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All Posts Tagged With: "Buybacks"

Top 12 Rare Coin Buybacks – PCGS Puts its Money Where Its Mouth Is!

The following is from the PCGS website about Updates to the PCGS Guarantee. This is the first time we know of where one of the major grading services has been so forthcoming as to buybacks under their guarantee, and In Our Optinion, PCGS should be commended for its transparency and openness.

pcgs_logo_lg_refFor 24 years we’ve stood behind the service we provide to you not with a money back/fee returned policy if we make a mistake…not with a “we’re sorry, we’ll return your grading fee or give you free grading” policy if we make a mistake…but with an actual cash guarantee for the market value of the coins we grade and authenticate.

They say that talk is cheap and money talks. So when it comes to the validity of the PCGS Grading Guarantee we’ll let the money do the talking. Here are the cold facts about what we’ve done in the past 24 years.

In the past 24 years, PCGS has (as of Dec 1, 2009) graded 18,784,536 coins with a declared value of $19,138,747,536. That’s 18 million coins worth over 19 billion dollars!

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). (more…)