PCGS made a big mistake?

I just received my issue of Coin World. They have a cover story about graded ANA Gold Kennedy Half Dollars.

The number reported by the mint does not jive with the number graded. It seems ANACS and NGC required proof of purchase to get ANA labels, but PCGS did not.

It now seems as though some of these PCGS ANA coins were overnight shipped to Chicago from other sources and given ANA labels by PCGS.

PCGS ANA labeled coins might never be worth as much as the others are for this issue.

 

Log in or Sign up to hide this ad.

Wow, HUGE mistake! I bet no one ever uses PCGS to grade their coins anymore!....

 

Yes, I heard this at the time that a lot of the mad rush at the mints were only to get the coins shipped to chicago to get ANA holders. The whole thing was messed up, this just another error.

 

I'm thinking that it will destroy all trust in the PCGS ANA Show label, making it worthless.

I know some of you put no stock in the value of a label and I'm not looking for, nor do I want, that kind of opinion in this thread.

 

The companies have a different definition of what ANA on the labels of these coins means...

NGC puts ANA on the labels of coins that were sold at AND graded at the ANA show, so they required proof of purchase showing that the coins were bought at the ANA show.

PCGS puts ANA on the labels of coins graded at the ANA show, regardless of where the coins were sold, so checking a receipt is not relevant to them.

Before even thinking of paying any sort of premium for any show label or other labels like "first releases" or "first strike," collectors should really do their homework to know what those labels actually mean.

 

TPG grading for first release etc is some big fraud perpetrated on willing suckers. Those things won't be worth a warm cup of spittle more than the ungraded stuff in the near future.

 

Please go back and read post #4. In case you missed it, I'll say it again.

I know some of you put no stock in the value of a label and I'm not looking for, nor do I want, that kind of opinion in this thread.

Please respect that request.

 

As an experienced and knowledgeable buyer of "first strike" and "first day of issue slabs", I'd just like to say that the five dollars I spend on each one is well worth it. I use them as bonuses and freebies when I swap for silver coins with contacts in Europe.

 

The dollar outweighs morals and honesty. Nothing new here when it comes to TPG's.

 

so what you are saying is that you are posting an opinion on a public forum and if anyone disagrees with you they should just keep their mouths shut?

 

I posted an opinion on one particular coin with one particular label and the mistake made by PCGS, not an opinion on TPGs and labels in general.
I'd like the thread to stay on subject and not devolve into another argument on the general merits of TPGs.
Perhaps I should just ask the mods to close the thread and move on.

 

If someone believes that special labels are a fraud in general that sounds like it is on subject, as it would apply to these labels as well as any others...

 

But the blatant use of the practice IS describing their merits. If not, what was the point of the op? For us to believe it truly was a mistake?

 

Your whole post if about the value of a label, yet you do not want anyone to comment that they think another type of label is worthless? Free country still, right?

 

you don't need to ask to close a thread just because you don't like the way it is going....if you feel so strongly about the subject then defend it!

 

The OP hijacked his own thread by trying to dictate what people talk about even though such discussion is relevant to the thread itself. Mind boggling.

 

Thread Crappers, all of you.

 

I put a ton of concern and care in the value of a label. For example a pcgs 1865 50c proof 64 cameo label means a whole lot to me. Sometimes the other printing on the label means less to me, and if you have been following end auction prices of hof and gold Kennedys then you will find the market thinks as little to me of the value of "other" labels

 

I think the point is that some people do value/collect the various labels issued by the TPG's, and PCGS' practice of issuing an ANA designation to all coins graded at the ANA regardless of where they came from is hurting their marketing of these special designations. The possibility that someone here does not value the opinions of TPG's is largely irrelevant to the discussion, so Rick asked people to leave such opinions out of this discussion.

It's a simple request really, but to be fair, I find his reactions to be more of a distraction to the discussion than the irrelevant comments.

All that being said, how much of these shenanigans at the ANA were done to get the ANA designation and how much were done to get them graded in a hurry so they could be thrown up on ebay before the bubble burst? I suspect the latter.