Professional Coin Grading Service

Last updated
Professional Coin Grading Service
PCGS
IndustryRare coins
FoundedCalifornia, U.S. (1985)
FoundersDavid Hall, Silvano DiGenova, Bruce Amspacher, Gordon Wrubel, Van Simmons, John Danreuther, Steve Cyrkin [1] [2] [3]
Headquarters1610 E. St. Andrew Place, Suite 150, Santa Ana, California 92705
Area served
Worldwide
ProductsCoin certification services and supplies, memberships and subscriptions
Parent Collectors Universe
Website www.pcgs.com OOjs UI icon edit-ltr-progressive.svg

Professional Coin Grading Service (PCGS) is an American third-party coin grading, authentication, attribution, and encapsulation service founded in 1985. The intent of its seven founding dealers, including the firm's former president David Hall, was to standardize grading. [4] [5] The firm has divisions in Europe and Asia, and is owned by parent company Collectors Universe. PCGS has graded over 42.5 million coins, medals, and tokens valued at over $36 billion. [6]

Contents

History

Established in 1985 by a group of seven dealers, which included David Hall, the former president of the firm, PCGS aimed to create authoritative grading standards with a firm commitment to ensuring the accuracy of grading through guarantees. [5] [7] [4] PCGS began operations on February 3, 1986. [5] [8] The firm has since started grading foreign coins and established divisions in Europe and Asia, and was purchased by Collectors Universe. [5] [8]

Services

PCGS offers certification for a wide range of U.S. and foreign coins. This process involves grading, authenticating, attributing, and encapsulating these coins in transparent, airtight plastic holders. In addition to these services, PCGS provides specialized label programs, designations like "First Strike," high-quality photography through True View, conservation services, and tiered certification options based on coin values and turnaround times. It's important to note that coins that have been improperly cleaned, doctored, damaged, or exhibit other impairments won't receive a numerical grade from PCGS. However, upon request, they can still be authenticated and assigned verbal "details" grades. [5] [9]

Coin holders

PCGS certified 1904-O MS 63 in a coin slab PCGS certified 1904-O MS 63.jpg
PCGS certified 1904-O MS 63 in a coin slab

The PCGS holder, or a Coin slab which is made of clear, inert plastic and is stackable. Anti-counterfeiting measures include a hologram on the back, markings within the holder, and Near Field Communication (NFC) chip embedded in some holders. [10] Printed on the front of the blue paper insert is the coin's type, denomination, grade, attribution, pedigree (if any), serial number, Universal Product Code (UPC), and other pertinent information. [11] [12] First-generation PCGS coin holders are smaller and lack the raised stackable edges of later issues. Their insert was printed on plain white paper. In some of these early holders, the coin will be loose enough to produce noise when the holder is handled, thus their "rattler" nickname. [5] [8]

PCGS was at one point named the official grading service of the Professional Numismatic Guild; during that time, the PNG logo was included on the holder. This design was replaced with a different one when PNG switched their affiliation to NGC. [12]

Population report

PCGS keeps a comprehensive record, known as a census, of all the coins they have graded since their establishment. This census provides details about the grades, varieties, and specific designations assigned to each coin issue. For instance, designations like "prooflike" for Morgan dollars or "full bands" for Mercury dimes are included. This report is accessible at no cost and is updated daily on their website. It's important to note that while this information used to be available in a printed version released monthly, that hardcopy version has been discontinued. [13] [14]

Through an analysis of the population reports provided by both PCGS and NGC, estimations of coin rarity have been facilitated. By examining these databases over time, certain coins previously believed to be rare have turned out to be surprisingly common, while others assumed to be common have revealed themselves to be more scarce than initially thought.

Numismatic professionals closely follow these population reports because they understand that the reported numbers can be affected by practices such as multiple submissions of the same coins. This involves removing coins from their holders and resubmitting them in the hope of achieving a higher grade. Consequently, population figures might be artificially inflated. Conversely, there can be instances where population figures appear lower than expected due to the hesitancy to submit less valuable coins for grading, especially when the cost of the service exceeds the coin's value. [14] [5]

PCGS CoinFacts

PCGS maintains CoinFacts, the "single source of information on U.S. coins." The free site publishes information about all federal and most non-federal U.S. coin issues, including their rarity statistics, PCGS Price Guide values, population data, public auction performances, die varieties, and photographs. [15] [16]

Price guide

PCGS offers a complimentary, partially accessible online compilation of U.S. and foreign coin values. These values pertain exclusively to coins that have received PCGS certification. The data for these values is sourced from various channels, including dealer advertisements and price lists, realized auction prices, and transactions that occur during trade shows. [17] [18]

PCGS Set Registry

In 2001, PCGS introduced its Set Registry program, which is accessible at no cost. This initiative features an online leaderboard where collectors can engage in friendly competition across numerous potential sets, all comprising PCGS-graded coins. Currently, the Set Registry program hosts over 113,000 sets. [19] Each coin in a set is given a value computed by its relative scarcity. [20] A version of the Registry is also maintained by PCGS' main competitor, NGC. [21]

