UPDATED NOVEMBER 26, 2008

SAVE YOUR MONEY AND COLLECT RESPONSIBLY. LOOK HERE FIRST!!

DON'T GET CAUGHT WITH YOUR PANTS DOWN  CHOOSE A GOOD, RELIABLE GRADING SERVICE THAT YOU CAN COUNT ON.

DID YOU EVER WONDER WHY PEOPLE GET UPSET OVER FACTS?

MAYBE THEY ARE TRUE!!!

A collector told me something concerning CGA;

"We buy junk... We sell antiques"

OCTOBER 14, 2008

Found this overgraded previously graded AU 58 on Ebay today. Take a look at the reverse fold around the number 1 on the right of the note. But in CGA's financial opinion, it's a CH CU 64.

OCTOBER 14, 2008

This peach is an AU in the census. But the thought of a profit at the expense of the collector was more prevalent to CGA.

UPDATED September 13, 2008

CGA LATEST CONSUMER FRAUD CASE INFORMATION

The reconsideration of the appeal to vacate was granted. It was granted on some what of a technicality. However, CGA was ordered to pay legal fees to the plaintiff for the appeal process, estimated at $8,000, and we will start over. 

When the CGA lawyer tried to tell that judge that grading of the note was subjective, the judge told the lawyer he saw the note.

There is no question that the note was repaired and it remains that way even though Lipka said it happened after he sold it to Trusted Traditions while it was still in the CGA holder.

Now, CGA will have to produce a lot of financial information at our request and we will have a real trial.

It is my understanding that the CGA lawyer said that CGA, i.e. Lipka will sue me for defamation.  GO for it. If he hasn't done it by now.....

Any questions, let me know. CGA did not win, the obvious will be decided in court one more time.

Someone please pass this to the PCGS boards and post this... Thanks
 

SEE BELOW

Report: Ahmet Sandikci Arcade Currency Palace

Category: ORGANIZED CRIME

Ahmet Sandikci Arcade Currency Palace Consumer Fraud, Deceptive Trade Practices, Investment Fraud Tarpon Springs And West Palm Beach Florida

Victim of this person/company?

Are you also a victim of the same company or individual? Want Justice? File a Rip-off Report, help other consumers to be educated and don't let them get away with it!

  

Ahmet Sandikci Arcade Currency Palace

 
  

 

 

UPDATED August 22, 2008

This magnificent CGA GEM 68 was graded by Lyn Knight in 1999 as AU... You can view it now in the September Heritage Long Beach auction.

"Lyn Knight 2/20/99:595 @ $770" $770 for this note should say something about the grade.

UPDATED August 22, 2008

BEFORE DESCRIPTION...Fr. 102 $10 1880 Legal Tender Very Choice New. Superb in every sense but for its margins. The right face margin and the center of the bottom margin are too tight for the top grade. The surfaces are perfect, the original embossing bold, and the colors are spectacular.
From the collection of Malcolm A. Trask. (MANY OF WHICH WERE PURCHASED BY THE OWNER OF CGA...

AFTER DESCRIPTION...Fr. 102 $10 1880 Legal Tender CGA Gem Uncirculated 65. Bright white paper provides a great canvas for the deeply printed design. The embossing is still visible in the holder.

UPDATED August 22, 2008

Before... CH AU...NASCA (Brookdale) 11/12/79:2509 @ $310

After...Fr. 1187 $20 1922 Gold Certificate CGA Gem Uncirculated 66. Vivid colors are seen on the face of this $20 Gold. The back design is quite bright, with a yellowish-orange hue.

UPDATED August 22, 2008

Take a look at the pressed out corner folds on this CH CU 63 CGA note. Don't you wish you could grade your junk this good!!!!

UPDATED August 6, 2008

CGA LOSES THE APPEAL TO VACATE THE CONSUMER FRAUD CASE!!! COLLECTORS REJOICE

UPDATED July 20, 2008

Today I will have several overgraded CGA notes that are being distributed by a coin dealer. These notes were being offered at a site called collectorscorner.com.

If you make an offer, be sure it is at least 50% less than the asking price:

The first is an FR 57 Graded GEM 66, of course. Look at the corners, well rounded and very soft. This is not the description of a woman!!

2. Here is a FR 18 CGA XF 45 but with a nice VF fold through the vertical center of the note.

3. His description: 1869, $2 FR 42 Rainbow Large Size Legal Rainbow CGA 40. This note is falling apart with many folds over the note. Look at the reverse.

4. Here is an FR 67 in CGA GEM 66 with a corner tip fold as seen on the reverse right of the note.

5.This FR 215 was sold in 2007 at a Scotsman as Choice for $1,552.50. Now in a CGA GEM 67 holder he wants a small profit of $7,500.00.

There were over 100 CGA graded notes, many of them unreported. That should scare the poop out of any buyer. Up until now the CGA distribution network dealers were making lots of money off the unknowing collector. The best way to solve this is not to buy from them.

UPDATED June 30, 2008

Well collectors, here is a note offered by Ahmet Sandiki aka PORSCHEAHMET on Ebay for a cool $12 Mil. Mr. Sandikci aka PORSCHEAHMET has been a distributer of the CGA product for quite some time. One problem, the note was bought by in July of 2004, Bowers & Merena auction, lot 1218, by guess who for $2760. The best news, it was graded CH AU by Bowers, "light center crease" i.e. FOLD. Now, the note has slithered into a CGA 65 GEM holder and someone will get screwed if they pay Porsche's price.

