PCGS No Longer Guarantees Copper Coin Color; Limiting Guarantee on Others

[gmarguli]

We are also making two important changes to the PCGS Grading Guarantee effective for PCGS graded world coins and copper coins graded or sold after January 1, 2010. For world coins (i.e. non-U.S. coins), we will have a limit on our guarantee of $10,000 per coin. And for Chinese coins, we will have a limit on our guarantee of $1,000 per coin.

 

We've also made a change in how we handle the guarantee of color for copper coins. The fact is that color for copper can change depending upon where a coin is stored. The villain is humidity, and if you have mint red copper coins stored in Hawaii or Florida, for example, there's a good chance that the environmental factors can alter the color of the coins. This is obviously beyond our control so consequently we will not be guaranteeing the color of cooper coins graded or sold after January 1, 2010.

 

Very interesting and troubling. The copper guarantee was a major advantage they had over NGC. Now NGC has the advantage over PCGS as they still have a "minor" copper guarantee.

 

As for world coins, that is a highly unusual route to take considering that is where the market growth is. I suspect this has a lot to do with their grader / turnaround time / outside authenticators situation. Read into that what you like.

[James_OldeTowne]

Yep, I got that eMail too, from Don Willis. Here's the one that cracks me up:

 

And for Chinese coins, we will have a limit on our guarantee of $1,000 per coin.

!

[physics-fan3.14]

Yep, I got that eMail too, from Don Willis. Here's the one that cracks me up:

 

And for Chinese coins, we will have a limit on our guarantee of $1,000 per coin.

!

 

Now, is that talking about Chinese counterfeits, or actual Chinese coins?

[kbsig106]

What's PCGS got against collectors in Hawaii and Florida? Don't hate because we live in paradise. (not right now - 47 and raining in NEFLA) jk

[WoodenJefferson]

I can throw a lick type stamp down on the table here in the summer and watch it curl up right before my eyes.

[braddick]

I read it too, with interest.

I can't imagine why they're changing their policy with foreign coins as I agree with Greg, much of the future in grading will lie with coins outside of the U.S.

Regarding copper?

I honestly can't blame PCGS and am a bit surprised NGC hasn't completely abandoned their guarantee as copper does so easily change within the holder.

 

I doubt though it'll play a large role in converting those who enjoy PCGS copper over NGC copper as I believe they do what they do because those collectors are stuck on the higher value that is placed on PCGS over NGC, in general, for the same grade of coin within their series.

[bsshog40]

I believe that PCGS will soon be burying themselves. The guarantee of chinese coins indicates to me that they are not very good at authenticating coins very well. Then there's the issue of being able to distinquish NT from AT with the new copper color addition. Just my perspective!

[michael]

when the heat gets too hot you get out of the kitchen

 

 

simply starting to limit their up and coming liabilily, the flood gates are now open

 

insurance company's are not in the business to pay claims

[michael]

paying out too much $$$$ in liability for all the enhanced indian head and lincoln cents in red designated holders that eventually turn

 

so now if they designate your red copper and it turns back to rb or bn and even fugly no color guarantee you're mess outta luck

 

 

[leeg]

Really gives NGC a big step up in the grading of World Coins and will give them a bigger share in the copper area. (thumbs u

[Doogy]

Really gives NGC a big step up in the grading of World Coins and will give them a bigger share in the copper area. (thumbs u

 

 

 

NGC didn't need any help in the grading of world coins, as they had a virtual monopoly on high dollar world coins anyway.

 

Of the six figure world coins that have been graded and sold over the past 5 years, 92% are NGC, and ALL of the seven figure ($1M)+ world coins ever graded are in NGC plastic. PCGS was already the "send us your lower dollar world coins, as we don't have much experience with the rare stuff" company anyway.

 

This won't be a blip on the radar for NGC world coin submissions, they were already getting mostly everything over $10k anyway.

[PerryHall]

I doubt though it'll play a large role in converting those who enjoy PCGS copper over NGC copper as I believe they do what they do because those collectors are stuck on the higher value that is placed on PCGS over NGC, in general, for the same grade of coin within their series.

 

Now that NGC has a better guarantee on slabbed copper, I can see NGC slabbed copper coins becoming worth more than PCGS slabbed copper coins or at least the price difference between the two services narrowing.

[PerryHall]

I doubt though it'll play a large role in converting those who enjoy PCGS copper over NGC copper as I believe they do what they do because those collectors are stuck on the higher value that is placed on PCGS over NGC, in general, for the same grade of coin within their series.

 

Now that NGC has a better guarantee on slabbed copper, I can see NGC slabbed copper coins becoming worth more than PCGS slabbed copper coins or at least the price difference between the two services narrowing.

[Frank Provasek]

And after dropping that bombshell, the PCGS message board moderator deleted a string of well over 200 comments from affected/concerned/angry customers.

[Schatzy]

And after dropping that bombshell, the PCGS message board moderator deleted a string of well over 200 comments from affected/concerned/angry customers.

 

PCGS are just big cowards in my IMO.

 

[Doogy]

after reading Frank's post, this picture popped into my head

 

i think it is pretty relevant in light of PCGS's new iron-fisted policies

 

[Doogy]

 

watch 1:55 to 2:20 of this video. I guess you can pretty much throw that rationalization out the window

 

interview

[michael]

And after dropping that bombshell, the PCGS message board moderator deleted a string of well over 200 comments from affected/concerned/angry customers.

 

yes they tend to eliminate many threads that are true and to the point especially so with the CAC and now deleted many comments and threads which comment on their limiting of their liability due to their past practices of holdering many coins with rb and red designations that are currently no longer red in holders

 

more is yet to come.........................

 

the truth will set you free but man it is a $$$$$$$$$$$$$$$$$$$$$$ to pay all those claims