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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
 Posted - 12/05/2009 : 16:24:57
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When do you know it is worth certifying your coins with either PCGS or NGC? Which one do you prefer?
I have never done this. From what I have read online, it is an expensive process. Do you wait until you have several coins?
I bought an 1897 $5 liberty gold dollar for $375 and it is graded MS-61
Just wondering if it would be worth having graded.
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 12/06/2009 : 13:38:25
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| I would not grade it but thats b/c I like handling my gold coins. I dont want them locked in a container. I have never sent something in to be graded but if i did it would have to be a key date coin |
Inquiring minds want to know |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 12/06/2009 : 13:58:39
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PCGS I think has a five coin mininum and you also have to be a member to submit to them. Not sure about NGG. Regardless people should buy the coin and not the holder. With all that said I recently got a letter from the President of PCGS that is fairly impressive:
There are 7,320,437 reasons that show,
When it comes to Your Coins...
PCGS puts its money where its mouth is!
Here's what the PCGS Grading Guarantee does (and doesn't) do for you and your coins...and here's also a few changes in the way the PCGS Grading Guarantee works.
For the past 24 years, the Professional Coin Grading Service (PCGS) has offered collectors and dealers the strongest assurance of grading accuracy and independence in the rare coin market. A strong guarantee was one of the tenants upon which PCGS was founded. We were the first third party grading company to actually guarantee the grade and authenticity of the coins we graded.
For 24 years we've stood behind the service we provide to you not with a money back/fee returned policy if we make a mistake...not with a "we're sorry, we'll return your grading fee or give you free grading" policy if we make a mistake...but with an actual cash guarantee for the market value of the coins we grade and authenticate.
They say that talk is cheap and money talks. So when it comes to the validity of the PCGS Grading Guarantee we'll let the money do the talking. Here are the cold facts about what we've done in the past 24 years.
In the past 24 years, PCGS has (as of Dec 1, 2009) graded 18,784,536 coins with a declared value of $19,138,747,536. That's 18 million coins worth over 19 billion dollars!
In the past 24 years, PCGS has paid out $7,320,437 under the terms of the PCGS Grading Guarantee. When we make a mistake that involves your coins, we pay for our mistake. It's that simple.
Here are some detailed figures of the money we've paid out under the terms of our grading guarantee. The following is the total amount paid in each of the last six calendar years;
2003...$365,525
2004...$222,227
2005...$507,692
2006...$382,384
2007...$562,541
2008...$1,945,755
2009 (thru Dec 1)...$498,798
You'll note that the cash figures are increasing, but this may be explained by the fact that coins are worth more today than they were in 2003. The huge amount bought back in 2008 was probably a "perfect storm" aberration (January, 2008 was not a good month for PCGS...see below).
The 12 most expensive mistakes we've paid for are as follows, and we're not doing this to show off (in fact, it's actually admitting our biggest mistakes very publically). We're doing this to let everyone know that we stand behind the work we do for you with cold hard cash. We take our job seriously. We want to do the best job we can for you. And if we make a mistake, we'll pay for it.
Here are the twelve most expensive PCGS Guarantee "buy-backs";
1794 Silver dollar AU55 $575,000, January, 2008. This was a beautiful looking coin, but on close examination, the hair had been reworked and the toning was actually not original. It was obviously a very skillful doctoring job and it fooled a lot of people.
1849 Mass & Cal $5 AU55 $150,000, June, 2006. This is a very rare territorial gold coin that turned out to be counterfeit.
1792 Half Disme XF45 $150,000, January, 2008. This coin had actual been flattened, probably around 1800, and did not look right at all. We shouldn't have missed this one.
1969-S double die Lincoln cent MS65RD $80,000, November, 2003. This coin had been doctored. We missed the doctoring and the coin "turned" in the holder.
1861/57-S Clark Gruber $20 MS63 $75,000, November, 2007. This coin had been known to the coin community for decades. In fact David Hall had it at coin shows for sale in the mid-1970s. But research eventually showed that this coin, and several other Clark Gruber rarities, were actually counterfeits that were probably made in the 1950s or 1960s.
1861 Clark Gruber $20 (three) MS62s $55,000 each, January, 2008. Same type of circa 1950s counterfeits as coin above.
1899 Indian cent PR69 $50,000, February, 1988. This gorgeous proof Indian cent later developed a huge copper spot covering the face of the Indian. We bought the coin back and hung it on the grading room wall with a sign that said "The $50,000 Spot" and we told the graders to be really careful when handling copper coins.
1908 $20 St. Gaudens PR63 $45,000, July, 2008. This matte proof Saint had been improperly cleaned or conserved or doctored or whatever you want to call it. We missed the subtle surfaces problems which later became not so subtle as the chemicals used by the "doctor" reacted on the coin.
1963 Lincoln cent PR70DCAM $40,768, April, 2004. This perfect Lincoln proof later developed a few minor spots. Not really our fault, but it was covered by our grading guarantee.
