PCGS - Grades for Sale

Let me start by saying I accept responsibility for what happened; however, I see no reason for asking the appropriate question. Last spring I took notice of PCGS and NGC offering the "plus" grade and began to look at the results. Those coins with the plus were indeed "very good for the grade" and did in fact positively effect the values and auction results. I reviewed my collections and decided to send 20 Lincoln Wheats to PCGS for regrade. All 20 were, in my opinion, top for the grade and CAC agreed with my estimation - all 20 had green CAC stickers. I am not a dealer but a long time collector with a budget. I was hoping that a minimum of 12 to 15 would get the plus grade. I prepaid the $18 per coin price as mandated by their published charge list and waited.

I got them back Wednesday and, to my surprise, none recieved a "plus". It turns out that PCGS offers 2 different grade scales. Your coin grades can be regraded under the "old" scale for $18; but if you are willing to pay 250% more ($45) they can be graded under the new "plus" tier. Your coins would also be "fingerprinted" - A service I had no interest in due to the lower values I submitted. The result: I spent $400 to reholder and passed up on the $1000 for a regrade.

As said: I am responsible but never in my wildest dreams would I have asked the question prior to submission. Nothing on their website addresses this wrinkle. How simple would a disclaimer be? I simply could not imagine grade scales determined by how much I paid.

Net result, money talks and grades are for sale. This will probably be my last year as a Collectors Club" member. NGC will get all my business in the future.

 

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Could be true, I wouldn't disagree with that comment at all!!

 

I know everybody hates them but I have been happy with all my submissions to ANACS. And it costs a fraction of what NGC & PCGS charge.

 

this is my biggest fear of collecting coins.seems everyone wants to dig you a little deeper.
i can believe it.i trust very few people on anything involving money.

jfa

 

http://www.pcgs.com/secureplusfaq.html

It is right on the website.
The fees for this service as like a variety attibution,1st stike ,ect.. cost more.
Just like Super sizing your extra value meal or paying for a CAC sticker.
Nothing is done for free.

 

Amen brother!!

 

I'm on board - I love ANACS. And I used to live 5 minutes away from their office so I got to drive my coins over and save a boat load on shipping - and I got to know the folks. I live over 1000 miles away now, but will be shipping them my coins now.

 

I believe the plus grade is another gimmick like CAC for dealers of big ticket material to achieve a huge markup over bid. It also is a bonus for TPG's in supplementing sagging revenues. A recent ad in CW by a dealer of big ticket coins revealed markups of over 60% above CDN Bid. I guess somewhere they can find rich people who pay that kinda money.

It appears to be an ego thing with a lot of collectors but when these guys come into my shop to sell I only offer about 60-80% of CDN Bid. As I have all the retail inventory I need, I base my buying prices on what I believe I can sell a coin for on the Bay and instantly make money.

 

Sorry that you didn't know it.
It is wildly known that they charge more (for now) to do this like other special stuff.
If you send in a Morgan and it's a Vam and you don't put it or pay for the extra and ask for it you will just get regular grading too.
At least you know now I guess.
Did any of them change grades at all, up or down?

BTW you now lost your CAC stickers too

 

NGC offers the plus designation in normal subbmission free of (extra) charge

 

Your unfortunate story really makes me angry. This whole plus idea is for the birds and it will fail.

 

Exactly why I use NGC instead of PCGS.

 

i dont think any one hates then bro..

 

This is from the FAQ section:

12. Q: Can you add the + as part of a minimum grade for Crossovers or Regrades, e.g. submit a 62 coin with minimum grade or 62+?
DW: There are no minimum grades with PCGS Secure Plus. There are no Crossovers either.

15. Q: Can one get a plus grade without Secure Plus?
DW: Plus grades are available under Standard or PCGS Secure Plus service.

TC

 

I was reading through this thread and thinking what TC had posted. You can get plus grades in any tier at both companies without any extra charge. I have received only one in about 1500 coins submitted this year through NGC. They are not easy to get.

 

Secure Plus and plus grades are 2 different things completely. Your coins did not get plus grades but could have the way you submitted them. I have seen plenty of non secure plus holdered plus graded coins.

 

So what did you get in return for your money? Unless these coins came back with higher grades, it sounds like you just paid to lose your green CAC stickers.

 

I am sorry to hear of your disappointment....

So are you really angry about having to pay more, or are you really angry at yourself for not understanding the TPG's rules before sending your money and coins (which, by the way, you are wrong, as your coins were reviewed for a +)?

Net result: Grades are NOT for sale, and a collector made a mistake and is looking for someone to take the blame.

Sorry, but that's how I see it.

 

What you've described is one of the thinks that really PO's mer about PCGS.

They are willing to take your money with a "no questions" asked policy and attitude! I can't recall how many Weak Edge Lettered Presidential Dollars I've submitted as Mint Errors when all along they should have been submitted as plain ole Moderns with Variety Attribution. Do I get a call? Nope.

I also can't recall how many stupid slabbing mistakes they've made over the past two years which I, regrettably, sent back for correction.





As for the Grades Being "For Sale". Ya gotta wonder since this certainly does not look like a PR70DCAM coin to me.





Neither does this one.