One other comment, Mr. Sandikci aka PORSCHEAHMET claims to be the only accredited currency dealer in the business. This accreditation was awarded by, of all groups related to currency, the better business bureau....

UPDATED July 15, 2008

I will report the results of the Hearing to vacate the first decision which found CGA liable for consumer fraud. The hearing is July 18th. I'm not sure there will be a decision on that date or not. See the first decision below with a April 26th date.

UPDATED June 30, 2008

Another overgraded note offered by Ahmet Sandikci aka PORSCHEAHMET on Ebay. This note was purchased by you know who, and slithered over to the dealer who knows how to increase value in overgraded currency. Here are the comments from the auction, and confirmed extremely pressed flat by a dealer who saw the note...

"Fr. 260 $5 1886 Silver Certificate Choice New. Unlike almost all of the notes from the Trask Collection, this one lacks the deep embossing and perfect paper surfaces."

UPDATED June 25, 2008

LOOK AT THIS HIGH GRADE CGA NOTE OFFERED BY Ahmet Sandikci ON EBAY. THE MARGINS ON THE TOP OF THE OBVERSE CLEARLY ALMOST CUT INTO THE DESIGN, AND THE NOTE WAS RECENTLY GRADED BY CGA. THIS GUY IN ONE OF THE FEW REMAINING DEALERS THAT WILL SELL OVERGRADED CGA NOTES FOR THE OWNER OF CGA.

UPDATED June 19, 2008

LOOK AT THE REVERSE OF THIS NOTE IN THE cga gem 67 HOLDER. THE NOTE WAS IN A PCGS XF HOLDER FIRST. PLEASE EXPLAIN THAT ONE TO ME!!!!!THERE IS A HUGE FOLD. THIS WAS ON THE PCGS CHAT ROOM AND HERE ARE THE COMMENTS. ALSO, THE NOTE WAS IN THE UPCOMMING LYN KNIGHT SALE. WHAT A FRAUD.....THE NOTE IN THE MIDDLE IS THE CGA PICTURE FROM THE KNIGHT SALE.

Comments from the PCGS chat room boards:

That's Hilarious Bankrod and rpw

What I'm wondering is how this note managed to make it into a Gem-67 holder? How hard is it to detect a pressed note when it is unslabbed?

Personally, I can only think of 2 reasons
1. CGA is totally incompetent at grading notes
2. CGA personal note or favortism

Perhaps Jess can tell us if it was # 1 or 2 !!!

In defense of CGA, where does it say that a pressed/doctored note can't be graded CGA 67 ? - Nowhere that I know of. Grading services simply have different criteria. Some TPG's may or may not be consistent in the application of their criteria, that's for the buyers to figure out.

I'm done with this thread but thanks for the heads up.
 

Below is the comments from Lyn Knight sale:

A great type note that comes really pretty like this one with broad margins. Great signatures, but the embossing is absent. Graded Gem UNC 67 by CGA.

Current Bid: $2,400.00 Estimate: $4,000.00 - $6,000.00

THIS NOTE IS A $500 NOTE AT BEST FOR THE REAL GRADE AND $4,000 TO $6,000 IN A GEM 67 HOLDER. WHY DIDN'T THE AUCTION HOUSE SEE THIS PROBLEM AND DESCRIBE IT PROPERLY??????

UPDATED APRIL 26, 2008

CGA LOST THIS SUIT, "CONSUMER FRAUD, inaccurate, careless, reckless, and negligent". Those comments were in the court filing that the judge referenced when he found CGA liable on all counts in the decision. Other suits are in progress.

UPDATED APRIL 29, 2008

CAA/Heritage 5/6/04:17774 @ $2,760 This was an XF as noted in the auction sale. Someone thought it was XF, but not CGA. Moneybags made it an AU and some made a lot of money and someone lost a lot on money.

UPDATED March 04, 2008

Check the description of the cataloger that accruately describes this CGA overgraded note:

UPDATED January 04, 2008

When making decisions on which grading service to use, this is who you are dealing with when you select CGA:

Below is a letter to the Professional Currency Dealers Association to which the president of CGA is a member.

To Whom It May Concern:

 As a concerned PCDA member I would like to make a formal complaint regarding the increasingly nefarious tactics of  Mr. Jess Lipka. Although I have been aware of serious breaches of integrity in the past the most current method used to try and “hook” an unsuspecting client in an auction scheme is totally unacceptable. We cannot continue to look the other way as Mr. Lipka frequently pushes and bursts the integrity bubble.

 I realize that this is second hand information to some degree but it has been intimated to me that the tactics employed by Mr. Lipka were as follows:

That Mr. Lipka consigned notes known to be his by those who track this particular national region. Please see attached list. (not here)

That Mr. Lipka then employed unknowing “dupes”, who happened to be respectable dealers, to execute bids for him from the floor, in essence unknowingly shilling his notes from the floor, which is illegal in many states if I am correct. These items on the attached list were hammered to said dealers, reportedly executing Mr. Lipka’s bids, but were not awarded and listed as unsold lots in the prices realized. I believe this meets the textbook description of shill bidding. Please see attached list. (not here)

The party that provided this information may be willing to testify to the Board of the PCDA regarding the veracity of the information in this attached list.

I doubt anyone in the board is surprised by Mr. Lipka’s total lack of regard to anything but his own avarice. I believe all if not at least a majority of the current Board members have witnessed first hand Mr. Lipka bidding on his own material from the floor in past XXX (AUCTION COMPANY X'ed OUT BY ME) sales.

