EAC people, critique please

uh...


the second one is a nickel?

 

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Slabbers really do poorly at attribution though. DO NOT TRUST their attribution for variety. Genuineness and grade are OK.

And I'm not just talking about the low price slabbers. I'm talking about PCGS and NGC as well. As many as 1/2 to 1/3 of their Early Date attributions are wrong and sometimes it's not even a close call.

 

And, they do not guarantee their variety attribution. If you buy a rare variety based on what the slab says and later find out it was a mis-attributed common variety, they will not reimburse you.

 

Can you tell me about the ANA library? Do you need to be a member to get access to the books?

 

Actually if I could not confirm the attribution on the coin before purchasing I would not buy the coin. Now I cannot say they do not guarantee an attribution - what few coins I have had attributed they got right, but not any copper. Marshall is correct about their attributes on copper coins.

 

PCGS guarantees the variety to some extent except when obviously wrong like with the grade guarantee, NGC doesn't guarantee varieties at all

 

I guess the question would be if you bought some variety that was like an R-7 coin, but was really an R-3 - how would they make it right? Re-imbursement or just a new slab with a new variety? Of course assuming someone bought the coin with out first confirming the variety.

 

I had this issue with an NGC coin, and you are correct that PCGS now states they guarantee the attribution. But Mark's question remains, how do they make right on it. It's not like those R5+ large cents are extremely liquid and easy to price...

 

How would they make it right? They would come up with a price and you can take it or leave it. Who know whether or not that price would actually reflect the true market for the coin. They may just base their price on standard references that don't relate to varieties. Sometimes they use guides that just aren't accurate as well. Awhile back there was a guy that bought a very rare Polish piece slabbed by NCS. He bought it at the going market value of around $18,000 (And that was they had been selling for at auction) depending on the authenticity because it was in NGC's curation service slab. Several years later when he went to sell it buyers rejected it as being a altered date (And it was, crudely done and frankly obviously altered). When he went back to NGC for reimbursement under their guarantee, they offered him the listed value in the Krause catalog, $800. He refused and pointed out the auction sale results. NGC stood by their $800 offer and washed their hands of it when he rejected the offer.

 

Yes you need to be a member

 

Both will fix label errors for free so that would definitely happen, as far as what kind of reimbursement if any it seems to be a case by case basis for PCGS. I suspect the situation like mark described there would probably be a good chance of some offer of either buying the coin outright or paying what they deem to be the difference. You could probably even get grading vouchers if you wanted.

Overdates and wrong mint marks are what they used as their example for things they wouldn't cover and early copper is certainly more complicated then that. You may have to put some effort in but they usually seem to want to make things right over taking the bad publicity in cases where most people would agree that isn't a mistake that should have been obvious

 

Yes, you need to be a member, but it's absolutely worth the membership cost (and there are other benefits, too!). If you live outside driving distance from their headquarters / library in Colorado Springs, they will mail the books to you.