| The Professional Coin Grading Service (PCGS) | | | | coins on a point-scale from 1 (poor) to 70 |
| is a third-party appraisal service for | | | | (perfect)). In one case ACCGS had graded a |
| grading rare coins. It determines the | | | | coin as "cleaned" and several grades lower |
| condition and authenticity of each coin it | | | | than PCGS which PCGS had not noted was |
| grades to provide consumers with an | | | | "cleaned". However PCGS has a policy for |
| independent knowledgeable rating on which to | | | | reimbursing customers if they had wrongly |
| judge the coin. It was founded in 1986, and | | | | attributed, wrongly authenticated, or |
| is located in Newport Beach, CA. | | | | significantly overgraded a coin. |
| | | | |
| An early PCGS slab.In the May 26 2003 edition | | | | In 1990 the FTC(Federal Trade Commission), |
| of Coin World, the hobby newspaper had | | | | which oversees business ethics and fraud, |
| announced that they had conducted an | | | | filed a civil action against PCGS alleging |
| investigation of PCGS, NGC and ANACS, three | | | | exaggerated advertising claims. PCGS did not |
| of the leading grading services along with | | | | admit wrongdoing, but agreed to submit its |
| several other grading services. In this | | | | advertising for review for a period of five |
| investigation, several coins. were sent to | | | | years. In a filing in Federal district court |
| each grading service. In no case did the | | | | in Washington, the company agreed to include |
| grading services agree on the grade of any | | | | a statement in its newspaper and television |
| given coins. , and in some cases the | | | | advertising affirming that certification by |
| difference in grading was seven points off | | | | P.C.G.S. does not guarantee protection. |
| (it is standard in U.S. numismatics to grade | | | | |