What is the worst (or just a bad) case you've ever heard of (and can substantiate) concerning abuse and dishonesty by a Third Party Grader. I'm thinking of scenarios like switching your coin with a lower value similar coin, or taking the money and never being heard from again. What cases have you heard of? Take Care Ben
I have never heard reports of a reputable TPG intentionally switching coins. The value of a company's reputation is far greater than the value of any coin. Occasionally a TPG may send back a wrong coin, but mistakes do happen, and in the issues I have heard of, matters were quickly resolved to the satisfaction of both parties.
I have heard some stories of PCGS using the claim of a "clerical error" to get out of their guarantee for improperly designated coins. For example, someone purchases a 19th type coin labeled as a proof that is really only a business strike. If the proof is more valuable than the business strike, then the person has potentially lost a large sum of money. But PCGS says that this problem was simply a labeling error, not an attribution error. Therefore their grading guarantee does not apply and the best that they will do is correct the "typo" on the holder. I feel bad for anyone that this has happened to.
I have the same thoughts I have slabs that were already slabbed when I got them but I have never sent one in myself.
I've never even heard ""Net Rumors" of the top teir TPGs... I've heard a bunch of stories about over grades, by what I consider the lower rung guys....
They have alot at stake if they did any of this. There pride and dignity, respect, and most important of all, there reputation. Good thought though. Just something I would doubt happening. But my question is, are you talking about self slabbers or the pros? I was wondering that when you said the take your money and never her from them again. If that is, then I haven't heard any stories, but it is possible. Hear is an article about a NNC, but that just says that it isn't a good company. Here ya go. Take care. Phoenix
I'm talking about any TPG which you can pay money to for a service. All the way from "Joe's Slabs" to "NGC." One has to remember that even the biggest TPG started with that first slab. Seem to recall there was a big "whoop-dee-doo" or something similar with ACG, Accugrade Grading and the coins they graded.
Very true. I KNOW!!! What does every one think of the "Phoenix Grading Service" I can see it now. That would be pretty neat. I could be big! lol. But I agree, every TPG started with there first slab, that is a good point. I didn't think of that at first. Yeah, a lot of commotion about ACG. Well, take care. Phoenix
I heard a couple horror stories recently of some companies (never mentioned) switching coins and even replacing counterfeit gold coins for the real ones when mailed in. It made me wonder. Take Care Ben
Wow, really? Like I said, it can happen. Some bad people out there these days. It does make you wonder. I like my PGS idea lol. I can see it now... I wouldn't do any of that stuff though. I take pride in my honesty. Makes you wonder why people are like they are. Most of it is greed. Another thing to wonder about. Take care. Phoenix
Good to see the overwhelmingly positive tone of this thread. The #1 thing top TPGs sell is not opinions - it's integrity. Same with any good dealer. In this hobby, once you've tarnished your rep, you got no cred. Ever. For those that hate slabs, don't buy 'em. That's cool. For a lot of folks, they're unnecessary. But any coin requiring sizable cash, say $200+, I always insist on slabs - NGC and PCGS only (maybe ANACS / ICG). Yes, I totally agree that I must "buy the coin, not the slab"; that I must learn to grade and detect alterations; that I must be able to do everything they do to the best of my ability. And there's the rub... they're pros, I'm not. They have more ability than I do. They've graded milllions; as for me... well, less than millions. A lot less. Experience counts. Yes, they make mistakes, but between their efforts plus mine, I feel pretty good. Safe. I've submitted many coins to PCGS / NGC and been very pleased. And hey... I'm willing to give Phoenix a try !
Right on!!! I should start a poll about this lol. Probably get a lot of negs. but hey, I like the idea lol. All in favor say I! lol Phoenix
Then none of the letters DH (of PCGS) has written that mention how the grading services have taken advantage of collectors bother you? Or how about his conviction along those same lines in his early slabbing days? I guess that is easy to say if there are many raw examples also available. But about 3/4 of the cwt varieties (my primary collecting interest) fall into the 4 highest rarity groups, which means that they have pops between 1 and 20. Passing on a slab could easily mean passing on the only opportunity in my lifetime to own that variety. Unlike regular coinage, slabs have virtually no benefits with cwts IMO. Yet, to compete with the investors that slabbing has brought, often 4 or 5 times the value of the token must be paid for the addition of a plastic tomb. As a collector, I do not see how paying multiples of a token's worth can be viewed as a good thing. I'm sure sellers have no problem with that scenario. Not to mention that I feel their identification and grading skills are not much above a novice level, although they have improved some of late. There are some dies that the tpgs have incorrectly identified on EVERY pertinent slab, and I predict they will continue to do so, because they do not know what they are doing in this area. A read of the book would point them to their error(s), but I imagine them too busy counting their profits to worry about accuracy.
One coin dealer I know told me he had a 16D Merc that was in a unknown TPG slab so he sent it in to another TPG and it came back in a body bag as counterfeit. It's all these new ones poping up that have nothing to loose with a reputation. Here today, gone tomorrow. Then any coins you have from them could be anything. LIke a used car lot, it's taking a really big chance. What I've noticed on many of these coin forums is people indicating coins highly rated with scratches, spots, etc. from some of these weirdo companies. However, since I buy the coin, cut it out of the slab anyway, I don't worry to much about who said what.
The same kind (and more) of problem coins will be slabbed by the "respected" tpgs when it suits them.
Someone sent SGS a 1965 quarter, they sent it back covered in fingerprints and stains, slabbed as MS-67.... SCARY !
