Effective immediately, the Professional Coin Grading Service (PCGS) will begin authenticating and encapsulating “problem” coins (i.e. altered surface, cleaned, environmental damage, etc.). Holders and inserts for the Genuine service will be identical to the normal PCGS holder except that the insert will read “GENUINE” in place of the usual grade. No grade will be assigned to these coins, but they will be eligible for inclusion in the PCGS Set Registry with a grade value of 1.

Genuine service coins will be covered under the PCGS Guarantee of Authenticity but not under the PCGS Guaranty of Grade. PCGS reserves the right to reject any coins submitted under the Guarantee Service, including coins that are excessively damaged, altered to such a degree that making a determination of authenticity is difficult or impossible, or which have surface contaminants that may harm the coin in the future. In such cases, PCGS will refund the fee and related shipping charges for that coin. Customers should submit all coins for the Genuine Service on a regular PCGS submission form, marking “GENUINE SERVICE” in the “Other” box.

The fee for the Genuine service is $100 per coin. Turnaround times for the Genuine Service will be approximately the same for all other PCGS services. The Genuine Service is a stand-alone service and is not available in combination with any other service levels. “No-grades” from other service levels must be resubmitted under the Genuine Service in order to be encapsulated.

By Bill Waring [a hobbyist from Milwaukee]

For those who thought they had seen everything with coin grading, we now have fourth-party graders! Before we had grading companies it was pretty simple. It took two parties for coins to change hands – the buyer and seller plus a price list based on the state of preservation of the coin. Human nature typically had the seller lean on the better state of preservation of the coin (higher value) while the buyer often would estimate a lower grade (less cost).

The coin industry promoted the idea of an independent appraisal of coin (third-party grading) because it would simplify coin transactions and even promote sight-unseen trading of coins. It’s been over 20 years since companies started for a fee to evaluate a coin and assign a grade. The earliest was a non-profit service by the American Numismatic Association that would return the coin in a simple flip with a card with photograph of the two sides of the coin and a grade assigned to each side of the coin. The back of the card had a long disclaimer stating coin grading is subjective and there is no guarantee that the grade assigns a value. The reality was that a coin grade become a starting point to determine the value of the coin when a price listing was used.

In the 1980s this first ANA grading service was quickly followed by for-profit companies that would seal the coin in a plastic holder, or slab, and give on overall grade to the coin. We now have numerous grading companies all using plastic sealed holders. Some of these companies are considered to be reliable while others border on fraudulent with over grading of coins and unwillingness to state what standards they use to grade their coins. In fact, anyone can purchase their own plastic holders and put a name and grade on them. Even among the companies that by consensus are considered reliable, there are coins that seem to be either a little over graded or under graded.

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UPDATE Monday June 2nd - Auction 2536 - Total prices realized $1,124,253

Teletrade, America’s largest fully automated Internet auction company for certified coins and currency, will auction “The Green Holder Collection” on Sunday, June 1, 2008, in online Auction #2536. The auction will be live at www.teletrade.com from 3 p.m. to 10 p.m. eastern time and will include more than 2000 certified coin lots. The complete catalog will be viewable on the Teletrade website beginning Friday, May 23.

“The Green Holder Collection” is the result of the combined efforts of two California collectors and consists of more than 250 coins in classic PCGS “green holders,” including an interesting selection of first generation “rattlers.” These early generation PCGS holders characterized by their green labels were used throughout the 80s and 90s, dating back to the very first days of PCGS, and are coveted by a large segment of numismatic enthusiasts who appreciate the history of not only the coin but also the holder that encases it.

“It is unusual to see such an impressive hoard of early generation PCGS holders, and many have not been on the market since they were initially acquired by these collectors in the 80s and 90s,” said Ian Russell, president of Teletrade. “The coins tell the history of the country, and these holders speak to the history of coin collecting, which makes this collection even more fascinating and desirable to enthusiasts.”

“The Green Holder Collection” will be auctioned in individual lots. Highlights include: (more…)

Early Goals Have Been Exceeded, Signature Series Graders Added

{Virginia Beach, VA.} Dominion Grading Service (DGS) announced today that their initial operations goals have been exceeded in the first month. According to John Feigenbaum, President, “as of May 20, we have graded 638 coins and met our goals in many other areas as well, including our software which provides email updates to submitters as orders reach various stages of the submission process. The web site offers similar features, including the ability to view any coin slabbed and valued over $100 (a feature we call AuthentiView™).”

Signature Series Graders Added

In our first month of operations, DGS solidified Signature Series grader agreements with: Rick Snow (Indian Cents); Jim McGuigan (early U.S. coinage); Bill Bugert (Seated Half Dollars); and John Feigenbaum will perform this service for Barber coinage and Washington quarters, upon request.

DGS was very excited to receive its first Signature Series submission which included several rare large cent varieties, and a sharp example of the very rare 1802 half dime (DGS XF40 Slightly Bent, Light Graffiti), which has a pedigree back to the Buddy Ebsen collection and is valued over $100,000. Jim McGuigan — a renowned specialist in U.S. Bust coinage — graded and authenticated this important coin. His opinion was verified by three other graders at DGS. (more…)