pcgs grading

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nluc
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pcgs grading

#1 Unread post by nluc »

I have coins I am considering submitting to pcgs for grading. To me all of the coins are in really good condition maybe even mint state the coins have been in my family for 3 generations. However there is one coin in question that I have. The marks on it look to be strike marks from a bin or it could just be scratched. I just don't want to spend good money to have a coin graded. That may come back not graded or details scratched if it is not worth the effort. I am new to collecting only been doing this for a few yrs and never thought much about grading. I have been told many times not to send coins for grading it was a waste of money being that dealers only pay melt for coins anyway. That being said I have been considering sending some of my coins in and would appreciate some good feed back.
#2. 1894 - face strike marks.jpg
#2. 1894 - reverse.jpg

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Paul
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Re: pcgs grading

#2 Unread post by Paul »

Welcome

I believe your first step here is to make sure that they are all genuine
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nluc
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Re: pcgs grading

#3 Unread post by nluc »

I have checked the weight and they were appraised before being passed on to me. So I am positive they are real. My concern is the marked coin. If the marks on it would keep it from being graded. If so I don't want to spend the money.

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Re: pcgs grading

#4 Unread post by nluc »

This is a updated photo the other one was no good my apologies. This set of photos is better.
20220818_142649.jpg
20220818_142139.jpg

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Re: pcgs grading

#5 Unread post by JTCC »

coin does look good using the 2nd set of images, does appears to be harshly cleaned/scratched.
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Re: pcgs grading

#6 Unread post by nluc »

That was why I am afraid it won't be worth grading. That is the bad one out the bunch. I was thinking of having pcgs restoration then grade but with the heavy strike marks I am afraid it will be a waste.

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Re: pcgs grading

#7 Unread post by Newbie »

Strike marks aren't the main issue IMO, the harsh cleaning on the coin would be the issue.

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Re: pcgs grading

#8 Unread post by JTCC »

nluc wrote: Thu Aug 18, 2022 2:55 pm That was why I am afraid it won't be worth grading. That is the bad one out the bunch. I was thinking of having pcgs restoration then grade but with the heavy strike marks I am afraid it will be a waste.
this coin cannot be restored, cleaning and scratches on a coin is permanent.
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Re: pcgs grading

#9 Unread post by nluc »

Ok I thats what I thought about this coin so I will not be submitting this coin thanks for all the input.

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Re: pcgs grading

#10 Unread post by Daniel »

I don't care if they where appraised, authenticity is important and you should seek that advice from a grading company or person who can ID and test your coins. Not to mention, telling you if they're cleaned or not.

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Re: pcgs grading

#11 Unread post by Earle42 »

I just don't want to spend good money to have a coin graded. That may come back not graded or details scratched if it is not worth the effort. I am new to collecting only been doing this for a few yrs and never thought much about grading. I have been told many times not to send coins for grading it was a waste of money being that dealers only pay melt for coins anyway. That being said I have been considering sending some of my coins in and would appreciate some good feed back.
I won't say not to send them in. I will help though by giving you some concrete facts you can use to make a smart decision and not lose money (like so many people do with grading companies).
If you enjoy losing money, skip reading the following essay :D

The Insider's Guide to Using Grading Companies
-or-
Thinking of Slabbing? Make sure you understand the Facts...or You Could Lose Money.

Popular mistaken mindset:
1. The grading companies are not a way that the majority of people, even those with a great deal of experience who know what they are doing, are going to be able to use in order to make huge personal profits. Many people start using grading companies thinking they will find a way to finance their hobby, but they learn a hard lesson quickly.

In general, the coin you have found in circulation is NOT going to make huge profits if slabbed. Way too many people pad the pockets of the companies and get nothing in return b/c they THINK (youtube videos!) they have something rare.

Professional predicting not possible:
2. Watch some of Daniel's videos where he gets slabbed coins back from the grading companies. Note even people who live, eat, breath, and deal coins for a living (like Daniel) can accurately predict what grade the companies will give. And...the "fault" (not really a fault) is in a widespread mistaken perception people get from being exposed to all the slabs being sold nowadays:

a. Coin grading companies are a business out to make a profit - this is why they exist. They use a system where allegedly three, but in reality its normally two, graders look at each coin and give an opinion. The company videos showing the process make you believe this is a relaxed and paced process of studying each coin. In fact one PCGS video shows a number of guys sitting around a table discussing what they think a specific coin should be graded as (on youtube somewhere - sorry no link). Uh uh.

b. If you take a PCGS graded coin slabbed as MS64, break it out, and resubmit it to PCGS, you are never guaranteed the same grade again. The slabbed coin might come back MS62 (extreme and a bad day for graders), 63, 64, 65, 66 (extreme and a great day for you!). This is b/c the process is all subjective: No scientific/verifiable standards or methods are used. This subjectivity makes for greater company profits since people resubmit the same coin trying to get a higher (better price when selling) grade. In the 90s the companies, at great expense, created better (their own words) scientific methods not relying upon human opinion. No doubt the large profit from the re-slabbing game fell. The companies abandoned the science and went back to their less accurate systems.

c. It needs be mentioned that the fewer the "money grade" slabs a company assigns, the more prices of said slabs climbs. Thus more business is generated b/c more people pay to slab coins hoping to get that "money grade" slab. And the companies do keep records (accessible online) of how many of the higher graded slabs exist for each coin. While the idea of keeping money grade slabs minimized is speculative, there has been some convincing evidence of this being reality.

But..this is all hearsay without proof. So...
Grading the Coin Graders

Here is another good read from someone there at the start of the grading companies:
Hobby negative impacts from slabbing companies

Error on errors:
3. People also seem to think grading companies will examine a coin to see if they can find an error and then slab it as such. But again, they ONLY GRADE coins. The companies will NOT try to find and ID an error for you. You must FIRST ID the error yourself, CHECK to see if the company you want to use recognizes that specific error, PAY them to verify the error on the label, and then you may or may not actually get what you pay for! The companies have a bad reputation for attributing errors incorrectly.

Link to and read (download if you want it) the pdf link in my signature as an eye opening example. Sadly, the verifiable data presented from the PCGS website shows trusting people have spent thousands of dollars on many slabbed coins that are not what the companies claims/slabbed the coins to be.

Cost concerns:
4. B/c people do not understand the businesses, so very many people end up with spending far more money to slab a coin than the coin is worth. The companies profit greatly with membership fees, submission fees, insurance fees, shipping fees and extra (chosen) fees. ANACs does not have all these fees though.


You don't have to throw in the towel over these companies...but education about the reality of them will put you on the right pathway to dealing with them in a legit way without losing money in the process.


And…if you just like to collect slabbed coins for what they are, which makes losing/making money from slabs irrelevant, then of course enjoy them!" 😊
Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

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