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Conflict Of Interest? Grading And Publications?

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Pillar of the Community

Canada
693 Posts
 Posted 05/15/2010  10:25 pm Show Profile   Bookmark this topic Add coinsrfun to your friends list Get a Link to this Message Number of Subscribers
Is it ethical for a publishing company to also own shares in a grading company? Does the recognition of a variety go hand in hand with a published book? But if the book has inside info on what "new" variety's the grading company is gonna recognize and hence puts them in print..............sounds like the garbage bag holders from ICCS and the Charleton's Press........I am tired of the tail waging the dog in Canadian Numismatics..........hehehe American collectors have spoken to ICCS and been given the "heads up" on new 5 cent variety's too look for before publishing. This will be some fun..........
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artdio's Avatar
1844 Posts
 Posted 05/15/2010  10:39 pm  Show Profile   Bookmark this reply Add artdio to your friends list Get a Link to this Reply
I agree , sounds like conflict of interest to me..Oh and I wonder who grades the ICCS coins That mr ICCS owns? and sells at auctions>... Nice to be a collector and grader of your own coins isn't it....
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Libertad's Avatar
Canada
3692 Posts
 Posted 05/15/2010  10:50 pm  Show Profile   Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
Maybe I'm wrong, but if you're in the business of doing one thing, wouldn't it be in your best interest to further that business and all its derivatives? e.g. a guitar magazine might hold shares in Fender, and there's no reason to not practice this. Perhaps its different because ICCS are appraisers, but the data from these publications can't possibly ALL come ICCS, there would be others like indepedent auction houses, ebay, coin dealers, etc.
Pillar of the Community
Canada
1248 Posts
 Posted 05/15/2010  11:58 pm  Show Profile   Bookmark this reply Add hhbkiddo to your friends list Get a Link to this Reply
I have personal experience to get obvious and UNQUESTIONABLE varieties recognized..with NO avail, NO recognition... just ignorance with some excuse. HOWEVER...very similar Varieties are readily recognized....AND published and promoted as such.
Just wondering WHY ?, actually NOT wondering any more.... simply asking the question:
does it give a publisher the right to choose what they accept to publish and by doing so Promote certain issues to collectors, and others NOT?, even though it is very obvious?
To me... NOT playing fair... is a definite conflict of interest!!!which of course is entirely their business...but is NOT in the interest of collectors, and is NOT FAIR.
simple question is.... : do you want to have your coins graded by a TPG who servers his own interest before yours?
Pillar of the Community
Canada
693 Posts
 Posted 05/16/2010  12:13 am  Show Profile   Bookmark this reply Add coinsrfun to your friends list Get a Link to this Reply
If ICCS and Charleton's press published the 5 cent variety book in the last 6 months.....why does an American collector inform me that he was told of certain varieties 36 months ago? and by the "expert" at ICCS? The premium's on some of these are huge!! Shall we sweep it under the table just like the tampered holders, the "upset twoonie" core....and let the dealers and ICCS make a bag full of money off the honest collector? D'ooooooh I will not. Defend ICCS else where.......cause the hand is tired of hearing it..........
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D's Avatar
Canada
899 Posts
 Posted 05/16/2010  12:42 am  Show Profile   Bookmark this reply Add D to your friends list Get a Link to this Reply
I also agree that this is a conflict of interest..

On the other hand there is always a positive that emerges from a negative..

Coin collectors are NOT stupid...

