PCGS guarantees that all Chinese and World coins submitted to it shall be graded in accordance with the PCGS grading standards and under the procedures of PCGS. In addition;
In the event the purchaser of a PCGS graded coin believes that the coin has been overgraded with respect to such standards and procedures, or is non-authentic, he may submit such coin to PCGS through the PCGS “Guarantee Resubmission” procedures and PCGS will re-examine coin to determine the coin's grade and authenticity.
If the grade determined under such “Guarantee Resubmission” procedures is lower than the grade originally assigned to the coin, or if the coin is found to be misattributed, non-authentic, PCGS shall pay the current market value for the coin in question at the originally assigned grade, or at the owner of the coin's option, the difference between the current market value for the coin in question at the newly established grade and the current market value of the coin in question at the grade originally assigned. PCGS will also refund the regrading fee and postage and insurance costs incurred by the coin owner in sending the coin to PCGS. IT IS UNDERSTOOD THAT PCGS WILL BE THE SOLE DETERMINER OF THE CURRENT MARKET VALUE OF THE COIN AND THAT CURRENT MARKET VALUE IS DEFINED AS DEALER REPLACEMENT VALUE, I.E. THE PRICE A DEALER WOULD MOST LIKELY HAVE TO PAY TO REPLACE THE COIN.
VERY IMPORTANT: CUSTOMER HEREBY CONSENTS THAT ANY LEGAL ACTION TO ENFORCE THIS GUARANTEE OR OTHERWISE ARISING UNDER OR WITH RESPECT TO THIS GUARANTEE SHALL BE GOVERNED BY THE LAW OF P. R. CHINA AND SETTLED BY THE SHANGHAI ARBITRATION COMMISSION IN ACCORDANCE WITH THE RULES APPLICABLE AT THE TIME. THE ARBITRATION SHALL BE FINAL AND BINDING. THE LOSING PARTY SHALL BE RESPONSIBLE FOR THE COSTS OF ARBITRATION INCLUDING THE ATTORNEY FEES, UNLESS THE ARBITRATION AWARD STIPULATES OTHERWISE.
This guarantee shall not apply to any coin as to which an obvious clerical error has been made with respect to the description of the coin. This guarantee shall also not apply to any coin which has been removed from the PCGS holder or any coin for which the PCGS holder shows evidence of tampering. This guarantee shall not apply to any coin which has been environmentally damaged due to improper storage or natural disasters such as fire and flood. Further, this guarantee shall not apply to coins exhibiting environmental deterioration subsequent to certification, including spotting on modern silver coins.
If you have a coin that you feel is overgraded or counterfeit, call PCGS Customer Service and they will help you fill out the proper submission forms. For approximate turnaround times, please ask a PCGS Customer Service Representative. After PCGS examines your coin, if PCGS feels your coin has been overgraded or is counterfeit, you will be contacted by phone or email and given the current market values so you can decide which of the repayment options you wish to use. If PCGS determines that the original grade is correct, your coin will be returned to you with the original grade and you will be responsible for the regrading fee and postage charges.
The following is further explanation of what the PCGS Guarantee does not cover.
Clerical or "mechanical" errors. PCGS occasionally makes clerical errors in inputting data which is shown on the insert in the PCGS holder; consequently the PCGS Guarantee does not cover obvious clerical errors, what we call "mechanical errors." The key concept is how obvious the error is to the naked eye. If you can easily tell just by looking at the coin that the description on the holder is wrong, then the coin/holder combination is not covered by the PCGS Guarantee. Some examples would include the following:
Coins Removed From PCGS Holders. The PCGS Guarantee does not apply to coins removed from PCGS holders. There are no exceptions to this policy. You remove a coin from a PCGS holder at your risk.
Coins that have tampered or counterfeit holders. Unfortunately, some unscrupulous people occasionally try to defraud people by removing coins from PCGS holders, replacing them with less valuable coins and then resealing the holders. Most of these "reholders" are crude and obvious. Some are more sophisticated. There are also those who counterfeit PCGS holders. The PCGS Guarantee does not apply to coins that are in holders that have been tampered with. Nor does the PCGS guarantee cover coins in counterfeit PCGS holders.
Coins that have been tampered with inside the PCGS holder. Some unscrupulous people try to alter the appearance of coins within the PCGS holder. For example, they may heat a holder and/or blow chemicals into the holder in order to change the color or toning of a coin. The artificial look is obvious and such altered coins are not covered by the PCGS Guarantee.
Coins that are environmentally damaged. The PCGS holder, while excellent for long term storage and protection, does not protect coins from harsh environmental conditions. Consequently, the PCGS Guarantee does not apply to coins which have been environmentally damaged. For example, if your coins are damaged in a flood or fire, the PCGS Guarantee would not apply to those coins. This also applies to copper coins stored in environmentally risky locations (high humidity, see next paragraph.)
Coins exhibiting environmental deterioration. The PCGS Guarantee does not apply to coins exhibiting environmental deterioration subsequent to PCGS grading and encapsulation. This deterioration may include, but is not limited to, spotting, hazing, PVC contamination, changes in color, and corrosion.
IMPORTANT: Because the color and surfaces of copper coins can change due to environmental factors, including weather and improper storage, PCGS does not guarantee against changes in the color of copper coins, or against copper spotting subsequent to grading and encapsulation by PCGS.
Changes in a coin's status in the PCGS Set Registry. The PCGS Set Registry occasionally makes changes in set composition. Coins are sometimes added to certain sets and coins are sometimes dropped from certain sets. PCGS does not guarantee that any coin you buy will remain part of any set in the PCGS Set Registry.
Changes in a coin's numismatic status. The PCGS guarantee does not cover changes in a coin's status in the numismatic community. The PCGS guarantee does not cover any change in value due to a change in a coin's status.
Premium Values for unattributed varieties. PCGS does guarantee the attribution of coins listed as a particular variety on the PCGS holder insert. However, if PCGS has not attributed a particular variety and the coin in question is overgraded or non-authentic, PCGS only guarantees the value of the coin as described on the PCGS holder insert. For example, if you bought an 1934 Junk dollar that happened to be the scarce six sail line variety, but the PCGS holder insert did not state the “six sail line” variety and just said “(1934) $1”, the PCGS Guarantee would only cover the value of a regular (1934) $1, not the value of the scarce “six sail line” variety. Another example would be if you bought a common 1939 China Republic 1C that happened to have the rare “gui” character on the reverse, the PCGS Guarantee would only cover the value of the common 1939 China Republic 1C, and not the value of the rare “gui” variety.