TPG just gets silly

[youliveyoulean]

It seems some collectors buying bullion now need reassurance their coins are in good condition on the 1st day of issue....

[PWA 1967]

Yes that must be on a par with the daftest thing i have seen 

To put twenty new coins in a slab,you cant even see them.

Edited May 5, 2017 by PWA 1967

[mrbadexample]

3 hours ago, PWA 1967 said:

To put twenty new coins in a slab,you cant even see them.

Nice edges though!

I wonder if the TPG even bothered to look at them.

[jaggy]

It isn't the TPG that is getting silly, it is the collector that submitted the coins for grading and slabbing in such a fashion. 

[youliveyoulean]

I would suggest a bit of both Jaggy. If the most reputable TPGs want to associate themselves with such a practise, it's the beginning of the end for them.

If you devalue the grading service to such an extent (they haven't even bothered to use the sheldon scale) then their opinion on grading becomes increasingly meaningless (which is what it is for a mint state coin on 1st day of release). They are effectively admitting these coins are not worth grading and it will eventually show through.

I recall a conversation I had with Bill Pugsley a year or two ago. He was explaining to me how much time and resources went into grading a modern coin by CGS. I asked him what was the point to it all with a mint condition coin. To make CGS run as a business, I suggested to him they should just check authenticity, take the money and run and randomly assign a mint state designation as in a few years time the coin will have changed anyway with toning, milk spots etc.

Being the honourable gentleman that he is, he gave me a funny look as if to say they shouldn't do that. I'm starting to see he was right.

TPGs will fail in the end unless they stick to a decent set of principles. 

[Rob]

7 hours ago, jaggy said:

It isn't the TPG that is getting silly, it is the collector that submitted the coins for grading and slabbing in such a fashion. 

Yes, but at least he/she can sleep safe and sound now in the knowledge that the US Mint is producing genuine coins and not copies.

[jaggy]

6 minutes ago, Rob said:

Yes, but at least he/she can sleep safe and sound now in the knowledge that the US Mint is producing genuine coins and not copies.

Personally, I don't see the added vale. 

But from a TPG perspective, why not? It is business, revenue and virtually no risk.

[Rob]

Yep. It's a no-brainer for a TPG.

 

[rpeddie]

probably showing my age here(opposite direction than the normal saying goes) but i unfortunately know of something worse than this.

A PSA (pcgs for trading cards, baseball and the likes) graded unopened booster pack.

PSA GEM 10

To put in perspective for coins this is like grading a unopened mint issue box but you are grading the box and assuming the coin inside is the same grade 

[copper123]

[Andrew W]

On 5/5/2017 at 7:36 AM, youliveyoulean said:

It seems some collectors buying bullion now need reassurance their coins are in good condition on the 1st day of issue....

PMSL what can I say but I like rocks and coins too but this is beyond stupid, ah well what do they say about a fool and his money?

[youliveyoulean]

Just an update on this, you'll all be relieved to know this sold on ebay for almost exactly the same as 20 loose eagles that finished round about the same time. Very VERY silly!!

At a guess, this poor chap will never use a TPG service again and will probably tell others. These TPGs risk devaluing their product at their peril.  

[scott]

I am seeing a lot of "early release" stuff as well now..