The PMG Guarantee
Paper Money Guaranty, LLC (“PMG”), a US company with an address of 5501 Communications Pkwy, Sarasota, Florida, 34240, USA, provides the following guarantee for PMG-graded paper currency notes, subject to the limitations and other terms and conditions stated below. Notes must be encapsulated in PMG holders to be eligible for the PMG Guarantee.
In certain geographic locations, PMG accepts note grading submissions through affiliated legal entities (specifically, NGC International GmbH in Germany, NGC Shanghai Business Information Consulting Co., Ltd., in China and NGC Hong Kong, Ltd., in Hong Kong), with each such affiliate (the “PMG Local Affiliate”) acting as submission handling agent for PMG. Each PMG Local Affiliate is a wholly owned subsidiary of PMG or its independent affiliate NGC. All work and services to be performed on submitted notes, such as grading, certification and encapsulation, are contracted from and provided by PMG. All claims under the PMG Guarantee must be made to PMG in the United States. The applicable PMG Local Affiliate will provide reasonable communication and handling assistance with this process.
Subject to the terms and conditions of this Guarantee and the limitations specified below, PMG guarantees that:
- All paper currency notes graded by PMG and encapsulated in a PMG holder (which are collectively referred to as “Notes” in this Guarantee) are guaranteed to be genuine.
- All Notes are guaranteed not to be overgraded, meaning that they are not graded higher than PMG’s grading standards.
- Note: The grade guarantee does not apply to PMG “Net” graded notes, which have the word NET after the numerical grade on the PMG holder. Notes with the “Net” grade are guaranteed to be genuine only.
Guarantee Conditions and Limitations
In order to raise a claim under this Guarantee, the owner of any PMG-certified Note believed to be not genuine or overgraded must submit it to PMG under its Appearance Review service. (Notes are insured against loss or damage while in PMG’s possession in accordance with the specific terms and conditions in the PMG Submission Form completed by the submitter of a coin for Appearance Review.) If PMG determines, in its sole reasonable opinion, that the Note is not genuine or that the correct grade for the Note is lower than the one originally assigned, PMG will provide one of the three remedies described below. The choice of remedy will be made by PMG in its sole discretion, and the remedies are subject to the further limitations set forth below. Current Fair Market Value is determined solely by PMG as described in each of the listed remedies and the “Fair Market Value” paragraph that follows.
- PMG shall (a) return the Note to the submitter encapsulated with a label indicating the newly established correct (lower) grade and (b) pay to the submitter the difference between the current Fair Market Value of an accurately graded Note at the original incorrect (higher) grade and the current Fair Market Value of the Note at the newly established correct (lower) grade.
- Alternatively, PMG may purchase the Note from the submitter. If the Note was determined to be overgraded, the price PMG pays will be the current Fair Market Value of an accurately graded Note at the original incorrect grade. If the Note was determined to be not genuine, PMG will pay the lesser of the Fair Market Value of an accurately graded, genuine PMG or the amount actually paid for the Note by the submitter in an actual arm's length transaction, plus any postage, shipping or other incidental expenses incurred by the submitter in submitting the Note for Appearance Review service by PMG.
- Alternatively, PMG may retain the not genuine or overgraded Note and provide to the submitter in its place an equivalent Note that is genuine and has the same grade as PMG originally assigned to the Note.
Fair Market Value. PMG will determine, if and as necessary, and in its sole reasonably exercised discretion, the current “Fair Market Value” of the Note if it were to be sold. This determination will be made for an accurately graded Note at the original incorrect (higher) grade and, if applicable, for the Note at the newly established correct (lower) grade. PMG will determine the current Fair Market Value of a Note based upon what PMG believes, in its sole reasonably exercised opinion, to be reliable current market information. PMG may use actual pricing and sales information available to it, including prices in the actual transaction history of the Note in question. However, due to the volatile nature of the Note market and Internet auctions/sales as well as the differences in buying habits of different individuals, such information may not necessarily represent the accurate current Fair Market Value of any particular Note, which again, will be determined by PMG in its sole reasonably exercised discretion.
WARNING: THIS GUARANTEE IS LIMITED. The following terms, limitations and restrictions apply with regard to the above guarantee and available remedies, and the submitter of a Note using PMG’s Appearance Review service agrees to be bound by all of the terms, conditions and limitations set forth herein:
- Required Information. In fulfillment of the PMG Guarantee, PMG may require that the submitter provide information and available documentation regarding the transaction history of a particular Note, including the date purchased, the purchase price, the seller and the transaction amount. PMG may also require that a submitter minimizes its damage and attempt to reverse a prior transaction. It may further require that a submitter provide proof to the effect that negotiations to reverse a prior transaction have failed. The submitter acknowledges that his or her inability to provide requested information and / or non-cooperation in providing requested information may prevent PMG from knowing important facts and background surrounding a claim and therefore PMG may not be able to fulfill its commitments under the terms of this Guarantee, and in such cases PMG shall not be required to provide any of the listed remedies.
