Coin value exceeds submission tier

Discussion in 'Coin Chat' started by Casman, Jun 22, 2020.

  1. Casman

    Casman Active Member

    So I got upcharged on my last submission because they said the coin value exceeds the submission tier. I called to discuss how they make this determination. The gal said it’s based on price guide. This was an economy submission with max value 300.
    The price guide value says $600. The last 2 auctions were $122.50 May 2020 Ebay, and June 2019 $156. Beyond those sales, I haven’t been able to break $250 in the past 3 years, and haven’t seen $600 money since 2015.
    It would seem they should base tier value on auction values and not some arbitrary made up number.
    Having sold the majority of this coin, I try to select tier based on what I think it’s worth and not based on price guide values. Now I suppose if it graded higher and price support was shown for an up charge I wouldn’t mind, but using an arbitrary price a point difference considering grading fees can eat half the coin.
    How are you guys selecting tiers?
     
    Roman Collector and capthank like this.
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  3. ddddd

    ddddd Member

    I'm surprised they would do that on something so insignificant (maybe they need the extra revenue :p).

    My determination of tier would be similar to yours. I would base it off the market value (recent auctions) and not TPG guide value.
     
    Two Dogs, capthank and geekpryde like this.
  4. Collecting Nut

    Collecting Nut Borderline Hoarder

    Sounds like they are making up for being closed due to the virus.
     
    Bayern and Inspector43 like this.
  5. Mountain Man

    Mountain Man Well-Known Member

    If they aren't willing to buy it from you at the high price, they shouldn't be upgrading.
     
    Nyatii, Bayern, Beefer518 and 3 others like this.
  6. Casman

    Casman Active Member

    I’d gladly let them buy it at price guide. I’m simply bored with being locked up due to the plague and sent in a few coins but don’t like gratuitously donating money for arbitrary reasons. Also, I am all for helping those in need as much as I can though semi retired. My friend recently did a wonderful presentation for a great cause and despite her having near 30K followers was gonna be way short of her goal so I covered the spread.
     
    capthank likes this.
  7. GDJMSP

    GDJMSP Numismatist Moderator

    I would start off by suggesting that you should ignore realized prices on ebay, and only use realized auction prices from major auction houses as your only price guide.

    Well, if they did that then they'd have to admit that their price guide is worthless. It is of course, but they'll never admit it.

    That said, they do admit it in a roundabout way, but that only occurs when you submit a coin under grade guarantee. If they agree with you that they must honor their grade guarantee because the coin was over-graded, and they do from time to time - the amount they pay you will be no where near the amount listed in the their price guide ! It not only won't be in the ballpark, it won't even be in the same state !
     
  8. robec

    robec Junior Member

    What is the coin and grade?
     
  9. Casman

    Casman Active Member

    Why would I ignore Ebay results? But fine I think HA is a auction house and on coinfacts it lists HA $156. June 2019.

    Coin is a 1953 Proof Washington Qtr FS-901 PR65. I’ve sold approx 30 of this variety.
     
  10. Casman

    Casman Active Member

  11. mynamespat

    mynamespat Dingus

    It's their playground; you're just playing in it.
     
    Two Dogs likes this.
  12. Casman

    Casman Active Member

    True. And I am just goofing around. Their numbers are just so arbitrary it’s hard to ignore.
     
  13. GDJMSP

    GDJMSP Numismatist Moderator

    Ignore them is precisely what you need to do ! That's because the PCGS price guide is and always has been completely worthless ! And so is any other price guide !
     
    Chiefbullsit, ToughCOINS and Kentucky like this.
  14. baseball21

    baseball21 Well-Known Member

    Or just outdated as well. As you said you've sold about 30 of them which generally brings down the values. You probably could get the price guide changed if you contacted the right person
     
  15. Mr.Q

    Mr.Q Active Member

    If the price is right buy it and if not don't! Simple as that right?
     
  16. Burton Strauss III

    Burton Strauss III Well-Known Member

    But you can't argue with the price guide, it's holy writ. It's the gospel. Why you are telling the parents their kid is ugly...
     
    Two Dogs and Mike Thorne like this.
  17. nuMRmatist

    nuMRmatist Well-Known Member


    I'd have told them to return it, along with a letter.

    Then if you sell it, include the letter.

    ed.:
    Maybe it will get lost in return mail (YOU pay USPS Priority Insured return Mail). With email same details, SOLD, to USPS ;)
     
  18. messydesk

    messydesk Well-Known Member

    Have you called customer service to point out this discrepancy in their pricing and how it affected you? They don't continually update pricing on varieties and possibly haven't touched this one since the $440 coin sold in 2014. The people figuring your bill aren't going to analyze auction records.
     
    Pickin and Grinin and Beefer518 like this.
  19. Casman

    Casman Active Member

    Yes I did. The gal listened, but ultimately said tier is based on price guide. I’ve never used the price guide when determining tier except for low pop coins. Value should mean value. I priced it at $300 on the form.
     
  20. baseball21

    baseball21 Well-Known Member

    She almost certainly has no authority to change prices in the guide. I forgot who runs it to email directly but
    "YOUR INPUT IS WELCOMED
    We welcome pricing input from all PCGS dealers and all serious coin collectors. If you have pricing suggestions, email them to RCMR@PCGS.com. Be sure to include relevant information such as

    • Auction records
    • Private offerings
    • Public sales
    …as opposed to just saying, “I think this price is too low (or high).”

    We will not be able to personally respond to your e-mails but we will review your suggestions."
    https://www.pcgs.com/prices/us#important
     
  21. Burton Strauss III

    Burton Strauss III Well-Known Member

    That's actually not what it means....

    The value you select determines the maximum value you will receive in the event the coin is lost. That's in the fine print on the submission form.

    Determining the fee you pay is only a secondary purpose.
     
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