whats the value of a TPG guarantee?

Please read the following: . What's you take on this? I sent a note to P___ about a label mechanical error and received this answer "Please provide pictures of your coin in the P___ holder front and back.
After we receive the picture we will then determine if the coin needs to be sent back to P___ for correction.
If this is the case, we will respond to your email with full instructions on how to send it back to P___. The email will accompany a pre-paid F__E_ label to assist you in shipping your coin to P___. We will correct the mistake(s) made to your coin and send the coin back to you free of charge. ""However if you haven’t joined our P___ Collectors Club membership, you will need to do so to have your coins corrected.""

Does this sound correct to you? Join their "paid membership" club fo $69 or I can't get their typo corrected " free of charge? This SMS isn't worth $69 and especially noted wrong on the slab but not on the cert. registry
cert#21657962 slab id: MS67CAM SMS. Should it be 1967 50C SP67CA? What's NOT covered,,,,

" A designation that is obviously incorrect. For example, if you had a 1945 Philadelphia Mercury dime and the bands on the reverse were as flat as a pancake and obviously not fully struck, but the P___ holder showed the designation as "FB" for fully struck crossbands, this coin would not be covered the P___ Guarantee as the crossbands are obviously not fully struck.
Proofs shown as regular strikes and regular strikes shown as proofs. For example, if you had an obvious regular strike 1907 $2.5 gold piece, but the P___ holder showed the coin as a proof, this coin would not be covered by the P___ Guarantee as the difference between a regular strike and proof 1907 $2.5 is obvious.
An obviously misidentified coin. For example, if you have a Hudson silver commemorative, but the P___ holder showed the coin as a Hawaiian silver commemorative, this coin would not be covered by the P___ Guarantee as a Hudson is obviously not a Hawaiian.
A variety attribution that is obviously incorrect. For example, if you had a normal date 1942 Mercury dime, but the P___ holder showed the coin as a much rarer 1942/1 overdate, this coin would not be covered by the P___ Guarantee as the date is obviously normal. Another example would be if you had a 1945 Mercury dime with an obviously normal size mint mark, but the P___ holder showed the coin as a "Micro S." This coin would not be covered by the P___ Guarantee since the mint mark is obviously normal size.
A blatantly obvious cleric input mistake with respect to the actual grade of the coin. For example, if you had an 1893-O Morgan dollar and the P___holder showed the coin as MS65 (a Gem quality coin), but the coin was so beat up and marked up that it would grade MS60 at best, this coin would not be covered by the P___ Guarantee as this would be an obvious input error. The rule of thumb here would be a difference of more than two points on the grading scale."
The TPS with Guarantee in their name do this totally free as they Guarantee their work!

Do I smell a Conflict of Interest ?

 

Log in or Sign up to hide this ad.

I do not place any value in third party grading guarantees.

1. They decide if they made an error.
2. They decide the standards and if the standards change.
3. They claim the right to modify the guarantee including retroactively.
4. They decide the value and remedy.
5. They have written glaring loopholes into the guarantee including the mechanical error clause which they have clarified in recent years to apply to grossly overgraded coins.
6. Some now charge fees so you can throw good money after bad even when they refuse to honor a legitimate, non-frivolous claim.

There are a lot of things about this hobby that aren't kosher.

 

MS67 CAM SMS = SP67 CAM

It is the same thing. No correction is needed.

 

Why are you writing like this? P___
It's totally fine to say PCGS

 

@tammiGee

Like Mr. P___ says, there is nothing wrong with using the PCGS name in your post, that is, unless you are a member of Collectors Universe because you're likely to get "bammed". (At least, you were at one time. Does anyone know if they have changed their ways?)

As for the attribution affixed to the graded coin, it may depend on when the coin was originally submitted for grading. The 98-S Kennedy I use as my avatar is graded MS69.....





….but PCGS now uses the "SP" designation when grading them. Why did they change? I don't know, but I'm certainly okay with keeping it the way it is.

Chris

 

I think PCGS has used both SMS and SP over the years. I didn't know you had to join to get a problem corrected.

 

If I had a PCGS coin that had an obvious mistake in the attribution, and PCGS told me that I must join Collectors Universe before sending it in, I would just tell them....

"Thanks, but no thanks! I'll just keep the mistake and post lots of photos of it on BoobTube."

Chris

 

They guarantee to take your money when you offer it.
Each, and every time.

 

This just seems like bad business. If a person payed to have a coin accurately graded and slabbed, then you expect the coin AND slab to accurately portray the TPG opinion. The submitter is paying for a service the TPG is offering, le labeledlt's not forget that. When I'm at work and I make a mistake, I immediately try to correct it, apologize and take measures to prevent it from happening again.

