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