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<p>[QUOTE=&quot;medoraman, post: 1505878, member: 26302&quot;]If markets are efficient, I don&#039;t see how CAC doesn&#039;t lower the value of non-CAC coins. Given the assumption CAC certifies the upper half of a grade, and these coins historically have received stronger prices than coins in the lower half of the grade, mathematically how would the lower half of the grade continue to see the same &quot;average&quot; prices when the stronger coins have been removed from the averages? Simple math I do not see how unstickered coins retain their same book value. Now, as a practical matter, the coins value is unchanged, if it was a low end 64 before CAC, its still a low end 64, but its &quot;book value&quot; as unstickered I believe would have to go lower.</p><p><br /></p><p>This is not even talking about overgraded TPG coins, which as we all know exist and continue to exist since no one is stupid enough to crack them out like they do undergraded coins. All of these would also lower the &quot;book value&quot; of unstickered coins, further putting pressure on book prices of non-CAC coins.[/QUOTE]</p><p><br /></p>

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