Just for the sake of curiosity would you use a grading service that: Admits it is not a large company Tells you they intentionally Undergrade their coins by up to 5 grades only charges $5 Per coin (but requires you provide a case to seal it in if you wish to receive a tamper proof COA) Describes their service as "A Coin grading expert's professional opinion of a coin to assist the submitter with better filing for insurance as well as providing a buyer with certainty that their coin is not 'Overgraded' " I ask because it's a service offered by a local coin shop here, for those who do not wish to pay for NGC/PCGS. I know the benefits of their services but this is partially tempting to me as I have two coins I would like to know an approximate grade for. Just so when I get insurance on my collection, I know an approximate value of those coins.
How can you get an approximate value if the coins are undergraded "by up to 5 grades"? And as far as "better filing for insurance" what advantage is there to have insurance on coins if they are undergraded "by up to 5 grades"? You are essentially telling the insurance company that your coins are worth much less than they really are. Good luck getting the insurance company to pay you the actual value of your coins if you provide them with evidence that, for example, your MS-66 Morgan is graded MS-61. Which value do you think they will use to pay you in the event of a loss?
Hobo is right, and you could be risking a lot more than what it would cost you to have them graded. A few Morgan examples......... NOTE: The values are only approximations. 1878 8TF: MS60 @ $125; MS65 @ $1250 1878 7TF Rev of 79: MS60 @ $75; MS65 @ $2500 1881-O: MS60 @ $35; MS65 @ $1500 1886-O: MS60 @ $600; MS65 @ $175000 1901-S: MS60 @ $500; MS65 @ $3000 If you're contemplating insuring your collection at some time in the future, you would be better off joining the ANA and getting your insurance through Hugh Wood. You only need to specify the total amount of coverage desired, and you don't have to itemize every coin in your collection. This coverage is far better than any you could get as a rider on your HO policy because there are fewer restrictions. Chris
Not only would I not use such a service, I would not set foot in that shop again. It really sounds sketchy to me.
One of the dumbest numismatic ideas I have ever heard of! If you want to know the grade of your coins, ask us. I know we can do better than 5 grades off.
For references use the grading coins from pictures thread We'll at least be within a couple grades....maybe
If it degrades the coin's value substantially, why use it?. Imagine a modern PF70 worthy coin only worth face/melt value!
Understood, I had a gut feeling to say they would be terribly off. But I figured at a price of $5 a coin it was worth asking. Thanks for the tips. Agreed Peter