Resubmitting Coins - Page 2 - Coin Community Forum

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Author	Replies: 24 / Views: 3,501	Page: of 2

steve199 Pillar of the Community United States 1882 Posts	Posted 02/10/2010 6:21 pm Quote: I was laughed at for mentioning resubmitting a coin that I believed might grade lower. I didn't laugh...folks around here mighta got to wonderin' what I was up to. Report this Post to the Staff
925dealer Valued Member United States 258 Posts	Posted 02/10/2010 11:32 pm Once again a classic case of BUY THE COIN, NOT THE HOLDER! No you do not get the difference in market value if you submitted it. Only applies to whomever purchased it from you and even then it is not a guarantee they will lower the grade. Enjoy the coins overgraded status and seek to find a replacement in better condition graded the same. Sincerely, John Leckrone Report this Post to the Staff
BH1964 Bedrock of the Community United States 10982 Posts	Posted 02/11/2010 12:20 am Quote: But if you are the one who originally submitted the coin, then why would it apply? How could it not? Say I sell it to my neighbor at full market price and then we both collect the refund? It really doesn't matter either way. ANA #R3154474 Report this Post to the Staff
steve199 Pillar of the Community United States 1882 Posts	Posted 02/11/2010 12:28 am Quote: How could it not? Say I sell it to my neighbor at full market price and then we both collect the refund? Well, NGC might catch you on that when they ask your neighbor where he purchased it. Hopefully PCGS would, too. Yes, it did occur to me the people might collaborate as you suggested. And it just might be fraudulant. Report this Post to the Staff
steve199 Pillar of the Community United States 1882 Posts	Posted 02/11/2010 12:41 am Oh, bherring...I'm not trying to say you would do something fraudulant. I understand you were using the "neighbor" scenario to make a point. Report this Post to the Staff
BH1964 Bedrock of the Community United States 10982 Posts	Posted 02/11/2010 12:51 am Quote: And it just might be fraudulent. It's not fraudulent. You are misinterpreting their guarantee. If they make a mistake and certify a coin higher than really grades then they will make good on it. It really doesn't matter who submitted it and who currently owns it. It can't. Edit for example: I buy a raw coin for $5K that's guaranteed genuine by Joe's Coin Shop. PCGS is fooled and the slabs the coin and later it turns out to be a fake. I get my money back from PCGS. ANA #R3154474 Edited by BH1964 02/11/2010 12:55 am Report this Post to the Staff
steve199 Pillar of the Community United States 1882 Posts	Posted 02/11/2010 01:14 am Quote: Edit for example: I buy a raw coin for $5K that's guaranteed genuine by Joe's Coin Shop. PCGS is fooled and the slabs the coin and later it turns out to be a fake. I get my money back from PCGS. That's a better example. If the store is still in business, they are the ones who owe you $5K. Not PCGS. But of course the store could be out of business now. Or you could hold onto the coin for 20 years before learning it is fake, and no way you'd get a refund from the store at that point. The grading company should be on the hook for something then... Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 02/16/2010 6:38 pm Let me just add this, this question came up last year at Central States. Ron Guth's answer (President of PCGS at the time) was that the Guarantee of grade and authenticity does not apply for compensation to the original submitter of the coin. Report this Post to the Staff
steve199 Pillar of the Community United States 1882 Posts	Posted 02/16/2010 10:50 pm Thanks, Conder, I was going to call PCGS to see if they would confirm that fact. Interestingly, ICG's guarantee explicitly does apply to the original submitter. http://www.icgcoin.com/Home/ICGGuar...Default.aspx Report this Post to the Staff
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