More...
United States
5534 Posts
 Posted 07/28/2019  2:52 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
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
Bedrock of the Community
13014 Posts
 Posted 07/28/2019  3:43 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

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
Pillar of the Community
United States
3176 Posts
 Posted 07/29/2019  04:06 am  Show Profile   Bookmark this reply Add mkman123 to your friends list Get a Link to this Reply
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!
Pillar of the Community
Learn More...
United States
3446 Posts
 Posted 07/29/2019  1:59 pm  Show Profile   Bookmark this reply Add BStrauss3 to your friends list Get a Link to this Reply

Quote:
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-operations

Quote:
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
46 year / Life ANA member (joined 12/1/1973)
Life member: Numismatics International, CONECA
Member: TNA, FtWCC, NETCC
Owned by four cats and a wife of 35 years (joined 1983)
Bedrock of the Community
13014 Posts
 Posted 07/29/2019  3:07 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
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/
Pillar of the Community
United States
3629 Posts
 Posted 07/29/2019  3:16 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply

Quote:
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
Pillar of the Community
Learn More...
United States
5534 Posts
 Posted 07/29/2019  4:26 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply

Quote:
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.
Bedrock of the Community
13014 Posts
 Posted 08/07/2019  5:41 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
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
Bedrock of the Community
Learn More...
United States
51147 Posts
 Posted 08/07/2019  6:12 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
I saw that as well, but I think the US PCGS Currency was always a completely distinct operation from the world banknote grading service.
Bedrock of the Community
13014 Posts
 Posted 08/07/2019  6:53 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
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
Bedrock of the Community
13014 Posts
 Posted 08/16/2019  6:22 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
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
Pillar of the Community
Learn More...
United States
3446 Posts
 Posted 08/18/2019  11:57 am  Show Profile   Bookmark this reply Add BStrauss3 to your friends list Get a Link to this Reply
Yes, announced Friday at the PCGS Luncheon. No start date or details, just "coming soon"
-----Burton
46 year / Life ANA member (joined 12/1/1973)
Life member: Numismatics International, CONECA
Member: TNA, FtWCC, NETCC
Owned by four cats and a wife of 35 years (joined 1983)
Page: of 2 Previous TopicReplies: 17 / Views: 2,541Next Topic  
 
To participate in the forum you must log in or register.



Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2020 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2020 Coin Community Forums
It took 1.33 seconds to rattle this change. Powered By: Snitz Forums 2000 Version 3.4.05