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 Replies: 8 / Views: 2,631 |
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Pillar of the Community
United States
6394 Posts |
I went to the Long Beach coin show and met Cameron Kiefer at the ICG booth. Cameron used to be a member of our local coin club. He moved to Colorado a few years back to take a grading job with ICG. Cameron mentioned that ICG has changed their policy about grading problem coins, i.e. coins that have been cleaned, tooled, scratched, dented, or have corrosion or artificial toning. ICG used to body-bag such coins and give the owners a partial credit refund (in contrast, NGC and PCGS do not offer any credit if they reject your coins). ICG will now put problem coins in their slab. They will note the details grade and list the problem on the label. Cameron gave me this slabbed example of a problem coin:  I think this is probably a good decision by ICG. What do our other forum members think? |
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Moderator
 United States
23522 Posts |
I think it's a great idea. If all the TPG's were willing to authenticate and slab problem coins, perhaps it would cut down on the quantity of cleaned/retoned stuff being pawned off on the public as good raw coins. |
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Pillar of the Community
United States
812 Posts |
I think it is a good decision.
I have always found it problematic when TPGs have a financial incentive to body-bag coins (they get to keep the fee without the time and expense of assigning a grade and slabbing the coin).
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Pillar of the Community
United States
827 Posts |
I don't like though that they net it down to ms60 and state the problem. I think it would be better if they stated actual grade and the problem.
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Pillar of the Community
United States
812 Posts |
I'm pretty sure MS60 is supposed to be the "actual" grade, not the net.
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Pillar of the Community
 United States
6394 Posts |
Sleaklight, I think that is the idea, at least for circulated coins. Unless I misunderstood, ICG is not going to "net grade" the coins like ANACS does. They won't be deducting grade points based on how severe they consider the problem to be. Instead, they will grade the coin based on how much wear it has and then print the defect description on the label. The situation may be different for MS coins. I don't know what they will do if for example they have a gem Morgan dollar that would grade MS-65 except it has one large rim ding. What if they have two similar coins with gem surfaces but one has a single large ding and the other has three dings? It might be the best policy for mint state coins to just say "MS60 Details", state the problem, and let potential buyers decide what the final value should be. |
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Pillar of the Community
United States
2443 Posts |
I think it's a good idea on their part. I just wish they made a label so that you can easily distinguish between problem and non problem coins. I wish they just changed their holders, don't really like them.
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Pillar of the Community
United States
533 Posts |
quote:
I have always found it problematic when TPGs have a financial incentive to body-bag coins (they get to keep the fee without the time and expense of assigning a grade and slabbing the coin).
They also have a good chance of the coin changing hands and being resubmitted, possibly numerous times. |
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Valued Member
United States
328 Posts |
quote:
I have always found it problematic when TPGs have a financial incentive to body-bag coins (they get to keep the fee without the time and expense of assigning a grade and slabbing the coin).
In reality, the TPG put more time into not grading the coin than they would have if they did grade to coin. It is frusturating, though, when your coins come back (after what seems to be forever while waiting), you rip open the box, and there your coins are, in little plastic flips with a note saying that they couldn't slab the coin and that they kept the 20-30 bucks that you shelled out.  I think it's a good idea to slab problem coins, unless there's PVC that hasn't damaged the coin yet. I'd be livid if they sealed a coin with a little PVC damage in plastic.  Edited by gbchaosmaster
02/22/2008 4:31 pm
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Replies: 8 / Views: 2,631 |
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Posted 02/16/2008 9:47 pm
