Guest Commentary from Nov. 14, 2016 issue of Coin World:
Thank you for the recent video interview that Coin World’s Steve Roach
conducted with David Hall, Gordon Wrubel, John Dannreuther, and Van
Simmons, where they responded to Coin World reader questions that you
posed to them regarding the founding of Professional Coin Grading
Service and the development of widespread acceptance of its “slabbed”
coins; the constant war against counterfeiters waged by the three
major third-party authentication/grading services; thoughts about the
future of the hobby, computer grading of coins and a 100-point coin
grading scale; and more.
PCGS Founders Roundtable: Analyzing
the Past, Present and Future of Numismatics: The
founders of Professional Coin Grading Service discuss their company
and the hobby as a whole with Steve Roach.
It is important, in my opinion, that this interview emphasized that having viewed
millions of genuine coins is the major weapon against counterfeits
that the experts at PCGS, Numismatic Guaranty Corp., and ANACS employ,
since the counterfeiters are constantly evolving in the increasingly
sophisticated creation of their products.
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As well, the point that David Hall made that anyone at a major coin
show featuring an auction can view as many coins as he or she would
like in the lot viewing area, and that this is a free and important
way to sharpen one’s coin grading skills, is also an important point
that can help any purchaser of coins.
About all that I could wish had occurred in this interview would
have been a discussion of coin “gradeflation” over the years, which I
understand led directly to John Albanese’s Certified Acceptance Corp.
entering the coin market nine years ago, endorsing less than 50
percent of the PCGS and NGC coins submitted to it, but being willing
to buy coins it has endorsed sight-unseen at high wholesale prices
PCGS and NGC “Plus” grading, which David Hall mentioned as being
offered by PCGS (and NGC, I understand. on the same day) in April
2010, possibly came about as a response to CAC endorsing such a low
percentage of PCGS and NGC coins submitted to it.
By the way, I see that John Feigenbaum of Coin Dealer Newsletter
will be offering separate generic gold “bids” for CAC and non-CAC gold
type coins in Coin Dealer Newsletter, perhaps not the last
effort by CDN to track the two-tiered coin market that has
developed for CAC-endorsed and non-CAC-endorsed coins.
All in all, a fine and fascinating interview involving some of
PCGS’s major luminaries! Thank you for presenting it to Coin
Bob Bair got hooked on collecting as a young boy in Wisconsin while
serving as a newsboy. He was in the education field for five decades
and has been published in several numismatic publications.