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An Overgraded Coin Found In A PCGS Slab - Remedy Ref Dealer &/Or PCGS

 
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Author Previous TopicReplies: 6 / Views: 271Next Topic  
Pillar of the Community
United States
2894 Posts
 Posted 09/15/2020  12:11 am Show Profile   Bookmark this topic Add mdpmedia to your friends list Get a Link to this Message
Has anyone ever had any experiences like this just after buying a coin from a dealer?

If the selling dealer refuses to work with the buyer, does the buyer only have the option to work directly with PCGS? And if so, what expenses would a buyer expect to pay using PCGS if he/she wanted to get the exact same coin and grade as was initially promised ?

This assumes that an exact coin & grade would be available in the market somewhere other than the dealer in question etc.
Valued Member
Canada
160 Posts
 Posted 09/15/2020  12:43 am  Show Profile   Bookmark this reply Add cdngmt to your friends list Get a Link to this Reply
I can see the dealer's point of view IF you purchased the coin after seeing it in hand.
The dealer has no control over the grading company.
You may want to rely on the TPG's grade but to ask him to warranty that (grade) is misplaced. The dealer did not (necessarily) have anything to do with that
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United States
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 Posted 09/15/2020  12:58 am  Show Profile   Check GrapeCollects's eBay Listings Bookmark this reply Add GrapeCollects to your friends list Get a Link to this Reply
So I'll try my best to answer this.

I work for Bonanza Coins, a shop in silver spring, MD. We currently have around 11k slabs on hand, that's quite a few. Given the number of coins we have slabbed we are obviously going to encounter overgraded and borderline coins. I like to believe we price fairly, and tend to price on the coin rather then the label, and if the buyer disagrees, let them return it. That being said, there have been cases where after 30 days (our return window), people will say they now disagree with the grade and want their money back. At that point then we send them to the respective TPG. PCGS and NGC will pay the difference if a coin is overgraded. For example, if a MS-64 costs $40 and a 65 costs $200 and you send them a 65 of theirs back and they downgrade it they would give you $160 basically, but only as long as you can prove you paid $200.
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Bedrock of the Community
United States
35547 Posts
 Posted 09/15/2020  04:58 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
Why would a TPG downgrade their own slab,which forces them to refund money to you? What are the odds of that happening?Also,a TPGs' warranty only lasts for a certain length of time,something like ten years.
John1
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50487 Posts
 Posted 09/15/2020  09:04 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
I'm under the impression the grader is unaware of the original grade if it is re-submitted.
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 Posted 09/15/2020  11:17 am  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply

Quote:
I'm under the impression the grader is unaware of the original grade if it is re-submitted.


Both PCGS and NGC have a grade guarantee which seem to require submitting the coin, still in the slab, for re-review.

https://www.NGCcoin.com/coin-gradin...C-guarantee/ -- "An owner of an NGC-certified Coin ("Owner") who believes the Coin is overgraded or not genuine shall submit it for evaluation under NGC's free "Appearance Review" service. ... To submit a Coin for Appearance Review, Owner shall furnish Guarantor with all supporting documents, including receipts, that Owner's claim relies on."

https://www.PCGS.com/guarantee -- "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."
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 Posted 09/17/2020  12:57 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
. At that point then we send them to the respective TPG. PCGS and NGC will pay the difference if a coin is overgraded. For example, if a MS-64 costs $40 and a 65 costs $200 and you send them a 65 of theirs back and they downgrade it they would give you $160 basically, but only as long as you can prove you paid $200.

One caveat to that, they won't necessarily pay you the difference between the $40 and the $200 even if you can prove you paid $200. They will give you in what they feel the difference in value between a 64 and a 65 is, and they are the sole arbitrator of what that amount is. It doesn't matter what you paid or what some price guide says, even their own price guide. They will decide what the compensation will be and it is a take it or leave it proposition.


Quote:
Why would a TPG downgrade their own slab,which forces them to refund money to you? What are the odds of that happening?
it does happen and the reason they do it is having overgraded coins out there in their slabs that people can point to is more damaging to the company and their reputation (and therefore their bottom line) than simply buying back the overgrade. And standing behind the grade that way IMPROVES their reputation.


Quote:
Also,a TPGs' warranty only lasts for a certain length of time,something like ten years.

Their grade warranties are good for lafe (of the company) with some exceptions. When it comes to copper the color guarntee is only good for 10 years at NGC, PCGS does not guarantee the color at all. And if something happens that damaged tho coin AFTER it is slabbed (corrodes, turns ugly colors, milk spots etc) then the grade guarantee does not apply.


Quote:
Both PCGS and NGC have a grade guarantee which seem to require submitting the coin, still in the slab, for re-review.

The coin has to be submitted still in the slab, but it doesn't go to the graders still in the slab. Then after regrading the new grade is compared to the old one to determine if compensation is due. If the new grade is the same or higher the submitters is charged for the grading and the coin is returned in the new slab. If compensation is due the submitted gets the coin back in the new lower graded slab, a check for compensation, and the submitter is not charged for the regrading or shipping.
Gary Schmidt
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