Problems with PMG overgrading notes

That's a huge difference on a note ,graders should have to give their name (somewhere on the back of the slab) maybe then they would be responsible for their work .If a grader consistently gave either very low or high grades he would be held responsible to the companies reputation.

 

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Ok ... so a grader at PMG was having a bad day ... i guess I can see that.

I am not sure what the excuse would be that PMG missed that fact that this $50,000+ note was RESTORED. The difference between a 60 and a 63 note is about $17,000.

 

then there's this ...

from About Unc 58 to Gem Unc 65

That's a lot of grade levels

I guess if youre a seller, you want to use PMG to grade (to get higher bids)

If youre a buyer ... buyer beware!!

 

When it comes right down to it, Its about $$$ and i agree with
Your idea Bob about holding the graders accountable for there
Work, I know TPG coin companies like PCGS run there coins by
Atleast 3 different graders before receiving a grade, I think this
Would be a good idea for TPG,S on the currency side as well!!

 

Are these your notes phubanks!!

 

No they all belong to some guy names PorscheAmmet or something like that

He's the guy that has some currency notes for sale on eBay for $20 million dollars ...

Like this one ...

http://cgi.ebay.com/PORSCHEAHMET-19...emQQptZLH_DefaultDomain_0?hash=item5639b04a95

 

I think that's a great idea.

 

the only problem with showing examples from PorscheAmmet is he is known to be , lets say in "bed" with CGA. i wouldn't go by what he lists. there are many negative posts on just this forum alone. i am sure you can find similar posts on other coin and currency forums about him and his practices. when i first starting out collecting currency i too saw his ebay auctions and felt the same way as you. as i have gotten more into it and have a better understanding of how grading works. i have a better sense by looking at the note then just looking at the slab to see if the grade is accurate. dont get me wrong i am by no where near an expert but i feel pretty confident in my grading skills. it boils down to knowing the craft. the coin guys always say dont buy the slab buy the coin. also having the note in hand makes a huge difference. as in my first post in this thread i have the PMG note that was severely under graded. before i purchased the note from heritage i didnt notice the tear on the right margin. once i had the note in hand i could see it but was still confident that it deserved higher that a 35. everybody was focusing on how PMG over graded a note buy 6 well i showed and example of how they under graded by 15. the moral of my rambling is to hone your skills as a grader. read books, study notes and just get better at all around grading. i started out only buying raw notes never would i buy a graded note. now i have several hundred graded notes. i feel that the majority are fairly correct. some might be under graded some might be over graded. good luck on your quest into the wonderful world of currency :thumb:

 

Now i understand!! Well sense that guy Porsh is in a lawsuit it
Looks like he,s trying to discredit other TPG,S!!!

Seeme like some kind of set up to me!!

 

A 68, Thats to "FUNNY" The margins arent even close!!:rolling:

 

i find all this TPG stuff VERY CONFUSING as I am very very new to currency collecting ... so all your ideas and thoughts are very helpful. Thanks for posting.

 

It makes me mad, That this porsch guy is trying to pull
This and make other reputiable TPG,S look bad, When
The one he uses has the worst reputation of them all,That
Should tell you something right there, Thanks for posting this
Phubanks!!

 

that why you should focus on raw notes. maybe not go for the ultra expensive large sized notes. maybe go with small sized notes that are still very attainable for a fairly decent price. good luck on the quest

 

I don't get that this porscheahmet guy is trying to "pull" something ... these notes arent fake and the grading is not fake ... he really did send them to 3 TPG companies ... right?

And PMG seems to be overly lenient on at least a couple

What about PMG missing that the $75,000 note was restored.
He didnt fake that. ... right?

In any case. It should raise everyones awareness to be careful when dealing with TPG notes.

 

Phubanks with a story like this, You always have to consider the source this
Guy has a terrible rep!!

And i would not touch one of his notes with a long stick!! Who knows the
Circumstances behind what he is submitting and how hes doing it, His
Credability is "0" in my book!! So anything he does i just dont care !!

 

What I do know from my experience is TPG'ers do make mistakes but I've not seen (other then from Porchamet) grading off that much from PMG or PCGS. They are not perfect and I would always look at the notes myself first to verify the grade.
I trust know one more then those two companies in currency and certainly CGA is not one that I would trust more.

Just my opinion though. Look around yourself and decide for yourself. But dont take just any advertising.

 

Phu you cant take anything that porscheahmet posts as real or fact. he is known to be strictly a CGA supporter so his stuff means nothing to me. like posted before we dont know anything about the notes that were submitted to the other TPG's then CGA. we dont know if those notes werent actually in those original conditions and then once porscheahmet got his hands on them maybe they were manipulated or altered that sent to his buddies at CGA. dont take this guy as the preacher for graded notes. anyone who tries to sell a note for $20,000,000 has not merit in my book. regardless of his collection. money rules the world. he obviously has a lot so he could be doing any kind of unscrupulous activity he wants. its like me working for one major fast food chain trying to disgrace another. its merely a marketing ploy and not always fact. do a little more research on the internet about porscheahmet and you will see they stuff he is getting himself into. once again good luck on your quest in currency.

 

Thanks for this info! I just sent these images to PMG. I am curious what they would say about them (maybe they are fakes?) ... I will let you know what I hear from PMG directly about this.

 

phubanks..

it is clear that you have not been around currency very long or you would know about this person and the folks he hangs with. Knowing who you are dealing with makes all the difference in the world.
Litigation at least the 1st round of it just concluded on Feb 19, 2010..if I were you, I would neglect posting anything that might put you in the light of the pending defamation suit..bad mouthing or posting information you know little about on the Internet places you in the middle so to speak. I would not put it past the folks in the current suit to look for any slander or utterances of fraud by people trying to discredit their good names.

For what it's worth, study and find out who the players are, steer clear and pick an area that you like and learn about it first..keep the open optimistic approach and take what you learn to the bank with you...after all your opinion is also one that is thrown into the mix.

FYI.. I am very aware of who all these people are and the current status...sometimes it is just best to leave alone things you are not aware of.
Do not take this as me telling you what to do, I am not trying to do that..I am just suggesting you look at what you write and post before doing so...

Good luck with your collection...you have a nice start. :thumb:

RickieB

 

The $10,000 New York FRN graded 63 by PMG - previously graded 60 "restored" by CGA - is from the infamous Binion Hoard. Most of the existing $10,000 FRNs from New York were originally part of this hoard. Just about all of the notes have been restored, mostly to remove evidence of the glue residue that once held the notes in place in the display at Binion's Las Vegas casino, and possibly even to repair small tears from when the notes were removed. This level of restoration can be considered minor, especially when it involves nothing more than parts of the margin.

In fact, PMG did not miss the restorative work on this note, because the holder lacks the 'EPQ' qualifier. And, I would bet that the back of the holder mentions "restoration" or similar. This is where PMG places its comments, and for the sake of that author's comments, is conveniently not shown.