In closing I must say that Mr. Lipka should NEVER have been allowed into any organization, which stands for INTEGRITY and FAIR dealings with the public. The fact that he was once refused admittance, and then through a larger more apathetic membership slipped by the objection requirements, I realize should not be at issue here. What is at issue is the fact that an Organization designed to bring Ethics to this business, that most of our customers consider an enjoyable hobby, must be able to vet its own membership or that entire membership is tarnished by those with no regard for anything but amassing wealth at the expense of our membership and their customers.

 Sincerely,

UPDATED January 04, 2008

Check this 1132-J $500 note graded CGA CH CU 63. Look at the CENSUS description below, ALTERED DISCOLORED. EXTRA FINE. SOMEONE WORKED ON THIS NOTE AND CGA FORGOT TO LOOK IN THE CENSUS, OR, DID CGA BUY THIS NOTE AND CLEAN IT UP?????

EF per Dean Oakes; Bowers & Merena 11/6/02:6280 "nearly AU... aging... stains... discolored..." @ $17,250; (CGA CU-63); Lyn Knight 2/26/04:1730 "Ch. CU" @ $16,675

UPDATED December 19, 2007

This is worth another shot. The history: I sold this in auction for a customer. It was in a PMG AU 58 holder before I cut it out for the auction. The Heritage description is below. Notice, the word, "FOLD". Well if you are CGA, and you want to make some money the easy way, and you see a potential to disregard the fact that there is a fold in the note, you bid for the note in auction, win; you pay $402.50 and put it into a GEM 67 holder then try to sell it for $1,200 or more.

Another possibility, you are a buddy of CGA and you buy this note in auction and send it in for CGA grading. Accidently, the fold is, "overlooked". Either way, the collector looses.

Fr. 230 $1 1899 Silver Certificate Choice About New. Hugely margined, with deep original embossing and tremendous eye appeal. The note has a single, extremely light center fold. This is the first of two consecutive examples.

UPDATED December 09, 2007

Another sucker that overpaid for an overgraded CGA note. This guy paid over $3000 for this CGA AU55. Look at the folds in the reverse picture. At best this note is XF, but most likely a VF. Even though it is rare, at best worth $1000, maybe. CGA will eat high on the hog tonight...

UPDATED November 26, 2007

Now, the previous owner of this note said it was an AU and it went into the census that way. Why would the owner say it was an AU when CGA now says it's a GEM 65? Why, MONEY.

UPDATED November 24, 2007

This $1,000 bill got my attention on Ebay today. Look at this AU 50 CGA graded piece of junk then tell me it is overgraded within 5 grades of the real grade.

UPDATED November 16, 2007

I received this sales catalog developed by Ahmet Sandikci aka Porscheahmet. Let me revue a few CGA notes in the sales catalog:

Page 11 FR 64   CGA 68 $875,000--- CENSUS AU

Page 12 FR 19   CGA 68 $675,000--- CENSUS XF

Page 12 FR 104 CGA 66 $7,850,00--- CENSUS AU

Page 18 FR 225 CGA 67 set $28.5mil   CENSUS AU

Page 18 FR 269 CGA 67 set $28.5mil CENSUS, pinhole

Page 21 FR 231 CGA 68 $13,250,000- POOR Margins

Page 29 FR 122 CGA 67 $1,600,000--- CENSUS AU

Page 46 FR 772 CGA 67 Part of a $115,000,000 deal

I had the opportunity to buy this note when it was in a CGA 67 holder. It had to cross to PMG at least a 66. It was cut out. There is a obvious big fold in the lower reverse. The dealer sent it back to CGA and it went back into a CGA 67 holder.

UPDATED November 14, 2007

I once owned this note when it was in a CGA 64 holder as it states in the census. Well, lookie here. Now it is in a CGA 65 holder and still there is no top margin. I sold the note for $1,800 a few years back. WOW!!! Now it's $2,000,000.00. I should have been a CGA buddy!!!

UPDATED November 11, 2007

I was cruising Ebay this morning and came across wonderful overgraded CGA note. This is an AU in the  census. The seller most likely knows of the problem because it is being sold to $3500 less than the current average price.

UPDATED November 04, 2007

From the Bowers sale in Baltimore November 2007 a fantastic note. As noted by the seller, "Lot # 5349
Fr. 371. 1891 $10 Treasury Note. CGA Gem Uncirculated 65:" (THEY DON'T SHOW THE CGA HOLDER)

Minor detail, the census says, "EF+, p= pinholes, Stack's (JAS) 3/15/90:1723 "Choice EF... half dozen pinholes"

***NOTE*** MANY OF THE CGA LOTS IN THIS SALE ARE REJECTS FROM A Goldberg AUCTION ON 9/13/06.

UPDATED November 04, 2007

I was cruising thru Ebay today and came across this note graded by CGA a GEM 66. Only, the note is an AU in the census. Another Ebayer will be taken to the cleaners.

UPDATED November 03, 2007

Here is a collector that was taken to the cleaners by the CGA crowd. Now how can someone miss a grade from XF to GEM 66? To quote this collector, "These guys have hurt my pocket to the last dollar. I am having to live day by day and trying to take care of my kids. This sucks!!" What will it take to stop them!!!!
 

One CGA seller to consider avoiding from is Ahmet Sandikci.

UPDATED October 12, 2007

A NEWLY OVERGRADED NOTE FROM CGA... YOU DECIDE. CGA CALLS IT A GEM 66. HOWEVER LOOK AT THE TOP CORNERS FRONT AND BACK AND YOU WILL SEE CORNER FOLDS. LOOK AT THE REVERSE BOTTOM MARGIN, CUT ALMOST INTO THE DESIGN. WOULD YOU PAY GEM 66 MONEY FOR THIS NOTE?

