My first PCGS Guarantee Resubmission

I've never had this happen before, but it's a BIG mistake on their part. This coin was purchased by a friend of mine raw and we split it. It was advertised as the FS-104 and it fooled us, too. The FS-104 is the really rare one and I had it graded and attributed by PCGS early this year. PCGS price guide lists this coin at $4500, which is a major stretch. The pop for this coin is 3, and it's tied for the finest known RB (even though there are 2 MS66 RD's). A potential buyer emailed me a couple days ago and pointed out that this is actually die pair #7, easily identified by the die dot between Lincoln's lips. So this coin is worth about $100 instead of thousands. I just mailed it back to PCGS today. It IS covered by their guarantee, but they determine replacement cost and the payout amount for the mistake.

I know of a guy that this happened to: He bought a MS63RB FS-104 at Stacks & Bowers for $881 (a steal) and PCGS fought with him over the payout amount for months. I'm not sure what was resolved, if anything, but I do know they just wanted to pay him $881, even though they historically sold for $1250, before his sold so low at Stacks. He may have just gotten his money back and broken even.

I won't say on here what I paid, but it was a lot, and it was purchased raw. Enough time has passed that the eBay sales record of it is gone, and there is NO record of a past MS64 RB being sold, so I suspect that PCGS will have a difficult time assigning a payout amount. The only sale on eBay is a AU55BN that sold for $887.

Here's the coin. This whole process could take a couple of months or more, but I will try to keep this thread updated.

 

Log in or Sign up to hide this ad.

I'm a tad confused. What damage to you has PCGS caused?

 

Emotional. LOL!

 

LOL

 

Wishing you the best!

Chris

 

It happens, no ones perfect ....................

 

8 different die pairs, and so many subtle differences in several of them.

 

If I were Pcgs I would let the Variety experts handle the coin first, get their seal of approval and not be responsible for these kinds of issues .

Lee ( 19yrs ) has pointed some mistakes Pcgs made on Ike Dollars too .

 

Don't you find it humorous how such small differences mean the difference of throusands of dollars?

 

True. If I were going to actually OWN one for my collection, it would be the one with the boldest doubling, not this one.

 

Since you are the original submitter they owe you a reholdering, correction of the label, and possibly a refund of the attribution fee if any. If you had BOUGHT it already slabbed and misattributed, then they would owe you compensation based on the value of the variety.

 

C-B-D, posted: 8 different die pairs, and so many subtle differences in several of them."

You may wish to check on this statement. AFAIK , there may be a few more.

 

Are they really going to pay anything or just call it a 'mechanical error' and re slab + attribute it at no cost? My guess is they won't pay out anything and will simply do as @Conder101 stated.

 

Conder, correct me if I'm wrong, but doesn't NGC refuse to warranty (guarantee) varieties since attribution can be so "sketchy"?

Chris

 

Yes, as written (last time I looked) the NGC guarantee does not cover attributions. If they get an attribution wrong their only obligation is to reholder and correct the label, no compensation even if you bought it based on their attribution.

 

Huh interesting.The PCGS Guarantee confuses me can anyone explain it easier?

 

The cliff notes version is basically that if you were the submitter they re-holder it correctly for free so that you don't get a windfall off the mistake. If you had bought it on the aftermarket they will work with you to try and come to an agreeable solution whether that be buying it back from you, finding a replacement, re-holdering it properly and giving some money back ect.

 

Most likely just re-slab it at no cost since it sounds like he submitted it

 

Doesn't sound to me like PCGS owes anything but a re label.