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Slabs can provide a measure of security when buying expensive coins, but some grading companies grade considerably more liberally than others, which can cause unsuspecting buyers to pay considerably more for a coin than they would otherwise.

First-Tier Services in Terms of Market Acceptance

PCGS (Professional Coin Grading Service)
http://www.pcgs.com
800-447-8848
* PCGS-graded coins have highest retail value of any grading company, according to the Coin Dealer Newsletter.
* Along with NGC, ranked "superior" in a 2002 survey of PNG (Professional Numismatists Guild) and ICTA (Industry Council for Tangible Assets) members in terms of grading accuracy and ability to detect altered, repaired, damaged, cleaned, and counterfeit coins (http://pngdealers.com/public/surveyresults2002.cfm).
* Coins in older slabs generally graded more conservatively and worth more. Newest PCGS slabs have blue label; green label older; dot-matrix printed label older still. Detailed breakdown with approximate dates:
1. Light blue label, with barcode, with coin and series numbers: 3/02-date
2. Light blue label, no barcode, with coin and series number: 1/99-2/02
3. Light blue label, no barcode, no coin and series numbers: 11/98-12/98
4. Green label, serial number starts at right of left edge of barcode: mid 1995-11/98
5. Green (yellow through blue), label serial number starts at left of left edge of barcode: 1/90-mid 1995
6. Slab within frame, doily label: 11/89-12/89
7. Slab within frame, off-white label: 9/89-11/89
8. Small slabs: 1986-9/89
* Net grades (lowers a coin's grade for minor problems) but does not note it on the holder.
* Bodybags (doesn't grade) problem coins (major problems) -- no refund of fee.
* Coins are initially graded by two graders independent of one another. If there's disagreement, a third grader grades the coin. If the third grader agrees with one of the other two graders, the coin receives that grade. If not, sometimes the grading is averaged, sometimes the graders reevaluate the coin. After these initial evaluations, the grading of the coin-in-slab is verified. Between 2% and 4% of coins are regraded at this point. A final verification ensures that slab insert information is correct.
* Charges $30 for pre-1970 coins for 30-day turnaround, plus shipping and insurance.
* Registered eBay users can submit to PCGS at http://pcgs.com/ebay (click on Submission Center).
* Guarantee: PCGS, unlike NGC, ANACS, ICG, and SEGS, is not specific about its guarantee at its Web site. On the phone, a customer service rep said if you buy a PCGS-graded coin and feel PCGS overgraded it, you can submit it to PCGS for re-examination. Unlike with NGC and ICG, however, you're charged the regular grading fee for this re-examination. If PCGS determines that the actual grade is lower than the grade on the slab, it will work with you, either paying you the difference between the fair market value of the coin at the re-examination grade and the fair market value at the grade originally assigned by PCGS or buying the coin outright from you.

NGC (Numismatic Guaranty Corporation of America)
http://www.ngccoin.com
800-642-2646
* Along with PCGS, ranked "superior" in a 2002 survey of PNG (Professional Numismatists Guild) and ICTA (Industry Council for Tangible Assets) members in terms of grading accuracy and ability to detect altered, repaired, damaged, cleaned, and counterfeit coins (http://pngdealers.com/public/surveyresults2002.cfm).
* Can be more difficult to get less-than-perfect circulated coins in an NGC slab than a PCGS slab, depending on the series.
* Newest slabs have fine perforation at bottom of label and small rounded square hologram on back; older slabs have full-width hologram.
* Net grades but does not note it on the holder.
* Bodybags problem coins -- no refund of fee.
* Offers coin cleaning service through NCS (Numismatic Conservation Service) at http://www.ncscoin.com.
* Charges $28 for coins over $300 with 12-day turnaround; $15 for coins under $300 for 21-day turnaround with 5 coin minimum, plus shipping and insurance.
* Registered eBay users can submit to NGC and get a 10% rebate credited to their eBay account at http://www.ngccoin.com/ebay_ngcvalue.cfm.
* Any ANA member can submit directly to NGC through this Web page: http://www.ngccoin.com/ana_welcome.htm.
* Guarantee: If you buy a non-copper NGC-graded coin and feel NGC overgraded it, you can submit it to NGC for re-examination for free. If NGC determines that the actual grade is lower than the grade on the slab, it will, at NGC's option, either replace the coin for one at the originally assigned grade or pay you the difference between the fair market value of the coin at the re-examination grade and the fair market value at the grade originally assigned by NGC, with the fair market value determined by NGC using "reliable current market information," which it says do not include Internet auctions/sales.