And IMO the positive is to send all coins to CCCS....
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Learn More...
Canada
9864 Posts
 Posted 05/16/2010  01:39 am  Show Profile   Bookmark this reply Add DBM to your friends list Get a Link to this Reply
Can someone explain exactly what the relationship between Charlton's and ICCS is? It is not clear to many.Who owns which? What is the relationship?
Is it a "you scratch my back,I'll scratch yours" relationship,or one where someone owns an interest in both?
Edited by DBM
05/16/2010 01:44 am
New Member
Leviathan's Avatar
United Kingdom
23 Posts
 Posted 05/16/2010  07:36 am  Show Profile   Bookmark this reply Add Leviathan to your friends list Get a Link to this Reply
AS if we, in our hobby, don't have enough problems...
Valued Member
cdcoinman's Avatar
Canada
372 Posts
 Posted 05/16/2010  07:46 am  Show Profile   Bookmark this reply Add cdcoinman to your friends list Get a Link to this Reply
The topic deals with conflict of interest,grading and publishing.There is also the one about grading and selling your coins.Nobody is perfect.There was a mention of CCCS by D earlier.Do you know that CCCS sells their coins at the Nuphilex auction in Montreal.They both are owned by the same individual.Is Louis fixing the grades to get a better price?I am convinced he does not as it would ruin his grading business which is doing quite well.
The numismatic world is small in Canada.The number of individuals deeply involved in their hobby are not that large.We are bound to find some kind of relationship among some of them.This does not make them crooks.To me,coin collecting is based on trust from both sides if you do not trust someone,simply do no do business with him.As far as ethical is concerned many of us cannot say they always have been.
Pillar of the Community
Canada
632 Posts
 Posted 05/16/2010  09:39 am  Show Profile   Bookmark this reply Add t_y to your friends list Get a Link to this Reply
I would like to remember the members of this board that there are a few types of conflict of interest:

- real conflict of interest - where someone has an actual gain

- perceived conflict of interest - where someone is suspected to have a gain but does not.

both are bad (for business) and, in health research, HAVE to be declared.
Valued Member
needgames4lyfe's Avatar
United States
323 Posts
 Posted 05/16/2010  09:42 am  Show Profile   Bookmark this reply Add needgames4lyfe to your friends list Get a Link to this Reply
sounds like a conflict of interest as well
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Ugly's Avatar
Canada
1733 Posts
 Posted 05/16/2010  10:32 am  Show Profile   Bookmark this reply Add Ugly to your friends list Get a Link to this Reply
I don't know all the details, pretty sure I don't want to. Won't change my collection or life at all if I did.

As to the TPG's themselves... they sell opinions. That is all they sell. If you don't like the opinion you are offered for whatever reason or perception, get another one or rely on your own. That is all.

Now the Charleton guide - well some people have relationships with other people. Of course they talk and compare notes etc.. Who doesn't? This isn't the stock market, they don't have to disclose or withhold information on any set schedule. Sounds like everyone who does their own variety hunting and defining is depending entirely on Charleton and ICCS to validate their findings.

If this validation is that important to you, make your own blog, define your own numismatic variety criteria and invite expert opinions. People aren't the sheep everyone seems to think they are, they want information to make choices and debate. Forums aren't very good at cataloging this type of thing either. It basically requires a wiki type layout with attached discussion area. I could build something like that in a week but I know for a fact no one would take the time to populate it, they'd all be arguing over why it's not in a coin book.

It's slightly frustrating to me personally, because the engineer in me says;
- one book cannot define an entire subject no matter how well put together
- a single researcher must have results independently validated by other researchers
- never believe everything you read and as a corollary be prepared to do your own research because there are times when people just aren't looking at what you're looking at

I guess I'm suggesting that senior collectors show some independence and do more ignoring of professionally paid opinions. If through my career I had relied solely on the consulting project engineer to form an approach without questioning him or deviating from his suggestions I'd have been fired every second week.
Pillar of the Community
Canada
1248 Posts
 Posted 05/16/2010  10:34 am  Show Profile   Bookmark this reply Add hhbkiddo to your friends list Get a Link to this Reply
Coinman...
There are some elements in your post which I do understand, or, perhaps you do not understand the issue on hand.

We are talking about a Canadian based TPG which until a while ago dictated what we had to accept. End of story, as most collectors wanted ICCS graded coins.
And by doing so, they determined prices you and I pay / get if and when we buy, sell or trade our coins. THEY HAVE set the marks on how it affects the hobby, on how it determines some people's income/livelihood. Like it or don't.
They also decided, probably in cohorts with Charlton, WHICH varieties they will grade and hence recognize, and which to ignore. They and Charlton have ignored for a long time some very obvious and factual, NOT phantasm varieties where for example the shade of the metal does not match another coin. I have proof of that.
They have done this with success. Like in any other business there are often different entities which, when "merged", seem to be a good thing.. ON the surface. In this case it appears that the "merger", or perhaps better said: the very close and fuzzy cooperation between ICCS and The Charlton Guide is in some aspects to the detriment of the coin collection community.
Admitted, they do both provide a service which we all use or have used at times.
The position of most of us is: If the information is in the CG, it is "law". right?