Dealer survey

A comprehensive survey of major coin dealers, carried out in collaboration with the Professional Numismatists Guild (PNG) and the Industry Council For Tangible Assets (ICTA), disclosed that PCGS received the dealers' top-tier "Superior" rating, which was the highest rating granted to any service. Among the other 10 grading services scrutinized in the survey, only the Numismatic Guaranty Corporation (NGC) also attained the "Superior" rating. The survey participants, consisting of coin dealers, were invited to offer their professional assessments of 11 grading services. Their evaluations were based on 12 different criteria, each assigned a specific weight. Factors like grading accuracy and authentication were considered. Respondents were asked to rank each category on a scale of 10 points, spanning from the lowest ranking of "Unacceptable" to the highest rating of "Outstanding". [22]

Controversies

In 1990, the Federal Trade Commission initiated a civil action against PCGS, asserting that the company had made exaggerated claims in its advertising. A resolution was reached through a settlement in which PCGS did not officially acknowledge any wrongdoing. However, as part of the settlement terms, PCGS agreed to a five-year period during which its advertising would be subject to review and also consented to incorporating a disclaimer within its advertisements. [23]

See also

Related Research Articles

<span class="mw-page-title-main">Coin collecting</span> Collection of minted legal tender

Coin collecting is the collecting of coins or other forms of minted legal tender. Coins of interest to collectors include beautiful, rare, and historically significant pieces. Collectors may be interested, for example, in complete sets of a particular design or denomination, coins that were in circulation for only a brief time, or coins with errors. Coin collecting can be differentiated from numismatics, in that the latter is the systematic study of currency as a whole, though the two disciplines are closely interlinked.

<span class="mw-page-title-main">1943 steel cent</span> U.S. currency

1943 steel cents are U.S. one-cent coins that were struck in steel due to wartime shortages of copper. The Philadelphia, Denver, and San Francisco mints each produced these 1943 Lincoln cents. The unique composition of the coin has led to various nicknames, such as wartime cent, steel war penny, zinc cent and steelie. The 1943 steel cent features the same Victor David Brenner design for the Lincoln cent which had been in use since 1909.

<span class="mw-page-title-main">United States Mint</span> Government agency that produces circulating coinage and dollars for the United States

The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. The U.S. Mint is one of two U.S. agencies that manufactures physical money. The other is the Bureau of Engraving and Printing, which prints paper currency. The first United States Mint was created in Philadelphia in 1792, and soon joined by other centers, whose coins were identified by their own mint marks. There are currently four active coin-producing mints: Philadelphia, Denver, San Francisco, and West Point.

<span class="mw-page-title-main">Coin grading</span> Process of determining a collectible coins visual state

Coin grading is the process of determining the grade or condition of a coin, one of the key factors in determining its collectible value. A coin's grade is generally determined by six criteria: strike, preservation, luster, color, attractiveness, and occasionally the country/state in which it was minted. Several grading systems have been developed. Certification services professionally grade coins for tiered fees.

Numismatic Guaranty Company (NGC) is an international third-party coin grading and certification service based in Sarasota, Florida. It has certified more than 60 million coins. NGC certification consists of authentication, grading, attribution, and encapsulation in clear plastic holders. NGC is a subsidiary of Certified Collectibles Group (CCG), which owns six collectible certification services and is in turn owned by Blackstone, a multibillion-dollar New York City hedge fund.

<span class="mw-page-title-main">1913 Liberty Head nickel</span> Rare United States coin

The 1913 Liberty Head nickel is an American five-cent piece which was produced in extremely limited quantities unauthorized by the United States Mint, making it one of the best-known and most coveted rarities in American numismatics. In 1972, one specimen of the five cent coin became the first coin to sell for over US$100,000; in 1996, another specimen became the first to sell for over US$1 million. A specimen was sold for US$3 million in a 2004 private sale, then resold for US$3.7 million at a public auction in 2010.

Third-party grading (TPG) refers to coin grading & banknote grading authentication, attribution, and encapsulation by independent certification services.

Certified Acceptance Corporation (CAC) is a Far Hills, New Jersey third-party coin certification company started in 2007 by coin dealer John Albanese. The firm evaluates certain numismatically valuable U.S. coins already certified by Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Service (PCGS).

<span class="mw-page-title-main">Kenneth Bressett</span> American numismatist (born 1928)

Kenneth Edward Bressett is an American numismatist. He has actively promoted the study and hobby of numismatics for over 75 years. His published works on the subject cover a wide range of topics and extend from short articles to standard reference books on such diverse areas as ancient coins, paper money, British coins and United States coins.

<span class="mw-page-title-main">Sheldon coin grading scale</span> 70-point coin grading scale

The Sheldon Coin Grading Scale is a 70-point coin grading scale used in the numismatic assessment of a coin's quality. The American Numismatic Association based its Official ANA Grading Standards in large part on the Sheldon scale. The scale was created by William Herbert Sheldon.

Michael Ray Fuljenz is a numismatist, author, and businessman. He is currently the president of Universal Coin & Bullion, a precious metals trading company located in Beaumont, Texas.

The United States Mint has released annual collections of coins most years since 1936.