Second-Tier Services in Terms of Market Acceptance

ANACS (Amos Certification Service)
http://www.anacs.com
800-888-1861
* Ranked "average" in a 2002 survey of PNG (Professional Numismatists Guild) and ICTA (Industry Council for Tangible Assets) members in terms of grading accuracy and "superior" in ability to detect altered, repaired, damaged, cleaned, and counterfeit coins (http://pngdealers.com/public/surveyresults2002.cfm).
* Regarded as more liberal with grading in general than PCGS or NGC.
* Good choice for problem coins. Notes problem on slab label and gives both technical and net grade. Sometimes, however, problems noted on the slab can be more visible than the problems on the coin itself.
* Physical slab holders are smaller and less attractive than slabs of other mainstream grading services.
* Only mainstream grading service that offers an authentication-only option, though it doesn't mention this on its Web site or charge any less for this. (You check a box on the submission form.)
* Provides helpful service at national coin shows, informally grading and authenticating your coins, though it doesn't guarantee that you'd receive same grades if you formally submitted the same coins.
* Charges $12 + $10 for return shipping and insurance = $22 + $9 extra for five-day service = $31.
* Without five-day service, turnaround five to six weeks.
* Authenticates, grades, and slabs ancient coins, though the slabbing of ancients isn't accepted by most of the ancient coin community.
* Guarantee: If you buy a gold or silver ANACS-graded coin and feel ANACS overgraded it, you can submit it to ANACS for re-examination for a $15 fee. If ANACS determines that the actual grade is lower than the grade on the slab, it will refund your $15 fee and pay you the difference between the fair market value of the coin at the re-examination grade and the fair market value at the grade originally assigned by ANACS, using "the most accurate pricing guide(s) as determined by ANACS." On the phone, a customer service rep said that another option you have is to request that ANACS buy the coin outright from you.

ICG (Independent Coin Grading Co.)
http://www.icgcoin.com
877-221-4424
* Ranked "average" in a 2002 survey of PNG (Professional Numismatists Guild) and ICTA (Industry Council for Tangible Assets) members in terms of grading accuracy and ability to detect altered, repaired, damaged, cleaned, and counterfeit coins (http://pngdealers.com/public/surveyresults2002.cfm).
* Uses Intercept Shield slabs designed to protect coins from toning and other environmental damage (dealers can opt out of using Intercept Shield technology).
* Criticized for being too liberal with PR-70 and MS-70 grades and for overgrading modern coins.
* Net grades but does not note it on the holder.
* Bodybags problem coins -- credits fee to your account with exception of $5 processing fee.
* Authenticates, grades, and slabs ancient coins, though the slabbing of ancients isn't accepted by most of the ancient coin community.
* Charges $30 for coins over $300 for nondealers for 15-day turnaround, plus shipping and insurance; $15 for coins under $300 for 21-day turnaround with 5-coin minimum, plus shipping and insurance.
* Guarantee: If you buy a non-copper ICG-graded coin and feel ICG overgraded it, you can submit it to ICG for re-examination for free. If ICG determines that the actual grade is lower than the grade on the slab, it will, at ICG's option, either replace the coin for one at the originally assigned grade or pay you the difference between the fair market value of the coin at the re-examination grade and the fair market value at the grade originally assigned by ICG, with the fair market value "determined solely by ICG."


