mis-leading TPS guarantee

[tamster]

Please read the following: . What's you take on this? I sent a note to P___ about a label mechanical error and received this answer "Please provide pictures of your coin in the P___ holder front and back.
After we receive the picture we will then determine if the coin needs to be sent back to P___ for correction.
If this is the case, we will respond to your email with full instructions on how to send it back to P___. The email will accompany a pre-paid F__E_ label to assist you in shipping your coin to P___. We will correct the mistake(s) made to your coin and send the coin back to you free of charge. ""However if you haven’t joined our P___ Collectors Club membership, you will need to do so to have your coins corrected.""

Does this sound correct to you? Join their "paid membership" club fo $69 or I can't get their typo corrected " free of charge? This SMS isn't worth $69 and especially noted wrong on the slab but not on the cert. registry
cert#21657962 slab id: MS67CAM SMS. Should it be 1967 50C SP67CA? What's NOT covered,,,,

" A designation that is obviously incorrect. For example, if you had a 1945 Philadelphia Mercury dime and the bands on the reverse were as flat as a pancake and obviously not fully struck, but the P___ holder showed the designation as "FB" for fully struck crossbands, this coin would not be covered the P___ Guarantee as the crossbands are obviously not fully struck.
Proofs shown as regular strikes and regular strikes shown as proofs. For example, if you had an obvious regular strike 1907 $2.5 gold piece, but the P___ holder showed the coin as a proof, this coin would not be covered by the P___ Guarantee as the difference between a regular strike and proof 1907 $2.5 is obvious.
An obviously misidentified coin. For example, if you have a Hudson silver commemorative, but the P___ holder showed the coin as a Hawaiian silver commemorative, this coin would not be covered by the P___ Guarantee as a Hudson is obviously not a Hawaiian.
A variety attribution that is obviously incorrect. For example, if you had a normal date 1942 Mercury dime, but the P___ holder showed the coin as a much rarer 1942/1 overdate, this coin would not be covered by the P___ Guarantee as the date is obviously normal. Another example would be if you had a 1945 Mercury dime with an obviously normal size mint mark, but the P___ holder showed the coin as a "Micro S." This coin would not be covered by the P___ Guarantee since the mint mark is obviously normal size.
A blatantly obvious cleric input mistake with respect to the actual grade of the coin. For example, if you had an 1893-O Morgan dollar and the P___holder showed the coin as MS65 (a Gem quality coin), but the coin was so beat up and marked up that it would grade MS60 at best, this coin would not be covered by the P___ Guarantee as this would be an obvious input error. The rule of thumb here would be a difference of more than two points on the grading scale."
The TPS with Guarantee in their name do this totally free as they Guarantee their work!

[diamond]

There are always lots of loopholes in grading service "guarantees". It's one of many reasons why I never send any coins to them and why anything stated on a slab label is to be regarded with suspicion.

[Tim]

From what you have written, it sounds like PCGS got the label right, so I don’t understand what the complaint is all about.

If you own a 1965 – 1967 coin from a Special Mint Set and it is graded MS67CA, the designation is correct. In 2007, PCGS changed the designation on all future SMS coins they graded to SP but any coin previously graded MS is still correct and the label is not a ‘Mechanical Error.’

Now, if you don’t want to pay for a membership to directly submit coins yourself, you can always have a dealer or another collector who is a member submit them for you.

If you were a member and had submitting privileges, it would cost you:
$ 8.00 Application fee
$ 22.00 Return Postage
$ 25.00 Guarantee Resubmission

$ 55.00 Total

If the coin was in error on the label, PCGS would refund the above charges, but in the case you explained you would get no refund. (GUARANTEE RESUBMISSION: If you have a PCGS-graded coin that you feel is overgraded, misattributed, or counterfeit, submit the coin to PCGS through the Guarantee Resubmission Service. A charge of $25 per coin plus shipping and handling must accompany all submissions through this service (Standard or Gold Shield). If your coin is downgraded, the terms of the PCGS Guarantee will apply and all charges related to the Guarantee Resubmission will be refunded.)

Not sure about “there are always lots of loopholes in grading service ‘guarantees’” that Micky D is talking about. PCGS has been clear on what their guarantee is. I have used it twice in the past and each time I was made whole, first was an over-graded coin or turned in the holder and PCGS issued me a check for my cost ($1,850.00) plus sent the coin back to me in a PR65DCAM holder. The second time was for two mis – attributed coins and PCGS also made me whole by sending a check for $1,600.00 and both coins back in ‘Minor Variety’ holders. I currently have two more coins into PCGS at this time for being mis – attributed and I see no reason that I will not be made whole again.

The only thing ‘Mis Leading’ is this thread in general.

[tamster]

Are you a coin collector? Do you ever sell coins> If so have you ever sold to a NEWBIE in the collector world? My complaint I guess is with the nomenclature change PCGS made with the SMS identifier. I do not belong to "the club" and collecting and selling is a minor sideline therefore I have no need for a greysheet or magazine subscription to carry on my "hobby." PCGS is a SERVICE. Your post appears to make them out as a ruling body of some sort and to that premise I do take exception. However, when I PAY for a service, and something technical, functional or important to what I paid for changes, I feel I should be notified of that. With customers new to the hobby, they have no idea what SMS means but do notice things like a slab posted online using the old SMS verbiage and then research before buying as most do these days, then receiving a message from a customer stating" you are not showing the coin you are advertising, generally with cost me that sale. Did they perform any campaign other than maybe a blurb in a few e-zines on the web? There lies the meat and bones to my question. I am also a firm believer NOW of what Mr. Diamond stated about the inefficiency much less the need for TPS as they have turned a humble hobby into a billion dollar "legal ponzie" and many older people are being hurt by the "fake" supply and demand issue the TPS created creating a "crash" in their grade values. I thought mine was a fair post.....

[Tim]

Yes, I’m a coin collector and have been known to buy and sell a few coins.

There has not been any nomenclature change made by PCGS as you write about. The coin you are writing about was labeled SMS and they are still labeled SMS. SMS has always stood for Special Mint Sets.

Yes, PCGS provides a service on grading coins and in the case you are complaining about that is all they did, they graded the coin in question 67CAM. There is no difference between a coin graded MS67CAM or SP67CAM, they both mean the same.

Your title and complaint in the OP stated that the TPS guarantee was mis-leading which is totally false and mis-leading in itself. There was and is no mistake on the label in question and I’m sorry if you fail to understand that.