Coin Dealers not submitting coins to PCGS for public anymore

I don't know if this is happening everywhere, but I've been to two coin dealers and called two others in my city area (that were listed on the authorized dealers for submitting on PCGS website or came up as dealers by entering the city info). All have informed me they don't do that anymore. Two said it's because you can do it yourself by going to the website and getting the forms, and one said his insurance will no longer cover outside coins anymore since the option to go through the tpg for the public is now there.

So....I emailed PCGS about this, since they still list this as an option. Expect a reply at some point in the future, but obviously they can't make the coin dealers submit for you. My question, how many coins does it take basically to have to submit before it's worth "joining" PCGS in order to submit? And are there any coin shops that still will and plan to continue submitting for the public?

And for coin dealers who have submitted for the public before and/or still do, how many submissions do you normally get this way....is it pretty much a very occasional thing or what?

Looking for some insight here.

 

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I do the submitting for the members of my coin club as I belong to PCGS. But maybe you and some of your friends could split the cost or maybe your club could buy a membership so all the members could submit coins to PCGS.

 

Good idea --- now all I have to do is join a club


But honestly, I do thank you for replying and it is a good idea.

 

The real reason coin dealers are no longer interested in submitting coins to PCGS: There's no money in it for them. At one time, dealers had all sorts of time to nurture and develop relationships with collectors. Not any more. Most are little more than money-changers, they're making so much money hauling in gold trinkets to be sent to the smelter, that they simply blow-off customers who might want the favor of a few coins being sent in for grading. The whole insurance arguement is a spurious lie meant to conceal the truth, which is, -he doesn't care about you or your business. All he cares about are the desperadoes walking in the door with junk gold and silver. Sad, but frankly that's what its come to for many "dealers" in rare coins, it's all about money and coins have nothing to do with it. When the gold boom is over and the tide goes out, will be interesting to see where the collectors will flock. It won't be to the doors of the former money-changers that much you can be certain of.

 

Prince this is the same stuff i see in mass. Coin dealers are now pawn shops or to be more specific, gold and silver buyers. I have found most shelf space is reserved for bullion. Its a sad thing for true collectors. Also, i have noticed just in the past few yers they do not even want to purchase numismatic coins. They only want metal value. I saw my dealer offer a man 90 bucks for a gsa 82 cc. They only want the big scores and will not give a fair price or even offer any cash at all for non bullion coins. Sad sad thing.

 

Wow! My eyes are opening...but seriously, one of the reasons I didn't really get into coins that much years ago is because the few times I came in contact with coin dealers, I felt like I didn't fit in. Not that I wanted any big nurturing experience, but a little knowledge shared or a few questions about what my interests might be and some sharing of a coin or two (showing me it with it's attributes pointed out) with what the dealer felt about that to boost a possible future collector in their midst would have been more appropriate. Anyhow, probably that's TMI. But it's a thought when you have a moment to spare and you don't. Maybe you've lost the future collector at that point.

In any case, back to the present. I don't have too many coins to send to get graded and I have no idea what I will have that way down the line. Although, it's a "favor" a dealer gives to someone he doesn't know, sometimes favors get translated into future patronage (i.e. purchases from) to that dealer. At least that's the world I know. Patronize the stores and people that do right by you. So, if it means me finding a few more coins and waiting, that's what I'll do, or maybe I will join a club where someone acts the way that boxeldercoins does. Or maybe I'll find someone a bit farther away from me that I can still drive to to get this done. All I know is that I am excited that I've made a commitment to get my '99 WAM done by PCGS and I'm a child of the present in that I hate delayed gratification!

Hope to hear more thoughts on this from you good folks here.

 

An ANA membership gives you the ability to submit coins to NGC without having to buy a subscription. You will still need to submit an application and they will send you a submission pack with the forms, price structure, and everything else you should need to submit to them. I got my application out of an issue of the Numismatist last year so not sure if you will need to contact the ANA or NGC to get one. But if you were set on PCGS it will set you back at least $50.
You might also want to check and see if PCGS will be at any shows in the area in the near future.

 

You are right on! The small town coin dealers are now the scrap gold and silver dealers. I have been in shops that only buy, not sell coins. Some day when the price of gold and silver drops we can get back to coin collecting. I do not know about you but every shop I been in across the mid west that treated me like s*it when I ask to see coins will NEVER get one red cent from me ever again.

 

they have to be losing out in the long run for me i am the type of prson that will stay loyal to small businesses if i am treated well. I dont ask any favors just do what they claim their business is there to do.

