I don't think it's completely worthless...but I won't buy a slabbed coin based on the grade on the holder or pay a premium for the holder. I look at the coin myself, grade it in my head and decide what the coin is worth to me...if the price is higher I pass. For me, slabs are first and foremost a way to ensure the coin is real. There are a number of coins I wouldn't touch with a 10 foot poll if they aren't in a slab because there are too many fakes. Again though, I won't pay extra for the slab nor will I submit a coin to a TPG. I think that slabs have their place, but too many people hold the TPGs opinions above their own. Like I said before, grading is more of an art form than a science. Science can be validated while art cannot. I personally like the ANA grading guide and that's what I use...if I validated the TPGs with that, they are way off a lot of time time because they use their own standards.
Yesterday I was at a coin shop and purchased a 2006 Ben Franklin-Founding Father proof silver dollar in a PCGS holder. It's graded a PR69DCAM. At first glance, it appears to be an amazing, perfect coin. On closer inspection, the raised part of the rim next to Liberty has 7 fine marks from something. Like chatter marks. The only imperfection I could find. But, since they are there, this coin can't be a 70. If they weren't there, this coin would have a very good chance. Just my one small example of why this works. I would have given it a 69 grade without seeing the holder. And it is a nice, almost indestructible holder with a nice label that has identifying info on it, and can be conveniently stored. I paid less than issue price for it so I don't feel too guilty. I don't understand the hatred toward grading companies. I would bet most people that hate them so much have purchased or will purchase a fake at some point in their lives. Wouldn't want an awful third party weeding 99.9% of them out in order to help us.
I personally have no problem with TPGs, none at all. But, I don't hold their opinion as sacred. I have no problem buying a slabbed coin, but I won't pay a premium for a coin in a slab verses one not in a slab is all else is equal.
Why pay more? PCGS - NGC all others Collectors pay more for PCGS graded coins than NGC, sometimes twice as much for a grade 70 modern. All the other grading services are not considered to be up to the same standards and their coin slabs are considered substandard. Personally I agree. It is not easy to get a grade 70 modern coin, I for one cannot see the difference between a 70 and a 69. Some collectors suggest sending grade 69 PCGS and NGC coins back and forth to the grading services until you get a 70. This does not work furthermore you are more likely to have the coin down graded than up graded. Collectors will always be willing to pay premiums for grade 70 coins, both PCGS and NGC have a vested interest in keeping the pool of grade 70 coins small. Sound like a fix? Well I for one think it is!
I was recently on Kitco's website, checking metal prices when I saw an ad banner. They were selling PCGS graded PF70 ASE's. The banner even said "Back by popular demand" or something to that effect. That leads me to believe that they are grading these simply to turn a profit. Kitco calls up and says "Hey guys, we have a ton of people wanting some PF70 Eagles. What kind of deal can you work for us? We'll send you a couple hundred boxes of eagles, you just 'grade' 'em!" Also, on the subject of grading being subjective...well I personaly agree. I went to that PCGS photograde thing and I cannot tell the difference between some of them. Some of the higher graded coins look less appealing than the lower graded ones. For instance in the Washington Quarter section the MS68 example looks pretty damn worn and less detailed than the MS62, 63 pictures...even the AU58 looks better. Perhaps I do not know what to look for, but I know what looks good to me. Hence the subjectiveness.
In the long run, you are paying the TPGs for their opinion on grade and nothing more. While some hold the TPGs as being 100% on grade, others disagree. I for one, refuse to pay fees for someone's opinion on grade, and to get my coins in a particular slab from either NGC or PCGS. I do, and have, buy coins that have been slabbed; however, their slab life comes to an end in my collection. I don't, nor have I ever, collect coins for investment value but for the collecting hobby, as that is what it is to me. Also, the only difference between a 69 and 70 is the fractional grade only. Nothing more. Oh to return to the days of simplified grading without the numbers. Just my opinion. TPS welcome to CT, but this thread is 3 years old
