Unfortunately, they also play games with their "Grade Guarantee."
I didn't want anyone else to get fooled by "buying the grade" instead of the card, so I reached out to PSA's Customer Relations Center (CRC) for regrading. Sure enough, PSA realized they overgraded it, deactivated the old certification, and said they'd reslab it as "Authentic."
Per PSA's "Grade Guarantee" terms and conditions, they will:
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... Subject to the Maximum Amount, refund the difference in value between the original PSA grade and the current PSA grade if the grade is lowered or deemed to be authentic only. In this case, the card will also be returned to the customer along with the refund for the difference in value.
The current market value is determined by PSA in its sole and absolute discretion, based in part on the PSA Price Guide values and verifiable recent prices realized."
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PSA's unofficial value estimate right now for a PSA 2 is $14,093.
I valued the card at $8,636 (my actual cost) on the CRC submission form.
PSA values a PSA 2 at $8,500, but they won't disclose how they got to that number. According to the PSA Customer Relations Specialist:
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The initial PSA grade of 2 and the associated value of $8,500 were based on the market research provided by our pricing specialist. These figures were determined according to the general market value at the time of submission.
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