Posted By:
Bottom of the NinthDavid,
I have been dealing with PSA as well as the other grading companies longer than most here and have never been told by PSA that their guarantee is limited only to the original submitter of the card. I am not sure who you spoke with at PSA but you need to call back and speak to Joe Orlando. Or send the card in with a note on a submission form to his attention. The most recent Form 10-Q filing clearly articulates their guarantee (see below).
I think your issue really is with the grading company if the N162 has the flaws you have identified. In addition, the raw card you bought was identified as trimmed, interestingly enough. I suppose he should have mentioned if it had paper loss on the reverse but you were already buying a severely flawed card.
Greg
Grading Warranty Costs . We offer a limited warranty covering the coins, sportscards, stamps and currency that we authenticate and grade. Under the warranty, if any collectible that was previously authenticated and graded by us is later submitted to us for re-grading and either (i) receives a lower grade upon that resubmittal or (ii) is determined not to have been authentic, we will offer to purchase the collectible or pay the difference in value of the item at its original grade as compared with its lower grade. However, this warranty is voided if the collectible, upon resubmittal to us, is not in the same tamper resistant holder in which it was placed at the time we last graded it. We offer a similar limited warranty, of one year’s duration, on the diamonds we grade. We accrue for estimated warranty costs based on historical trends and related experience. To date our reserves have proved to be adequate. However, if warranty claims were to increase in relation to historical trends and experience, we would be required to increase our warranty reserves and incur additional charges that would adversely affect our results of operations in those periods during which the warranty reserve is increased.