How to stop SGS

I agree completely, but that would decrease sales now wouldn't it.

~Lafayette

 

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They claim that they require an authorization # for submissions. That being said, third parties have sent coins to them for slabbing, one report that I read was a Proof Clad quarter going to them and coming back PR70 with a fingerprint and scratch on it.

 

Considering the service, I guess that means you have to pick a number between 0 & 1 and put it on the form. :goof:

Ribbit

 

I've heard similar stories. Their grading standards are as follows: If it is uncirculated, it must be proof or ms 70. The materials in gloves badly tarnishes coins, so we handle them by their face with our bare hands as not to upset the clad layers.:goof:

 

They must share that address with Bi-County Construction.
http://www.bizwiki.com/building-contractor/oh/bellville.htm

hmm maybe they build the slabs.

Jim

 

Interesting theory.

 

I've used them once. But I've obviously since stopped because their awful. There was no backup for me.

~Lafayette

 

What did you send them?

 

1914-D cent. It's an XF-40 CLEANED at best, but it was slabbed as MS 66. I've since taken it out and put it in a nice Whitman folder.

 

Hopefully the scumbags that run this Scam Grading Service invested their millions with Bernie Madoff. If not , they will get their just due sometime down the road !!

 

I am in total agreement that something needs to be done to get SGS/Aboncom out of the self-slabbing business! However, without a technical point to act on, a Law Suit would be thrown out immediately. That technical point is having a copy of the grading standards that SGS uses and whether it is ANA Standards or SGS' Standards. If it is SGS' Standards, then there is more than likely, very little that can be done. However, if SGS provides a copy of their' Grading Standards and they are the same as the ANA Standards, then a case is possible with proof of having coins graded by them as examples and a certified ANA Grader to exam the coins and testify in Court.

As far as SGS being a TPG, that is far from the case! IMHO and based upon the many coins that I have seen in SGS slabs and MS-70 on the slab, this Self-Slabber is nothing more than a Slabber of BU rolled or bagged coins. In that I mean, that he purchases BU rolls and/or bags of coins and takes the coins directly from the roll or bag and into a slab with very little examination other than the coin is BU from appearance and is not severely spotted or dirty.


Frank

 

The TPG Industry is very much like the Scuba Industry, self regulated. About 25 years ago, we had a Scuba Certifying Agency startup that was a total joke and all one had to do was take a somewhat simple course to be an Instructor. That caused us quite a bit of problems, which is no different with SGS. The U.S. needs to look at private industries and where regulation is needed to safeguard us from fraud, or even, physical harm, and they need to implement the regulations. But with how we are organized, it's hard to get them to look at this but CoinTalk is a great place for peeps from all over the US to organize and start a letter writing campaign to our US Representatives from your own home state. If we onslaughted Congress with a letter concerning this problem, we might get action but if all we do is complain on here about it, nothing will happen.

So, does anyone think this is worth 43 cents (times number of Reps) of your coin buying money? I do but my Reps don't have enough pull by themselve's, so that's where you all come in. :thumb:

Ribbit

 

Sorry Toad but to a large extent I don't believe that the government should be regulating every little thing in our lives and more people need to stand on their own two feet, educate themselves, and take responsibility themselves. Yes I know there are some things that do need to be regulated but I think it most regulation needs to be kept to a minimum if possible.

 

I agree that regulations should be kept to a minimum but to not have ANY regulations whatsoever, is why we are in the pickle we are now. The regulation can be as simple as providing that all grading must be done to ANA standards and put it on the ANA to certify TPG's. That's more than we have now and SGS does not grade to ANA standards, they grade on their own standards.

Certain things need to be regulated to protect the public in general. I liken this to regulation in the medicinal area. Whereas, there used to be Snake Oil Salesmen running amuck, peddling their wares of Cures & Remedies to the desperate. SGS is nothing more than a Numismatic Snake Oil Salesman that needs to be brought under control by simple regulations and in such a way that we will never see another SGS again!

Ribbit

Ps: Your ideology is like telling peeps they should get a MD so they will know the Snake Oil that's being peddled to them is worthless and will not cure them. There are too many things to know and regulations help to minimize the knowledge required to go about your lives safely.

 

I doubt the goverment will bother regulating third party grading services. They hardly regulate the wonder drug industry that pollute our commercial breaks. If it doesn't immediately kill you, chances are you are going to have to rely on common sense and education to know better. It is our job as experienced collectors to keep people informed of businesses like this.