C.G.A in the news

With coins, normally, you would trust, in general, the grade. They are usually close and can tell an UNC from a circ coin. That is not the case with currency. To many people do not know enough about currency and jump all in and get creamed. And to many are much to greedy. I get the emails all the time. I've seen them lose over $200,000. I've seen dealers lose $30,000. So, the grading service is quite important now, and the ones that don't buy, grade, and sell the product are usually better to be trusted.

 

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Hi Guy,s thought i would shoot my 10 Cents in on the subject, As far as
Grading services go, Atleast for me it,s PCGS or PMG in (tpg) reliability
Honesty and integrity in addition to consistency are "Key" ingredients

And lets face it, Some just dont measure up! Iam not here to bad mouth
Any grading service!! But there are just to many out there that are ready
To stamp a "70" grade on anything!! Ive seen it!!

Though the note may look good, You have to know what your buying thats
Really the bottom line :0

 

B I N G Oencil:

 

I have 1 CGA note and from the almost 90+% negative feedback I've been reading I'm going to stay away from the grading co. for now. I understand the co. is under new ownership & you can tell the new co. gradings by a STAR on the back or the holder.

 

You know, I wonder if the new CGA grading service will accept returns from the old CGA grading service.... I'd bet not...

 

Good question ,I only have 1 so I would take a chance just as an experiment.If you hear anything let the forum know.

 

Here is an example...

RickieB

 

I have only one CGA note it is without a star a FRN-FR-909 (NY),what do you think ?

 

Looks liks a Fine and it does look original. Also looks like it might be read to come appart in the center.

 

Hello all,

My post is in regards to the TPG who's integrity has been repeatedly challenged. And for many good reasons. Let's call them "XXX"

I'll try to chose my words carefully although this is a difficult task. First I have doubts as to the XXX graders shall we say, "skill sets". Would love to hear who they are along with some brief credentials. The new owner has limited experience.
Here's the rumor. If you are a common collector and submit a note, you are most likely to receive an honest and fair grade, given their "current abilities". You will be charged a flat rate determined by the value of the note and the level of submission. Just like the other guys.
Now, if you are one of their many infamous "dealers", rumor has it the grading rules change just a bit. It appears that flat rate grading charges no longer come into play on many notes. A member of this forum has a wonderful site which provides infinate details as to the goings on. The bashing is way over the top but, you get the picture. "Rumor" has it that notes are doctored, overgraded and returned to the dealer for resale. It seems the flat rate grading charges are "waived" in favor of an under the table sales commision for the XXX overgraded notes upon resale.
This is just a rumor I have heard (clear throat). Now if you are just a common collector, go for it as you will most likely get a fair grade but be aware if you ever plan on reselling your notes graded by XXX, these notes are not looked at the same as the other 2 major TPG's in terms of actual value. So, use your better judgement.

To recap, what dealer in his/her right mind would continue to have their inventory graded by a TPG under such well known suspicion unless there was "another motive" described above.

Thoughts?

 

I would have a great deal of interest in knowing (confidentially) who does what as you have described. I'm going to court soon and I am looking for "VERIFYABLE" infromation. Proof always helps, like the 13,700 XXX graded notes that were sold to one dealer by the then president of XXX. I don't think the site you mention is over the top. In fact, there are several hundred overgraded notes that are not on the site you mention.
My email address is vcavo@bright.net. Look forward to hearing from you....

 

This looks really bad for "XXX", And i know of several "High profile Sellers" who
Have used them exclusively, What are they going to do now? Especially with
The new ownership, Wouldnt touch a XXX note if my life depended on it Star
Are no star the damage is done!!

 

You sir are a wise man indeed. IMHO, no high powered dealer/reseller would grade for resale using XXX unless they had "motives". Any knowledgable buyer will immediately knock the grade down by a minimun of two or more when bidding on XXX graded pieces. The continued support of XXX dealers over the last 10 months clearly indicate the trend of favorable perks continue.

Vcavo: The sight I'm referring to is a terrific eye opener and should be standard viewing for anyone that is interested in seeing what's going on. It speaks volumes. If I was the site owner I would just state the facts and spare the rhetoric. Just comes off as a ****ing contest. IMO.

While I'm venting. Why is it that 99.9% of all notes that were discovered previously graded much lower, or described by Heritage, LK or others as a much lower grade, turn up overgraded in an XXX slab? Never or seldom are these slabbed higher by the other two TPG players. Why is this??

 

I post like Rush Limbaugh I guess! I suspect you defined ithe why in your last post. A lot of things are just obvious, and, if you really know people, then, please email me with any information that you feel is credible concerning XXX.
Thanks

 

I see there were no updates to this thread, and was wondering what happened to all the controversy surrounding CGA.

 

That brings up another very good point; never buy ANYTHING sight unseen (notes, coins, cars, ANYTHING!).

By the way what reason was there for raising this thread from the dead?

Updates on CGA? Well haven't heard anything. Still in business as far as I know (if anyone has evidence I'm wrong about that, feel free to correct me). I still see a few CGA graded notes in coin stores and coin shows. But most notes I see sold are raw, so I can only conclude that third party note grading has still failed to catch on to the degree third party coin grading has, regardless of which companies do it. Some companies must still be around that grade notes, but it seems to be a dead or at least dying fad. Feel free to correct me if you have any evidence that third party note graders are still thriving but I've not seen much evidence of it lately. Something like 98% of the notes I see sold by anyone in coin stores, coin shows, eBay, etc. seem to be ungraded and I'm basing my opinion on that, not just my personal beliefs on the value (or lack thereof) of TPGs in general.

 

Yeah, TPG for paper money is a fad just like the Beatles.

 

The Beatles were big in their day but I've noticed they've failed to put out a single album of new material in the last 42 years. Just because they broke up and 2 of their members are dead is no excuse. The fad has clearly passed. (Illustrating a point; just because something was hugely popular in the past doesn't mean it still is now. Sure there's still many people who like The Beatles' music but the band no longer exists as a going concern. Have any evidence this is not true for paper money TPGs let me know. I get the sense that not many note dealers or collectors much care about them now, at least nowhere remotely close to the degree they care about coin TPGs. I base this on my observation that the vast majority of notes sold are not graded by anyone. Anecdotal evidence, maybe. But if I'm wrong show me the evidence and I'll concede my assessment was incorrect.)

 

Have you looked at a Heritage paper money auction? Almost every piece is in a TPG slab. Both PMG and PCGS Currency have huge backlogs. It is scarcely a fad.

 

You obviously did not get the reference to the Beatles as a passing fad -- a term that was used to describe them by a record producer in 1962.