PCGS made a big mistake?

Discussion in 'US Coins Forum' started by rickmp, Sep 10, 2014.

  1. rickmp

    rickmp Frequently flatulent.

    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.
     
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  3. jwitten

    jwitten Well-Known Member

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

    medoraman Supporter! Supporter

    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.
     
  5. rickmp

    rickmp Frequently flatulent.

    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.
     
  6. illini420

    illini420 1909 Collector

    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.
     
    Jwt708 likes this.
  7. scottishmoney

    scottishmoney Buh bye

    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.
     
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  8. rickmp

    rickmp Frequently flatulent.

    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.
     
  9. torontokuba

    torontokuba Thread Crapper & Hijacker, TP please.

    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.
     
  10. coleguy

    coleguy Coin Collector

    The dollar outweighs morals and honesty. Nothing new here when it comes to TPG's.
     
    Last edited: Sep 10, 2014
  11. ziggy9

    ziggy9 *NEC SPERNO NEC TIMEO*

    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?
     
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  12. rickmp

    rickmp Frequently flatulent.

    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.
     
    Last edited: Sep 10, 2014
  13. ziggy9

    ziggy9 *NEC SPERNO NEC TIMEO*

    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...
     
    Endeavor likes this.
  14. coleguy

    coleguy Coin Collector

    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?
     
    Endeavor likes this.
  15. jwitten

    jwitten Well-Known Member

    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?
     
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  16. ziggy9

    ziggy9 *NEC SPERNO NEC TIMEO*

    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!
     
  17. NOS

    NOS Former Coin Hoarder

    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.
     
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  18. torontokuba

    torontokuba Thread Crapper & Hijacker, TP please.

    Thread Crappers, all of you.;)
     
  19. GDJMSP

    GDJMSP Numismatist Moderator

    You can request whatever you want Rick, but that doesn't necessarily mean that everyone will respect that request. Others have just as right to say what they want as you do.
     
    Last edited: Sep 10, 2014
  20. Vegas Vic

    Vegas Vic Undermedicated psychiatric patient

    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
     
  21. Blaubart

    Blaubart Melt Value = 4.50

    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.
     
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