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Longstrider's Blog

11 May 2018

WHAT THE PCGS GUARANTEE DOES NOT COVER

Coins | Longstrider

                                                                                            CAVEAT EMPTO----LET THE BUYER BEWARE

As a follow up to my blog of may 8th. about NGC's policy of returning copper coins for re-slabing before 10 years is up, I thought I should do a blog on PCGS's policy on the same subject. Yesterday I called PCGS to find out, first hand, what their policy is toward copper coins to see if it was the same as NGC. The customer service guy I got had never heard of any such thing they had. He put me on hold to check further up the chain of command. End result was PCGS has no return for re slab of copper type coins. Thank you very much. Now being the sort of person that trusts no-one I hacked my way through the web site of PCGS. Guess what? They do have a policy, just not as ridicules. It is as follows:

Coins exhibiting environmental deterioration. The PCGS Guarantee does not apply to coins exhibiting environmental deterioration subsequent to PCGS grading and encapsulation. This deterioration may include, but is not limited to, spotting, hazing, PVC contamination, changes in color, and corrosion.
IMPORTANT: Because the color and surfaces of copper coins can change due to environmental factors, including weather and improper storage, PCGS does not guarantee against changes in the color of copper coins, or against copper spotting subsequent to grading and encapsulation by PCGS.

   So, as I interpret this policy, there really is no guarantee as to the color of a copper coin slabbed by PCGS. This kind of make sense as copper is a very reactive metal. I thought we were all told the slab of all the third party graders is impervious to all outside factors. These exclusion are coming from inside the metal of the coin itself. At least they don't require us to send all our copper coins back to them and pay for the company to re-grade them.

If one were to decide they prefer this policy over NGC you would have to join PCGS in order to submit coins yourself. We do this to NGC as part of a perk from the ANA membership. I'll leave it up to the reader to check out costs and services. Basically, you have three levels of membership.

There you go. I hope I have been fair to the two major TPG. As I mentioned in my first blog, I was completely unaware of any of this. It is all there for the patient person to read..

Thanks for your time. Please feel free to comment.

Sourced:

PCGS personal call on 5/10/2018

pcgs.com

ngccoin.com

 

 

Comments

Mike

Level 7

I understand Mr. Bowers does not know about this but said two people are looking into it. So it doesn't matter were or how much you pay for a coin if it was slabed more than ten years ago and your at a show are you going to know? Your out your investment and possible profit and grading fees again. So we're do we send our coins keep them in flips? This hobby gets harder and harder to enjoy. Everyone has a disclaimer even here on blogs. Something said wrong take it down if not leave it alone. Maybe we should have a disclaimer. Not responsible for faulty or lousy slabs. It's the grading company's fault because of slabs that due not perform as promised. How would they like that. Fight fire with fire. Think of the amount of money lost by the collector. Millions. Who gets it the grading company. This is starting to get me sick. No one wants to take responsibility anymore and we should all call everyday and see if they like it. There is no more pride in American workmanship. It's the lowest in the world.

CoinLady

Level 6

Thanks for following up on this. I have a feeling we will read more abt this.

World_Coin_Nut

Level 5

That's concerning but I can't say it surprises me. When it comes down to it they don't have any control over how we store our coins. Copper coins are more susceptible to changes in environment so they are really just protecting themselves. I still don't like NGC's policy, I think it goes to far. At least the policy at PCGS is a little more understandable.

Mike

Level 7

I think the big companies and auction houses and everyone should check there copper coins or these companies come up with a better slab. I feel mislead. It's not in the welcome package what's going on. As I said they better get on this fast. Maybe on the slab of copper and bronze coins they should put the date it was slabed. I don't have any answers just questions . I called them today and they verified it and said take care of your coins. What are they going to say just send us ten dollars and your coppers and bronze every nine years? It's not getting any more enjoyable collecting now I have to worry about this. Thanks guys for making our lives easier.

Kepi

Level 6

Geezzz... This is like opening up a can of worms... It seems like know one can give you a straight answer...well at least one you can believe that is. What a potential mess for those of us collectors who have copper, tokens, medals, etc...

"SUN"

Level 5

Great research and information.

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