Anyone see who PCGS/CU just hired?

[TonerGuy]

Collectors Universe Appoints Former U.S. Mint Director Jay W. Johnson as Director of Business Development

 

The only reason that I can see PCGS bringing on someone with Mr. Johnson's connections is so that PCGS can snag a government contract to be the official third party grading company of the US Mint. Read what he did in his last position.

 

Why wouldn't the Mint sell US proof and mint sets already certified and graded in the "new" PCGS multi-coin holder. Cuts out the middleman and increases the mint's profits, and PCGS cuts out the competition. The Mint is already looking to increase profits. This seems only natural. Start buying CU stock today before the annoucement is made. Didn't the stock just jump in price. No doubt because others had the information that Johnson was coming on board.

 

Looks like PCGS borrowed a NGC new product idea and have found a new way to market it where NGC has failed. They're already set up to do modern bulk submissions. Only now the proof sets and mint sets will arrive in Brinks trucks straight from the Mint.

 

I have no doubt that is being discussed! Whether it will happen is still uncertain. But it could certainly make business difficult for many dealers.

 

Can anyone think of any other reason to hire him on in his present capacity?

 

Michael

[errorist]

I can only say there are far to many coins for any company to grade. The way the government runs things far to many mistakes will be made.

 

KINGKOIN KING OF KOINS

[gmarguli]

I can't see direct grading from the mint to PCGS or any grading service ever happening. Too much opportunity for underhanded grading and other things to occur. While I'm sure that'd be right up the PCGS alley, I cannot imagine the mint doing something like that with all the collectors out there and Congress watching them.

 

How long did he work at the mint? A year?

 

The hiring of this guy is probably nothing more than DH & Co adding yet another friend to the gravy train. CU probably was projecting being profitable and they decided to give it away.

 

The good news is that I'm sure we'll be seeing more JJ signed slabs on the market some time soon. Dealers need more of these to replenish their bargain slab bins.

 

[SilverEagleCoins]

I would protest if PCGS was the sole grader for the mint. I would be much more comfortable if all grading companies had a contract and that each were given an allotment to grade rather than a grade as needed basis. That way TPG sets would be limited in numbers direct from the mint.

[braddick]

You guys don't see any good in this? Just negative?

[MAULEMALL]

You guys don't see any good in this? Just negative?

Has his role even been discussed?

[gmarguli]

You guys don't see any good in this? Just negative?

 

Personally, I don't see anything in this at all. It's a typical press release just for the sake of having a press release. It has a lot of words, but doesn't really say anything. It's got something about milk, indians, river dredging, ship building, etc, but nothing specific about coins. His highlights at the mint don't say much about him.

 

After reading the release I'm left with a couple questions: Why do I care that he was hired? What is he going to do for me? What benefit is he bringing to the company? What is he going to do there differently? Why does CU need this new position?

 

I see no answers to those questions. Now, if my question was, "Who secured $31 million for river dredging?", then this would be a wonderful press release for me.

 

I stick by my earlier guess as to why he was hired.

[SilverEagleCoins]

I only commented on PCGS being the sole grader directly from the mint. As to the man himself I don't know anything about him or what his future duties would be. I would guess, however, he would have some good knowledge of the inner workings of the mint. I'm sure he knows all the deficiencies. Now playing on the other side of the Mint he may be able to "complain" about the Mint's short comings to the right people.

[Leothelion]

I think it's a far fetched idea. Hand stamping coins so PCGS can make multi MS70 coin sets, the people won't buy it. But on the other hand, there ARE alot of out there who will buy anything with MS70 numbers on it.

 

Leo

[EZ_E]

re: Jay Johnson joins Collectors Universe in the newly created position of Director of Business Development effective December 3, 2003.

 

This "newly created position" sounds fishy to me. It is like multi-billionaires creating a cushy little job for their errant son in their business.

 

I don't see any direct submissions from the mint to PCGS since it would be a monopoly.

[RobertB]

In the issue of Coin World,(12/15/03), that came in the mail today there is an advertisement on p. 25 featuring PCGS slabbed buffalo commem. dollars signed by whom? Well, Mr. Jay W. Johnson. They are offered by whom? Well, David Hall Rare Coins. So I think we should fear not of a PCGS/US Mint monopoly. Just more money making schemes from Hall.