I am about to apply for a CAC Advanced collector membership. Does any body know some criteria they require besides the ANA membership? Do they reject someone's application? Thanks.
I think they just hope that potential members have some basic knowledge of coins and submitting them for review and are responsible.
John Albanese founded CAC, reviews every coin submitted to them and is the finalizer. The other two individuals who evaluate most of the coins submitted there, are a former grader from PCGS and from NGC, one of whom I worked with when I graded at NGC. To my knowledge, the backers of CAC put up $25,000,000. You don't need $100,000,000 to spend $100,000,000 over time, on coins when you are reselling the coins. For me, CAC is extremely useful in providing a second expert opinion, from one of, if not the best (for only $10/coin for coins valued up to $10,000). In a number of instances, CAC has caught problems that I and NGC or PCGS have missed. It also provides better liquidity for many coins. CAC is certainly not for all coins or all people, but a number of collectors and dealers, myself included, are happy that it is an option.
How do they know that? They don't ask much on the application. By the way, Mark. How much people would pay extra for a coin that is solid or PQ for the grade?
They don't ask much on the application, because they don't want to make it too difficult for collectors to be able to submit. At the same time, even though they don't charge collectors for rejected coins, I'm sure they'd prefer that submitters know enough not to submit extremely low value coins, which, even if stickered, probably don't warrant submission. You probably already know that people pay all different prices for coins which are solid or PQ for the assigned grade. It depends on a number of factors, including the buyer, the coin, it's eye-appeal, the current sight unseen and sight-seen bids, etc. For the higher grade uncirculated and Proof classic type coins that I primarily deal in, I'd estimate that on average, I pay a premium of 10% to 20% over the going price of a generic coin of the same type and grade. That said, sometimes I don't have to pay that much, and other times I pay more.
