Comparison between PCGS and BCS Grading Services

News: Registration is free here at the CPMF!

I recently submitted 12 notes to PCGS and was very happy with their product and the assigned grades. These were US large-size notes, not Canadian notes. PCGS grading is certainly less conservative than BCS grading but it seems to be tighter than what I've seen from PMG. By way of example, I received a "Gem New 66PPQ" grade on a note that has 3 or 4 clearly visible albeit light handing marks, and a "Superb Gem New 67PPQ" grade on a note that displays slight wrinkling. However, this is merely a reflection of the more liberal US grading standards vis-à-vis Canadian (i.e., Charlton) standards and is not intended as a criticism. However, this did make me understand better why so many Canadian dealers and collectors choose to send their Canadian notes south of the border for grading . For example, a Canadian note that would be graded as "AU-58 Original" by a Canadian grading company using Charlton standards might well come back from PCGS or PMG with a 64PPQ grade.

The PCGS product is very slick. The plastic holders are bright, very transparent and stiff, but they do not employ an internal holder for additional protection as BCS does. However, what I found most surprising is that the information labels at the top are merely wrapped around and stuck onto the OUTSIDE of the plastic holders! On BCS and PMG holders the information labels are embedded within the plastic. My initial impression is that the PCGS plastic seems to be more scuff-resistant than BCS plastic but with the information labels being on the outside they are sure to pick up wear and tear over the years. 

I've attached a scan of two similar PCGS EF40 notes, one without and one with the PPQ designation. Although the non-PPQ note has not been pressed the paper is not totally fresh. This leads me to conclude that the absence of the designation "PPQ" does not necessarily imply that a note has been washed/pressed. In this respect, BCS takes a firmer stand by employing the designation "Original" on unambiguously original notes that have never been washed/pressed.

CONCLUSION: I have concluded that, sooner or later, Canadian grading standards are going to have to fall into line with American grading standards. This has effectively already happened with coins and it will surely happen with paper money since there is such a high demand for Canadian notes in the US these days. In the long run, it's just not commercially logical or commercially feasible to maintain two such different grading standards in two contiguous countries. As they always say, "if you can't beat 'em, then join 'em!"

I would be interested in hearing from other members who have sent notes to both US and Canadian grading services.

{http://img.villagephotos.com/p/2008-1/1293040/PCGS2.jpg}

I think this was touched upon in this thread and I have had more examples of this again.  In all cases, the notes that were graded  received lower grades by BCS than PMG.  (in the cases I refer to all notes were consecutive and again in my opinion were as identical in grade as I could see.)  The largest difference was that a GEM UNC 66 EPQ at PMG came back as an AU55 (not original) by BSC.

The big dissapointment is that many 37's that were said to be ORIGINAL UNC's came back as AU55 and AU58 by BCS....The reason for the not original was because of a possible pressing of a corner crease if I remember correctly. obviously I was extremely dissapointed
The concern here is that because this is not mentioned on the note in any way shape or form, unless the buyer takes your word for it, they could assume that the not original designation can be other flaws like altering, pressing, chemical processing, repairs etc.

http://www.cdnpapermoney.com/forum/index.php?topic=6726.msg39471#msg39471

The one thing I noticed as of my last submission is that Journey insert/replacement notes were not described as such by PMG, yet there were by BCS. I am not sure if this has changed over the past year, but it definitely is an issue for collectors of Journey replacement notes to have the description appear so that others recognize the note as a replacement as opposed to an ordinary Journey note.

I do like the visual "PMG-like" appearance of the BCS holders and in view of their additional internal plastic insert the notes are well protected. Unfortunately, all plastic holders tend to scuff and pick up little spots of sticky residue and I don't think any plastic is immune in this respect. I now store each of my certified notes in a separate "comic-book" type of thin shiny plastic sleeve for protection purposes otherwise frequent handling (especially at shows) can produce unattractive "foggy" holders after several months. This was never a problem in the past with "raw" notes as the holders could be replaced at will. However, with certified notes it is a significant problem without any solution except for repackaging by the grading company concerned.

