Options
InternetJunky Posts: 2,329 ✭
June 6, 2009 12:55AM in U.S. Coin Forum
I have tried to find some information about this as I have noticed from past threads that some here are PCGS Authorized Dealers. After doing some research I found out that my dealer I just began visiting is also a PCGS Authorized Dealer.
But, my question is, how does being a Authorized Dealer benefit the dealer and/or the customer? I looked at the PCGS website and could only come up with the requirements to be an Authorized Dealer and not much information after that. If I remember hearing correctly an Authorized Dealer can submit coins to be graded at PCGS for customers who are not a member of PCGS, correct? How would that process work? Do dealers get discounts on submissions for being an Authorized Dealer? Do they charge customers a premium for doing the submissions? Any info is appreciated. Thanks.
Steve
Options
Robb Posts: 2,034 ✭
June 6, 2009 12:58AM
<< <i>Do they charge customers a premium for doing the submissions?
Steve >>Yep.
RIP Options
TwoSides2aCoin Posts: 43,982 ✭✭✭✭✭
June 6, 2009 1:08AM
An authorized dealer has strict guidelines.
Unauthorized dealers may or may not. Options
YaHa Posts: 4,220 ✭
June 6, 2009 1:19AM
<< <i>An authorized dealer has strict guidelines.
Unauthorized dealers may or may not. >>Is that like a fly by night Contractor Joe? I remember those days my friend.. Once a few dudes put a few nails in a shingle or layed hot, they thought they were a "Authorized" contractor..
Options
ThePennyLady Posts: 4,448 ✭✭✭✭✭
June 6, 2009 2:04AM
Authorized dealers have to sign a lengthy contract which has sort of code of conduct clauses and do's and don'ts of submitting coins, duties to customers, duties to PCGS, etc. We can submit coins on behalf of our customers and have a slightly reduced pricing guideline as compared to members of Collectors Universe. You have to either be an authorized dealer or a member of Collectors Universe to submit coins. We still have to pay for extra PCGS services such as online pop report. Hope this helps.
Charmy HarkerThe Penny Lady®
https://thepennylady.com/
Options
PerryHall Posts: 45,609 ✭✭✭✭✭
June 6, 2009 3:02AM
<< <i>
<< <i>Do they charge customers a premium for doing the submissions?
Steve >>Yep. >>
I thought PCGS sent them a rebate.
Worry is the interest you pay on a debt you may not owe.
Options
See AlsoPCGS Coin Dealers Near MePlacid Posts: 11,301 ✭✭✭
June 6, 2009 3:06AM
At one time pcgs authorized dealers were supposed to buy your pcgs graded coins at the pcgs grade without trying to claim the coin was a lower grade. Doubt that still is the case but no idea.
Options
BEco*kA Posts: 16,957 ✭✭✭
June 6, 2009 3:19AM
It all depends, some dealers charge a small premium some don't.
As far as dealer discounts it is very small and not really worth the time they put into packing and shipping the coins for you. Which is why there maybe a small additional premium.
Options
WTCG Posts: 8,940 ✭✭✭
June 6, 2009 3:19AM
<< <i>Authorized dealers have to sign a lengthy contract which has sort of code of conduct clauses and do's and don'ts of submitting coins, duties to customers, duties to PCGS, etc. We can submit coins on behalf of our customers and have a slightly reduced pricing guideline as compared to members of Collectors Universe. You have to either be an authorized dealer or a member of Collectors Universe to submit coins. We still have to pay for extra PCGS services such as online pop report. Hope this helps. >>
What she stated is correct. To become a PCGS authorized dealer an applicant must prove that they do not have a criminal record, has access to a decent amount of cash, a sizeable inventory and agree to abide by the code of conduct that is stipulated in the PCGS issued agreement. Dealers also need at least three or four positive references from existing PCGS authorized dealers. The entire process to become fully authorized takes at least three months.
Unlike becoming an ANA member dealer, there is actually scrutiny during the application process and not everybody who applies will be granted membership.
Follow me on Twitter @wtcgroup
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"Options
bushmaster8 Posts: 5,616 ✭
June 6, 2009 5:21AM
<< <i>... not everybody who applies will be granted membership. >>
Are you sure about that? Think MadMarty...
If they accepted him, then they'll pretty much accept anybody. Even Illinois Governors!
"Wars are really ugly! They're dirty
and they're cold.
I don't want nobody to shoot me in the foxhole."
MaryBest Franklin Website
Options
PerryHall Posts: 45,609 ✭✭✭✭✭
June 6, 2009 6:06AM
<< <i>
<< <i>Authorized dealers have to sign a lengthy contract which has sort of code of conduct clauses and do's and don'ts of submitting coins, duties to customers, duties to PCGS, etc. We can submit coins on behalf of our customers and have a slightly reduced pricing guideline as compared to members of Collectors Universe. You have to either be an authorized dealer or a member of Collectors Universe to submit coins. We still have to pay for extra PCGS services such as online pop report. Hope this helps. >>
What she stated is correct. To become a PCGS authorized dealer an applicant must prove that they do not have a criminal record, has access to a decent amount of cash, a sizeable inventory and agree to abide by the code of conduct that is stipulated in the PCGS issued agreement. Dealers also need at least three or four positive references from existing PCGS authorized dealers. The entire process to become fully authorized takes at least three months.
Unlike becoming an ANA member dealer, there is actually scrutiny during the application process and not everybody who applies will be granted membership. >>
So what happens if a PCGS authorized dealer skips town with your coins? Will PCGS pay you the insured value of the coins?
Worry is the interest you pay on a debt you may not owe.
Options
WTCG Posts: 8,940 ✭✭✭
June 6, 2009 8:15AM
<< <i>
<< <i>
<< <i>Authorized dealers have to sign a lengthy contract which has sort of code of conduct clauses and do's and don'ts of submitting coins, duties to customers, duties to PCGS, etc. We can submit coins on behalf of our customers and have a slightly reduced pricing guideline as compared to members of Collectors Universe. You have to either be an authorized dealer or a member of Collectors Universe to submit coins. We still have to pay for extra PCGS services such as online pop report. Hope this helps. >>
What she stated is correct. To become a PCGS authorized dealer an applicant must prove that they do not have a criminal record, has access to a decent amount of cash, a sizeable inventory and agree to abide by the code of conduct that is stipulated in the PCGS issued agreement. Dealers also need at least three or four positive references from existing PCGS authorized dealers. The entire process to become fully authorized takes at least three months.
Unlike becoming an ANA member dealer, there is actually scrutiny during the application process and not everybody who applies will be granted membership. >>
So what happens if a PCGS authorized dealer skips town with your coins? Will PCGS pay you the insured value of the coins? >>
There are a few dealers I can think of who have had their applications rejected by PCGS due to bad references or prior criminal records.
I don't know what the other PCGS dealers do specifically, but when somebody consigns coins for me to send in for grading on their behalf I ask that for their own records they write up a detailed list and description, including estimated values, of what they are handing over to me. Once we agree the list is accurate I will give them a signed copy acknowledging receipt of those coins. That signed copy gives the consignor legal recourse and confidence that I will not run off and dissapear with their coins.
Follow me on Twitter @wtcgroup
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
RIP 
