"Reholder"

Thanks, Jordan, for your e-mail. One of the things we do not want to do is put any coins into our new holder that are not accurately graded. To automatically cross all old ANACS coins over into our new holder would severely undermine the new holder and would undo all the good of the new holder.

If a person submits a coin to us in our classic (old) holder we cover the grade with a sticker and then the graders regrade it. If the new grade is the same, or higher as occasionally happens, all is well. It gets reholder in the ClearView holder and sent back to the customer. If the new grade is lower, then it comes directly to me and I call the submitter. I tell the submitter that the coin is still in the same holder he submitted to us in but we now want to downgrade it. I then remind him what the grade was and what we now think it is. I then tell him that based upon our research the coin WAS worth, let's say $500, and now is worth $300. We can either downgrade the coin and send him a check for the difference--$200 in this case, or send it back to him in the same holder it was submitted in. My preference is always to downgrade the coin and send the check, but since the coin is not mine, I can only try to persuade him to do this.

Has it worked? I am not aware of anyone who feels like we have tried to short change him. In fact, I think everyone feels we have been more than fair. Perhaps some people who have been through this experience will comment. I hope so. I can tell you that we have spent several hundred thousand dollars to make this work.

As for the prices our new, ClearView holder are fetching, I was told at the Denver ANA by some national dealers that at the auctions they were close to PCGS prices and on the bourse floor comparable to NGC. Let me also quote the GreySheet in the July 7, 2006 issue. "Also observed is a continuation of buyers' participation regarding ANACS slabs. Perhaps a reflection of the recent change of ownership philosophy as we have not seen this much demand chasing after ANACS material in nearly two decades. Take a look, as Morgans, Peace dollars, Walkers and Gold Type all find intense involvement generating multiple advances."

James