ANACS no longer grading physical cryptos?

tothemoonsands

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Quote from: dolphriends on June 14, 2021, 09:51:55 AM

Hey Everyone

I just confirmed with ANACS that they are no longer grading any crypto related coins. I tried to see if I could get an exception for a few but, it was a straight up NO. Oh well, bigger things in life to tackle than this.

One day, ANACS will be begging to grade our coins and we’ll say NO. Cheesy

dolphriends

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Hey Everyone

I just confirmed with ANACS that they are no longer grading any crypto related coins. I tried to see if I could get an exception for a few but, it was a straight up NO. Oh well, bigger things in life to tackle than this.

2stout

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Quote from: ChiBitCTy on June 02, 2021, 06:11:05 PM

Quote from: Gatorelf on June 02, 2021, 04:19:21 PM

Quote from: OgNasty on June 02, 2021, 03:17:49 PM

I'm guessing they finally realized that they were grading and certifying crypto coins as being legitimate without any knowledge of the blockchain or whether or not people would take that as their certification that the coins were indeed loaded as claimed. If someone slipped an unloaded coin through and got it certified then sold it as loaded to someone else, I could see that leading to a very costly backlash scenario for them... I wondered when this horrible business model would finally be exposed. Now I'm just curious what sort of complaint they received, how much it cost them, and if lawsuits were involved or it was settled privately. On the plus side, their gradings were highly inconsistent anyway, so this is no real loss for the community. I'd even argue we are better off, as buyers won't be bamboozled into paying inflated prices for coins that were sent in repeatedly until they received a high grade.

exactly, I had read somewhere back about six months ago where some coins got through the grading process but turned out to be counterfeits. I'm sure this could and may have led to a lawsuit. Maybe another service will put together a team one day that are crypto physical coin experts.

I will email and ask them. Grading a fake may not be that big of a deal to them if they are protected in their “bylaws”, kind of like NGC and ancient coins. They aren’t actually saying the ancient coins are legitimate and that they guarantee it, they are just grading/slabbing them. I believe this is all stated on their website somewhere and certainly in their contract. Does anyone know if ANACS was actually guaranteeing authenticity?

At least in their latest holder iteration (white and green) they weren't, says on the back of my slab: This Crypto-Themed Physical Token is Evaluated for Condition & Wear only. Actual Cryptocurrency Value is Neither Confirmed nor Guaranteed by ANACS. But the holo says AUTHENTICATED, perhaps this could be trouble if a lawyer made a convincing argument and depending on how deep the plaintiff's pocket were as well. Maybe the holo should have said slabbed and graded instead.

ChiBitCTy

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Quote from: Gatorelf on June 02, 2021, 04:19:21 PM

Quote from: OgNasty on June 02, 2021, 03:17:49 PM

I'm guessing they finally realized that they were grading and certifying crypto coins as being legitimate without any knowledge of the blockchain or whether or not people would take that as their certification that the coins were indeed loaded as claimed. If someone slipped an unloaded coin through and got it certified then sold it as loaded to someone else, I could see that leading to a very costly backlash scenario for them... I wondered when this horrible business model would finally be exposed. Now I'm just curious what sort of complaint they received, how much it cost them, and if lawsuits were involved or it was settled privately. On the plus side, their gradings were highly inconsistent anyway, so this is no real loss for the community. I'd even argue we are better off, as buyers won't be bamboozled into paying inflated prices for coins that were sent in repeatedly until they received a high grade.

exactly, I had read somewhere back about six months ago where some coins got through the grading process but turned out to be counterfeits. I'm sure this could and may have led to a lawsuit. Maybe another service will put together a team one day that are crypto physical coin experts.

I will email and ask them. Grading a fake may not be that big of a deal to them if they are protected in their “bylaws”, kind of like NGC and ancient coins. They aren’t actually saying the ancient coins are legitimate and that they guarantee it, they are just grading/slabbing them. I believe this is all stated on their website somewhere and certainly in their contract. Does anyone know if ANACS was actually guaranteeing authenticity?

Gatorelf

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Quote from: OgNasty on June 02, 2021, 03:17:49 PM

I'm guessing they finally realized that they were grading and certifying crypto coins as being legitimate without any knowledge of the blockchain or whether or not people would take that as their certification that the coins were indeed loaded as claimed. If someone slipped an unloaded coin through and got it certified then sold it as loaded to someone else, I could see that leading to a very costly backlash scenario for them... I wondered when this horrible business model would finally be exposed. Now I'm just curious what sort of complaint they received, how much it cost them, and if lawsuits were involved or it was settled privately. On the plus side, their gradings were highly inconsistent anyway, so this is no real loss for the community. I'd even argue we are better off, as buyers won't be bamboozled into paying inflated prices for coins that were sent in repeatedly until they received a high grade.

exactly, I had read somewhere back about six months ago where some coins got through the grading process but turned out to be counterfeits. I'm sure this could and may have led to a lawsuit. Maybe another service will put together a team one day that are crypto physical coin experts.

