whats the value of a TPG guarantee?

True. Folks were making money off the TPGs.

 

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It sounds like it has come to that already or am I reading it incorrectly.

 

I disagree. The guarantee was strong and fairly enforced until gradual encroachments started to limit its scope around 2008-2009 around the time that the coin market first started declining as did submissions and PCGS revenue. I seem to recall the first changes coming after PCGS had to make a big payout for a PF69 RD IHC that developed a spot and a PF70 DCAM memorial wheat cent that costs thousands. It began with copper color and soon more and more encroachments were made. The "three point" grade swing mechanical error was added after PCGS publicly repudiated a MS70 Ike right before it was going to be auctioned off. I don't see any evidence that there were flagrant abusers on a wide scale necessitating the changes.

The fact that the original language may have been poorly drafted from PCGS's business standpoint does not justify retroactive encroachments against legitimate warranty claims. And a coin overgraded by three or more points was never originally included as a mechanical error. Indeed, at the height of grade inflation and color bumps I have saw more 3 point grading interval swings than I care to admit.

 

You're reading it incorrectly from someone that doesn't even have an actual error on their label. They have the old way to denote something, but it is still accurate

 

Without a doubt this was and still is happening. Every company faces people trying to exploit their guarantees/return policies. If people still don't believe it all someone logically needs to do is think about how much time and effort is spent doctoring coins, those same people/people like that are without question looking for things they can exploit for money such as a TPG guarantee

 

I understand that. Simple question. If I buy a PCGS graded coin from an LCS or even on ebay does the guarantee extend to me.

 

Yes it does

 

Do I have to be a member of collectors society?

 

If you are a good coin doctor, you are not going to waste your time pursuing guarantees are there are far more lucrative ways to spend your time.

 

Yes, the guarantee/warranty attaches to coins.

 

Those arguing that guarantees are lucrative, you do realize that in most cases you are offered wholesale price, right? You would be better off in many cases flipping as is sight unseen to a bottom feeder dealer financially if that was your goal. While you might score on a guarantee submission or two the idea that people are making huge sums of money off of PCGS and that PCGS is a victim is a huge myth.

 

You do in order to have submission privileges. A phone call to Customer Service might clarify if you need to be a member at either NGC or PCGS for the purpose of repairing a mechanical error. In the PCGS email, they may have just assumed the OP was a member. It may not be necessary.

 

There was a time it was happening which is what was said before, there's no myth about it

 

Given the way customer service was under previous administration, he could ask two different customer service agents and receive conflicting answers. I sure hope Charville fixes things.

 

It is so unfair that PCGS should be expected to honor its warranty without complaining after it receives millions of dollars in fees each year for the issuance of coin warranties and "expert" opinions - NOT. It's an insurance game. You don't win them all, but using actuarial odds and a little legal creativity in dodging warranty claims you come out ahead.

PCGS advertised its services and collected fees. PCGS chose to guarantee its work and charge a premium for its guaranteed opinion. PCGS has no room to gripe when it is called out for errors. No one made PCGS offer a guarantee to begin with. Altering the rules that potentially cheat people with valid warranty claims is wrong IMHO.

Again, general comments and NOT directed to the OP who has no claim.

 

Clearly some have no idea what was actually being referenced.

 

One thing which hasn't apparently been fully addressed is the question "If I have a legitimate claim, do I have to pay PCGS $69 dollars in order to exercise that claim?"

87 posts to go

 

No you don't have to pay $69 for it. It's not hard to figure out from some research.But why should facts matter

 

I tried to ask that question, but never got an answer.

 

Send it through a PCGS dealer or submitter without having to pay it. There's more to it but people need to do their own research