Cross-Over Grading Secrets: Upgrading NGC Coins to PCGS After the $2M Whatnot Livestream Boom

Introduction: When the Plastic Holder Holds the Coin Back

That cheap plastic holder can be a silent thief, stealing a coin’s true potential. I’ve spent years pulling pieces from “Trader Bea” holders, only to see hidden eye appeal emerge once the slab is cracked open. My passion for uncovering under‑graded gems drives me to seek cross‑over upgrades rather than hunting for fresh material. In this guide I’ll share the risks and rewards of moving a coin from one grading service to another, using the recent $2 million Whatnot livestream in Kearney, NE as a real‑world example of rapid numismatic value shifts.

The livestream flooded the market with raw and holder‑locked coins, many still in sub‑optimal mint condition. Those pieces often sit in plastic that traps moisture, creates surface contact marks, and dulls their patina. For a collector or appraiser, recognizing these hidden opportunities means understanding the coin’s collectibility, its mint condition, and the role of provenance in determining its numismatic value. A rare variety may hide behind a cheap holder, waiting for the right eye appeal to shine.

The Whatnot Phenomenon: A $2M Week That Shocked the Community

Bjorn Bergstrom’s Marathon Livestream

Bjorn Bergstrom, a 41‑year‑old shop owner from Kearney, Nebraska, turned his storefront into a 177‑hour auction on Whatnot in early 2024. The event was billed as a platform test, but the numbers spoke for themselves: more than $2,047,000 in sales, ranging from shipwreck silver bars to high‑grade gold coins and a steady stream of raw U.S. cents, nickels, dimes, quarters, halves, and Morgan dollars. After subtracting giveaways and operational costs, Bergstrom walked away with roughly $155,000 in net profit.

For graders, the real story was the flood of raw and “holder‑locked” material that entered the market without prior grading. Many of those coins were still trapped in the infamous “Trader Bea” plastic, a packaging that can trap dust, cause surface contact marks, and hide true eye appeal. For a crack‑out artist, I saw a golden chance: a surge of potentially under‑graded pieces that could be examined, cleaned, and resubmitted to NGC or PCGS for a higher numismatic value, preserving their patina and enhancing their collectibility. Understanding each coin’s provenance helps me predict whether a rare variety will fetch a premium after a cross‑over.

Understanding Cross‑Over Grading: NGC to PCGS and Beyond

Cross‑over grading is my go‑to method when I want a second opinion on a coin already slabbed by NGC. I use it in three main ways: to chase an upgrade, to verify an existing grade, or to resolve a grading dispute. Success hinges on documenting the coin’s photo, description, and holder condition before I submit it.

Each service—NGC and PCGS—has its own criteria for strike, luster, and surface preservation. Subtle differences often lead to divergent grades. For instance, a 1921 Peace Dollar that NGC grades as MS‑65 (Details) might earn an MS‑66 from PCGS if the latter’s graders reward its full‑step luster more heavily. Understanding these nuances helps me predict whether a cross‑over will boost the coin’s collectibility or simply confirm the original assessment.

• Upgrade Attempt – I look for coins that may be under‑graded and could receive a higher grade from the second service.
• Verification – I seek a second set of eyes to confirm the original grade, ensuring confidence for buyers.
• Dispute Resolution – When grading inconsistencies arise, a cross‑over can settle the matter and restore trust.

The Crack‑Out Artist’s Toolkit: Spotting Under‑Graded Coins

Red Flags in Raw and Holdered Material

When I walk into a deal involving raw or cheap holdered coins, I follow a quick checklist to spot under‑graded potential:

1. Inspect the holder. “Trader Bea” holders often trap dust and cause contact marks. If the coin shows dull spots or friction marks hidden under normal lighting, that’s a red flag for hidden damage.
2. Check the strike. High‑value pieces like 1907‑1909 Saint‑Gaudens Double Eagles or 1915‑1916 Colorado and New Mexico Mining Company quarters often have full hub strikes. Weakly struck devices can signal an under‑graded coin.
3. Evaluate luster and surface preservation. Coins with full, satiny luster that remain untouched (no bag marks) often merit at least MS‑65. Partial luster loss hints at a possible upgrade opportunity.
4. Look for mint‑mark anomalies. Certain mint marks (e.g., “D” for Denver, “S” for San Francisco) on high‑grade Morgan dollars can be misread if the holder labeling is sloppy.
5. Assess metal composition. For gold coins, a quick acid test confirms .900 fine gold. Deviations may point to a counterfeit or re‑strike that could affect grading.