Third-Tier Services in Terms of Market Acceptance

SEGS (Sovereign Entities Grading Service)
http://www.segsgrading.com
888-768-7261
* Ranked "poor" in a 2002 survey of PNG (Professional Numismatists Guild) and ICTA (Industry Council for Tangible Assets) members in terms of grading accuracy and "average" in ability to detect altered, repaired, damaged, cleaned, and counterfeit coins (http://pngdealers.com/public/surveyresults2002.cfm).
* Regarded as more liberal with its grading in general than the above grading services.
* Attractive slabs.
* Does not net grade.
* With problem coins, notes problem (said to be fairly picky in noting problems) and gives technical grade.
* Charges $15 + $.75 return shipping + $9 insurance ($600 coin) = $24.75.
* Turnaround 15 to 20 working days.
* Option: Prescreen fee is only $5 instead of normal $10 (authenticates and grades but doesn't slab).
* Guarantee: If you buy a SEGS-graded coin within six months after SEGS graded it and feel SEGS overgraded it, you can submit it to SEGS for re-examination for a $20 fee. If SEGS determines that the actual grade is lower than the grade on the slab, it will refund your $20 fee and pay you the difference between the fair market value of the coin at the re-examination grade and the fair market value at the grade originally assigned by SEGS, as determined by SEGS "based on recent actual transactions in the market place for coins of that type, variety, error, and/or grade."

PCI (Photo-Certified Coin Institute)
http://www.chattanooga.net/pci
800-277-2646
* Ranked "poor" in a 2002 survey of PNG (Professional Numismatists Guild) and ICTA (Industry Council for Tangible Assets) members in terms of grading accuracy and "average" in ability to detect altered, repaired, damaged, cleaned, and counterfeit coins (http://pngdealers.com/public/surveyresults2002.cfm).
* Recently changed ownership (and raised rates). With new ownership, grading standards appear to have become more liberal. Still least expensive mainstream grading service, though some people now regard PCI as being out of the mainstream.
* Gold-bordered slabs are newer ones; green-bordered slabs are older ones.
* Does not net grade.
* With problem coins, includes red-bordered label, notes problem, and gives technical grade.
* Charges $10 + $.75 return shipping + $10 for insurance ($600 coin) = $20.75.
* Turnaround five days.
* Guarantee: PCI makes no mention of any guarantee at its Web site. One collector reports that PCI tries to work with people who have a concern with the grade of a coin in a PCI slab but that PCI has no set guarantee.


Other Grading Services

New grading services pop up all the time. Some may be bona fide attempts to create legitimate, industry-respected operations. Nonetheless, caveat emptor (buyer beware). Some of these services appear to be deliberate attempts to fool inexperienced collectors by "certifying" the practice of overgrading, grading coins far more leniently than published standards such as those in the Official A.N.A. Grading Standards for United States Coins and Photograde: A Photographic Grading Guide. Many of these services are "self slabbers"-- small operations run by a single coin dealer and providing no more security or market value than any other dealer marking a grade in pencil on a 2x2 cardboard coin holder. For specifics about individual services, check out their Web site.

ACG (Accugrade or ASA Accugrade)
http://www.asa-accugrade.com
* Large operation in business since 1984 that many people feel uses more liberal grading standards than the above grading services and those published in both the ANA and Photograde grading guidelines.
* Ranked "unacceptable" in a 2002 survey of PNG (Professional Numismatists Guild) and ICTA (Industry Council for Tangible Assets) members in terms of grading accuracy and ability to detect altered, repaired, damaged, cleaned, and counterfeit coins (http://pngdealers.com/public/surveyresults2002.cfm).
* In deciding a Code of Ethics Violation Complaint in March 2003, the American Numismatic Association Board of Governors issued the following statements as part of its findings: "ASA Accugrade does not clearly identify, particularly for the consumer to whom ASA Accugrade coins are sold, that ASA Accugrade coins do not conform to the industry accepted standards.... A significantly larger percentage of grading errors appear to be made by ASA Accugrade then by other grading services.... The [ANA] Board ... believes that [ASA Accugrade] standards can mislead the end consumer with regard to the value of the numismatic item being purchased."
* One collector's experience (you can view the entire message at Google Groups, http://groups.google.com): "I sent six ACG graded Mercury dimes to ANACS. I broke them out of the holders. 1917S ACG MS-62 FB, ANACS Cleaned Net AU-55. 1919 ACG MS-63, ANACS Cleaned Net AU-55. 1924S ACG MS-63 FB, ANACS Scratched Net MS-60. 1925D ACG MS-62 FB, ANACS AU-58. 1943S ACG MS-67 FB, ANACS MS-64 FB. I really learned a lesson."
* One dealer's experience (you can view the entire message at Google Groups, http://groups.google.com): "A High Relief Saint grading ACG MS-65 was offered to me at our shop along with other high-powered coins, all in ACG holders. After explaining the economic reality that his coins were worth about one-fourth of what he was led to believe, he allowed us to submit them to PCGS first, for crossover ... all body bagged. Then they went off to NGC ... all body bagged. Next ICG ... all body bagged. Then he decided to bite the bullet that we were right and his coins had problems, so we sent them to ANACS. Not surprising to us, but horrifying to him, every coin passed off as mint state by ACG was a problem coin. The High Relief came back MS Detail, Net XF-40, Tooled, Cleaned."
* ACG Packaging, at http://www.acgpackaging.com, lets you assign your own grades to slabbed coins and to create your own slab label.
* ACG has its supporters. According to one numismatic writer, "Alan Hager [ACG founder] has built a profitable business by supplying to people something they want at a price they are willing to pay. That is in and of itself the noblest human endeavor."

