ICG regrade submissions

I am wondering how others have made out with re-submitting coins that they felt were originally overgraded.

I have a $50 Gold Eagle that they graded MS-70, but it has a couple of marks on the obverse that would disqualify it from being a 70. The diffence in grade would mean about $900-$1,000 less in retail value.

Here is what their website says - "If the coin submitted for review by the Customer receives a lower grade under ICG’s internal review practices than the grade originally assigned, ICG shall, at ICG’s option, either (a) replace the coin, or (b) pay any difference between the current fair market value of such coin at the newly established grade and the current market value of the grade originally assigned to such coin. The fair market value shall be determined solely by ICG."

Anyone have any experience with this?

 

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There's the "wound" in her arm and the ding on her gown, just to the left of the breast.

 

Why would you want to re-send in a coin to lose money?

 

Ouch on that.........How could they not see that?

 

First, you didn't say if you submitted the coin yourself or if you bought it that way. If you submitted it yourself, then it is a no-brainer. Send it back for review because you aren't out any money.


If you bought it that way, you have one of three options:
1) Send the coin back to ICG for review, and hope that they will treat you fairly.
2) Keep the coin the way it is, and avoid buying coins in the future based on the insert, alone.
3) Sell it, and hope the sucker doesn't notice the flaws. Then move quickly without leaving a forwarding address.

Chris

 

Bought like this for about the same price as buying it raw.

replies:
1 - will probably do this and hope for the best
2 - didn't pay a big premium and figured a re-submit could put me ahead. i usually buy raw (either way, I tend to buy the coin)
3 - not the type of person I am

 

Got it "cheap" and could come out ahead if they honor their word in a fair and equitable way.

 

Yeah, I hate moving, too!

Chris

 

FYI - it's a 2002
NGC lists the 70 at $2,600, the 69 at $1,500, and 68 and under in the $1,300-$1,375 range.

 

I will defintely point out the "imperfections", if/when the time comes to sell it. It will probably be a hand to hand exchange, as well, so it can be inspected.

 

But you have a ICG coin. My guess would be that the pricing runs in the neighborhood of $1350 for an MS70.

 

I got stuck w/PCGS MS-70. Due to coin show lighting, I missed a small hit. I just sold it and learned to be more careful in the future. Lucky for me, gold had gone up so I broke pretty much even. I considered it a cheap lesson with no hassle with the TPGS or mail.

 

I know sometimes they are a bit lopsided, and that's natural. But dang, the right one (viewer's left) is a whole heckuva lot bigger than the left one. That is some serious imbalance.

 

You won't get anything. You are not their customer.

 

Good Question

 

The point of a "grading guarantee" is that the grade is guaranteed. The MS-70 coin is worth $X. If the MS-69 coin is worth $X - $200, and the coin turns out to be an MS-69 upon review, the company will either give you $200, or give you another MS-70 coin.

 

That is a different company though. You got the ICG "cheap" because the market treats their moderns like raw. To get PCGS or NGC prices it has to be in their slabs.

 

List it on eBay as the "wounded" Liberty variety and see how much money people will throw at it.

 

I may be wrong, but I don't believe an ICG MS 70 would carry any price premium. I know it wouldn't for me.

 

http://www.icgcoin.com/about/guarantee/

Bolding added...

12. The parties understand and agree that these Terms and Procedures confer no rights, duties or obligation to third parties, but only to the parties hereto, and that neither party hereto intends to confer any third-party beneficiary or other such rights to anyone not a party to this agreement. Notwithstanding anything contained herein, the parties agree that if and to the extent ICG is liable to Customer for damages, such damage is limited to and will not exceed the total value of compensation paid to ICG by customer on any particular coin or coins.