Poll Question
So I was recently looking over PCGS's "guarantee."
Where their coverage of authenticity seems pretty solid, the more I read the rest of what they're willing to own, the more I found myself asking, "So... ok, what IS covered? I'm not seeing much."
http://www.pcgs.com/guarantee.htmlUnder "What the PCGS Guarantee Does Not Cover":
'Clerical or "mechanical" errors' seems to be a catch-all and absolves them from virtually all attribution mistakes.
My favorite is:
Quote:"A variety attribution that is obviously incorrect. For example, if you had a normal date 1942
Mercury dime, but the PCGS holder showed the coin as a much rarer 1942/1 overdate, this coin would not be covered by the PCGS Guarantee as the date is obviously normal."
With how many eyes they claim look over a single coin and double-check it, I'm not sure how such a "clerical error" could be excused as anything but gross negligence. :-)
(Also I have had reports of finer-pointed variety attributions that PCGS has flubbed, but will not make good on, such as large date vs small date 1970-S cents. I could understand *this* a "clerical error" more than anything else.)
There are also contradicting portions of the guarantee.
For example, where this is very reasonable:
Quote:
How to Use the PCGS Guarantee
If you have a coin that you feel is overgraded or counterfeit, call PCGS Customer Service and they will help you fill out the proper submission forms. For approximate turnaround times, please ask a PCGS Customer Service Representative. After PCGS examines your coin, if PCGS feels your coin has been overgraded or is counterfeit, you will be contacted by phone or email and given the current market values so you can decide which of the repayment options you wish to use. If PCGS determines that the original grade is correct, your coin will be returned to you with the original grade and you will be responsible for the regrading fee and postage charges.
They then say:
Quote:A blatantly obvious clerical input mistake with respect to the actual grade of the coin. For example, if you had an 1893-O
Morgan dollar and the PCGS holder showed the coin as MS65 (a Gem quality coin), but the coin was so beat up and marked up that it would grade MS60 at best, this coin would not be covered by the PCGS Guarantee as this would be an obvious input error.
The rule of thumb here would be a difference of more than two points on the grading scale. (Emphasis mine)
This in essence limits claims to over-grading by about 2 points. Anything other than that, and they claim it's a clerical error... again despite the fact that two (sometimes three) separate graders have to enter in the same number to their computer system (at least their video shows the graders doing their own data entry).
What does everyone else think?*** Moved by Staff to a more appropriate forum. ***
Posted 08/29/2012 1:06 pm
