Is PCGS finit?

[crito]

I've been very pleased with PCGS customer support also. BTW, I think coolcoins=its4real

[keithdagen]

crito,

 

More and more, people are becoming disgusted with PCGS, not only in the support area, but in the grading area as well. Dozens of large dealers that I have talked to have expressed concerns about whether PCGS cares about their submissions or not.

[C.Urch]

Oh, this is just great!!! Here I am getting back into the hobby after years of absence, spending a premium on PCGS coins, only to find out I'm probably throwing my money away when I could get the same quality with NGC at a more favorable price. Just goes to show no matter how much homework you do, tune into the forums and listen to the "rumblings".

[Guest]

Coolcoin is > its4real + KingKoin cubed?

 

Coolcoin

[crito]

keith,

 

probably has more to do with the tightening of grading standards than anything else. all the AT doctors were moaning and groaning they only get a 2 point bump up (for eye-appeal) at NGC these days. In any case, PCGS ain't gonna disappear any time soon, so don't get your hopes up.

 

Crito

[braddick]

Crito- I won't pretend I can answer for Keith, but I've never known him to "get his hopes up" that PCGS will fail. He pretty much only calls it the way he sees it around him and what has happened to him personally.

No one here could ever accuse me of being a "PCGS Basher". In fact, I've defended PCGS when no one else would and I am also finding myself disenchanted with their methods and grading.

All we want from a Grading Service is fair, honest and consistent grading. Set a "standard" and then stay with it.

 

I look back on some of my grading receipts and I think, after the money spent, I deserve that. So do you.

[keithdagen]

Well said -- 95% of my collection is in PCGS holders, but my personal interactions with the grading staff regarding overgraded and undergraded coins has not been favorable. I don't want to see PCGS fail, I want to see them get off their butts and start taking collector and dealer concerns seriously.

 

As to dealers' opinions, they are just that. If rumblings are a dissatisfaction with PCGS's service, it is not because of tightening, but because they can send the coin in 3 times and come back with 1 bodybag and slabbed at 2 different grades. Dealers (and collectors) want consistency.

 

And tightening standards, if that is the issue, is a major concern. If I buy a 1921 Peace Dollar in MS-65, does it lower in value because it was graded at a time before PCGS tightened?? And how do I know when it was graded if it has been reholdered?? As a consumer, that's not a great idea.

[IrishMike]

Pat, I still think you should have taken me up on that bet, the one about one of the three grading companies, being pared off, sold or out of busines, what you refered to as a sucker bet. Actually I would have taken the bet with just PCGS.

[keithdagen]

If I had to take a guess, I would see PCGS going private again. The value of the stock is low enough to do it, and since insiders own about half the company, the liability on shareholder lawsuits is going to be limited.

[crito]

well, there was a lot of complaining about "gradeflation" a year ago. So PCGS listened and tightened up, and now everyone is complaining again. ACG may be the most consistent of all, everything is a MS65, that doesn't really mean much IMHO.

 

[braddick]

Mike, hindsight is 20/20. You would WIN that bet!

 

 

[IrishMike]

Pat, believe it or not wasn't hindsight, I just didn't want to offend your sensibilites.

[mark]

Keith:

 

I concur with your suggestion that CU might be taken private. If they are, likely there will be a (small?) premium on the outstanding shares of stock. I keep wondering if now would be a good time to pick up a few thousand shares. Anyone have any thoughts about this?

 

Mark

[keithdagen]

Mark,

 

Considering the strong rumors that Rick has jumped ship, I would not touch this issue with a ten-foot pole. Although he is not an officer of Collectors Universe, he has always been at the forefront at PCGS, and it is a major loss. There are too many negatives to CLCT, and until they start proving a willingness to turn it around, I would be hesitant to give them any money.

[davefperry]

David who?

[jtryka]

In my opinion, this stock has been a sell since it went public, and things aren't any better now, so why bother throwing good money at this dog? They were notified on 10/24 that they no longer meet Nasdaq listing requirements, and would be delisted on 10/29. They requested a stay and will get a hearing within 30-45 days. They are hoping by then to get shareholder approval for a reverse split (1-3, 1-4 or 1-5) which makes no sense at all, to get the stock perhaps up to $3 of $4. Why not 1-10 or 1-20, at least it would give them more breathing room. If they do a 1-5, they will be back below $1 in 6 months tops, in my opinion. This is dead money and getting buried deeper by the day, stay away!

 

PS-If you really want to throw away your money, send me a PM and I'll give you my address and I'll find a good home for it!

[dragon]

I don't think they could do a 1-20 reverse split because that would only leave them with 1.25 million shares outstanding, and there may be a Nasdaq minimum number of shares requirement rule also.

 

Dragon

[Guest]

Rick was president of PCGS, controlled the standards, verified the coins and was where the buck stopped in customer service. Sounds like good riddance.

[jtryka]

Actually it may not be that relevant. To continue listing, the company must maintain at least one of the listing standards under Rule 4450(a), which include: Shareholders equity of $10 million, 750K publicly held shares, $5 million market value of publicly held shares, $1 share price, 400 round lot holders, and at least 2 market makers. CLCT was called since they do not currently meet any of these. The last requirement is the main reason why you see so many tech stocks continue listing despite being below $1.

[michael]

lets have an update!!

[Doogy]

lets have an update!!

 

from a pure stock/economic standpoint: their stock is down 47% since the high of around $17 per share last July. It now hovers around $9. what business division is dragging their stock price down, and would it eventually mean that they would have to sell off PCGS to right the ship?