- PMG Holders. The PMG Guarantee does not apply to Notes that have been removed from their PMG holder, or if the PMG holder containing a Note has been damaged, unsealed, tampered with or altered. The determination as to whether this has occurred shall be at the sole reasonable discretion of PMG. Further, the PMG Guarantee does not apply to counterfeit or tampered PMG holders.
- Improper Storage. The PMG Guarantee does not apply if PMG determines that a Note submitted for Appearance Review has a lower grade than that originally assigned as a direct result of the PMG holder having been subject to abuse, alteration or improper storage conditions such as (but not limited to) extreme temperature, moisture, damaging environmental conditions, excessive light, excessive motion or vibration or any other extreme conditions and that such exposure of the holder is capable of affecting the condition of the graded Note.
- Attributions. Attributions, including variety attributions, reference attributions and pedigree attributions are NOT guaranteed. Further, PMG does not guarantee that a particular variety or designation will always be recognized, and attribution policies are subject to change without notice.
- Clerical or “Mechanical” Errors. A clerical (“mechanical”) error occurs when a Note is encapsulated with a label that bears a grade and/or description that a collector familiar with the PMG grading system and who performed a thorough inspection of both the PMG-certified Note and the PMG certification label could determine could not be accurate. It is the duty of the buyer and seller of a Note to examine such Note for a clerical error to return such Notes for correction when warranted. The PMG Guarantee does not apply when PMG determines, in its sole reasonable discretion, that a clerical error has resulted in the Note having an incorrect grade or description. If requested, PMG will remedy any clerical error free of charge by updating the encapsulation to show an appropriate label.
- A Note label description references a catalog number of Pick 872, when the Note actually has a catalog number of Pick 572.
- A Note label description references a 1911 date when the Note is actually dated 1910.
- A Note denomination is identified as $500 when the Note is actually a $50.
- A Note is graded 68 Superb Gem Unc when it should have been graded 58 Choice About Unc, a clerical error with respect to grade that would be obvious to a collector.
- PMG Registry. The PMG Guarantee does not cover a Note's status in the PMG Registry, including eligibility or points assigned. Changes to the PMG Registry may be made without notice, and PMG does not guarantee that a Note will always be eligible for inclusion in the PMG Registry nor does it guarantee that it will receive a certain point score.
PMG certification labels with incorrect dates, catalog numbers, denominations and Note types (all of which should be obvious to someone who performs an inspection of the Note and label) are considered clerical errors. Examples of such errors include, but are not limited to, the following:
THE PMG GUARANTEE AS SET FORTH HEREIN IS THE ONLY WARRANTY, EXPRESS OR IMPLIED, REGARDING THE PMG-GRADED NOTES TO WHICH IT APPLIES THAT IS MADE BY PMG. IT REPLACES AND SUPERSEDES ALL OTHER WARRANTIES PREVIOUSLY MADE BY PMG, EXPRESS OR IMPLIED. PMG MAKES NO WARRANTY OF MERCHANTABILITY, FITNESS OR OTHERWISE. THE REMEDIES PROVIDED IN THIS AGREEMENT ARE EXCLUSIVE. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, ALL OTHER REMEDIES AGAINST PMG ARE WAIVED. IN NO EVENT WILL PMG BE LIABLE FOR ANY TYPE OF DAMAGES, INCLUDING BUT NOT LIMITED TO, CONSEQUENTIAL, PUNITIVE AND INCIDENTAL DAMAGES.
THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA AS APPLIED TO TRANSACTIONS TAKING PLACE WHOLLY WITHIN FLORIDA BETWEEN FLORIDA RESIDENTS. CLAIMANTS UNDER THIS GUARANTEE HEREBY WAIVE TRIAL BY JURY. SUBJECT TO CONTRARY COMPULSORY LOCAL LAW APPLICABLE TO A NON-US CLAIMANT, CLAIMANTS EXPRESSLY CONSENT, AT THE OPTION OF PMG, (1) TO THE PERSONAL AND SUBJECT-MATTER JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN AND FOR THE COUNTY OF SARASOTA, STATE OF FLORIDA, OR (2) TO ARBITRATION BEFORE THE AMERICAN NUMISMATIC ASSOCIATION OR THE PROFESSIONAL NUMISMATISTS GUILD FOR ANY DISPUTE ARISING FROM OR RELATED TO THIS GUARANTEE.
Notwithstanding anything else contained in this PMG Guarantee, in the event of loss or damage of your Note by PMG, PMG will only be responsible for the LESSER of the actual current Fair Market Value as reasonably determined solely by PMG or the submitter declared value.
If any part of this Guarantee shall be declared invalid or unenforceable by a court of competent jurisdiction, it shall not affect the validity of the balance of this Guarantee. In such circumstance, the provision declared invalid/unenforceable shall be re-drafted as closely to the original provision as allowed by law, so as to give effect to PMG’s intent.
Should there be any discrepancy between the English language version of this Guarantee and the version of the Guarantee as translated into another language, the English language version shall prevail, govern and control in all respects.
Für die deutsche Version dieser Garantie, klicken sie hier.
Revised: 18 May 2016.