Noted numismatic authority Maurice Rosen interviewed John Albanese. The following interview appeared in the Rosen Numismatic Advisory Newsletter (Vol. 33 No. 4) in May 2008.

A grading service grading other services’ coins? What’s going on?

You’ve heard about CAC [CERTIFIED ACCEPTANCE CORPORATION]. They’re the ones affixing labels or stickers to already slabbed coins attesting to the “premium quality” of the encased going – a sort of Good Housekeeping Seal of Approval. We all know that the variance in quality among slabbed coins of the same issue and grade can be substantial. If the grading services properly anticipated – and provided for – the growing problem of “C” and “D-quality” coins, there would be no need for CAC. For sure, no two coins are alike and grading is an art not a science. Unfortunately, after 22-years of grading, and after tens of millions of coins have entered the marketplace, the advertised solutions that the grading services promised to us have yet to be fully delivered.

The problem? The “bottom-of-the-barrel” coins have been dragging down the market for the solid-for-the-grade coins. The sight-unseen bidding system recognizes the ugly truth that the worst coins in holders might be put to a dealer forced to pay his bid. His defense? Lower his bids to provide for that contingency. Sight-seen bidding, on the other hand, permits the bidder the option of first viewing the coin to determine if he is satisfied with it – with no obligation to buy the coin.

As time went on, as the nice coins have been squirreled away by savvy collectors, investors and dealers, the bottom-dwellers took on a growing presence in the market. Their ranks have also been bloated by successful crack-outs, the resubmission of coins to the same or another service with the hopes of receiving a higher grade.

Read the Full Interview at the CAC Website Here

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