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Topic: Legacy Grading  (Read 564 times)
wagnert89
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« on: October 01, 2019, 07:47:44 pm »

I am sure a few people are starting to see these "Legacy" graded notes popping-up.  Here is some additional information:https://www.coinagemag.com/legacy-currency-grading-joins-marketplace/

I checked the pricing tier (in US $), and I almost fell of my chair. 

Has anyone seen a note slabbed from them in person? 
« Last Edit: October 01, 2019, 07:53:12 pm by wagnert89 »
AL-Bob
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« Reply #1 on: October 01, 2019, 08:32:35 pm »

Legacy is just PCGS rebranded due to some trademark issue so I wouldn't expect grading standards to change.  I did obtain a LGC 67 PPQ which was in line with what I would expect from PCGS.   There was a edge issue mentioned on the holder but the margins were ample enough to compensate so I think they did well to ignore it.
wagnert89
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« Reply #2 on: October 02, 2019, 07:10:21 am »

Ok thanks.  I can safely say I do not own a PCGS graded note nor would I ever send a note to be graded by them.  I prefer to keep Canadian notes graded by Canadian companies.  Only exception is if I was to buy or trade a note that's already PCGS or PMG graded.

What shocked me the most was the pricing and pricing tier maximums.  You can slab any value note for 10 to 15 cdn within Canada and in the US it's 35 to 100 US currency.  That's rediculious in my opinion. 
« Last Edit: October 02, 2019, 07:13:26 am by wagnert89 »
AL-Bob
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« Reply #3 on: October 02, 2019, 08:38:58 am »

You can slab any value note for 10 to 15 cdn within Canada and in the US it's 35 to 100 US currency.  That's rediculious in my opinion. 

Yet their biggest problem is that they seem to be overloaded with submissions and can't keep up with demand.  I've heard of notes taking many months to years to come back.  Clearly they are not short of business so apparently the market does value their service.

The problem with Canadian companies is marketability.  If you save $100 US on grading but your note sells for $5000 less then you're not coming out ahead.  I'm sure Canadian TPGs would love to charge more if they could but their service simply does not provide enough value to justify a higher price.

The fact is that if I have to sell any notes of substantial value I will bite the bullet and send them to either PMG or LGC.
wagnert89
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« Reply #4 on: October 02, 2019, 10:57:09 am »

Yes, as you just confirmed in your message, regarding rarer notes if you spend the extra money to get a possibility inflated grade that results in more money than it makes sense for that seller who is clearly trying to profit.  For notes valued under one thousand, it may not make sense to invest that much into the holder. 
REMEMBER: Always buy the note, not the holder!
« Last Edit: October 02, 2019, 11:00:37 am by wagnert89 »
 

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