Question on submitting cards to grading companies

[glchen]

As others have said, the declared value is for insurance purposes, so if they damage or lose your card, that's what you'd get back from them. It is also what they insure the package for all of your submission when they send it back to you.

Having said all of that, I have "undervalued" my cards on my submissions when I send them for grading. You save money, but as in the above, there's a risk. It will depend on how much risk you're comfortable with. As far as the graders are concerned, as long as it's not too much of a difference, they will still accept and grade your cards under that tier within reason. For example, I've sent poor conditioned Babe Ruth strip cards under the $100 and less tier for PSA, and they've graded it with no problems. (I think SGC does not allow top names under their lowest tier, but not certain on this.) If the grader does believe that you've abused this, they will contact you, and let you know nicely that the card needs to be moved to a higher tier. Or if it happens that the resulting grade results in that the card needs to be in a higher tier, they will also contact you. (e.g., a 1986 Fleer Jordan gets a PSA 9 as opposed to PSA 7.)