Where a cooperation between two "complementing" interests creates a detriment to their clients...it becomes a serious issue. And that is what we have here.... it costs us all money.
Call it what you want. a conflict, a conflicht of interest, a dctatorshi, a cosy relationship with huge financial gaines. or whatever. IT should not be like that at our expense. Just MPO.
Personally, I have made my choice and I hope all of you will also.

This whole ICCS issue has been brewing for some time now and was probably started when the grading was way off sometimes and they just ignored it, as it is "their opinion only" without any PROFESSIONAL responsibility. If they were professionals, they would have to back up and support their opinions. Some very serious suggestions and accusations have surfaced lately, many of them very true and supported by some individual's personal experiences with this TPG.
I guess it all got stirred up and the pot just run over.
I am convinced, had ICCS become more customer friendly and more transparent in their relationship with clients, this post would most likely have a different tune. Had they listened to us instead of playing coin-gods they would still enjoy their top position.
Had they demonstrated that they are a customer friendly, accessible, responsible and reliable TPG we would not have this post. Oh, did I forget to mention they live in ICE age what communication is concerned?
They just never listen. And that reflects also on to Charlton. OR, perhaps reflects OFF Charlton, as they seem to pretty well dictate WHAT ICCS grades.
I am not sure what exactly the relationship is between them. BUT, it sure appears there is more than just a friendly business relationship. If ICCS is a legal corp., the info on all Shareholders should be available in the Ontario corporate registry.


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Zonad's Avatar
Canada
1472 Posts
 Posted 05/16/2010  5:11 pm  Show Profile   Bookmark this reply Add Zonad to your friends list Get a Link to this Reply
Perhaps M.Findley should not be allowed to sell his coins while he is editor of trends. Perhaps CCCS should not have "Your Coin Shop" http://www.yourcoinshop.com/ operating while they are in the business of certifying coins. The Canadian Coin World is too small for these people to only do one thing.
Valued Member
adanak44's Avatar
Canada
207 Posts
 Posted 05/16/2010  5:30 pm  Show Profile   Bookmark this reply Add adanak44 to your friends list Get a Link to this Reply
Zonad. excellent Point!!
Pillar of the Community
Canada
1248 Posts
 Posted 05/16/2010  5:49 pm  Show Profile   Bookmark this reply Add hhbkiddo to your friends list Get a Link to this Reply
Zonad, I am not sure if Michael Finlay actually has something to do with a TPG? Personally I do not think so.
And there is NO reason why anyone should not be able to do anything. BUT, be transparent about it and eliminate a possible conflict before it becomes one. Louis is not hiding anything about his coin business or his coin auctions and he is accessible any time. the other is not.
MPO is that if ICCS had assumed a different attitude about the grading business and their relationship with the CG, things would be different.I actually believe that a relationship like that could be a great advantage and benefit to the coin community if such a relationship is nutured in an unbiased, open and fair way. And here comes the BUT:
my personal experience: At his request after a phone call, I was asked to send 4 coins to WC at Charlton for his personal evaluation. After a few weeks I called him to see what the verdict is.
No verdict. No denial that there are very definite differences in each of the two coin types and years (while they should be the same, or should be recognized as a variety). No acknowledgment of the obviously sharp struck different zeros and other numbers. No acknowledgment of a number pointing to or between denticles. However, it is very obvious to anyone seeing it. the only comment was: maybe it is a worn die or something like that....
Later I sent one set of the coins to ICCS for grading and identifying the variety as such.
Well, NO such thing...simply came back as graded without comment. when I called it was suggested that it is not recognized in the CG. These are also at CCCS now.
Yes, and maybe heck will freeze over one day soon and if you believe in miracles, I have white sand oceanfront property for sale in Manitoba...
Another personal experience with this TPG is the absolute and unacceptable inconsistency on grades.
I had personally sent in (had it sent by friends as not to sound bells) one specific coin. it received 4 (FOUR) different grades at four different occasions. The coin is now at CCCS for a 5th grade.
I shall wait and see....
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