1849-D gold dollar MS64 $40,000, July, 2008. This was a beautiful, very high grade Dahlonega Mint that unfortunately had a planchet lamination on the rim the broke loose and negatively effected the coin. This was not really a grading mistake, but an unforeseen problem covered by our grading guarantee nonetheless.
Bottom line...we're the experts, but even experts make mistakes. That's why we have the PCGS Grading Guarantee, so you don't have to pay for our mistakes.
Here's is a link to PCGS Grading Guarantee...
You must be logged in to see this link.
which gives the details of the guarantee and how it works, plus some very specific details and examples of what the guarantee does and doesn't do.
For example, if we overgrade a coin, it's covered by the PCGS Grading Guarantee. If we miss some doctoring on a coin, it's covered by the PCGS Grading Guarantee. But if there's a mechanical (clerical) error on the holder of the coin...let's say the coin is dated 1936, but the holder says 1937...the PCGS Grading Guarantee doesn't cover an obvious clerical error that shouldn't fool anyone.
If you own PCGS graded coins or are considering purchasing PCGS graded coins, you should go to the link above and review the terms of the PCGS Grading Guarantee.
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.
For 24 years we've been standing behind the service we provide you with a cash grading guarantee. We intend to keep providing you with the best possible grading and authentication service and the PCGS Grading Guarantee to stand behind that service for the next 24 years and many years after that!
When it comes to your coins...PCGS puts its money where its mouth is! |
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aloneibreak
Penny Hoarding Member
USA
672 Posts |
Posted - 12/06/2009 : 14:22:12
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thanks for the PCGS article - very interesting!
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My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 12/10/2009 : 10:50:01
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| Havin any coin slabbed and authenticated is a personal preference. There are individuals that have almost any coin slabbed. Then there are those that have no slabbed coins and never send for slabbing. I've seen coins worth only a few dollars in slabs and tried to imagine why. If you think you want or need to have a coin slabbed, one of the easiest methods is to visit a coin show if there are any in your area. Dealers thre will do it for you for a fee but if you only want to have one or two coins slabbed, it is the easiest and chaepest method since you don't have to join anything or anyplace. Also, you could try a coin store in your area. As a general rule I've found most slabbed coins are in the over $100 area in value which means that probably most think a coin of that value is well worth the price of slabbing. Many others I've met have coins they suspect as possibly being a fake sent out for that process. Again though if the coins are not worth the slabbing price, makes little CENTS to pay to have it slabbed. |
Carl |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 12/10/2009 : 13:01:46
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quote:
Originally posted by PennySaved
When do you know it is worth certifying your coins with either PCGS or NGC? Which one do you prefer?
I have never done this. From what I have read online, it is an expensive process. Do you wait until you have several coins?
I bought an 1897 $5 liberty gold dollar for $375 and it is graded MS-61
Just wondering if it would be worth having graded.
When? If the coin is questionable if it is real or if you are trying to determine if its a certain die pair or error or ect. Also if there is a big differnce in price from say AU to MS
Which company? I would say PCGS because thats what most people like, but it also depends on what you are trying to grade. PCGS doesnt grade all errors and other misc things.
Expensive? It all depends on how you do it. If you want it rushed and try to do everything yourself it will cost you an arm or a leg. If you go through a dealer and don't have it rushed it can cost as little as $20.
How many to send in? Its cheaper to send in several at a time, but not worth the savings to hold onto the coin and always wonder.
How? I personally would find a local dealer that you can trust. They normally have a shipment to get graded once every 1-2 weeks. Just fill out all the paper work and than they are responible once they get the coin. KEEP your paperwork!
Would I grade the 1897 $5 gold?
If it is an 1897 S and will grade atleast AU than YES.
If its an 1897 plain than NO unless its a MS-63. Big price jump from MS-62 to MS-63. Typically dealers grade gold coins a little higher than they come back from the grading company. This is because gold is harder to grade than normal coins. I would say its most likely not worth grading.
Just my opinion.
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Copper Penny Investing
www.portlandmint.com |
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pennyondime95
New Member
USA
15 Posts |
Posted - 12/13/2009 : 10:55:40
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Well, the truth is not really easy to find an Honest Graders or Professional Expert In Coin Grading Authentication Services. It takes me for More Than 4 years to Find The real EXPERT and an HONEST MAN to certified my coin a 1995 Double Denomination (UNIQUE).In Baltimore Coin Show in Maryland where I live. I talk to many coin graders or professional expert in Numismatic but all of them was FAILED to Convinced me of the SAFETY of my COIN.
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You must be logged in to see this link. |
edwinrd117 |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 12/14/2009 : 14:48:29
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You grade when the coin is rare, valued above $150(my level), significant price difference between its possible grades (ie G = $100, VG = $500) and you need the coin protected from handling.
If you meet all these 'needs/conditions' then it is worth getting it certified. |
"May your percentages ever increase!" |
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How do you decide to certify your coins?
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