<span class="mw-page-title-main">Michael "Miles" Standish</span> American businessman (1964–2023)

Michael "Miles" Standish was an American businessman, author, rare coin expert, sports memorabilia expert and philanthropist. He was a co-founder of Collectors Universe and served as vice president of the Numismatic Guaranty Corporation (NGC).

Collectors Universe Inc. is an American company formed in 1986, now based in Santa Ana, California, which provides third-party authentication and grading services to collectors, retail buyers and sellers of collectibles. Its authentication services focus on coins, trading cards, sports memorabilia, and autographs. The company reached the combined total of 75 million certified collectibles in 2019. Collectors Universe is also a publisher in fields relating to collecting.

The 20 yen coin (二十圓硬貨) was a denomination of Japanese yen. These coins were minted in gold, and during their lifespan were the highest denomination of coin that circulated in the country. The first coins were minted in 1870 following the introduction of a decimal currency system. Twenty Yen coins spanned three different Imperial eras before mintage was halted in 1932. Many of these coins were then melted or destroyed as a result of the wars between 1931 and 1945. These coins are now collected by numismatists for academic study, and by those with a hobby.

<i>Numismatic News</i> American numismatic magazine

Numismatic News is an American numismatic magazine which has been in circulation since 1952.

The American Numismatic Association Certification Service, better known as ANACS, is a coin grading company founded in 1972.

<span class="mw-page-title-main">Coin slab</span> A type of sealed coin holder

Coin slab is a type of holder for a coin. Slabbed coins are typically from one of the coin grading companies. The practice of sending coins to third-party grading companies and then "slabbing" them began in 1986.

<span class="mw-page-title-main">1893-S Morgan dollar</span> Key date in the Morgan dollar series

The 1893-S Morgan dollar is a United States dollar coin struck in 1893 at the San Francisco Mint. It is the lowest mintage business strike Morgan dollar in the series. The 1893-S is considered to be a key date in the Morgan dollar series: examples of the coin in both mint state and in circulated condition are valuable.

References

  1. ↑ "Coin World – The founders of PCGS are taking questions". freshpickeddeals.com. coinworld.com. Retrieved 2016-07-20.
  2. ↑ "PCGS co-founder dies". numismaticnews.net. Numismatic News. Retrieved 2016-07-20.
  3. ↑ Hall, David. "The Story of the Origin of PCGS". pcgs.com. PCGS. Retrieved 2016-08-10.
  4. 1 2 Laibstain, Harry. Investing, collecting & trading in certified commemoratives: an in-depth analysis of gold & silver issues 1892–1954. DLRC Press, 1995, p. 1-134.
  5. 1 2 3 4 5 6 7 Travers, Scott A. (2010). The Coin Collector's Survival Manual (7th ed.). New York, NY: House of Collectibles. pp. 1–432. ISBN   978-0375723391.
  6. ↑ "Total Coins Graded". pcgs.com. PCGS. Retrieved 2020-01-07.
  7. ↑ "The PCGS Story". pcgs.com. PCGS. Retrieved 2015-09-10.
  8. 1 2 3 "PCGS Home page". pcgs.com/. PCGS. Retrieved 2015-09-10.
  9. ↑ "2015 PCGS Services and Fees". pcgs.com. PCGS. Retrieved 2015-09-10.
  10. ↑ "PCGS Announces Security Chip-Embedded Slabs To Protect Against Counterfeiting". pcgs.com. PCGS. Retrieved 2020-01-07.
  11. ↑ "Fake PCGS Slab Diagnostics". coins.about.com/. about.com. Retrieved 2015-05-21.
  12. 1 2 "PCGS Announces New Anti-Counterfeiting Coin Holder". coinweek.com. Retrieved 2015-05-21.
  13. ↑ "A Close Look". coinweek.com. Coin Week. Retrieved 2015-05-21.
  14. 1 2 "Population Reports". coins-n-medals.com. coins-n-medals.com. Retrieved 2015-05-21.
  15. ↑ "PCGS Retro Label, FREE CoinFacts Part of 30th Anniversary Announcement". coinweek.com. Coin Week. Retrieved 2016-02-24.
  16. ↑ "CoinFacts Website Tour". pcgscoinfacts.com. PCGS Coin Facts. Retrieved 2015-05-21.
  17. ↑ "PCGS Coin Price Guide". coinnews.net. coinnews.net. Retrieved 2015-05-21.
  18. ↑ "Price Guide". pcgs.com. PCGS. Retrieved 2015-05-21.
  19. ↑ "PCGS Set Registry®". PCGS. Retrieved 2020-01-07.
  20. ↑ "Organize Your Coin Collection Online With the Free PCGS Set Registry". coinworld.com. Coin World. Retrieved 2015-05-19.
  21. ↑ "What is a coin set registry?: Collecting Basics". coinworld.com. Coin World. Retrieved 2015-05-19.
  22. ↑ "PNG, ICTA Announce Results of 2006 Grading Services Survey". pngdealers.org. PNG. Archived from the original on 2015-09-21. Retrieved 2015-08-05.
  23. ↑ "Coin Grading Complaint - New York Times". Aug 17, 1990. Archived from the original on November 7, 2012.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.