Tisk Tisk Mr. Willis; Stocks Seek Higher Ground To Start off the Week
I must have struck a sensitive nerve. Conscience has a way of doing that to people. What they must know is a shoddy practice, in this case I called out PCGS and NGC on the slabbing of a plethora of modern coins as being perfect MS70 examples (when everyone knows that true perfection should be a rarity and not a mass production operation) causes people to take impulsive punitive little actions. In this case, I got kicked off the friends list of Don Willis, PCGS Collectors Universe prez, on Face Book! LOL.
This came about after I highlighted a study (read it here) done by coin expert and journalist Mark Ferguson (his site here) confirming that CAC stickered coins on the slabs of PCGS and NGC graded coins do fetch premiums in the coin market place. My additional observation was that CAC does not sticker the modern slabs. At the extreme, 1978 Eisenhower dollars are the stopping point on the CAC time line to qualify for verification. CAC says it on it’s own website “CAC Does Not accept Modern Coins / Bullion Coins”. Yes, in RED.
Related: What is CAC verification? (Go Here).
Here’s how the conversation went down on Facebook. Note: Someone removed a somewhat bitter final post written by Mr. Willis to Mr. Higgens. I didn’t remove it. Usually on Facebook that means the writer of the post removed it.
Wow… a little tense there. Don Willis, it was nice being FB friends while it lasted.
The subject of CAC gets under the skin of the coin graders and its benefactors in the coin industry. They misunderstand CAC, which seeks to merely to verify coins that are solid for the grade, which just happens to be of importance to coin collectors. CAC is not here to point out grading service inaccuracies. Yet, the grading services involved seem to think CAC is out to get them, or question their expertise.
I would add that Mr. Willis should re-consider his well rehearsed line above about it not taking “much of an opinion on an already certified coin that is guaranteed by someone else.” I would point out that the “opinion” that’s being offered coming from this “Albanese” as Willis puts it, is John Albanase the co-founder of PCGS! I get a good chuckle when I get the hackles up of a person when I point out easily refutable thinking.
Suggestion to Mr. Willis: If you are so thinned skinned about the reality of the marketplace and how it embraces CAC verified coins, perhaps PCGS could employ its own verifier who for an extra fee could confirm the PCGS slab is solid for the grade. This would go beyond what I find is the murky “+” designation. The marketplace clearly likes a CAC solid-for-the-grade verified coin.
The bottom line, is that I have personally observed (and I am not speaking now in defense of CAC, but for myself) is that not everything that is graded MS70 is MS70. I find that to be unconscionable.
Now, should I point out other beefs with the coin graders? I shall leave that for another post. The top forces in the coin industry need to clean up their acts.
Mondays have been droopy days for Wall Street over the past few months, lacking for the most part in gains for the first trading day of the week. This morning stock futures are up, but that doesn’t indicate whether the close shall be positive or negative.
I tweeted about VXX (volatility) over the weekend. It’s getting to extreme lows. I think it’s a much easier play than trying to figure out when the SPY rally fades. Follow my tweets, I am @jkings1
It was a $10 stock a few trading sessions ago. Now it’s looking like a $2, or less issue. Good Knight. Knight Shares Halted After Rescue Plan – MarketBeat – WSJ http://t.co/rrag3p3h
While, the old adage, ‘never short a dull market’ comes to mind as we move deeper into August. This will simmer-down on both side of the Atlantic, especially in Europe, where the sovereign debt issue will somehow be put on hold for the rest of the month could manifest itelf, if the bulls are lucky. However, we learned last summer, going into Labor Day that these markets can become topsy turvy due to unforeseen (by most) events in Europe.
Share this post
Author Jim Kingsland
Market commentator with focus on Gold and Silver after long broadcast career at FNN, Bloomberg, and Fox. #RandomHouse published author on PMs. Jim has also been involved in projects for CAC and Coinplex.
No comments yet.