This sold in January 2013 in this holder: http://currency.ha.com/c/item.zx?saleNo=3521&lotNo=17484 Now its for sale on eBay in this holder: http://www.ebay.com/itm/1000-1918-SAN-FRANCISCO-CGA-GEM-65-WHITE-MELLON-4-KNOWN-/330873419316 Normally, I would say the note was cut out and we got another unreliable regrade. But my problem is that it's currently in the old CGA holder. What in the world?
Definitely something strange going on here, and the bottom line is a tidy $400K+ profit for the seller (if it sells). I know little about these grading services except what I read... and CGA is ranked above both PCGS and PMG according to an eBay guide. If this is an old CGA holder, then something is definitely fishy. Hopefully, some knowledgeable members will come along with an explanation, as I'm curious too as to how this could happen.
Graded notes are similar to graded coins..... if the owner thinks the note/coin has not received the proper grade, it can be removed from the holder and submitted to another grading service. Grading is an opinion, not science. Notes do not always cross to identical grades from grading service to grading service. An undergraded note is bad for the owner and good for the buyer, and overgraded note is good for the owner and bad for the buyer. Before you decide or side with any third party grader consider all of the opinions. If you visit the PCGS forum you can find threads bashing CGA or PMG, if you're on the CGA forum, you can find threads bashing PCGS and PMG, and I believe the PMG forum does not allow such threads. This is a current thread concerning PCGS graded notes, http://www.forums.cganotes.com/show...onsider-when-buying-a-pcgs-note&p=460#post460
I know I just read a thread over there about this very thing - and I'm pretty sure what they said was CGA was honoring old grades they had put on notes that were than crossed. If I understood it correctly, they were saying that if CGA graded a note at 65 and then it was cracked out and PCGS gave it a 58, CGA would honor their old grade and just put it back in a 65 holder no questions asked. Not sure if I understood that correctly - but they had quite a few examples of this happening with notes
CGA will reholder the note with an old CGA label, without the star and without the guarantee. I sent 4 notes to the new CGA. The 4 notes I sent were in old CGA holders. I asked that they be reholdered in new CGA holders with the star guarantee. John Spinelli (owner of the new CGA ) told me the notes would be removed from the old holders and regraded at the current CGA standards and he couldn't guarantee the grades would be the same. I now have all 4 of the notes in the new CGA holders.
That's too big a difference in the grades. With that in mind, I'm not sure I would trust either if I was purchasing this type of note. I would rather be safe than sorry and try and find something else without this descrepancy..
Aha. That makes sense. I did not know that CGA will reholder notes with the old style holder and grade. I thought they would have to do a regrade and put it in the new holder. Based on this, if you pulled out a note from its holder and mangled it accidentally, you could send it back and it would get put back in the same holder with its previous grade. I want to test this theory with some cheap gem note, mangle it beyond recognition and see if they'll reholder it and give it the same grade it once had.
They will only reholder if it is still in the same condition as previous. Use your head folks... The reholdering is a service courtesy to folks who previously paid them for grading services. It's not anything they are trying to do to pull a fast one.
It cant be the same or the new CGA would have to agree with the old CGA grade and we know the standards have changed. Those other posts had lots of examples of notes that loom different also.
So what you guys are saying is that they will regrade the note according to the old CGA standards? Seems odd. Then again how else would they know it's really in the same condition, unless there is obvious destruction.
