Allegedly PCGS Damaged a Customer's Coin?!!

Thats a catch 22. That should be a deal breaker with PCGS. Would be negligens. No fault to the owner. 15 bucks only covers shipping till it gets there. You go to an ATM. Deposit 10 grand. You get a receipt. The ATM catches fire. All monies burn. No fault insurance. At least

 

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Yeah but? Who does that?

 

Shipping there too. If it were to get lost USPS will want a copy of the submission sheet for value and if the values don't match the insurance you put on the package you'll either get a lower payout or have the claim rejected entirely

Yes, and it's based off the declared value of the submitter.

 

I wonder if that's true of private insurance. I'll have to check my policy.

Cal

 

Not sure for the private ones, but in general I would always advise to make sure the values on the insurance and the submission match before shipping. It's much easier to just provide a copy when they ask for proof then have to start trying to explain why there was a difference if they'll even listen at that point

 

Sure see if your policy would be willing to make a $100 pay out on a lost or damaged item you insured and told them was worth just $15.

 

This is exactly my view on this subject. I know many of us have beef with PCGS, but it will not change the fact that PCGS is in the clear and that the problem is with the dishonest coin dealer.

 

I checked and they will pay the lesser of a number of things including "declared value", which is what I expected. I always put market value on the submission forms. So declared value would never be an issue if I needed to make a claim.

Cal

 

Exactly, if you expect your coin to grade mid-AU you simply declare the price guide value for an AU55 coin.

 

Not a fact. We don’t know that the dealer intentionally declared a low value. It could have been an honest mistake or s/he didn’t know that the coin had a higher value.

 

According to the video it was to lower shipping, but it wouldn't matter anyways. His own fault if he didn't check his numbers especially when it was for a CLIENT and not himself

 

Regardless of the insurance value I don’t think people should be too upset with PCGS in this case as it isn’t gross negligence. It sounds like the prongs caused metal movement in a planchet flaw that was fragile to begin with. If I was crossing over a 67+ monster toned Morgan and they dropped it on a cement floor I would be a lot more upset.