NTC (Numistrust Corp.)
http://www.numistrust.com
* Appears to grade liberally, despite claims on its Web site of grading conservatively.
* In an e-mail message, the president of NTC said he recently joined the company and is working to improve the company's grading standards and reputation.

DCGS (Digital Coin Grading Service)
http://www.digitalcoingrading.com
* Advertises that its slab is the only one that lets you see the edge of coins.

MCGS (Modern Coin Grading Service)
http://www.moderncoingrading.com
* Slabs let you see edge of coin.

NCG (National Coin Grading)
* Name can be confused with NGC.

PCS (Preferred Customer Service)
* Name can be confused with PCGS.

ACGS (American Coin Grading Service)
http://acgsinc.hypermart.net
* Name can be confused with ACG.

NSCGS (New Standard Coin Grading Service)
* Grades both sides of a coin separately and provides various cameo designations for proof coins.

GCS (Global Certification Services)
http://www.globalcertified.com
* Provides a "story" about the coin on the slab's label.

TCGS (Twenty-first Century Grading Service)
http://www.tcgs.org

TCTS (Tom's Coins Technical Services)

TruGrade Service


Foreign Coins

ICCS (International Coin Certification Service)
416-488-8620
* Small coin-grading service in Toronto respected in the Canadian market.


Ancient Coins

ACCS (Ancient Coin Certification Service)
http://www.davidrsear.com/certification.html
* Service of David Sear, author of the Greek Coins and Their Values, Roman Coins and Their Values, and other standard ancient numismatic attribution works.
* Authenticates and attributes but does not grade or slab. Coins are accompanied by black-and-white photo and certificate.
* Charges $30 for basic service or $40 for detailed service. Detailed service includes extra information about the coin's historical significance.
* Turnaround two to three weeks. With express service, which costs extra $15 per coin (three coin maximum), turnaround time is three working days.
* Does not offer guarantee of coin's authenticity.

ICG (Independent Coin Grading Co.)
http://www.icgcoin.com
877-221-4424
* See above description.

ANACS (Amos Certification Service)
http://www.anacs.com
800-888-1861
* See above description.

IBSCC (International Bureau for the Suppression of Counterfeit Coins)
http://www.iapn.ch
* Service of the International Association of Professional Numismatists.
* Based in Switzerland.
* Authentication available only for dealer members of IAPN (International Association of Professional Numismatists). Works with more than 100 outside experts.
* No certificate issued.
* Does not offer guarantee of coin's authenticity.

The British Museum, Department of Coins and Medals
http://www.thebritishmuseum.ac.uk/coins
* Authenticates.
* Charges only return postage.
* No certificate issued.
* Does not offer guarantee of coin's authenticity.

Again, thanks for this post. I am going to actually print this one for my notebook.

I also find it ironic that the coin graders clean coins. Does anyone know how much they charge for this service?

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Finally, the grading services are also biased toward provenance. If a rich, well-known collector once owned the coin, they grade it more leniently.

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I don't agree with this. Didn't alot of the Benson pedigree coins get resubmitted and many of the coins received one grade higher at the second try without the pedigree histroy. Why didn't NGC overgrade the first time? Bass coins that I have seen have not looked overgraded. Which important collection would fall under this assumption?

