Coin Grading/Authentication Services

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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.