UPDATED October 12, 2007

This CGA GEM 65 which is really a PRESSED XF has once again visited EBAY for your getting screwed enjoyment. Even the auction company called it AU...

UPDATED October 10, 2007

This is what a Ebay seller had on his description? Of course, the note is now in a AU PCGS holder. How much did he lose......

CGA SUPERB GEM GRADE 67 (TAB INCLUDED)

PCGS PPQ PREMIUM PAPER QUALITY

UPDATED October 10, 2007

THIS IS AN XF 40 IN THE CENSUS GRADED FOR A SMYTHE AUCTION. NOW A FANTASTIC CGA GEM 67.

UPDATED September 30, 2007

This CGA GEM 66 was graded AU by two auction houses. But who are they.... Buy CGA and Lose!!!

UPDATED September 13, 2007

Here  in another note I use to own that was in a PMG AU 55 holder. Guess who bought it and put it in a CGA GEM 65 holder and sold it to some unknowing collector!!!!

UPDATED September 13, 2007

Here it is again... Porsche is trying to sell a note that I used to own that was in a PMG AU58 holder. CGA hand holding and lots of hugs and kisses and being one of the few dealers that sell CGA notes must get you great grades from CGA.

UPDATED September 10, 2007

Stack's 9/9/87:651 "Choice AU... soft vertical fold" @ $687.50; That's the facts. However CGA has covered up the fact, or better yet hidden the fact of a fold in this CGA GEM 66. And it was just recently graded by the diligent staff at CGA.

UPDATED September 3, 2007

Well, the auction house had to really brighten this one up so you can see the folds. This is an XF/AU in the census, which really means XF. But, CGA found it necessary to improve the grade for financial reasons, and not your financial reasons.

UPDATED September 3, 2007

Let's examine a CGA note not in the census. Wow, a GEM 67!!! But, look closely; on the front right corner, notice the tip fold and it is more prevalent when you see it from the back; Now, look close at the back right corner; you can see another corner fold; Now, look at the registration on the reverse top to bottom; not ever close. At best, this note is a CH CU 64. However, the note appears to be quite flat making me think there are other hidden problems in the CGA holder.

UPDATED September 1, 2007

CGC, Dean Oakes, and Stack's agree that this note was a VF. But the CGA grading service says otherwise. Who do you believe?

UPDATED August 31, 2007

This is an interesting note. It is not in the census. However, it is graded a GEM 65 by CGA. But, look carefully at the reverse upper left corner. Do we see a corner fold? By golly we do. And this one was recently graded or should I say overgraded.

UPDATED August 28, 2007

You have to look at this one... The folds are so obvious all over the note and it's CGA AU 58. Actually, I'm surprised, for CGA, that's a low grade. They must be slipping. I suspect it is more like a pressed VF.

UPDATED August 24, 2007

Well, this one is an XF in the census. Bowers & Merena auction 11/29/01:5046 @ $1,265 SO, from an XF to a GEM 65 and the dealer only wants $7,300. What a deal!!!

UPDATED August 24, 2007

Well, here are a few more AU notes I put into auction that have ended up in CGA UNC holders. ALL of these were in PMG AU 58 holders, but greed made them UNC'S.

UPDATED August 18, 2007

This very nice looking note in a CGA GEM 66 holder happens to be an AU in the census; New England Rare Coin Auctions 7/21/78:802

UPDATED August 08, 2007

Here is a unique way to hide folds in a note; tone it up a bit. This beauty was sold by a very good grading auction house, as you can see, XF in 2003. R.M. Smythe 1/13/03:1218 @ $431.25 But now, along comes CGA and wala, it's unc. What else can a crook ask for!!!

UPDATED August 07, 2007

This one is really strange. Both census has this note as AU, but one has had the note in an CGA XF holder on two different occasions and now it's in a CGA GEM 65 holder. Someone must have watered it to grow like that.

UPDATED August 07, 2007

Well this collector got it put to him. This is an AU in the census. Now with the magic of GREED, CGA her transformed this note to a GEM. Two auction houses call this and AU, R.M. Smythe 6/13/03:2218 @ $977.50; Bowers & Merena/Lyn Knight 8/18/06:5021 @ $1,150.

UPDATED July 30, 2007

Ah, CGA thought they could fool you again with this $5 Ed. But, data has saved the day. The census has this note as AU dating back to a Lyn Knight auction in 1982. Look close at the reverse. You can see the fold down the center. DO you think Lyn made a boo boo... NADA. Don't get screwed by CGA.

UPDATED July 26, 2007

This bute is an AU in the census, now a CGA CH CU 64. I spoke to the census grader about this one and he said some reported a pressed out fold. Another from the dealer on Ebay that is selling several CGA overgraded notes, and has for several years.

UPDATED July 26, 2007

Very pretty overgraded FR 1187 AU note again offered in a CGA GEM 65 holder. This dealer on Ebay is selling several CGA overgraded notes, and has for several years. Although the dealer has an excellent return policy, by the time you find out you lost $2,000, it's to late.

UPDATED July 21, 2007

Below is the AU auction description of the note now in a GEM 66 CGA holder. Notice that the note is also described as "toned". I'm in the wrong business....

Fr. 216 $1 1886 Silver Certificate About New. The paper tone is a bit subdued on this otherwise attractive Martha Ace. This is the scarcer of the two numbers with the smaller Red Seal.