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Interesting Article, as I have a keen interest in slabbed Eisenhower Dollars, not for the coins but for the slabs. There is a method to my madness, one they are still reasonable, two I have a copy of "The Authoriatative Reference on Eisenhower Dollars" by Wexler, Crawford and Flynn printed in 1998, Archive Press, Inc. I am comparing the different graders to the book for die varieties not listed by the graders, hence money in the bank so to speak. As I find them in Mint and Proof Sets I send them off to be slabbed. Will advise as work progresses.

good atracile. The only question I have is why would any company use a name close to ACG to try and confuse thier comany with ACG? CHRIS

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good atracile. The only question I have is why would any company use a name close to ACG to try and confuse thier comany with ACG?

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Well he can't be any worse! CHRIS

What happened was something like this:

A dealer would approach Rick Montgomery on the floor and start whining. "Look at this. It's overgraded. ... whine whine whine" and Rick Montgomery would take the coin and have it looked at again and usually it would be put into a new holder with the right grade and whatever else had to be done -- like money changing hands -- would happen and the dealer would be happy.

Now, PCGS is the Number One grading service.

On the other hand, other companies simply maintained that they do not make mistakes.

Now, all companies looking forward to the day after tomorrow have some sort of policy to guarantee their grades or their re-grades or whatever. But PCGS's lead is well-established and well-maintained.

Everyone makes mistakes. Grading is subjective. On RCC, BiggFredd has referred to the many egregious misgradings by "leading companies" that he has posted links to. He says that the apologists resort to special pleadings. Maybe they do.

Essentially, all grading companies have the same strengths and weaknesses. (Grading is subjective.) What makes one superior to another is not always measurable if you look at it from outside the box. Within the context of the numismatic markets, the measures are there in dollars and cents and that makes them real enough.

A couple of points - none of the better grading companies will clean your coins. They just don't do it.

There is a company - NCS - that does offer a conservation service - and this could be thought of as cleaning. But they are not a grading company. They will however - after they have performed their service for you - submit your coin to NGC and have them grade the coin.

One other note - Rick Montgomery no longer works for PCGS - he now works for NGC.

Reid,

I went to your web site and read your blurb about the lousy ED's. Interesting.

One thing I noticed from your web site that I wish to discuss... You seem to think that the services messed up with those examples because they slabbed specimens that are overgraded or have lousy eye appeal.

Let's talk about the overgrading issue. You go by amount of remaining central detail, as with the 1799 dollar. (Yes, I know that the coin is also unoriginal and likely harshly cleaned!) With the central detail as weak as it is, you say that the coin is a VF specimen. NGC should not have given it a ChVF grade. From looking at the periphery, it seems to me that the star detail would suggest a grade more like ChVF. Thus, the central detail is due to strike and not wear.

Onto the lousy eye appeal issue, as with that 1800 dollar... Many coins with lousy eye appeal get slabbed. It is, unfortunately, a part of the industry.

All in all, I think it is worth mentioning that ED's (in fact, all Bust coinage) are VERY hard to grade properly. The range of subjectivity is very wide.

EVP

GDJMSP, good point about NCS. When it first launched, NGC, PCGS, and other put out a brochure about it. But you're right. It's a separate entity.

evillageprowler, yep, grading is subjective, particularly with early coins. I feel that with the market grading that's used (in which overall eye appeal is paramount), it doesn't matter much if lack of detail is from wear or strike. If the detail isn't there, it's not there, and eye appeal suffers. Just my view.

"it doesn't matter much if lack of detail is from wear or strike. If the detail isn't there, it's not there, and eye appeal suffers. Just my view." Reid Goldsborough

Well,I guess,but you can also have a weakly struck coin grading BU and that doesn't have anything to do with the grade.Grading is simply the measure of wear that any given coin has recieved.Otherwise,a die trial grading BU moght recieve a net grade of VG8 Just a little food for thought,we aren't talking about strikes when discussing grades,we are discussing wear,pure and simple.~ Jim

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Originally Posted by laz

Well,I guess,but you can also have a weakly struck coin grading BU and that doesn't have anything to do with the grade.Grading is simply the measure of wear that any given coin has recieved.Otherwise,a die trial grading BU moght recieve a net grade of VG8 Just a little food for thought,we aren't talking about strikes when discussing grades,we are discussing wear,pure and simple.~ Jim

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Originally Posted by GDJMSP
And there are 11 seperate grades of uncirculated - not just 1. And none of these 11 grades can show any wear at all.

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