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WHAT IS PCGS?
The Professional Coin Grading Service (PCGS) is an independent
and experienced grading
company that
authenticates and grades coins.
The
company has been grading coins for over twenty years,
is listed on the NASDAQ through its holding company Collectors
Universe Inc.,
and has
built a reputation on conservative
and independent
grading.
Since 1985, they have graded almost sixteen million coins,
worth billions of dollars, and their grading
certificates are respected all over the world.
WHY BUY PCGS
GRADED COINS?
Ever bought a coin in one grade, only to be told by a
professional that it was overgraded, and that it's only worth
half of what you paid? By buying PCGS-graded coins, you know
that the grade assessment was provided by at least two
full-time coin graders who have the experience and know-how to
assess the grades of your coins. More importantly, these
graders aren't trying to sell you the coin. This means they
have no incentive to deceptively overgrade them! Better still,
PCGS doesn't grade harshly cleaned coins, so you know a PCGS
graded coin is in original,
uncleaned
condition. On top of that, PCGS also authenticates coins, so
if you see a 1923 halfpenny graded by PCGS,
you know with certainty that the coin came from the mint and
not a counterfeiter's workshop.
WHAT GRADING
SYSTEM DOES PCGS USE?
PCGS uses the Numerical Grading System. The Numerical Grading
System is a modern grading system based on numbers instead of
words. The higher the number, the higher the coin’s grade.
Seventy is the highest grade. One is the lowest grade. Grading
with numbers does away with deceptive, misleading, and
confusing adjectival (word-based) grading.
However,
before buying a PCGS graded coin, it is important to
understand how the Numerical Grading System compares to the
Australian adjectival system, as the standards aren't the
same. You see, it's a common misconception that VF20 is the
same as Very Fine, EF40 is the same as Extremely Fine, and
AU50 is the same as about Uncirculated, and so on. This is not
true. For technical reasons, grades are defined differently
under the Numerical System, meaning that a coin graded EF40
shares the same characteristics as a coin graded Very Fine or
thereabouts, and a coin in AU50 is more like what we call
Extremely Fine or thereabouts. This doesn't mean the Numerical
Grading System is lax, or that PCGS doesn't know how to grade.
It means that the Numerical Grading System, and PCGS, grade by
different grading standards. Calling EF40 the same as
Extremely Fine is like saying ten meters is the same as ten
yards, just because the number is the same!
To your
left is a diagram showing how the current grading system and
the Numerical Grading System compare. I've used the blending
colours to show that this comparison isn't exact, and that
there can be sliding up or down a grade based on the series or
type of coin you're looking at.
Your
average UNC would make MS61 or MS62, while UNC coins with a
few marks and scuffs would make MS60. In MS63 or 64,
you'd be looking at around CHU or Gem UNC, while anything in 65 or 66
would easily make Gem UNC under the current system.
HOW CAN I TELL IF A COIN HAS BEEN GRADED BY PCGS?
Once a coin has been graded, it is
sonically sealed into a
chemically non-reactive and durable case. Sealed along with it
is the coin's grading certificate, as well as a barcode number,
which you can use on the PCGS website to see the coin's
details. Once the coin is sealed in, you can't change the
certificate or damage the coin.
More importantly,
the holder will preserve the coin and is great for long-term
storage. It also prevents collectors
from inadvertently damaging a coin by touching it.
On your right is
an example of what a typical PCGS holder looks like. All the
important features of the coin are printed on the certificate,
as well as the traceable barcode number. There is a security
hologram on the back of the holder for added protection.
THE VERDICT?
Today, with
internet, email, and online auctions, coin grading has never
been more important. There are hundreds of dealers and
thousands of hobby sellers across the country. Some of them
grade well. Some don't. And all grade to their own standards,
based on their experience and know-how. So how do you separate
the wheat from the chaff? And if you want to buy a coin from a
dealer you've never dealt with, how can you trust his grading
skills? How do you know he doesn't tamper with or clean his
coins behind the scenes, far away from the unsuspecting
customer's eyes? And if you're buying from a hobbyist online
or from the newspaper, how do you know the coin is genuine?
Now, imagine
for a moment if every quality coin
in the market was graded and certified by PCGS. One day,
you're browsing the catalogue of your friendly local dealer
and you see a 1923 halfpenny, graded by PCGS as VF30.
Since you've read
PCGS' grading standards and are familiar with their grading
system, you know exactly what you're getting. Even if you've
never dealt with that particular dealer before, you can buy
from him or her with confidence because you know their
PCGS-graded coins are not cleaned, doctored, or repaired.
You're also confident their coins are genuine. And most
importantly, you know that their coins are graded to the same
consistent standard as the rest of the PCGS-graded coins in
the market.
Buying and
selling coins has never been easier!
For more
information about PCGS, visit the PCGS website. Drake Sterling
Numismatics Pty Ltd is in no way associated with PCGS or its
affiliates. |
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