Overgraded Currency
Interest in currency collecting is at an all time high.
Thousands of new people have realized the beauty of collecting currency. New Collectors and Investors are constantly entering the hobby. People have looked to TPGs (third party grading) companies to appraise the grade (condition) of their notes and thereby to help protect their investment.
PMG and PCGS have clearly emerged as the leaders in unbiased third party grading. None of the graders at these companies are allowed to deal in their notes thereby eliminating a potential serious conflict of interest. Also, these companies use multiple graders, and a grading finalizer to try and ensure consistency. Other companies, unfortunately, can't say the same thing. The effect of this is already clearly apparent in the marketplace as PMG and PCGS notes are realizing 30-50% more at auction as compared to other companies.
People have lost MILLIONS of dollars in overgraded currency. This BLOG has been created as an informational post for collectors/investors to share their experiences with overgraded currency. I invite you to make a post, which can be done anonymously. Its through everyone's efforts that the hobby will become a safer place to buy/sell/trade currency.
Thousands of new people have realized the beauty of collecting currency. New Collectors and Investors are constantly entering the hobby. People have looked to TPGs (third party grading) companies to appraise the grade (condition) of their notes and thereby to help protect their investment.
PMG and PCGS have clearly emerged as the leaders in unbiased third party grading. None of the graders at these companies are allowed to deal in their notes thereby eliminating a potential serious conflict of interest. Also, these companies use multiple graders, and a grading finalizer to try and ensure consistency. Other companies, unfortunately, can't say the same thing. The effect of this is already clearly apparent in the marketplace as PMG and PCGS notes are realizing 30-50% more at auction as compared to other companies.
People have lost MILLIONS of dollars in overgraded currency. This BLOG has been created as an informational post for collectors/investors to share their experiences with overgraded currency. I invite you to make a post, which can be done anonymously. Its through everyone's efforts that the hobby will become a safer place to buy/sell/trade currency.
posted by Rajesh Shoor at 3:53 AM
2 Comments:
I know not many people agree with GEM and VCAVO, but CGA has stuck me as well. CGA will grade a note a GEM 66 with uneven margins. When I sent notes in for grading I would get CU64 for a note that was in better condition and with great margins.
We all know that JL has some issues and if he wants to stay in business, he needs to gain respect for his grading opinion. No one likes to lose money on an investment, especially after paying a TPG company money for their opinion.
Lets face, most dealers know that CGA screwed up, but constant CGA badgering is getting old as well.
I am sick of hearing about how perfect PCGS and PMG are and how CGA sucks. We know already!
This hobby is tough when you have greedy people trying to make money by overgrading notes, weather they are slabbed or not, it happens. Many dealers will overgrade a note to get extra money out of it and the buyer loses. Greed is a nasty creature.
I know not many people agree with GEM and VCAVO, but CGA has stuck me as well. CGA will grade a note a GEM 66 with uneven margins. When I sent notes in for grading I would get CU64 for a note that was in better condition and with great margins.
We all know that JL has some issues and if he wants to stay in business, he needs to gain respect for his grading opinion. No one likes to lose money on an investment, especially after paying a TPG company money for their opinion.
Lets face, most dealers know that CGA screwed up, but constant CGA badgering is getting old as well.
I am sick of hearing about how perfect PCGS and PMG are and how CGA sucks. We know already!
This hobby is tough when you have greedy people trying to make money by overgrading notes, weather they are slabbed or not, it happens. Many dealers will overgrade a note to get extra money out of it and the buyer loses. Greed is a nasty creature
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