UPDATED July 21, 2007

Another AU in the census that has been graciously made to be GEM 66 By CGA.

UPDATED July 20, 2007

WHO DO YOU THINK LOST A TON ON MONEY ON THIS NOTE!!!

UPDATED July 20, 2007

I HAD THIS NOTE IN A PMG AU 58 HOLDER. This one has resurfaced again...,CGA GEM 67, but by a friend of the last CGA dealer that sells overgraded notes for millions. Yes there is a new queen of overgraded currency in town. They sell the overgraded notes that I have already uncovered and they hope you don't notice. The new seller on Ebay of overgraded CGA notes is..the*real*currency*queen They happen to live in the same area as the PORSCHE CGA dealer/funnel for CGA.

UPDATED July 20, 2007
 

Fresh off the CGA press noted by the CGA serial number. This unsuspecting note was graded in an RM Smythe auction in 2001 as an XF. Now through the magic of grading, it's an AU 58. 

UPDATED July 17, 2007

This beauty was on EBay a few years back. It's there again. It's an AU in the census. Just another fix-up job on an overgraded note to avoid of pay the usual low grade price for the note. 

UPDATED July 17, 2007

This on is also an AU in the census. Don't let the advertising of a low pop suck you into the CGA overgraded notes.

UPDATED July 15, 2007

Look I found on Ebay today. This is the AU note sold in a Heritage auction and purchased by you know who!!! Of course it is now in a CGA GEM 65 holder. Here is the auction description..."Fr. 123 $10 1923 Legal Tender Choice About New. A beautiful example of this popular early 20th Century Large Size Type. The colors and margins are excellent, and the note gives the appearance of a Choice New piece, unless examined extremely closely." CGA must have not looked to close on this one.

Prior to the Heritage auction here is what is in the census, "XF" Stack's 9/7/89:1572 "EF, pressed"

UPDATED June 18, 2007

Here is the census for this FR 1200, " R.M. Smythe 6/22/96:1082 "EF... short spit... center fold... teller bends" @ $425; Currency Auctions of America 1/9/98:1953 "Choice New" @ $1,540". That is about four grades better and a split in the note. It's on Ebay today. Miss out on this one and save your money for a better note. The note was improved and CGA looked the other way.

UPDATED June 18, 2007

Seems like a collector that was screwed by CGA is trying to dump his note cheap on Ebay. Well, this AU Chief is now in a CGA 65 holder and the seller wants 5 times what is sold for in 2003 at an auction house. The auction house assigned the AU grade. Apparently CGA needed some extra cash for the Nationals collection.

UPDATED June 18, 2007

Well, well well... CGA has performed another miracle by upgrading an AU note to GEM 67 and it is being sold by the famous dealer that sells CGA notes worth $100 for $1,000,000.00. Yep, the census says AU and it was in a PMG AU 58 holder before as noted in the census. The seller, a name like Porsche, and it's on Ebay this day. Another rip for the collector that buys it.

UPDATED JUNE 5, 2007

CGA is trying to slip another XF past you in a GEM 66 holder. This is in the currency Knight auction lot 255. Yep census XF. You lose with CGA!!!

UPDATED MAY 15, 2007

***ALERT***

CGA STRATEGY IS CHANGING. THEY ARE NOW BUYING AND GRADING HEAVILY IN THE SMALL SIZE NOTE AREA. ONE OF MY CUSTOMERS LOST $4,000 ON JUST 2 NOTES. SEE BELOW APRIL 28TH. YOU WILL LOSE A GREAT AMOUNT OF YOUR INVESTMENT WITH CGA.

UPDATED MAY 16, 2007

SOME AUCTION HOUSES DO NOT CARE IF YOU GET SCREWED. I SENT AN EMAIL TO SUPERIOR GALLERIES CONCERNING 4 CGA OVER GRADED NOTES IN THEIR UPCOMING AUCTION. HERE IS THEIR RESPONSE:

"Our auctions are not inspection sales. Please refer to our terms and conditions of sale, I draw your attention to item 17 of our terms and conditions below".

Item 17 almost completely protects them from returns for any reason for third party graded items. YOU LOSE!!!

Here are the CGA Notes in the Superior Auction:

Lot 1156 XF in the census       CGA 64  FR 120 Serial number E14798932

    1177 AU ion the census       CGA 66  FR 268 Serial number 14259123

    1179 AU in the census         CGA 65  FR 269 Serial number 23379247

    1185 XF/AU in the census    CGA 65 FR 371 Serial number B5622198

UPDATED MAY 16, 2007

Well, this is interesting. The census says "AU". But here is the information accumulated about the note in the census.... "Graded Gem CU-67 by CGA, then CU-62 by PMG". Now someone who wanted you to lose had CGA put the note back in the GEM 67 holder. The note was last sold for $747.50.

UPDATED MAY 2, 2007

Well, this is how CGA does it; Great example. I sold a $1 Eagle in auction. It was in a PMG 64 holder..... Here is the census  Fr.236  X22763266A  PMG CU 64  per Vince Cavo 4/18/06. The reason, the bottom margin. Now look what happened when CGA took personal attention in an effort to make money. The guy wants $1000 for a $450 note. YOU LOSE WITH CGA!!!

