Ever had a coin submitted to PCGS for regrade go down in grade?

Curious to know if anyone has had a regrade coin go down in grade at PCGS. With a regrade, the coin is cracked-out of the holder by PCGS and graded like a raw coin. I have heard a number of folks say the grader doesn't know the previous grade of the coin. But, I haven't heard anyone from PCGS say it or found it in their website or publications.

If anyone has had a regrade go down in grade, did PCGS pay you for the decreased value like their publications state? From the PCGS guarantee website, the value of a coin for this purpose would be "dealer replacement value" as determined solely by PCGS. I interpret "dealer replacement value" as wholesale price. The PCGS Price Guide is not mentioned in the wording of the guarantee. However, the Price Guide claims to be "average dealer asking prices", which I interpret to be retail. So, if anyone has received compensation for a downgraded coin, did you feel that it was adequate?

Cal

 

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They never downgrade a coin you submit for regrade service. They guarantee it stays the same or upgrades only.

 

Wait, so they pay you if it downgrades? Haven't heard that before.

 

Nope. See above. It never downgrades under that teir.

 

From the PCGS website:

REGRADE: For a coin previously graded by PCGS you feel might be worthy of a higher grade, submit it in the holder. The coin will be removed from the PCGS holder and regraded. Minimum grades are not accepted. If the coin grades lower, the terms of the PCGS guarantee will apply. For full discloser of the PCGS guarantee, visit www.PCGS.com/Guarantee.

 

IDK. I always crack em out before re-submit.

 

Trust me. It won't grade lower. I've used this service probably 75 times and it doesn't happen.

 

I suppose that's because you know exactly which coins to submit for a regrade. And maybe because they'd have to pay you ;-)

 

The last part there I agree with 100%.

 

I usually crack and try again

 

Well, that's a pretty good indicator that the graders know it's a regrade and what the previous grade was. Appears the only real differences between a regrade and a reconsideration are: 1. you'll always get a new holder for a regrade. 2.curiously, a 1% premium is charged for coins upgraded via reconsideration, but not for coins upgraded via regrade.

Cal

 

Just a PS - everybody should follow the link and read the page. Seems it has changed a little since I last read it.

 

I bet that 95% of their payouts have gone to replace damaged or lost coins. Tens of millions? Yeah right.

 

They're a publicly traded company their financials are all out in the open. 10s of millions sounds right on the money considering they have paid out almost half a million dollars in the last 12 months. They even put payout statistics for the last 30 days and last 12 months on their website.

And yes downgrades can and do happen. They're rare because people only send in things they think could upgrade but a couple years ago when they were doing the reholder specials they stated on the CU form (I believe it was Don Willis who posted it) they reserve the right to downgrade a coin anytime it comes into their possession under any service level if they see fit which of course triggers a payout.

 

At the last show, a PCGS rep at the table flat out told me, "If you want to make sure they don't downgrade, use "Regrade Service," and don't crack them to submit raw.

 

Anyone remember a 1963 PR70 Lincoln?

 

? Someone sent in a 70 for regrade? Were they hoping for a 71? Or were they hoping for a payout? This ought to be good. I'm betting PCGS would say that the coin was improperly stored after it was holdered, and they avoided the payout.

 

Payout if it was the MS 70 I am thinking of. It developed a finger print or something like that and they bought it back. I don't believe they have made a MS70 Lincoln since.

 

Not quite. They graded it PR70. It was the earliest PR/MS70 ever graded, but it developed spots. They had to buy it back.

Not PCGS, but I bought a 1931-D Lincoln MS65 red (and green verdigris). I paid ~$200 for it. NGC wound up paying me $350 for it AND giving me a 1931-D MS65 Rb.