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<p>[QUOTE=&quot;Hobo, post: 311673, member: 11521&quot;]It is called <i>reputation</i>.</p><p>&nbsp;</p><p>I subscribe to the Grey Sheet (Coin Dealer Newsletter). On the front page of the weekly newsletter is the &#039;Coin Dealer Newsletter Certified Coin Market Indicator&#039; which gives percentages of their &quot;sight seen&quot; values (in other words, the prices dealers paid other dealers for coins they actually saw) that slabbed coins sold for (dealer to dealer) &quot;sight unseen&quot;. This is a good indicator of how dealers value the grading services&#039; grading.</p><p>&nbsp;</p><p>CDN samples 10 US coin series (2 grades each for 20 coins total) and compares the prices dealers paid for the coins - sight unseen - to the prices dealers paid for the same coins in the same grades - sight seen - (the values indicated in the Grey Sheet) and averaged the results. </p><p>&nbsp;</p><p>Below are the results from the latest issue (12/21/07):</p><p>&nbsp;</p><p>PCGS - 82.69%</p><p>NGC - 77.86%</p><p>ICG - 74.13%</p><p>ANACS - 56.91%</p><p>PCI -49.37%</p><p>SEGS - 48.73%</p><p>NCI - 39.31%</p><p>INS - 27.94%</p><p>&nbsp;</p><p>It is obvious that dealers have a much higher degree of confidence in the grading of PCGS, NGC and ICG and very little confidence in the grading of NCI and INS. </p><p>&nbsp;</p><p>Think of it this way. If a dealer receives a phone call offering him - sight unseen - a slabbed MS-65 1891-S Morgan dollar (Grey Sheet bid = $1,000) he would probably offer $863 if it is in a PCGS holder, $779 if it is in an NGC holder or $741 if it is in an ICG holder. But he would only offer $393 if it is in an NCI holder and only $279 if it is in an INS holder. (These prices are based on the averages of the 10 different coin series. The figures may vary for a particular series.)</p><p>&nbsp;</p><p>Looking at it another way, if several collectors had identical collections of slabbed coins graded by a TPG listed above, dealers would be willing to pay - sight unseen - 6.2% more for the collection graded by PCGS than the collection graded by NGC and almost 3 times as much (2.96) as the collection graded by INS. </p><p>&nbsp;</p><p>One can also see that dealers don&#039;t trust PCGS implicitely because they are only willing to pay 82.69% of a coin&#039;s Grey Sheet price if that coin is in a PCGS holder and they are not able to see the coin first.[/QUOTE]</p><p><br /></p>

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