I believe one of them has to do with cross overs. Before if you wanted to cross a 70 you had to allow for a 69 but now you can select a 70 as the minimum grade.
Quote: believe one of them has to do with cross overs. Before if you wanted to cross a 70 you had to allow for a 69 but now you can select a 70 as the minimum grade.
Be interesting to see what they post though
That's already been announced. PCGS now accepts 70s for crossover with 70 specified as the minimum grade.
PCGS ANNOUNCES NEW CROSSOVER POLICY TOP-GRADED COINS CROSSED AT PCGS 70 (Hong Kong, China) -- Professional Coin Grading Service (www.PCGSAsia.com), the world's leading, independent third-party coin authentication and grading company, has announced a new Crossover Policy.
Effective February 25, 2014, coin collectors and dealers can submit to the PCGS Crossover Service any coins previously graded "70" by another grading service and request to cross them at the highest possible grade, PCGS 70. Under the new policy, PCGS will holder the coins and give them a grade of PCGS MS70 or PCGS PR70 if they are qualified under the strict evaluation of PCGS experts.
Previously, PCGS would only crossover coins to the level of MS69 or PR70.
The new PCGS Crossover Service policy now includes Mint State 70 and Proof 70 coins. "It is great news to the collectors who have longed for the highest grade by the most respected grading service in the world. They no longer run the risk of crossing their '70' coins at a lower grade with the PCGS Crossover Service," said Mr. Don Willis, PCGS President.
"It is an important move for PCGS in Asia. We made this policy change because many collectors and dealers have told us they want peace of mind by having the best grade from the world's best grading company," explained Mr. Willis.
"For a coin previously graded and currently encapsulated by any other grading service, PCGS will holder the coin only if it meets or exceeds the minimum grade that is specified by the submitter, or meets the grade on the original holder. Coins that do not qualify for PCGS 70 designation will be returned in their original holders," said Ms. Muriel Eymery, PCGS Vice President of International Business Development.
That could be one announcement...what is the other?
So now they can tell if a coin is a 70 even inside a plastic holder without actually seeing the coin in hand.
They say if they don't make 70 they will return them in the original unopened holder. What happens if they think it's a 70, crack the holder, and discover it isn't? They can't return it in the unopened holder, so do they just go ahead and slab it as a 70 anyway since they can't return it as per policy?
Quote: They say if they don't make 70 they will return them in the original unopened holder. What happens if they think it's a 70, crack the holder, and discover it isn't? They can't return it in the unopened holder, so do they just go ahead and slab it as a 70 anyway since they can't return it as per policy?
If, after cracking out a coin they thought was a 70, they find out it is not then they have 2 options:
1. Go ahead and slab the non-70 as a 70 or, 2. Holder it as a 69 and reimburse the owner the value difference.
Quote: If, after cracking out a coin they thought was a 70, they find out it is not then they have 2 options:
1. Go ahead and slab the non-70 as a 70 or, 2. Holder it as a 69 and reimburse the owner the value difference.
Neither of those two choices is what they say they will do. Putting a coin in a 70 holder even though it is a clear non-70 (whatever that means) degrades their brand image. Holdering it as a 69 and reimbursing the owner is not what they have said they will contractually do. They say they will return it in the original unopened holder.
Quote: Neither of those two choices is what they say they will do. Putting a coin in a 70 holder even though it is a clear non-70 (whatever that means) degrades their brand image. Holdering it as a 69 and reimbursing the owner is not what they have said they will contractually do. They say they will return it in the original unopened holder.
I understand. The question was, "What if they discover it is not a 70 after they crack it out?" At that point there are only two options.
They will not crack it out to grade it. If there is any question whatsoever, they will not even attempt to grade it. They will label it "......holder damaged, not able to give an accurate grade. Please remove from holder and resubmit."
You know that will be the majority of the coins wishing to cross to a 70.
The cross over rates for 70s arent going to be that good. If theres the slightest doubt its not going to cross. The ones where its really worth trying from a financial standpoint has an minuscule 70 population. Theres not going to be a lot of those getting approved as a cross in the first place for it to be a wide spread issue.
If it does theyll probably make an offer to buy it back and give the submitter a few options for what they want to do.
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Posted 02/25/2014 10:35 pm
