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<p>[QUOTE=&quot;GDJMSP, post: 291041, member: 112&quot;]Bone there are some things that must be taken into account when reading that letter. Firstly, what David Hall says in that letter is true. But if you are aware of a few things that happened back then you will understand <u>why</u> David Hall wrote that letter. You must understand that grading standards did change - in 1987 the ANA changed their grading standards after determining that the original grading standards issued by the ANA were too loose which allowed coins to be overgraded. Coins that were previously graded as MS65 (based on the original standards) were now downgraded to MS63. So <u>that</u> is what Hall refers to in his letter. </p><p><br /></p><p>And when he talks about the telemarketers and the Salomon Brothers, you must understand that this time period is when David Hall got in big trouble with the SEC because he and many other coin dealers, along with a large portion of Wall Street, were touting coins as investments. As a result of the trial, the charges and the lawsuit, David Hall pretty much got his head handed to him on a platter. And from that time on the word &quot;investment&quot; was looked upon by coin dealers as a &quot;very bad&quot; word. And it hasn&#039;t been uttered by them since. </p><p><br /></p><p>And you must also understand that 1988 was right after the precious metals market took a huge hit and dropped by over 50%. As did coins. Morgan dollars that were sold for $1500 were now being sold for $150.</p><p><br /></p><p>Add to all this one more thing, in 1988 PCGS was a new fledgling company that the coin market had yet to widely accept. And Mr. Hall was just getting out of more trouble than he could have ever imagined. So this letter that you copy was his way of trying to save his company - it was an apology, an admission of guilt, to the collectors and dealers who make up this hobby. </p><p><br /></p><p>So when you know all these things, that letter doesn&#039;t look strange at all. And the reasons for him publishing it become as clear as glass. And ya know what - it worked, for look at him today.</p><p><br /></p><p>Of course, that doesn&#039;t say much for us. The ones who swallowed it - hook, line and sinker.[/QUOTE]</p><p><br /></p>

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