UPDATED APRIL 28, 2007

Here is a prime example of the greed from CGA through it's dealers. This note is documented in the census from 1989 as damaged and repaired. You can see the repairs, three or four of them. A dealer sold this note to his customer for $29,500 as the finest known. Needless to say, when the collector found out, the dealer did not take the note back. He was to busy building a million dollar home. If you want to know what dealer to avoid, let me know. And CGA; he bought more Nationals with the profits. BUY CGA= LOSE MONEY

UPDATED APRIL 28, 2007

Here is another screwing that a collector took from CGA. Both notes were sold in a CGA CH CU 64 holders for a total of $7,900. Well the notes are now in PCGS holders. The $500 is a stunning XF 45 and the $1000 is an AU55. The collector probably will lose at least 1/2 his money on this deal. Can it get any better than that!!

UPDATED APRIL 16, 2007

Check out this expensive $1000 note coming up in the CPMX auction in St. Louis. The note is an AU in the census but CGA loves to over grade currency to generate income. Here are the graders of this note prior to CGA, Hickman & Oakes 6/25/86:405 @ $2,153. Tell ALL your friends about CGA. Don't pass up the opportunity to save a collector from a great loss.

UPDATED APRIL 8, 2007

Here we have another overgraded FR 296 coming up in the CPMX auction in St. Louis. A SUPERB GEM CGA 66 that was sold in auction, Bowers & Merena (ANA) 8/9/89:4556 AU @ $990. YES, AU. What does it take to stop collectors from getting screwed.

UPDATED APRIL 8, 2007

Here we have another overgraded $2 ED coming up in the CPMX auction in St. Louis. A SUPERB GEM CGA 66 that was sold in auction, Bowers & Merena 11/29/01:5049 @ $2,875 AS AN AU. Yes, let me say it again, AU..... To get the correct grade of a CGA note you must first deduct several grades to get there.

UPDATED APRIL 8, 2007

Well, here in a note graded by Lyn Knight as an AU in August of 2004. He blew it again. The superior expertise of CGA has made a much better evaluation in an effort to profit off of a unknowing collector. It's now a overgraded GEM 66. Pay AU money for this one and you MIGHT be OK.

UPDATED APRIL 6, 2007

CGA performs another miracle of grade inflation and profits fill their pockets while the collector suffers huge losses. This note is from a cut sheet of XF  notes. See here: Fr.242 B13055193 A EF Reconstructed Sheet: Bowers & Merena (LEE) 4/6/97:3185 @ $3,600

Don't get screwed trust the better grading service, PMG

UPDATED March 18, 2007

I took a look at the Bowers sale going on this week in Baltimore. Most of the CGA notes in that auction, just by visual review, are overgraded anywhere from one to three grades; That is assuming the notes are really UNC. Like the last few auctions, most likely these CGA notes won't be bid on either.

One great note to avoid, the FR 288 in CGA GEM 66. Apparently the CGA grader forgot to mention the repair on the note.

Save your money, avoid CGA graded notes.

UPDATED March 18, 2007

I JUST RECEIVED THIS!!!

thank you, thank you, thank you. you have saved me a ton of money. thanks to you i stopped buying cga notes over 18 months ago. amazing to see there collapse. you are the man. a great man. Phil f. // duke801

DON'T GET CAUGHT WITH SOMEONE ELSE'S HAND IN YOUR POCKETS!!

UPDATED February 28, 2007

Here is another lol-la-pa-los-a note providing us with more reasons to avoid CGA graded currency. This fine example of an FR 50 was graded VF by an auction house in 1979 per the census. Save your money, avoid CGA graded currency.

UPDATED February 28, 2007

THREE LITTLE PIGS

This is on Ebay this day. The FR 269 in the picture is in the census as an Extra Fine. NOW IT'S A CGA GEM 67. To quote one person, "Oh - forgot to mention - I sold this one in 1988 - it was EF then too.  Tell your buyers to hold off - it could be CGA CU 69 within a year or two, the way it's improving." Don't get screwed!!

UPDATED February 8, 2007

A few CGA concerns for the March 9th auction in Chicago. Check out the comments by the auction house on lots 82, 197, and 231. Even the auction houses are getting tires of the poor CGA grading. But, guess who consigned the Plymouth Rock collection to the auction house.... BINGO.... Follow the money and you can buy a lot of nationals thru fraud. Here are a few comments about CGA Grading from the auction house:

Lot 82... "I must admit I am surprised to see this beautiful note in a Ch. CU-64 CGA holder, as there seems to be a couple of corner bends that are visible near the wrinkles on the back right of the note. It's clearly a beautiful, valuable note, but the handling really only hurts the note because of the way it's graded."

Lot 197.. "Personally, I think I see at least one fold, but the last sale I made privately was for a lower grade, although beautiful, example." This is another CGA CH CU 64.

Lot 231.. "." This note has had its margins trimmed on the edges and it affects the overall appeal. This note is the lowest serial number recorded for this signature combination by about 6,000; there are no others even close. That certainly should make this note more appealing, but I wouldn't call it 64. Then again, it's not my grading service. Graded Ch. UNC 64 by CGA."

With so many CGA graded notes like this in the sale, would you put your investment dollars into something like this???

*** ATTENTION IF YOU BUYING A NOTE IN A CGA HOLDER YOU ARE ASKING FOR PROBLEMS***

February, 14 2007

MAJOR UPDATE

Here are some Ebay comparisons:

These are all 1928 $10 gold notes

Teletrade (long time coin Auction house; now into graded-only Currency auctions) will not deal in any CGA graded notes. It's PCGS, PMG or nothing.

PMG NO LONGER ACCEPTS CGA CROSS-OVER'S
      #1472194 - Sat Nov 04 2006 05:28 PM
An important change in PMG's cross-over policy that many people are still not aware of.

"Effective immediately, PMG will accept crossover submissions only for notes graded by PCGS Currency, CGC, and RCGS. Notes graded by all other services must be removed from their holders prior to grading and processed as raw submissions."

