PCGS Currency (Legacy Now)

[scmemon]

Sent in 15 notes on voucher for joining on September 18, 2018. Have not received my notes as yet. PCGS Currency contract was not renewed on Dec 30, 2018. My notes are still stuck up there. In the hole for registered mailing, membership fee, insurance, and notes (worth $4,000).
I called and sent an e-mail to return the notes, NO REPLY AS YET. DON'T KNOW WHAT TO DO. I don't know if I am allowed to post currency questions here, but I do need some help. Any insight or suggestion will be helpful.

Wali
scmemon

[weth]

Saw this article:

http://blog.greysheet.com/pcgs-currency ... ack-to-cu/

which contained the quote:

“Hello all, on January 30th the licensing agreement between Collectors Universe and K3b Inc. which allowed K3B Inc. to operate using the trademark and brand “PCGS Currency” expired. At the present time no banknotes are being holdered using the ‘PCGS Currency’ brand. In the coming months we will explore options to resume grading paper money domestically in our Southern California offices. PCGS will continue to grade and holder banknotes in our international offices under the PCGS Gold Shield brand. If you have any inquiries about outstanding orders with K3b Inc. in Peoria, IL, they can be reached at 309-222-8200. Please note that any claim that anyone will holder your notes in PCGS Currency holders is false.”

Good luck, Wali! Hope you get a satisfactory response from them.

[scmemon]

Thanks, I know of the article. When I called them to send my notes back, the person on the other line Mr. David was very belligerent in his tone, and kind of smirking, as if saying "I have got by the ....." no respect. I am afraid, that same thing might happen when PCGS Coin Grading "God Forbid" goes out of business.

Still don't know how to get across to them, that the few notes I had are "very important to me"

I think that the PCGS Currency community that have notes sent to them should start a "Class Action Suit", then only they will get the message.

scmemon

[crabscrape]

Wali,

I am not understanding? You mean you cant get your notes back from them or that it is a transition they are going through then you will get them back?

[messydesk]

It looks like you aren't alone. I hope you get your notes back.

[HawkeEye]

Not as serious as this is a charge I just got from them on the coin side. They double charged me for some coins I had photographed and the standard "it takes about a week to process the credit" has now turned into 10 days and counting. I hope this isn't indicative of some underlying financial concerns.

[scmemon]

Crabscrape:

I have send a copy of the submission lists, copy of the my registered mail receipt, Yearly membership fee receipt. They told me that they would grade it when the new company is established. I asked them what is the time frame, they said they don't know, could be months, how may months, they said "no idea".
OK, lets assume three months, and now they will grade on first submitted basis, which could be another 6 months. It is possible that the notes will be back by at least Jan, 2020, no guarantee.
So, I told them to send my notes back. we will start working on it. Its been 3 weels already, no notes. Only thing left is legal action....

Wali
scmemon

[PacificWR]

Sure glad I use PMG. Hope you get your notes back.

[Longstrider]

Legacy has a similar, if not the same, add in the March 11 issue of Coin World Weekly. Page 5. I wish you luck. Please let us know how this works out. A letter on a lawyer letterhead usually does wonders.

[scmemon]

Folk:

Just received my notes back from K3B, Inc. after 7 months in lock up. Did not get my membership fee and registered delivery fee back.
Thanks for all for your kind words.

Wali
scmemon

[crabscrape]

Walt,

Glad you got your notes back! I know how hard it was for you to wait to get them back and at least you did. So, that's a plus and a lesson learned.

[PacificWR]

Glad to hear you finally got your notes back.

[Tekkie1]

Really glad you got your notes back Wali.
It took a long time but I bet its a great feeling to have them back graded or not.

[DHalladay]

This is a B.S. situation of the scariest kind, and how it came to be that way is even scarier.
As everyone else has said, what a relief that your notes were returned!

[scmemon]

Thanks everyone, I am so glad I got my notes back, I was very close to filing a law suit in Peoria, IL Local attorneys were willing to take the case, but there is a cost involved. They were telling me that a "class action" law suit would be more cost effective. With all of them there is a cost involved.

My question is the collector's should be aware, that if something happens like this happens with PCGS, NGC or ANACS what can be done? I always have coins for grading with TPG every now and then. As of now PCGS and Collector's Universe, are saying we are not responsible, but if you read the contract behind the submission paper, "Customer Bill of Rights" and especially "PCGS Currency Grading Terms and Procedures" items 9 & 10, they don't bear any responsibility. I think we should wake up and demand that TPG grading "Must" put language in the contract to protect the collector community. We should put in place, that collector's can get together and have the right to pursue a "class action" if or when such thing happen again.

I am not a lawyer, but we have do something. My submission was of 15 notes, there were 5 large notes from 1899-1923 and rest of them were error. I put a conservative value at $4,000, it could be more or less after grading. That is big investment for me. Spent lot of worrying time. And, I try to seek help from anyone that would listen. So, I was sitting and waiting.

Just my two cent's worth.

Wali

[messydesk]

...
My question is the collector's should be aware, that if something happens like this happens with PCGS, NGC or ANACS what can be done?...

The bigger thing to be aware of is what you may need to do whenever anyone (TPG, auction company, dealer, approval buyer, ...) who is not you has possession of your coins dies, declares bankruptcy, is raided by authorities, has assets frozen, etc. In every case, it may be difficult to get them back. Keep good records of what you ship.

[crabscrape]

Wali,

As I said! lesson learned here. You take it for what it is worth. The Biggest Scams in the World are inside Jobs! There is not any company or person in business not out to make MONEY. Just watch what you do and be careful!

[PacificWR]

That's a good size order you had in limbo. PMG had a little info on the situation with PCGS graded currency. Here is the link in case you want to have your notes graded : https://www.pmgnotes.com/news/article/7213/