PCGS "genuine" service - price seems rather steep

[James_OldeTowne]

Yes, I have already had to catalog a bunch of these. $100? For a shard of plastic that confirms a coin as being "genuine"? I guess if the coin is several thousand dollars, but what about an S-VDB in VG? or a 16-D in AG? Or a 1913-S T2 Buffalo that's been cleaned? I just thought the price was kind of steep. Seems like it should be based on the declared value of the coin.

 

Here's the link .

 

"Effective immediately, the Professional Coin Grading Service (PCGS) will begin authenticating and encapsulating "problem" coins (altered surface, cleaned, environmental damage, etc.). Holders and inserts for the Genuine Service will be identical to the normal PCGS holder except the insert will read "GENUINE" in place of the usual grade. No grade will be assigned to these coins, but they will be eligible for inclusion in the PCGS Set RegistrySM with a grade value of 1. Genuine Service coins will be covered under the PCGS Guarantee of Authenticity but not under the PCGS Guarantee of Grade.

 

PCGS reserves the right to reject any coins submitted under the Genuine Service, including coins that are excessively damaged, altered to such a degree that making a determination of authenticity is difficult or impossible, or have surface contaminants that may harm the coin in the future. In such cases, PCGS will refund the fee and related shipping charges for that coin. Customers should submit all coins for the Genuine Service on a regular PCGS submission form, marking "GENUINE SERVICE" in the "Other" box.

 

The fee for the Genuine Service is $100 per coin. Turnaround times for the Genuine Service will be approximately the same for all other PCGS services. The Genuine Service is a stand-alone service and is not available in combination with any other service levels. "No-grades" from other service levels must be resubmitted under the Genuine Service in order to be encapsulated."

 

Oh well, comments welcome.

[WoodenJefferson]

I guess to keep away from counterfeit 16-D dimes, stuck on S's for the VDB 09 Lincolns...not sure why a cleaned Buffy, but who really knows why?

 

There are those that literally praise this service and as it turns out, it is an excellent marketing ploy on how to extract even more money from the worshippers.

[WinstonWare]

That is steep!

[MikeInFL]

I suspect the price of the services was intended to limit the number of cheap, problematic coins in PCGS holders -- or "protecting the brand", as my friends in marketing like to say.

 

Remember, as a publically owned company, their primary goal is shareholder value and they are only interested in collectors to the extent it affects the former. This decision, to me, seems to be just another one based on that credo.

 

All IMHO...Mike

[BillJones]

The reason for the $100 price tag is that PCGS wants to keep the riff-raff out of the PCGS holder “genuine” neighborhood. That high price is used to discourage the slabbing of low value problem coins.

 

At the last Clearwater, Florida show I saw a couple of these “genuine” PCGS slabs. Both coins were real “heavy hitters.” One was an 1804 $10 gold piece. The coin would have graded AU, but it had a couple of very deep marks on the reverse. They were not something that jumped up at you when you first looked at the coin, but they were the type of thing that would result in a body bag. The other piece was a 1796 quarter that was an EF, except that it had been whizzed and AT’d. The dealer was trying to get around that by using a sticker with a grade on it over the “GENUINE” label.

 

The asking price for each coin was in the 5 figure territory. The 1804 eagle was priced around $50,000. That’s a lot of money for 1 PCGS registry point.

[nwcs]

So much for all the years David Hall said he'd never do this kind of service.

[DirtyGoldMan]

I bought one a couple months ago. It was one of those cases where the coin looked a lot better than many of the type in regular PCGS/NGC holders at about half the price. Seemed like a good trade-off to me.

[Doogy]

So much for all the years David Hall said he'd never do this kind of service.

 

He sold himself out for money many times now, why stop now?

 

 

[bsshog40]

That high price is used to discourage the slabbing of low value problem coins.

 

 

I agree with Bill here!

[jesbroken]

Why not just send it to NCS to begin with-same service for far less money and a grade to boot. I would feel better with a details grade on my genuine coin as to just have genuine with no grade from the other. I truly sometimes feel we are thought to be fools by the companies we support-if this service is utilized then I guess we are.

