Would you use a Grading service such as this one

Discussion in 'Coin Chat' started by tlasch, Feb 25, 2011.

  1. tlasch

    tlasch Penny Hoarder & Food Stamp Aficionado

    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.
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  3. Hobo

    Hobo Squirrel Hater

    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?
  4. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    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.

  5. Peter T Davis

    Peter T Davis Hammer at the Ready Moderator

    Not only would I not use such a service, I would not set foot in that shop again. It really sounds sketchy to me.
  6. Lehigh96

    Lehigh96 Toning Enthusiast

    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.
  7. USMoneylover

    USMoneylover Active Member

    For references use the grading coins from pictures thread :D We'll at least be within a couple grades....maybe :D
  8. sro114

    sro114 New Member

    I would also steer clear of this outfit completely. To me the whole idea is absurd!
  9. Player11

    Player11 Bullish

    Sounds like a ripoff not to mention that whoever is behind it is also stupid.
  10. coinman0456

    coinman0456 Coin Collector

    Your reasoning for bringing any coin to this shop , is just a crazy as this ad sounds.
  11. tonedcoins

    tonedcoins New Member

    Don't under estimate us MR. ;)
    People here are pretty good graders.:thumb:
  12. jcakcoin

    jcakcoin New Member

    If it degrades the coin's value substantially, why use it?. Imagine a modern PF70 worthy coin only worth face/melt value!
  13. tlasch

    tlasch Penny Hoarder & Food Stamp Aficionado

    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
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