Is CMI telling the truth?

[R1RobPHX]

I am concerned by what seams to be an elitist, expensive and unfair group of practices have become the norm for coin collecting, which requires you to be very rich in order to get your coins graded for auction then pay high fees to the auction houses. I believe any new collector should go to CMI's web site for critical information before making any decisions to sell. It seams your forced to go to eBay where you will never get anything near what your coins are worth, and which auction houses and wealthy collectors cruise like sharks to buy coins worth thousands for a few dollars. I am including an email I recently sent to each of the coin grading services. I have also asked Heritage Auctions to explain why I should use their services at all if they require me to pay someone else to grade my coins first, I believe the service should be included for the outrageous fee's they collect.

To Whom, After several months of looking through and getting to know this industry I find it distressing. Besides people that just happen to find a rare coin by accident a young person that finds this interesting will soon be disenfranchised. One may not sell a coin without having it certified by one of the 4 grading services without losing more then half it;s value. This I believe to be a means of extortion by forcing the coin owner to pay an exorbitant price simply for grading, which does not guarantee that the coin owner will be able to recoup the loss of having to have it graded once it goes to market. There is a company here in Phoenix that I first thought was wrong about the online auction houses and the grading services since it called them a scam. Now I am inclined to agree. What is a person to do that has many rare coins they have either found or inherited and doesn't happen to have several million dollars laying around to simply have coins graded just to lose even more by the auction houses fees? Maybe there should be federal regulation to protect the consumer, something I intend to bring to my U.S. Representatives attention after the mid-term elections. I await your response. Thank you, Mr. Robert Craig CEO RLCT

[Six Mile Rick]

Mr. Craig,

 This is all true to the costs and fees from big time coin auction houses. Being new to coins and having a nice group of coins should not be so  costly of a thought. You should try a local coin dealer, local coin shows, or local coin club. There will be someone at a local event that will be able to help you decide which coins are worthy of paying a grading fee and sending into an auction house of your choice.

Good Luck!! 

[R1RobPHX]

Just to let you know that I am not totally ignorant I happen to have in my collection a 1943 copper and brass penny as well as may other coins of almost this caliber. I would like to share with you what I am posting to your FaceBook page, as well as the many other cog's in the wheel which so desperately need regulation to protect the AVERAGE American from greedy people and corporations that have a direct conflict of interest.

  I will contact your services one time however after reading what CMI as well as What Mr. Mr. Travers at usgoldexpert.com have posted to the web it has become woefully aware to me that there is a need for a uniform grading standard. That the fee's should be uniform and that anyone in the business of selling or grading any kind of currency should not be allowed to be owners/collectors/sellers/buyers or in any way involved in the industry personally. I believe that if they are that creates a vicious conflict of interest. Don't you agree?

 

I as many people,corporations etc. including yours have several social media sites. I intend to post my beliefs and reach out to the more then 100,000 people   that look at my social media sites daily to see who if anyone agrees with me. Whats more is I will urge them to contact their Federal representatives as soon as the mid term elections are past, as well as the Federal Trade Commission.

 

                                        This is why, anyone that has been collecting coins just by what they may find by chance, or inherited them or just found one on the sidewalk is basically forced to sell them on eBay because your grading service is so outrageously expensive that is all the average Joe can afford. Then once on eBay your customers and collectors as well as PCGS, NGC and especially Heritage Auctions may pick up the coin for pennies and then resale it for millions in some cases especially since they are more then likely members of one association or another and pay either heavy dues because they can afford it or because  they have already done business in the industry. I honestly feel that the average American is not given a chance, a FAIR chance at making as much money as they possibly could, all because of the greed and unfairness already embedded in this industry.

 

                                   If I am wrong then prove it!  That is my challenge to you as well as all the other graders with the exception of the Independent Coin Graders. I await your reply...........Rob

 

 

[KarenHolcomb]

Wowzers! Give em Hell Dude. I sure hope the guys won't hold my responding to you against me. So be it, I suppose. 

Idk much about anything, but I do know that I looked into the cost of having a coin graded and was blown away that I had to first purchase an expensive membership to even be able to submit a coin for grading at all but one service. And then after paying a couple hundred bucks for the membership you still gotta pay essentially 40 more per coin for the grading. Needless to say I didn't submit any coins for grading.

I too have heard the rumour that if you don't already have a good working relationship with a company that you can forget an honest appraisal of your coin. That being said, here in the forum I have found the guys to be above reproach with their honestly and integrity as opposed to many FB sites that seem to have PMD as their only vocabulary,  I guess in the hope that no newby will ever have anything they want. At least that's how they make me feel.

Idk anything about online auctions as I've only dealt with one and was blown away by that fee they charge, the buyers premium, where your $60 purchase suddenly becomes $95. I'm shocked that anybody would buy from one if they are all like that. But I have come to the conclusion that 90% of collectors DO have the money to throw around and yes, it does leave the little guy out in the cold.

So here I sit hoping to happen upon that one coin that will allow me to really get a collection started while putting the coins that I find worthy into flips for a future time when I can afford to throw cash at these grading companies. 

Maybe you could start your own grading service? I just bet that at the end of the day charging less for an honest evaluation would get a person more business and hence more income than charging more to only a few elitists. 

Have a nice day, sir.

[R1RobPHX]

Karen, After lots of research and many emails from PCGS claiming there was a standardized grading blah blah. I have decided for myself to have my coins graded by the ICG Independent  Coin Graders to be the most friendly, least expensive, and honest graders out of the big 4. I do intend on contacting my Az representatives in DC AFTER the mid-term elections as well as the FTC as well as the treasury dept. Take a look at Mr Travers Article as well as CMI and it will give you pause about the other 3 graders. I have found no complaints about the independents unless it came from one of the other 3 elitist Graders. I have also found out that I am not required to have my name post to each coin when it goes up to auction. I may not know everything but if I can help any new people I will be more then happy to share what I do know...