Now that I'm sending more and more high-grade notes away to both Canadian and American grading companies I'm finding that the American companies are more "generous" in their assigned grades by approximately 4-6 points or thereabouts. Thus, notes that are graded strictly according to Charlton standards, will typically be "transformed" from AU-55/58 to UNC-60, from UNC-60 to UNC-64/65, from UNC-62 to UNC-65/66, and from UNC-64 to UNC-66/67, etc. It's difficult to generalize but the overall picture is pretty clear. One only has to look at the increasing number of PMG and PCGS graded notes that are appearing at major Canadian auctions and at major Canadian shows to see where things are heading .... 

In my personal opinion, the powers-that-be should seriously consider bringing Canadian grading standards into line with American grading standards otherwise things are going to become increasingly confusing in the future for both Canadian and American consumers of Canadian currency. After all, how can an AU note be suddenly transformed into an UNC note by merely crossing the 49th parallel? As I see it, this is the only effective way to protect consumers who are currently paying Charlton catalogue prices for notes that are graded according to much laxer American grading standards.

In my personal opinion, the powers-that-be should seriously consider bringing Canadian grading standards into line with American grading standards

Unfortunately should this happen, what about all of the CDN TPG notes...do they get regraded?
And if they were graded differently by the same CDN TPG I think a lot of collectors would be getting pretty ticked off that depending on when their notes were submitted they may in reality have a better note that is graded lower now than a higher graded note.
I still think that the collector knows in most cases what they are getting in regards to US or CDN graded notes and should just base their selling or buying prices accordingly....I could be wrong, but changing things now may only create more confusion and frustration.   At least before all I had to worry about my notes being UNC .....now are they choice or GEM 
And then do you try to upgrade from a unc to a choice or gem if possible?

I still think that the collector knows in most cases what they are getting in regards to US or CDN graded notes and should just base their selling or buying prices accordingly.

Educated collectors perhaps, however, most dealers I have seen are attempting to sell US-graded notes at a premium above CDN catalogue prices! So, if the Charlton states $100 for a G.Unc-65 note, dealers will take a PMG G.Unc-65 and sell it for $125, even though it's probably more like a CDN Unc-60 and it's CDN value is about $80.

Educated collectors perhaps, however, most dealers I have seen are attempting to sell US-graded notes at a premium above CDN catalogue prices! So, if the Charlton states $100 for a G.Unc-65 note, dealers will take a PMG G.Unc-65 and sell it for $125, even though it's probably more like a CDN Unc-60 and it's CDN value is about $80.

Yes I guess I should have said "educated collectors".. and the statement is so true whether it is at a show, on ebay, or at your local coin shop PMG graded notes are always priced well above CDN catalogue prices.  Unfortunately though as long as people keep paying higher prices for TPG notes it won't change.  The other thing that some dealers have said to me is that the note would be priced cheaper if the costs involved in grading the note (ie TPG fee, shipping and handling, insurance, etc) would not be so high.  I guess if I could buy a raw note catalogued at $100 for $90 ungraded or for  $140
graded I would likely take the raw note.  At least I could hold it in my hands and see for myself what flaws exist that I can't see through plastic.

As usual, one must buy the note, not the holder. Although U.S. standards are generally lower, I have assessed most note in high-grade PMG and PCGS holders to be just fine. Admittedly it's more difficult to assess notes in holders but it can be done. As with all grading, it takes patience and practice...

I think PMG should stick to American Money or World Money and use whatever scale they want.

I won't touch a PMG Graded Canadian note unless it is a "Steal" of a deal price.  And even then I would cut it out and send it to a Canadian TPG.

I don't think Canadian collectors should jump on the "All my Notes are PMG GEM" notes.  Because I for one don't believe any PMG GEM to be a GEM.

Canadian Collectors should help by only buying BCS, CCGS or CCCS Canadian notes graded using the Charlton Standard.    Its our Money.. we should have our own standards.

The Charlton Standard is used for Canadian Money.  I don't expect PMG to use the Charlton Standard for American money.

I trust BCS or CCGS or CCS for the most part as I know the grade is the "Charlton" grade or very close to it the majority of the time.

Ever Drink an American Budweiser or Coors light?  Is it anything like the Canadian version?  Nope just a cheap lazy American version.   

Lets keep our Canadian notes... CANADIAN Graded.

Well that's my 2 cents worth..