Was thinking was thinking of sending a few PCGS coins in for reholdering. Some holders have minor problems (scratches, chips, cracks, discoloration) that are bothersome plus the new holders will have NFC chips. Coins sent for reholdering aren’t usually seen by graders. I’m wondering how good the folks that do the holdering are at spotting fake holders or if that’s checked at all. If a fake holder is spotted, what happens next? Is it just returned intact? Is the coin itself then checked for authenticity? If the TPGs don’t do a really good job of spotting fake holders, it would be a way for crooks to get fake coins into authentic holders: send fake coin in fake holder in for reholdering; get fake coin back in authentic holder. Cal
Now that is a mortifying thought..... Surely they would have to scan the bar code and update it, wouldn't they? And if the bar code didn't check out I would think they would look a little closer... I hope...
That's an interesting thought. I should hope they know how to pick out a fake slab. A Chinese return address is a clue.
Maybe not. Both NGC and PCGS have submission centers in Hong Kong. Coins may be sent to the US for grading (I don't know) but simple reholdering may be done there. Likely the majority of submissions to those centers have Chinese return addresses. Cal
Very interesting question(s). Have you tried contacting any of the TPG to see what they say? Please post any response, if you do.
I can't speak for them but this seems like it could be a major issue. It's all about $$. If you're just sending stuff in for a re-holder to NGC it's $13 and a 10 day turnaround. Is anybody "qualified" reviewing it for authenticity during that process? There's no indication on the website. I doubt they would re-holder an obvious fake but what if it was a good fake? I don't know how good the fakes get. There may be legal ramifications if somebody got caught trying this.
I suspect that some instances where PCGS or NGC supposedly certified a fake coin were really fake coins in fake holders that had been submitted for reholdering. Then the fake coins got genuine holders and were put on the market. More insidious and harder to detect would be when a genuine lower grade coin is put in a fake holder with a higher grade on the label. The coin is then submitted for reholdering and gains a genuine holder. Thus, there is a real coin in a real holder; it’s just the grade that’s wrong. If the crook carefully matches the lower grade coin to an existing certified higher-grade coin, and if the lower grade coin in the fake holder does manage to get reholdered, then the coin is going to fool lots of folks. There are coins where a 1 point increase in grade can increase the market value 5-fold or more. So, it’s important that: 1. Folks at TPGs who do reholdering need to be experts in detecting fake slabs. and 2. All new holders should have imbedded NFC or other wireless chips. If done in the most sophisticated way, the chips are essentially impossible to duplicate or transfer. Cal
Just a follow up. I asked NGC. Here was their reponse today: "Thank you for your question. Our Receiving team is well-trained to recognize issues with the security of our holders and labels. Genuine holders are designed to leave tell-tale signs when cracked open and our labels have key security features to help identify when they are genuine. If there is any indication that the holder or label is not genuine or has been reused, the coin would not be eligible for a reholder. It is also important to note that when a coin is submitted for reholder, while not fully regraded, the coin will still be reviewed by a qualified grader. Collector confidence in NGC certification is a high priority. Our grading works diligently to have processes in place to recognize counterfeit NGC holders and labels and also actively seek to proactively remove them from the marketplace. See the security features of holders and labels here: NGC | Security Center. If you have any other questions, please let us know. Have a good day! "