 

ZERO. WORTHLESS.

 

Their next evolution will be to only "honor" the guarantee if you are the person who sent it in.

 

I had a 1957 PR68DC Franklin that developed a carbon spot on the nose. The coin cost me $1500, which at the time was a few hundred below going rate. I sent it to PCGS to test the Guarantee waters. They offered me $1600 which I accepted.

I've also had a few mechanical errors which they have corrected free of charge. In fact I have one now that needs to be fixed.

You can always send the coin to someone who is a member who will be able to send it in.

My current mechanical error.



Do I expect to get paid $400 for this error? No, I expect them to change the cert to MS64BN.

I'm not sure how NGC goes about fixing mechanical errors, but I don't imagine it is too different. I also have one of theirs.

 

Excellent point, Bob! However, if I were you, I'd think about changing my "Preferences" to "Private". Otherwise, you're liable to get a lot of requests for help.

Chris

 

Correct me if I'm wrong, but I don't think that the OP said that he was the submitter of the coin. Am I right @tammiGee ?

Chris

 

I bought a MMIX W Ultra High Relief $20 Gold Double Eagle about 9 years ago from a dealer that bought it from one of his customers. It was sent off to PCGS to get a rating. When it came back, PCGS had rated it to be MS68. The owner was so angry, he sold it to the buyer. As I was new to coins (relatively new), I bought the coin for $1,300. Not only did I get a rated coin, I got all of the stuff that came with the coin from the mint. I love my coin, but I had a few friends that are proficient in grading a coin and I was told that I should crack the holder and send the coin to NGC. I thought and still think that it would be stupid to do that. Maybe it is MS68, but coins themselves can get a bad reputation.

 

I think some of us are looking at this the wrong way. They will fix the errors and will in some cases buy coins back to you if there is some issues with it. Being a part of their club is fairly annoying and weird, but you could easily hand it off to someone else and have them ship it in for you.

 

No Chris this wasn't one of my grades. I bought a few boxes from a dealer in Vancouver. My "belief" was that TPGing is not so much of a service than a guarantee company. They assign a grade, they add it to their price guide and they should have to guarantee their assessment. With as much imaginary money this company shoves into the economic picture and their own pockets, they are just ASKING for SEC or regulation to step in and call their bluff. Fake money just like Paypal and Bitcoin. These companies are probably working both ends to the middle and will implode all by themselves. The backlash will come back and haunt everyone who trusts tin his 3rd Party bs and will permanently blacken the eye of this hobby(industry) for decades to come. I know you registry collectors can't be happy with the %loss in such a short time either. Hobby or not it is still an investment and massive swings can and will take a decade or more to correct.

 

Sorry just noticed I posted this on the header....
I am on a housekeeping campaign to rid my drawers and closets of soon to be face value PCGS (there)slabs and turn them into currency to purchase my denoms. of choice raw in a condition that pleases my eye. I'm finished pretending to believe the spew coming from that bunch down in little Havana or wherever it is that you can get the "best" grade on anything from Ancient Coins to pitchers mound spittle that real money can buy. They have gotten ALL they are going to get from me. And what I can't sell I will use to pay my final invoice I owe them. Thats right face value in the slab! I had a best offer on that SMS (after I spent at least an hour messaging this customer back and forth why he couldn't find that slab with the cirt. veri. on the www) .of $1 .99...for a SP67CA (no M) SMS. What the %@)_99%^#7%!!! So it doesn't help when the guarantors of my coin's intrinsic value needs to be paid before I can sell my coin that they graded, annotated and labelled and sealed in plastic like an offering to the higher beings. National Guaranty Corporation has never even doubted much less charged me for correcting a mechanical error and I've gotten at least 4 from them. Its amazing, I lose on the average 35% greysheet on my newer NGC coins and 70+% now on the PCGS. Why, read their disclaimer at the bottom of their public priceguide manipulating values by comparing some PCGS graded coins (in PF69)are worth less than grading fees and are listed at raw....key word here is manipulate. B Madoff did the same thing and died in prison...They majority of the consuming public of collectable coins have a tendency these days to research and review a coins graded value before buying it and getting their facts from typically the TPG's website or WooToob. Occasionally some of us, or at least I, decide to sell a coin or two to finance another issue, vice or project and spend most of time defending my coins' grade instead of making sales and shipping product. I'm cracking whatever doesn't sell by month end and putting it into circulation. My NEW mantra: Its Raws to the Walls....baby