PMG won't even look at CGA graded notes unless they are cut out of the holder and graded raw.

How much confidence does this give the collector about the number on a CGA holder????

Choose your investments wisely!

Auctions at Long Beach this week showed the extreme weakness of CGA graded notes. Many were not bid on and many only went for 30% to 40% of PMG or PCGS graded notes.

UPDATED February 8, 2007

Looking at this, there are 37 FR 70 notes graded by PMG as of 1/31/2007. 17 of these notes are graded CH CU 63 or better. (NOTE: GRADED BY PMG)

Now, an Ebay seller, PORSCHEAHMET wants collectors to think his CGA FR 70 graded CH CU 62 is worth $265,000.00. I suspect he thinks you are stupid. Please note the obverse margins on this note. I'm sure, if you wait, you will be able to purchase a much better example of one these for a few dollars less. Take care with CGA dealers.

UPDATED February 7, 2007

DANGER, DANGER WILL ROBINSON

BE EXTREMELY CAREFUL WITH THE CGA GRADED NOTES IN THE CPMX AUCTION IN CHICAGO. ABOUT 95% OF THE CGA LARGE TYPE NOTES IN THIS AUCTION ARE NOT IN THE CENSUS. THIS IS VERY SCARY!!! SINCE THE PRESIDENT OF CGA WANTED EVERYONE TO KNOW ABOUT THIS AUCTION BY BROADCASTING IT ON THE PCGS MESSAGE BOARDS,, I SUSPECT HE HAS SOMETHING MONETARY TO GAIN BY ADVERTISING THE AUCTION. HERE ARE A FEW DIFFERENCES I DID FIND:

LOT    FR      Serial      Census        CGA SAYS

061    62       1               VG+               VF 20

288    800    J418988      AU           CH CU 64

299    835b   D1823770                  Take a look at the margins

UPDATED January 27, 2007

These wonderful notes are in the Pre Long Beach Sale February 11th to 14th 2007 at Goldberg's and should be avoided or purchased with the following considerations. All of these are in the Census as noted here. Guess who owns them. Please, take one guess!!!

Lot    AUCTION DESCRIPTION & SERIAL NUMBER                        CENSUS SAYS

3354 1861 $5  FR-2       # 95442     CGA graded VF 20 NOTE repaired. CAA says tear

3368 1869, $2 FR 42   # U2342332  CGA graded Gem 66. Census AU

3431 1896, $1 FR-224  # 438462       CGA graded Gem  65. Census XF

3458 1891, $2 FR 245   # 7                 CGA graded XF 40.   Census VF

 34861923, $5  FR 282  # 4                CGA graded Gem  68   prev cga67 now cga 68

3487 1923, $5 FR 282   #  A3510977   CGA graded Gem 65   Census AU

3494 1880, $20 FR-311    #B3497599   CGA graded AU 58    Census XF

3497 1891, $20 FR 319     #E7705429   CGA graded Very Fine 20  Census Fine

3668 1914, $100 FR 1083b # L11329    CGA graded Gem 66 Census AU

3676 1918, $1000 FR 1133b  # 19961    CGA graded Gem 67 Census AU.

3703 1922, $1,000 FR 1220   # 43379     CGA graded VF 35   Census VG/Fine

JANUARY  15, 2007

This note appeared on Ebay on January 14th. The note was auctioned in 1990 as an XF in a Smythe auction. (See below) Looks pretty good, but you will eventually lose over 50% of your investment if you buy this one.

NASCA/Smythe 3/29/90:1063 @ $360

JANUARY  10, 2007

This is an interesting note. It sold a few years ago in a CAA auction. A close friend of mine noted that the note had a center fold. Furthermore, he noted a current grader of a grading company purchased the note. ANY GUESSES WHO? BINGO!! FOLLOW THE MONEY.

JANUARY  08, 2007

While attending the auctions at the FUN show in Florida this week, the bottom has fallen out of CGA large type graded notes, I would guess that 75% of CGA auction lots were not even bid on. Most of the rest that were bid on were under $600. Conversely, PMG and PCGS graded notes were very strong, especially the epq and rarer notes. There are now tons of GEM 68 CGA notes on Ebay. If you bid AU money on them, you might be safe.

DECEMBER  10, 2006

Here is the exact reason you should pay 40% to 50% less for CGA Graded notes!!! This note is at best a 65. More likely it is a CH CU64 or less. The difference in value between a CH CU 64 and GEM 67 is 40% to 50% less for this FR number.

NOVEMBER 24, 2006

This is the first of three new CGA additions to the Hall of Shame. Look closely at the top, left corner in the superb GEM 68 from CGA. Looks like a corner fold it me.

The comments from the census tells all about this AU note now in a CGA GEM 65 holder, "Lyn 5/79 FPL "Ch CU" @ $1,500; NASCA 9/10/81:761 "processed... heavily starched" @ $300"

The third note is an AU in the census graded by one of the best in the country. He must have missed something. It is now in a CGA GEM 68 holder.

NOVEMBER 20, 2006

Well Well Well, I observed a CGA grader bidding on several CGA notes, none of which he won, at the recent St. Louis auction on November 16, 2006. I wonder if he was shilling. And, watch for this note coming out of CGA. Although it was given the grade of GEM, there was a nice, well disguised fold right down the middle of the note. Guess who bought it,, Yep the CGA grader... Expect a GEM 66 or 67 at least.