OgNasty

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I'm guessing they finally realized that they were grading and certifying crypto coins as being legitimate without any knowledge of the blockchain or whether or not people would take that as their certification that the coins were indeed loaded as claimed. If someone slipped an unloaded coin through and got it certified then sold it as loaded to someone else, I could see that leading to a very costly backlash scenario for them... I wondered when this horrible business model would finally be exposed. Now I'm just curious what sort of complaint they received, how much it cost them, and if lawsuits were involved or it was settled privately. On the plus side, their gradings were highly inconsistent anyway, so this is no real loss for the community. I'd even argue we are better off, as buyers won't be bamboozled into paying inflated prices for coins that were sent in repeatedly until they received a high grade.

Steeley

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I am not surprised. I was in Colorado a couple of weeks ago for work. I was trying to see if I could walk in with a few of the higher values items I own that I do not want to ship and they communicated that they no longer have a space open to anyone to come to. They also seemed pretty put out by crypto when I was trying to get their statistics on grading populations.

Sad to hear they didn't evaluate this to be good business for them. I'm hopeful someone will start a new grading service for physical bitcoins and hopefully IGC will lean in.

cygan

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Quote from: blucepheus on June 02, 2021, 09:42:15 AM

I emailed ANACS and received a response this morning. Here's the official word:

"At this time ANACS is not certifying or grading Casascius and other Crypto coins. We do not plan on reinstating grading for these at this time nor in the future."

thats sad... Undecided

but on the other hand the coins that are already graded with anacs become even more valuable Cool

blucepheus

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I emailed ANACS and received a response this morning. Here's the official word:

"At this time ANACS is not certifying or grading Casascius and other Crypto coins. We do not plan on reinstating grading for these at this time nor in the future."

Gatorelf

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Quote from: Hookzup1 on June 01, 2021, 06:58:33 PM

From my knowledge during my short time here anacs has been the worst option to send crypto coins to for a few reasons(slabs dont fit snug in cases, coins reversed in slabs, super slow turn around time, and inaccuracies in grades) to name a few ive heard of. Icg in florida has been a perfect option for grading in my experiences

NGC at one time said they were going to start slabbing crypto tokens but I never heard an update. As far as time I just got a batch back in two parts of non crypto, 2 weeks for standard service at $38 and three months for economy at $22

Quote from: minerjones on June 01, 2021, 05:31:38 PM

Was just about to submit a batch to ANACS.
Printed out the form and noticed this zinger.....
Interesting as the last batch was sent less than a month ago.
Have not contacted them to investigate any further.

Thanks, Lets us know what you find out

2stout

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Quote from: SFR10 on June 02, 2021, 12:02:48 AM

Quote from: 2stout on June 01, 2021, 11:05:02 PM

Wonder if they would honor the previous form which expires on December 31, 2021 where crypto services are available?

Unfortunately, I don't think the previous submission form ^{[regardless of the mentioned expiry date]} is going to have any effect; They've now completely removed the "crypto-themed physical tokens" from the "All Non U.S. Mint Coins" section of their services and have also mentioned the following on their website:

Quote from: https://archive.fo/7WlBD#selection-459.0-463.36

Crypto-Themed Physical Tokens
This service is no longer available.

I believe you are correct, good catch on the mention. Does anyone know what was the effective date of this?

SFR10

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Quote from: 2stout on June 01, 2021, 11:05:02 PM

Wonder if they would honor the previous form which expires on December 31, 2021 where crypto services are available?

Unfortunately, I don't think the previous submission form ^{[regardless of the mentioned expiry date]} is going to have any effect; They've now completely removed the "crypto-themed physical tokens" from the "All Non U.S. Mint Coins" section of their services and have also mentioned the following on their website:

Quote from: https://archive.fo/7WlBD#selection-459.0-463.36

Crypto-Themed Physical Tokens
This service is no longer available.

2stout

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I noticed on the form where it says crypto services not available, expiration date is June 30, 2022. Wonder if they would honor the previous form which expires on December 31, 2021 where crypto services are available?

yimfinity

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Last I read ANACS slabs crypto tokens but no longer grades. So I guess there are 3 versions of the slabs. Gold background w/ grade, green background w/ grade, and now green background w/o grade?

Spokanistan51

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Also, if they are turning all of our crypto related coins and chips away going forward, the ANACS slabbed ones will be rare birds after their cutoff date.

Spokanistan51

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I am wondering if this is for peeled, or redeemed items only? Maybe they were burned authenticating a fake? Hard to do with holo intact, but it seems the imposters would try to with the peeled items.

blucepheus

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Quote from: slimzak on June 01, 2021, 07:01:19 PM

Damn. Let us know if you call them and find out whatsup.

Does ICG still put a grade on crypto or is everything just labeled genuine now?

They grade. As I understand it, the owner of the coin can elect to not have a grade listed if the coin is damaged in some way (at least, that’s one scenario). Someone more familiar with ICG grading may know more.

slimzak

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Damn. Let us know if you call them and find out whatsup.

Does ICG still put a grade on crypto or is everything just labeled genuine now?

Hookzup1

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From my knowledge during my short time here anacs has been the worst option to send crypto coins to for a few reasons(slabs dont fit snug in cases, coins reversed in slabs, super slow turn around time, and inaccuracies in grades) to name a few ive heard of. Icg in florida has been a perfect option for grading in my experiences

minerjones

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Was just about to submit a batch to ANACS.
Printed out the form and noticed this zinger.....
Interesting as the last batch was sent less than a month ago.
Have not contacted them to investigate any further.

Topic: ANACS no longer grading physical cryptos? (Read 469 times)