CAC OPENS MEMBERSHIP TO COLLECTORS
February 16, 2009
The Certified Acceptance Corp. (CAC) is now accepting membership applications from collectors. Those who meet certain requirements will be eligible to submit certified coins directly to the company for evaluation.
Up to now, CAC membership has been open only to dealers, and collectors wishing to submit their coins to the company have had to do so through member dealers.
The change reflects growing awareness throughout the hobby of CAC’s role in the marketplace, according to John Albanese, founder and president of the New Jersey-based company. It also is intended to simplify the submission process for collectors who might have found it difficult to make arrangements through dealers.
“We want to make it as easy as possible for people to submit their coins to us,” Albanese said. “At the same time, we don’t want them making costly mistakes, so we want to be sure they fully understand the submission process before they send us their coins.
“In particular, we want to be sure that they’re thoroughly familiar with how to send coins, including how to ship them through private carriers.”
CAC experts examine coins previously certified by either the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation of America (NGC). CAC then affixes a distinctive green sticker to the holder of each coin which, in its judgment, fully merits the grade that was assigned. Each sticker incorporates a tamper-resistant hologram.
The authenticity of CAC-stickered coins can be confirmed by going to the company’s Internet Web site, www.caccoin.com, and entering each coin’s serial number in the Verification Search form as directed.
CAC began operations in 2007 and now has several hundred member dealers throughout the country.
Collectors seeking acceptance as CAC Advanced Collector/Submitters must be members in good standing of the American Numismatic Association. They also must sign an agreement stating that they understand the company’s submission procedures and will comply with them and be bound by their terms.
Collectors will be charged the same submission fees as dealer members: $10 apiece for coins valued at $10,000 or less, $20 each for coins valued at more than $10,000. They also will be responsible for all shipping charges to and from CAC.
But those who are accepted as Advanced Collector/Submitters at this time will receive two special benefits.
First, they will be exempt from any fee increases through Dec. 31, 2012 on up to 100 coins per year. The regular fees will be charged on submissions exceeding that number in a given year.
Second, collector members will not be charged until at least Dec. 31, 2012 for any coins that do not receive stickers from CAC.
“We understand that it may take some time to become acclimated to CAC standards,” Albanese explained.
Submission fees are not waived for member dealers when coins they submit fail to “sticker,” because it is assumed that as professionals, they have in-depth knowledge of grading.
Albanese said the decision to broaden CAC’s membership was prompted, in part, by complaints from collectors that some member dealers were balking at processing their submissions.
“Reports of this kind are very distressing,” he said. “When dealers join CAC, they assume responsibility for providing prompt, courteous service to clients who want their coins examined by our graders.”
If it can be confirmed that member dealers have failed to provide such service, he said, their submission privileges will not be revoked, but their names and those of their businesses will be removed from the company’s Web site, which many collectors consult to determine the location of submission centers.
Further information about CAC, including directions on how to apply for membership, can be found at www.caccoin.com.
FOR FURTHER INFORMATION:
Certified Acceptance Corp.
Bedminster, New Jersey