Interesting about grade guarantee buybacks
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 eagamesExpert Member
Posts: 3013
Joined: 15 Nov 2005
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 Posted: Sat Dec 05, 2009 11:25 pm |
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Interesting.
Look what a mistake can cost!
LOL makes my mistakes seem pretty small.
Sad about the 69-S DDO 
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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...
www.pcgs.com/guarantee.html
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. |
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Ed
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 kenSenior Member
Posts: 584
Joined: 05 Jan 2008
Location: Phila.,Pa.
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| Posted: Mon Dec 21, 2009 11:41 am |
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Hi Ed,Happy Holidays.Along the lines of this post,I listed a 1954 pcgs ms66 red cent back in March and pretty much everyone agreed it was to high.That being said,would it be a coin to return to them and double check the grade?Here's the link of the post. http://www.coppercoins.com/forum/viewtopic.php?t=4943
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eagamesExpert Member
Posts: 3013
Joined: 15 Nov 2005
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| Posted: Mon Dec 21, 2009 10:45 pm |
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Not sure if it was high, the grade is an opinion and sometimes their opinion sets the reality. (right or wrong) 
Another thought is will red cents graded before 2010 have more future value because the color is guaranteed and after 2010 they do not guarantee color on copper. Maybe in the future the guaranteed ones will have a premium?
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Ed
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kenSenior Member
Posts: 584
Joined: 05 Jan 2008
Location: Phila.,Pa.
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| Posted: Tue Dec 22, 2009 11:22 am |
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Hi Ed,Happy Holidays!!!Hope you and family are well.I think it is overgraded along with a few others here,but as you said it is thier opinion and it's not a whole lot of money involved here as to what I paid for the coin.I'll let you know if I decide to send it in.God Bless
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 DickExpert Member
Posts: 5780
Joined: 21 Sep 2006
Location: Rialto, CA.
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| Posted: Tue Dec 22, 2009 2:33 pm |
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Ed, and all others, Look at it this wasy: The coins are natural elements that have been "messed with" by humans. They will (like humans) tend to change, over time. How can it be possible to "Guarantee" that they will be the same a hundred years from now, If they even exist, then? Humans will not likely last much over that length of time, There are exceptions, but generally speaking, there won't be any. In the case of the "natural elements", once having been "messed with by humans, will tend to slowly change, over time, (much greater time than the mere human)! So all is moot. No guarantees.
As for coin encapsulation, er al, the fact that "the coin is slabbed", automatically makes the seller believe it is "worth a small fortune", due to the mintage, or his whim. The slabbing does not show any relative "worth, in actuality, because there are coins slabbed, and with a huge price tag, that have greater numbers, than other, and the tag isnot as it should be, small mintage vs large. The only thing that really counts is ths availability of the coin in question. The prices just aren't realistic. For example; A 'capped die lincoln cent, which gets a large price tag. Several hundred, or a few thousand, as opposed to the same mint error, in an IHC, which runs over 30 thousand? IMHO, too many coins, or slabbed coins have huge price tags, that some people want the "object", because it has a huge pricetag, rather than what it is, an error, or a "perfect coin". I personally look at the item, and think, It is nice, but it doesn't go with mt collection. Why waste the monet? Others think I have to have it because it 'costs a lot of money"! No actual interest in the item. The price tag says it all. Just like the value of gold today. It's worth over $1100.00 an ounce! I peospected for gold, when it was $35.00, an ounce. So I have several ounces, big deal! It is the same gold then as it is now. Just worth a little more. I could care less. My coins are the same way. What I got foe a song, or face, are worth a whole lot more, BUT, they are the same coins The gold, or the coins will be sold, so what is all the fuss? That will not be my problem!
Dick
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" Deja Moo: The feeling that you've heard this bull before".
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