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 Replies: 24 / Views: 3,499 |
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Pillar of the Community
United States
851 Posts |
How do you resubmit a coin if you think it could be a grade higher or lower? I have a coin that many dealers say I was lucky to get it put in an MS63 rather than an MS62. How does a company like PCGS go about reimbursing you? 
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Pillar of the Community
United States
1523 Posts |
According to most of the grading companies,If you send it back to them and they agree that the grade is LOWER,they will not charge you but if it comes in the same or HIGHER there is a charge.
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Pillar of the Community
 United States
851 Posts |
Yes. But what if the grade is lowered and the price of the coin goes from 3000 to 2000 or an even greater loss.
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Pillar of the Community
United States
1882 Posts |
Since you are the submitter of the coin, rather than someone who purchased the coin already in the PCGS slab, I don't see how or why they'd need to reimburse you. If you want them to downgrade your coin, that would seem quite...uh...unusual.  |
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Pillar of the Community
United States
2797 Posts |
Quote:
How do you resubmit a coin if you think it could be a grade higher or lower? I have a coin that many dealers say I was lucky to get it put in an MS63 rather than an MS62. How does a company like PCGS go about reimbursing you? I see the smiley after the post so I will assume you are not real serious about lowering the grade on the slab. If you are serious, the help you need isn't on this forum. Imagine a dealer claiming a coin is a grade less than the slab states. Any chance they were interested in acquiring it? Reminds me of a stop at a coin dealer about 12 years ago. I showed him a Morgan in a vinyl flip. He stiffened up immediately and I didn't say a word while he looked the coin over. When he looked up he asked ... is it for sale? If it were, what would you offer? "I could give you $40 for it." Gee, says I, what grade would you give it? "Oh, no more than MS 63. They've really tightened down on the grades lately." As I retrieved the coin I chuckled and headed out the door. "NO WAIT! He shouted, let me look at that again!" Sorry amigo, you had your chance. It now resides in a PCGS66 holder. |
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Pillar of the Community
United States
851 Posts |
Seated Nut you are right, I wasn' t serious but what would happen if a coin you think would grade better comes back graded lower. I figure PCGS or any other company would never lower the grade while it's in their own slab but what if it has been cut out and you took a scan of the coin while it was in their slab as proof, if it happens to grade lower than before.
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Pillar of the Community
United States
2797 Posts |
coins92
If it's in their slab, they won't downgrade it. If you free it from it's tomb, all bets are off no matter what proof you offer.
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Bedrock of the Community
United States
10982 Posts |
PCGS downgrades coins all the time and reimburses the owner for the downgrade. This is very common on copper coins.
Now if you think the coin is a 63 in a PCGS MS64 holder and it's strictly opinion, then it would have to be really bad to be downgraded but it does happen. Again copper is number one here. Silver or gold would be much less common.
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Pillar of the Community
United States
2797 Posts |
Quote:
PCGS downgrades coins all the time and reimburses the owner for the downgrade. This is very common on copper coins.
Now if you think the coin is a 63 in a PCGS MS64 holder and it's strictly opinion, then it would have to be really bad to be downgraded but it does happen. Again copper is number one here. Silver or gold would be much less common. Looks like someone forgot to specify minimum grade. If you submit for a regrade and specify the current grade as the minimum it will not be regraded lower ... but you still pay the fee. Why would anyone not specify at least the current grade as the minimum grade? |
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Bedrock of the Community
United States
10982 Posts |
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Why would anyone not specify at least the current grade as the minimum grade?
That's a crossover; the OP had a different question. This is a re-grade of a coin in the original TPG slab going back to same TPG. That's where the guarantee comes into play on a downgrade and the TPG pays up....if the coin downgrades. |
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Pillar of the Community
United States
1882 Posts |
Quote:and the TPG pays up....if the coin downgrades. Please define "pays up"... |
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Bedrock of the Community
United States
10982 Posts |
Quote:
Please define "pays up"... Cash to the owner of the coin. |
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Pillar of the Community
United States
1882 Posts |
No, what I meant is how much cash would they pay up?
Why would they have to give any cash to the original submitter of the coin? They received no harm from a higher grade, and potentially stand to *gain* from the over-grade.
At most, I'd expect they wouldn't charge for downgrading the holder.
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Bedrock of the Community
United States
10982 Posts |
Quote:
No, what I meant is how much cash would they pay up?
They will pay you difference between the current market value of the previously assigned grade and the current market value of the newly assigned grade. For example: I have a 1937 Lincoln Cent in a PCGS PR65RD Cameo slab that's valued at $1,900. I resubmit it to PCGS and they agree it's now a PR64RD no cameo valued at $180. They send me a check for $1,720 and the coin back it's new PR64RD holder. |
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Pillar of the Community
United States
851 Posts |
Thanks Bherring I was laughed at for mentioning resubmitting a coin that I believed might grade lower.  |
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Pillar of the Community
United States
1882 Posts |
Quote:For example: I have a 1937 Lincoln Cent in a PCGS PR65RD Cameo slab that's valued at $1,900. I resubmit it to PCGS and they agree it's now a PR64RD no cameo valued at $180. They send me a check for $1,720 and the coin back it's new PR64RD holder. If you *buy* a coin already in a PCGS PR65RD Cameo holder, then that would apply to you. But if you are the one who originally submitted the coin, then why would it apply? Everyone who submits a coin hopes to get a high grade. There has been no damage done by PCGS to the person who originally submitted the coin. Here's what PCGS says about it: 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.NGC says that they may require the owner of the coin to give purchase history of the coin, and may request the owner to reverse the previous transaction. If you are the submitter, they can refund your money for grading it and effectively reverse that previous transaction for you. Edited by steve199
02/10/2010 6:22 pm
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Replies: 24 / Views: 3,499 |
Posted 02/10/2010 12:00 pm
