Tonto

On 2/21/2017 at 6:40 PM, MarkFeld said:

Because I think they would say it was a mechanical error and that they would therefore, not have any liability.

I did experience an exception to the above opinion, and also to the broad language of PCGS bullet point #5 posted above, re: mechanical errors.   I purchased a PCGS certified Morgan Dollar through a signature auction about 10 years ago.  The variety designation of 7/8 TF Strong on the PCGS holder proved to be wrong as in fact it was the 7/8 TF Weak variety.  At the time, PCGS offered the Presidential review, which afforded a review by David Hall.  Since the coin was graded MS64 DMPL, the market value between the incorrect and correct variety designation represented a significant spread. PCGS could have instructed me to ask the auction house to undo the transaction and let the auction house address the problem to their consignor.  Instead, they accepted liability for the mistake, re-designated the variety while preserving the grade, and returned the coin to me with a check for $2,000 to account for the lesser market value of the corrected designation. That may not be protocol today, but in that instance, I believe PCGS took the proper approach and made the right decision.