Going through dead uncles attic found coins

Looking at other graded 1803's, there is much that makes me wonder.

 

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So there you go. If you would rather have a nice chevelle (I would rather have a mopar!) rather than 1 coin, then sell! Way to much money to have in one coin if you are not made of money.

 

Regrade is the way to go with this coin and would be what I would suggest for you in the event that you would like it to go through the system again. There is little downside other than the submission fee and the turnaround time. At one point, though, it may be that you will have to make a decision as to how long you want to keep the coin tied up and how much money you want to pour into the coin if it keeps coming back as AU50.

 

I sell $11,000 coins to folks who are not millionaires. These are simply dedicated collectors who save their money for the right coin for their collection. This is no different than buying another Chevelle.

 

Your coin has strong details for an AU50, but there is considerably more that goes into grading a coin than simply wear. Also, keep in mind that a grade is only a single data point in time and it might change upon regrade.

 

I have only submitted about 5 coins twice. Every single one came back a different grade than the first submission. Some higher, some lower. The inconsistency of the "experts" surprised me.

 

Are submission fees on these high value coins relative to price guide value?

 

@shaner would you mind sharing what you paid in submission fees?

I realize that you utilized on-site grading at a major show, and those fees are different from standard mail-ins but I'm assuming any guide value percentage based fees would remain the same no matter the submission, be it by mail or on site.

 

No problem, we used the 4 hour turn around fee. $250.

 

You're 100% right Tom, but when you look at enough 1803's, some more worn, less detail, terrible color, it makes you wonder why ours didn't at least get a 53.
I in no way want to sound like a money grubber, and to be honest, we had a lady friend that runs a gold buying place, if she would have offered us $4,000 when we showed the coin to her originally, we would have taken it.

She didn't though, she didn't know what the coin was and thought it was fake. So we left and listened to all of you and that's something I will be eternally grateful for.

I just think compared to other coins out there, what I've read, it should be slightly higher.

 

It very well might grade higher, which is why I would recommend the regrade option at PCGS.

 

Hey shaner, great story. Sounds like you had a good time at the show. I'm also glad you got to meet some guys from the forum who I've heard nothing but good things about. Who knows, maybe you've got a new hobby?

 

Just so you know what goes on when a coin is graded, you might want to watch this video. Repeated submissions receive the same treatment as initial submissions and are 'blind' to what previous grades were. This is why the grade might vary.

 

Sweet video!
Thanks a bunch for that!

 

Lol...

My wife just told me I don't get anymore hobbies.

If you only knew how many hobbies I have now.

 

So here's my next question...

Someone at pcgs has to know the same coin is resubmitted based on updating the coin facts page... no?

With a coin like mine, they just go to the coin facts page and look at the five examples... bingo, here is the same coin... we graded it an AU50 the first time.

My wife also said, there's a policy she found, that if the re-grade it for less they pay you the difference...?? kind of puzzled on that one.
Going to go see if she can show me where she read that at.

 

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

If the grade determined under such "Guarantee Resubmission" procedures is lower than the grade originally assigned to the coin, or if the coin is found to be misattributed or non-authentic, PCGS shall pay the current market value for the coin in question at the originally assigned grade, or at the owner of the coin's option, the difference between the current market value for the coin in question at the newly established grade and the current market value of the coin in question at the grade originally assigned. PCGS will also refund the regrading fee and postage and insurance costs incurred by the coin owner in sending the coin to PCGS. IT IS UNDERSTOOD THAT PCGS WILL BE THE SOLE DETERMINER OF THE CURRENT MARKET VALUE OF THE COIN AND THAT CURRENT MARKET VALUE IS DEFINED AS DEALER REPLACEMENT VALUE, I.E. THE PRICE A DEALER WOULD MOST LIKELY HAVE TO PAY TO REPLACE THE COIN.

I'm not super intelligent but... seems like I don't have much to lose.

 

The only thing you have to lose on a regrade is time and money, which in your case might be a moot point since you are not a dealer who has to turn around inventory quickly.

As for the other post about PCGS knowing the grade of the prior grading event; of course they do, but it isn't cost effective for them to intentionally manipulate your grades upon resubmission.

You and your wife are fairly new to this field and many folks who are fairly new look for possible loopholes or conspiracies with PCGS and NGC when in fact they are actually legitimate companies with high throughput that are looking to put their best product out there for the consumer.

 

Correct me if I am wrong, but the guarantee does not apply to the original submitter does it? It only applies to subsequent buyers, right? Am I wrong or missing something?

 

The guarantee applies to everyone.