Allegedly PCGS Damaged a Customer's Coin?!!

It's their own fault for insuring it for that on the forum. If anything the dealer really hosed them not putting a fair insurance value on it, would be even worse if they did so to save on shipping and pocket a little extra

Whatever you claim as the value is the maximum you will ever be reimbursed, putting a high maximum doesn't mean you will get the high value, but if you put a low on it does assure your insurance will be capped at that value.

 

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They paid exactly what it was declared for insurance for. You can't have basic insurance and go to the hospital and retroactively get the premium plan, or up your car insurance for a previous accident, this is no different. Insurance is capped at what you declare and pay for just as the post office would have said to pound sand if it got lost.

If you try and game the system to save a few bucks there's a chance you'll get your hand caught in the cookie jar and that's part of the risk you take doing things like that

 

And there's part of the other side of the story I was talking about. Now the video seems like a disingenuous rant.

 

I know what they offered and the reason why but I don't agree with it! Also, I already know from past posts that for some reason you're like a cheerleader for PCGS!! I feel they certainly did themselves a disservice in this situation! If they received legal advice for that offer then they wasted their money, jmho!!

 

Being the voice of reason to people with a vendetta against them is hardly the voice of reason. No company is going to pay over the insurance value pr declared value especially not when it’s a dealer submission gaming they system for cheaper shipping. Anyone who tries to game the system takes that risk.

It’s completely unReasonable to say they should have paid up anyways and just allow people to keep low balling values to pay less and expect full payment.

If anything that dealer should cover the difference if he just decided to put $15 down on his own

 

Oh. My. Lord.

NGC destroyed a one of a kind coin.

The holder literally decimated the value of the coin. It being a pattern as well, there could be no other surviving examples left.

Nope. Nope. Nope.

My God NGC, get your act together.

 

That's fine, I agree to disagree with you as life is too short. I just feel for public relations, it's best to be as generous as possible as acts of kindness and fairness goes a long way as far as the reputation of a company goes.

 

Again though it was also submitted by a dealer trying to game the system knowing full well what he was doing. If there was ever a time an exception would be made it would be for a collector that made a mistake and contacted them quietLy and politely. Not for a dealer submission and certainly not if they start trashing them for holding them to their value that they stated

PS this is also a good example of why I always submit myself, don’t have to worry about someone else being cheap on your coin values or the many other potential issues

 

I would say that is exactly what happened, there was a lamination right at the edge of the coin and putting it into the prongs caught the lamination and pushed it back. In the Trueview image which is taken before holdering if you look closely there is a disturbance at the edge there.

Yep, lead was too soft to resist the pressure of the prongs. I have seen a cardboard siege coin also damaged by pressure from the prongs.

Unfortunately for the submitter PCGS handled this EXACTLY as their rules say they would. It says right in their terms that their MAXIMUM liability is the declared value of the coin. By submitting you agree to that. So the submitter agreed that his maximum compensation would be $15, exactly what he was offered. Of course that was offered to the dealer that submitted it for him. The coins owner has a beef with the dealer not PCGS. No one can accuse me of being a cheerleader for any of the TPG's, but in this case PCGS is in the clear. Yes they damaged the coin, but they offered full restitution to the limit of their liability as agreed to by the submitter.

 

But is that enough? Just asking.

 

Of course. What business will be like hey we know you were trying to nickel and dime us being cheap but sure we'll cover you for extra. Ask your health insurance how that would go, or your home owners, or car insurance, or any insurance at all, or any business why they aren't giving you extra than you agreed to and paid for

For some reason collecting is the one area where a significant amount of people think contracts shouldn't matter and the TPGs should just front everyone no matter how they tried to game the system

 

PCGS has a habit of garnering negative publicity.

 

why pay attention to actual facts of a situation when you can either just keep doing what you're doing right

 

I detest the ENTIRE third party grading system for ALL collectibles. THAT SAID they said they would max out compensation at the declared value and they paid the declared value. Transaction completed. If the owner was harmed by the actions of others - namely the submitting dealer - then he can sue that person for those damages. If the submitting dealer has the stated value in the owners hand writing then he will be held blameless and can sue the owner for damage to his reputation. The TPG can also sue for defamation of character against the owner and whoever made the you tube video If there is a moral to the story trying to save a few bucks by lying on the declared value can easily bite you in the ass. DON'T BE THAT GUY.

 

I don't think any of it is lawsuit level, but 100 percent agree with the sentiment and that you can't complain if you try and game the system and lose

 

When I was at ANACS we received a Registered package with about $500 in POSTAGE on it. This drew our attention, and several of us witnessed the opening of the package. It was a common 1823 half, but the submission form listed it as an 1823-"O" mint mark and the owner's declared value was $500,000. There were a few scratches above the date, in the general area where the mint marks were on 1838-O & 1839-O halves, and the submittor had deluded herself into thinking it was an unlisted mint mark variety. She had paid our maximum $500 fee and another $500 for return postage.

I sent the lady a photocopy of the Overton listing for the variety and a history of the New Orleans Mint showing that it had not opened until 1838 and nicely explained that it was not an O, but merely some random scratches, and told her that if she would revalue the coin, in writing, to say $100 we would refund $494 of her fee and most of her postage. She refused, insisting she was right. I tried two or three more times, but she kept insisting she was right. In the end we certified it for what it was, an 1823 half dollar, Overton-whatever, and returned it. To cover our tuccuses we Registered it for $500,000, even though at the time the absolute most that the Post Office would pay off on a Registered shipment was either $10,000 or $25,000.

When she got the coin she called, all excited. She asked if this meant that we agreed that it was genuine. I said yes, it is a genuine 1823 half dollar. She then asked if this meant it was worth $500,000, and I said no, as I told you before, it is worth about $80. She said "Well! I've been cheated again!"

TPG's live and die by Owner's Declared Values because otherwise submittors will be unreasonable after the fact. As I said before, the owner of the coin has a beef with the dealer who told him to declare $15, not the TPG.

 

It may be unpopular to stick-up for PCGS or NGC, but I've been treated more than fairly by both. A few examples:

a. Had a CC Morgan graded by PCGS. Then noticed a tiny fleck of bright green on the coin. Close exam revealed it was an unattached particle ... probably plastic. Showed it to the PCGS staff at a show. They put the coin in a new holder minus the particle. Holder was available next day. No charge.

b. Had a British crown with edge lettering that I bought already in a PCGS holder. Problem was the holder insert totally obscured the edge lettering. Asked the PCGS staff at a show if there wasn't a holder that would show some of the edge lettering. They said yes, and they would take care of it for only the reholdering fee (no service, grading or other fees). Coin was ready next day in a holder with pronged insert.

c. Was submitting some world coins to NGC for grading at a show. Added up the values (fair market estimates), and it was a little over $1K. Looked up applicable return postage and added it to the total. When I submitted the coins and form, the clerk looked over the form and said if I decreased the value of a couple of coins by just a little I could lower the return postage fee. Done.

Folks should always put fair market value on the form. It not only limits payout if coin is damaged or lost by the TPG but also loss in return shipping ... which is far more likely.

Cal

 

Doesn't PCGS have insurance? My goodness

 

Wondering what damage. Before and after. Am i correct?