Professional Coin Grading Service Shanghai Office Will Open July 20, 2013
- June 14, 2013
PCGS will open its Shanghai, China grading center on July 20, 2013.
(Shanghai, China) - In a historic event that has the potential to significantly expand the already rapidly-growing coin collecting market in China, "Professional Coin Grading Service, Collectors Universe (Shanghai), Ltd. (上海品吉伟仕商务服务有限公司)" will officially open on July 20, 2013.
"The opening of the PCGS Shanghai grading center and our strategic partnership with Shanghai Quanping Collectables Co. Ltd. are the beginnings of an important new era for all collectors and dealers in China," said Mr. Don Willis, President of PCGS, a division of Collectors Universe, Inc. (NASDAQ: CLCT).
After the July 20, 2013 opening in Shanghai, PCGS will accept submissions in mainland China through its partner, Shanghai Quanping Collectables Co. Ltd.
"The coin collecting community in mainland China now will be able to easily use the services of the world's leading coin grading service. Coins that are certified and housed in the PCGS Gold Shield holder are guaranteed to be authentic and properly graded. Collectors and dealers know that the PCGS certification helps maximize the value and the liquidity of their coins," Mr. Willis emphasized.
Modern Chinese coins dated after 1979 and vintage Chinese coins from the late 1700s to the mid 20th century locally available in mainland China will be accepted for examination by PCGS experts in Shanghai.
Coins must be submitted through Shanghai Quanping Collectables Co. Ltd., the official and exclusive agency handling coin submissions on behalf of PCGS in mainland China.
Looks like the certification will be in house in the Shanghai office, as opposed to mailing to the states as is currently being done in HK. Perhaps HK will follow suit? The CLCT office here in HK did look like it had the space for some certification to take place.
Regardless, having the coins certified in Shanghai should provide quicker turn around, but more importantly will provide piece of mind that clients coins are staying in country and being vetted in house.
Smart moves that will lead to lots of bottom line expansion.
For those who are new to the stock, I stopped by the office in Hong Kong and was told that current certs are running around 3K/month and growing by 30-40%/month. Was also told that the opening of the office in Shanghai shouldn't have much impact on volume through HK, the coins flowing through HK are from SE Asia and Japan, Shanghai would be mainland China.
an interesting observation is that NGC has no Asian office and PCGS now has two.
NGC does have a Swiss and German Euro office while PCGS has just the Paris office. I wonder what the volumes out of Europe are.