Expert: Troy Thoreson - 10/3/2009

Question
How do companys that grade coins get the right to be certified coin graders? It used to be "a man is only as good as his word ", but now a days a crook just goes on to the next crowd and nobody does anything about his or hers fraudulent deal making! We all know there are reputable company's and there are shady characters. My question is how do these people get licensed to sell under grade coins as high grade coins without someone putting a bullet thru their nugget eventually? You know, like the old days! We are suppose to be civilized and all but nobodys doing anything about some near sighted crooks who need to get some occupational training, or find a new field to make a living in. How many people do they rip-off a day ? Everybody else is working hard for their money but these guys along with eBay helping them rip people off by the thousands! My grandfathers friend got duped bad. What can we do to stop bad business practices like these?

CAN SOMEONE GET A HOLD OF AL ? WE NEED TO HAVE SOMEONE WHO CAN BREAK A FEW KNEE CAPS !

just kidd'in , but actually I'm not ! I am upset !

Answer
Hello Steev,

People are always looking for a bargain while others just fall into deals they should have never considered.  I recommend that people educate themselves before making any coin purchase.  Plus, know your dealer so if there are any issues they can be addressed.  China is currently allowing companies to counterfeit many old U.S. Coins with no end in site.  So, it becomes that much more important to know your dealer.  To learn more about coins and grading in general - read "The Official Red Book, A Guide Book of United States Coins."

Grading companies:  We recommend PCGS, NGC and ANACS.  PCGS & NGC are considered the world's leaders in coin grading and authentication.  These companies all guarantee their coins and grading.    

Yes, the following is a canned response designed to help the novice collector with general information.  If you need more explanation or you feel my answer is to short, please call me or reply with a more specific question.  I own and operate an active coin shop and I apologize in advance if my answer is short, to the point, or lacking detail.  Again, please reply or if I missed something or if you need more information.

Information given about values is general and determined by current market conditions and/or the price of metals.  Prices and values are subject to change.

Please remember to never clean coins, this can damage and lessen their value.  Also, soft plastics can contain harmful chemicals that can react with coins over time.  Try using inert materials when storing coins.  Plus, it is always a good idea to store coins in a safe.  The safe should not be exposed to the elements and should not be up against a wall to the outside.  These are just a few tips I have learned over the years to help keep your collection in top shape.

If you found this information helpful please nominate me for category expert in coins.  If coming through Los Banos, CA please feel free to look us up at Thoreson Numismatics, 947 6th Street, Los Banos, CA  93635.  209-826-0777, email troy@aucpro.com.   Please remember that we are always in the market to buy and sell coins, currency, tokens, and medals both U.S. and World.  We are also licensed to buy scrap gold & platinum jewelry.  

Thanks for the question,


Troy Thoreson, President
Auc Pro, Inc.
Thoreson Numismatics
www.aucpro.com
Life Member American Numismatic Association #5362