 

Every coin store I deal with always seems more than happy to submit coins to PCGS and NGC for customers for a small fee. I've had my friend's shop send quite a few to NGC for me. He charges me $5 per bunch, whether it's one coin or fifty, as they usually send boxes full at a time. A dealer who won't do something along these lines isn't one deserving of your business.
Guy

 

Yup, there are dealers out there who will still do it for you. The guy I deal with here in KC even splits the shipping costs with me when he has other material of his own to send in. He doesn't charge me anything above cost. In return, I surprise him once in a while. Gave him a golf jacket a couple years ago with my companies logo on it. Nice jacket, cost me $15, and he was blown away that I was even aware that submitting the coins for me is kind of a pain in the whazoo that he otherwise doesn't get compensated for.

 

How true. Not that I envy them their "success", but frankly arrogance goes with their territory. It is why if ever the government audits them going back 20 years, or does another investigation on them, that I would not shed any tears as they have to face back taxes, etc., that goes double for the larcenous pawn shops and the cash for gold and hotel gold buyers.

Whenever I get a collector calling me up to do a submission I give them log-in information so that they can do submissions at dealer rates. I am willing to give them all the information they need not to be defrauded and how to get top dollar.

PCGS submissions can be done with their $50 a year club membership. NGC has much better service though.

 

Buy a Platinum Membership at $199 for unlimited submission privileges and 8 free gradings at the regular submission rate. All 8 must be submitted at the same time. (A $240 value)

If that does not work, get the Gold Membership at $129 for unlimited submission privileges and 4 free gradings. All 4 must be submitted at the same time. (A $120 value)

If that still does not work, get the Silver Membership at $49 for unlimited submission privileges and 0 free gradings.

IMO, the Platinum level is the best value for the money while allowing me to submit coins whenever I feel the need. I can fully understand dealers NOT wanting to submit the publics coins since many things can and often do go wrong for which the dealer then becomes liable.

I'd be happy to submit your coins for you as long as you agree to pickup all the costs associated with submissions. (Shipping to me, my return shipping to you (if needed), To PCGS Shipping, From PCGS Shipping - $16.95 Minimum. (I think I could specify your address as the return shipping point), $8 handling fee per submission, any applicable grading fee's.

Unfortunately, it does cost money to get coins graded that are over and above the typical per coin grading fee's and someone has to pick those up.

 

NGC is an absolute delight to deal with! Their CS Reps are friendly and very, very helpful!

 

I really appreciate that. I was mostly attuned to going to PCGS with this particular coin, as if they can grade it high, then it should at some point fetch the highest amount for it, as I'm reading that they still have a slight lead in this. If anyone cares to comment, feel free, I love to get other's opinions when I am not that well-versed in this matter. I do have a couple other coins I will probably send through NGC and I have the ANA membership so that is available to me.

 

I think I can see why many dealers do not want to submit coins for customers any more. Every year or so a disgruntled customer goes on line and makes allegations that a dealer switched his coin or coins on a submission. Well for those that never heard of that dealer before now suddenly he is a crook. And he has to try and prove something that is really hard to do.
Or the submission of someones coins goes in on the economy tier of grading and the customer is on line the next week blaming the dealer of holding it up when in reality the grading service normally takes about forty five days to process those type of orders.
Then there is the old adage of time is money and is a customer going to pay a commensurate rate for the dealers time. In most cases I dough if they are. I know when I do submissions it normally takes about an hour to get it ready, packed, and taken to the post office as registered mail can't be dropped in the box at the end of the road. Now remember I have to do this again when it returns.
If I was a dealer doing a professional type of service would not a fee of like $50.00 per hour be appropriate. Oh but if I charge that on top of the grading fees that same disgruntled customer is going to be back on line saying how I charged more than the coin was worth to get it graded.
Sorry but sometimes we just need to look at the glass from the other side to see the dirt.

 

To put it into perspective, when I talked with the CS Reps at NGC, I felt as if they really cared about me AND my submission. She even casually commented on what a great find my coin was which blew me away! It almost made me feel as if they were a very small customer oriented operation instead if the large nationwide top tier grading organization that they are.

The right coins submitted to NGC can have as much if not more value than like graded coins with PCGS. Unfortunately, modern coins, with the exceotion of certain varieties, get under valued in which case it's totally submitter preference.

 

Can anyone recommend any dealer who is willing to submit in DFW area.I'm afraid to sign up with NGC/PCGS because I use company address for shipping and I don't want to receive any junk mails in my name.thanks.

 

Agree. I have coins in both holders, but the fact that NGC is independent and not owned by coin dealers who might get preferential treatment makes them more trustworty. I'm not making any allegations about that with PCGS, just that perceptions are everything, and NGC has eliminated that source of conflict of interest while PCGS has not.

 

I thought shares of both companies were available to anyone that wanted to invest in those stocks?