NOVEMBER15, 2006

CGA STRIKES AGAIN!! THIS NOTE WAS SOLD IN THE LYN KNIGHT IN JUNE 16, 2006. THE NOTE WAS IN A CH CU 64 PCGS HOLDER AND SOLD FOR $460.00. NOW AS YOU CAN SEE, GRADE INFLATION AND MONEY MAKING HAVE COME TO THE RESCUE OF THIS NOTE. WHO CAN YOU TRUST WITH YOUR HARD EARNED MONEY?

NOVEMBER 09, 2006

 If you have never seen currency price inflation at it's best click on the item to the right. The "FINEST KNOWN" CGA FR 231 went from $850,000 to $955,000 to $1,299,000 in the matter on less than one month.

Who you deal with has a lot to do with how well you will do as a collector. You surely won't with this dealer...

MAY 14, 2006

CGA DEALERS LAUGH IN YOUR FACE

I received this in an email!!!

READ-VERY IMPORTANT

CGA OFFERS RETURNS FOR NOTES THAT ARE OVERGRADED!!   ONCE AGAIN CGA MAKES AN OPINION, NOT A GUARANTEE.  IF YOU SEND PROBLEM NOTES TO CGA, THEY WILL GIVE ANOTHER OPINION AND POSSIBLY OFFER A TOKEN DIFFERENCE IN LOST VALUE.  THE ONE AND ONLY APPARENT GRADER AT CGA WILL DETERMINE ANY LOSS OF VALUE TO A COLLECTOR AT HIS DISCRETION,  AND A LOSS VALUE THAT THEY CALCULATE.  WHAT WOULD HAPPEN IF ALL THE NOTES LISTED BELOW WERE SENT TO CGA?????  EVALUATE THE GRADING SERVICE BEFORE YOU BUY.

November 08, 2006

The last time this note was seen, it was described by CAA as, "Fr. 1180 $20 1905 Gold Certificate Fine". See the first two pictures of what was an original note. Now the doctors of, make money by washing original notes, have struck again. Listed on Ebay, this note is at $3,000, in a private auction. Never ever bid on a private auction on Ebay. You are just asking to get taken.

November 04, 2006, The November surprise

 Before is a sale for $9,200 at the FUN show in January, 10 months ago.

After is an Ebay listing this week, same note but a bit more cash wanted, $88 GRAND.

October 31, 2006, The Halloween surprise

I put this note in auction at Long Beach in September 16, 2006 when it was in a PMG CH CU 64 holder, graded properly due to the low margin on the bottom. It is now on EBAY with a dealer, very friendly with CGA, selling it.  Amazingly someone at CGA, or a good buddy, purchased this note and LOOK, grade inflation to a GEM 67. WHO DAY, WHO DAY THINK GONEA FOOL THEM COLLECTORS OUT OF THEIR MONEY!!!!

October 30, 2006

TOM DENLY INFERS, AND RIGHTFULLY SO, THAT CGA, AMONG OTHERS,  BUY, SELL, AND GRADE THEIR OWN NOTES. LIKE MANY OTHERS HE HAS NO USE FOR THEM. DON'T GET SCREWED!!!!

October 12, 2006

Check out this note that is in the census as AU. Here is the description from the auction, "The margins are excellent and the color is great. Certainly worthy of a strong bid. Graded Gem UNC-65 by CGA. From the Rickey Collection." Check out the margins. Oh by the way, at least $8,000.00 + 15% to the enthusiastic winner.

October 01, 2006

Here are a few AU's that are in CGA GEM 66 holders. These AU's one of which was sold in auction and described with a light fold are perfect for the collector that wants to get screwed. These are on EBAY and actually the pictures appear to be copies and therefore may not be the sellers notes. But that's another laugh if they are stolen pictures.

September 26, 2006

Here is a funny one... This note was noted as stolen in the census. I know the guy. Please observe that the note is in a CH CU 64  CGA holder. The funny part, IT'S XF IN THE CENSUS!!!

SEPTEMBER 06, 2006

The tail of two grading services. This note sold in the January 2006 CAA auction for $25,300 in a CGA GEM 67 holder. It is now in the September 2006 CAA sale in a PMG AU 58 holder for, Gee, about $25,000. WOW

Is there a message here about the value of CGA holders

SEPTEMBER 06, 2006

Set to surprise an unknowing collector. It is currently set to sell for about $50,000. Of course, it's in a CGA GEM 65 holder. Oh to bad... Another CGA bo bo. It's XF from over 15 years of history in the census.

AUGUST 26, 2006

Just came across this one on Ebay. This expensive note is in a CGA XF 40 holder. As best that I can see, there are at least eight vertical folds and one horizontal fold. I suspect that is a low grade VF at best, not XF. But who is counting when money is involved.

AUGUST 16, 2006

THE ULTIMATE WAY TO STEAL MONEY!!!!!

My customer bought this note in a CGA holder, GEM 66 a few years ago.

The note was sent to PCGS for a crossover. It ended up a AU 58.

I cut it out of the PCGS holder and sold it in a CAA auction on 1/5/6.

Guess who bought this note?????

NOW THE NOTE IS AGAIN IN THE CAA AUCTION BUT IT IS IN A CGA 68 holder!!!     FOLLOW THE MONEY!!!!

AUGUST 13, 2006

Here is how a few grades can make you a few thousand. Here is the census data where the note was sold in auction as a CH New. Now a CGA 65 holder. Look at the top margin on the obverse of this note. Almost into the design.

Heritage/CAA 5/5/05:16995 @ $2,300; Heritage 1/5/06:17456 @ $2,530

AU