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Message:: [QUOTE="GDJMSP, post: 991466, member: 112"]statequarterguy - you really need to get your facts straight. I don't know, maybe it was the article that you say you read that was wrong - but either they were or you are. Here are some facts, pay particular attention to the dates. On July 20,1989 in an FTC Press Release “FTC FILES CHARGES AGAINST COIN CERTIFICATION CO. AND COIN WHOLESALER; COMPANIES TO PAY CONSUMER REDRESS”. The coin certification company that they are referring to is NCI, Numismatic Certification Institute, owned by Steve Ivy and James Halperin. NCI’s affiliate, Heritage Capital Corporation, was also charged. “Under the settlement, the companies and two individuals agreed to a permanent injunction, and Heritage and NCI agreed to contribute $1.2 million into a consumer redress plan...” FTC File No. 882-3208, Civil Action No. 89-1383 CIV-NESBITT), <a href="http://www.ftc.gov" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.ftc.gov" rel="nofollow">www.ftc.gov</a>, Barron’s, 6/19/89, pp.16-32. On August 17,1990 the FTC issued a press release regarding PCGS. “FTC CHARGES COIN CERTIFICATION CO. MISREPRESENTS OBJECTIVITY OF ITS COIN GRADING SERVICES; COMPANY AGREES TO SETTLEMENT” The FTC charged that “PCGS misled consumers by falsely claiming that it provides consistent, objective grading of coins and that investment in PCGS-certified rare coins eliminates all the risk associated with the grading of coins.” PCGS/David Hall was charged and placed on probation for 2 years. Civil Action No. 90-1982, <a href="http://www.ftc.gov" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.ftc.gov" rel="nofollow">www.ftc.gov</a>, New York Times, 8/17/90 p.D2, The Wall Street Journal, 8/17/90, pp.C1,C12. These are the actual lawsuits that occurred - and when they occurred. And you will please notice that each one of them took place AFTER the coin market collapse. Like you said, these suits came about because people, ordinary people, lost a ton of money. And in each case mentioned above the reasons for the suits are explained. Now, there was one other lawsuit about this time, but a bit earlier. And it is this one that I think you must have read about. But it involved 1 company that most of you have never even heard of. And the suit came about because it was alleged that the company over-graded coins. The suit was initiated in 1987 and did not come to a close until 1990. This is the company that continued to ignore the change in grading standards. This is the company that continued to over-grade coins. But it was the only company that did so and it had absolutely zero impact on the coin market. The suit was also the end of the company. On February 9,1990 the FTC issued the following Press Release, ”SPECIAL COUNSEL APPOINTED AT REQUEST OF FTC RECOVERS ADDITIONAL FUNDS FOR CONSUMERS IN RARE COIN COMPANY BANKRUPTCY.”.The release states, ”Today’s additional settlements bring total recovery in excess of $4 million.” “In February 1987, the FTC brought suit against Standard Financial Management Corp., charging, among other things, that the company falsely represented that its coins were of a specific grade, when in many cases the coins were of a significantly inferior grade... Shortly after the FTC suit, the Special Counsel initiated bankruptcy proceedings and brought various actions against several principals and suppliers of Standard Financial Management Corp. He has succeeded in obtaining settlements from supplier Kevin Lipton and former Standard Financial owner James Halperin for $1.4 million and $1.3 million, respectively.” FTC File No. X870002, <a href="http://www.ftc.gov" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.ftc.gov" rel="nofollow">www.ftc.gov</a>.[/QUOTE]

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