Jim

[just-john]

think it's to cover their losses when some beat to heck high dollar environmental damage counterfeit Chinese

coins get into their holders.Don't see the long term up side on their move and think it will hurt their product's perceived value

[Doogy]

think it's to cover their losses when some beat to heck high dollar environmental damage counterfeit Chinese

coins get into their holders.Don't see the long term up side on their move and think it will hurt their product's perceived value

 

 

it is another way to generate revenue, and try to "prove" to the shareholders that everything is okay. their stock (CU) is in the toliet, and i'm sure they are getting beat over the head as a result of it.

 

 

[BillJones]

So much for all the years David Hall said he'd never do this kind of service.

 

He sold himself out for money many times now, why stop now?

 

 

The thing you guys have to remember is that the coin slabbing industry, at least for "classic coins," is getting into the mature phase of it product life cycle. The cow has been milked, and the output from the utters is running dry. Therefore they need to find new ways get what is still raw into a slab of some kind.

 

The advantage that the PCGS "genuine" slab has over the NCS slab, in my opinion, is that it looks like a regular PCGS holder. I'm sorry to say it, but I have never cared for the looks of the NCS slab.

[MarkFeld]

So much for all the years David Hall said he'd never do this kind of service.

 

He sold himself out for money many times now, why stop now?

 

 

The thing you guys have to remember is that the coin slabbing industry, at least for "classic coins," is getting into the mature phase of it product life cycle. The cow has been milked, and the output from the utters is running dry. Therefore they need to find new ways get what is still raw into a slab of some kind.

 

The advantage that the PCGS "genuine" slab has over the NCS slab, in my opinion, is that it looks like a regular PCGS holder. I'm sorry to say it, but I have never cared for the looks of the NCS slab.

If I owned a grading company I wouldn't want my slab for "genuine" coins to look like my regular slabs. I'd rather they be distinct, so as to distance the designated problem coins from the others.

[RGT]

If I owned a grading company I wouldn't want my slab for "genuine" coins to look like my regular slabs. I'd rather they be distinct, so as to distance the designated problem coins from the others.

 

I have to agree. For a while the problem coins in ANACS holders were easy to tell from the newly slabbed ones. Now they all look the same. It bugs me to have to click through for a better picture on Heritage or eBay to see if the coin has a problem or not. At least Heritage mentiones it in the text if you can read the tiny print. Most eBay sellers don't bother to mention the problem in the title. I just got really irritated yesterday because Barry Stuppler (verypq) pulls this trick on eBay.

[James_OldeTowne]

If I owned a grading company I wouldn't want my slab for "genuine" coins to look like my regular slabs. I'd rather they be distinct, so as to distance the designated problem coins from the others.

 

I have to agree. For a while the problem coins in ANACS holders were easy to tell from the newly slabbed ones. Now they all look the same. It bugs me to have to click through for a better picture on Heritage or eBay to see if the coin has a problem or not. At least Heritage mentiones it in the text if you can read the tiny print. Most eBay sellers don't bother to mention the problem in the title. I just got really irritated yesterday because Barry Stuppler (verypq) pulls this trick on eBay.

I agree as well. One thing that PCI did that I liked was put red inserts into "problem" slabs. While I agree that the NCS slabs are not attractive, and that the difference between them and NGC slabs could be a bit more ....uh .... "subtle", I do think the PCGS "genuine only" slabs could use a bit more of a difference in appearance. Pink insert maybe ?

[jesbroken]

I agree as well. One thing that PCI did that I liked was put red inserts into "problem" slabs. While I agree that the NCS slabs are not attractive, and that the difference between them and NGC slabs could be a bit more ....uh .... "subtle", I do think the PCGS "genuine only" slabs could use a bit more of a difference in appearance. Pink insert maybe ?

 

Pink, nothing, how about a small 24k gold sculpture attached to the slab. For the price they charge it should be at least distinctive while not being of some value. In all seriousness, worrying about the type of slab, when none should sell, is like worrying whether the ocean is 2 miles deep or three when in a sinking boat. You'll drown in the first 50 feet, and this project, as described, will surely drown.JMO.

Jim

[Connecticoin]

So much for all the years David Hall said he'd never do this kind of service.

 

Horrors! He changed his mind! We never do that, do we?

 

I think it was a smart move by PCGS -- fill a need for high-end problem coins, but stay out of slabbing low-end problem stuff, which would probably be a money loser, or not as profitable.