I'd like to get your thoughts on CGA. I purchase graded paper money, I have found many nice notes that are graded by CGA, but not sure I feel comfortable buying from them. What do you think?
I'm not sure I understand your question. CGA is a Third Party Grading company, much like PCGS and PMG. I wasn't aware CGA sold currency. You wrote "but not sure I feel comfortable buying from them. What do you think?" ....did you mean what you wrote, or did you mean that you don't feel comfortable buying CGA graded notes ? I don't believe any TPG sells currency.
Pretty obvious the OP was referring to buying a CGA graded note. Some TPGs do sell their own, such as CGC. Bottom line is that CGA over graded a lot of notes in its time. The company has changed ownership and tried to differentiate itself with a star or diamond symbol. Still, the market prices CGA graded notes 20 to 30% less than an equivalent grade from PMG or PCGS. That difference climbs to more than 200% when we get into ultra high grades, such as 68 - 70. Interestingly, I've never seen a 70 from CGA, That's not to say there aren't valid grades or great notes. I've gotten some amazing deals buying CGA notes at a cheap price. Ultimately you will want to buy the note and not the holder.
There are as many opinions as there are experts. FRANKLIN D. ROOSEVELT, speech, Jun. 12, 1942 An interesting read....... http://www.ebay.com/gds/Buying-Graded-Currency-101-/10000000007923153/g.html Please keep in mind this article was written in 2008, just before the CGA scandal. In the world of TPG's, reputation or perceived reputation is everything. Ebay is the largest auction house, but not the most reputable. Ebay sells every brand of TPG notes. Heritage is probably the most prestigious, but no longer accepts CGA graded currency, which at one time was the only grading company represented at Heritage. It remains the buyers obligation to do their due diligence when evaluating paper money before they buy it. I will echo funkee in saying, buy the note, not the holder.
CGA is to paper grading is what ANACS is to coin grading. Slabs or plates from any TPG other than the top two will be discounted. Does this make sense? NO. It's reality, so we have to deal with it. If I'm paying to have paper (or coins) graded....ain't but two choices, except...... as I have mentioned previously, for old coppers and silver (pre-1830), where the coin is lightly pitted or shows signs of modest corrosion....ICG is more "lenient" and will "net grade" the coin. They do not say this publicly, but they do it.
Recently I've sent notes to Greg Davis over at Superior Grading, and have been very happy with grading, pricing, holders and turn-around times.
Steve: I would love for another paper grading company to gain traction and credibility. PCGS-C is horribly slow.
I agree, and often wonder if starting from scratch (Superior) or resurrecting a damaged brand (CGA) would be harder to do. I like the ideas of both TPG's of fast service and not having yearly membership fees, but ultimately we will also face selling our collections and acceptance by major currency auction houses is paramount in establishing values.
The biggest obstacle to resurrecting a damaged brand is that negative perceptions are very slow to fade and old problems remain floating around for a long period of time, and those old problems will serve to perpetuate the negative perceptions. Every time an old CGA over graded note surfaces it damages the brand in spite of their efforts to clean up their name. Not fair, but unfortunately true.
Steve: will Superior grade all the paper varieties as do PCGSC and PMG? I'm mainly CSA and Republic of Texas.
I'm pretty sure Greg is a full service TPG. Fell free to shoot him an email, and be sure and tell him Steve in Tampa recommended him. Greg.Davis@superior-grading.co
Yes, we grade anything... And yes, we put Fr. and PF numbers for all confederates. We also use Criswell numbers where appropriate. If any one has any questions go ahead and fire away.
I saw a CGA note and read about the overgrading. However, am I to understand it just wasn't a 1-2 grade inflation on some currency that was at issue, but actual fraud ? Were they taking $$$ for higher grades and/or stealing and replacing certain notes ?
