Now thats a guarantee

Here is a little fact i read on Coin Facts while looking up Red Cents


Significant examples:
PCGS PR-70DCAM. Heritage 1/2003:5815, $39,100.00 - reconsigned to Heritage 1/20043 where it was removed from the sale. PCGS subsequently puchased the coin under its grading guarantee, lowered the grade to PR-64DCAM, and reimbursed the owner $40,250.00.

This was over a 1963 Lincoln Cent. Is PCGS insured for stuff like that because that is a TON of money to lose. If your going to send that coin out as a PR-70 it had to go through additional reviews?! Right?


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Wow

Ruben

 

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On the same link:



Sources and/or recommended reading:
"The PCGS Population Report, October 2003" by The Professional Coin Grading Service

"Improper storage causes $40K coin to become $4 coin", COIN WORLD, November 1, 2004, page 105
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and you wonder why I said the coin should be in an airtight container!

Ruben

 

http://www.coinfacts.com/patterns/1856_patterns/1856_die_hub_trials_in_leather.htm

 

Ruben,
To my knowledge PCGS is not insured in that capacity. PCGS had to spend their money to refund the difference, and I'm 99.9% certain that there is no way that any sort of insurance company has reimbursed them for this.

 

zaneman is correct, per the Coin World article, and it was GREAT promotion for them (PCGS).
Heck, who can't trust a company willing to put their money where their mouth is.
However, I have to admit, it was very positive for me.

 

Yep----and since there is no 100% airtight coin holder out on the market that I know of the key is Improper storage---if you have proper storage you don't need airtight holders----the whole key is storage--that is how some silver dollars can still be blast white after many years and they have never been dipped---that is how proof coins from the 1800's can still be nice and high grades, because of storage!

Speedy

 

Speedy, what is the best to store coins in your opinion? Thanks.

 

I'm so stupid. How could this coin have been graded a PR70 with that discoloration in the fields?

Ruben

 

http://images.heritagecoin.com/images/HRCG/300/0151642217o.jpg

Does this look like an MS 66? This looks like an MS 63 and no more to me. How about that big gash on the coat of Lincoln.

Ruben

 

Air-tites <sp?>.....I use many ways to store coins but the best seems to be those nice little round holders!

Speedy

 

MS-66, Mein Gott Im Himmel!!! Ruben, you are being gracious to even give it an MS-63 considering all of the contact marks on Lincoln's coat all the way to the lapel and also on his beard, cheek and the side of his head. There appears to be a nick North of the Date, another one below the "O" in GOD and an obvious rim ding Southwest of the lower back of Lincoln's coat.

 

Yeah that coin is pretty beat. Its bad when i can discover a grading error. I can't grade anything.

Ruben

 

how did they ever give that such a high grade?

 

Ruben:
Sorry, but if you are referring to the lapel, those marks belong there.
Or do you see something wlse?

 

The scratch doesn't

 

I know that I'm still half asleep but where is the scratch?

Speedy

 

Apparently, we are both asleep.

 

I would like to know the bottom line to this 1963 proof story. Was the problem that PCGS over graded this coin or what? How could PCGS be responsible for improper storage unless they were the ones that stored the coin?

This is a great story to share please sum all this up for me. Maybe I'm still half asleep, but I don't get it.

 

That coin has an obvious scratch from the lapel to the right which is not part if the coin design. There are also other scratches in the coin.

Compare it to a white line sketch of a cent.


Randy