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PCGS Crossover to PMG Upgraded AND Downgraded posted by GSA_Gem_Quest

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Thrilled and Disappointed at the Same Time


I bought this 1890 Treasury Note professionally graded by PCGS as Very Fine 30, and crossed it over to PMG for my $5 Large Size US Currency Type Set. It came back upgraded to 35, but downgraded to Net for repairs.


After a close look, I can see where it was repaired. It was very professionally done and does improve the overall look of the note. I was thrilled to get an upgrade to 35, but disappointed to get the downgrade to Net. I can understand a difference of opinion between 30 and 35, but I think PCGS should have been able to spot the repair. Makes me wonder how closely they look at the note, and how much time they spend on each note in the grading process.


I really like the note and am going to keep it, but I will have second thoughts about buying a note professionally graded by anyone other than PMG.



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Thanks to you for me finding this before I did something stupid. I spoke with a professional currency dealer and he told me flat out PCGS holders suck. The theory that they should be open slightly at the top for air flow is bogus. The dealer told me he checked with the Smithsonian that verified you DON'T want paper exposed to air for long term preservation. He also mentioned during Hurricane Sandy, several of his clients lost bills in PCGS holders because water was able to seep. Whereas the PMG holders needed replacement but the note was not damaged. Furthermore, he said he hated the top PCGS holders because as you probably know, they fray and wear the more you handle the note until the label turns white as it wears out. So I wanted to convert a couple of prize notes to PMG but I am terrified a PCGS PPQ will not be a PMG EPQ. And I am sure they catch NET more often than PCGS grades apparent. You lose so much money when a PPQ turns NET. I never purchase PCGS notes anymore, no matter how good the deal or how much I like the note. Just too risky. Granted that I believe PMG overuses their NET power and I believe it depends on which chef is in the kitchen but this is the grading system we are all victims of. PMG's NET is so damn confusing as well. Sometimes, for instance, there are pinholes. The put "Pinholes" on the back of the holder but don't grade it NET. Or sometimes, there is a tiny retouch and they place the big fat NET on front and "Retouched" on the back. There is no rationale or logical explanation given by PMG. Its just the power they hold knowing that there are really only two recognized services and their competitor, PCGS has holders that are so inferior. The currency dealer told me, "lucky you figured out early before you amassed too many PCGS notes but the general public hasn't caught on yet" He was also furious that PCGS can grade a note 64, 65 or 66 WITHOUT PPQ. He said, "how can they grade a note GEM without PPQ?" So your notes that are PCGS 66 with no PPQ have values much less than you think. PMG would grade them 63 or most probably AU in the 50's.

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P.S. That note you showed is gorgeous, regardless of the NET or 30 vs 35. Looks under graded to me. Easily could have been a 40 or 45. Collect beautiful notes. They will always sell well even if PMG deems it NET because they can see something under 50X magnification that no one can see with the naked eye.

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