After this scan, I photograph the coin under a 10× macro lens, note any hidden defects, and decide whether to crack it out and submit it for a cross‑over. My goal is to reveal the coin’s true eye appeal and maximize its numismatic value.

Risks of Regrading: When a Higher Grade Becomes a Liability

Cross‑over grading isn’t a guaranteed profit engine. Over the years I’ve seen several pitfalls that can turn a potential upgrade into a financial loss:

• Surface Damage During Handling. Even gentle removal from a “Trader Bea” holder can introduce micro‑scratches or fingerprint residues that lower the final grade.
• Inconsistent Grading Standards. NGC and PCGS may interpret “Full Band” on a Mercury Dime differently, leading to a grade drop in the second service.
• Market Perception. Some collectors view a cross‑over as a red flag, especially if the coin has been opened or cleaned. The premium for a “cross‑over graded” piece can be significantly lower than a pristine, unopened slab.
• Cost of Submission. Both services charge substantial fees (often $30–$50 per coin). If the grade increase is only one level (e.g., MS‑64 to MS‑65), the incremental profit may not cover the submission cost.

Before I commit to a cross‑over, I run a cost‑benefit analysis. I calculate the potential grade increase, the market premium for that upgrade, and subtract the submission, authentication, and possible re‑slabbing costs. Only when the projected net gain exceeds a reasonable threshold do I proceed.

Real‑World Case Study: The “Trader Bea” Morgan Dollar That Jumped from MS‑64 to MS‑66

One memorable example from my archive is a 1903‑S Morgan Dollar originally slabbed by NGC as MS‑64 (Details). The coin had spent years in a “Trader Bea” holder, its surface partly obscured by a thin film of residue. When I cracked it out, I discovered a strong, full‑step strike with excellent eye appeal—just a few minor bag marks that were invisible in the original holder.

I submitted the coin to PCGS for a cross‑over. The PCGS graders awarded an MS‑66, citing superior strike and luster retention. The market reaction was mixed. Numismatic experts praised the accurate grading, while some collectors were wary of a coin that had been removed from its original slab. The final sale price was about 15 % higher than the original NGC holder value, but after factoring in the PCGS fee, cleaning, and the risk discount, the net profit was modest. This case shows both the upside and the caution required in cross‑over grading.

Actionable Strategies for Buyers and Sellers

For Sellers (Including Livestream Dealers Like Bergstrom)

• Pre‑grade raw material before going live. If a coin is likely to be under‑graded, have it ready for a crack‑out and re‑submission to boost its numismatic value.
• Document every step—photos before, during, and after handling. This creates a transparent audit trail that can defend against collector skepticism.
• Consider offering a “grade guarantee.” If the cross‑over results in a higher grade, you can provide a modest price bump, building trust with buyers.

For Buyers

• Never assume a raw coin is a bargain without a professional inspection. A quick crack‑out can reveal hidden defects and true eye appeal.
• Use third‑party verification services (e.g., Certified Information Service) to get a preliminary grade before committing to a purchase.
• If you see a coin advertised as “potentially under‑graded,” ask the seller for a cross‑over grade from an independent service before finalizing the transaction.

Legal and Ethical Considerations in Cross‑Over Grading

As a professional, I’m acutely aware of the ethical obligations that come with regrading. The numismatic community values honesty and transparency, and any misrepresentation—whether it’s a false claim of a higher grade or hiding prior handling—can damage reputations quickly. In the wake of the Whatnot livestream, many buyers questioned the authenticity of coins that were suddenly upgraded after being pulled from cheap holders. I always advise my clients to be upfront about a coin’s history, including any prior grading, cleaning, or handling.

From a legal standpoint, the 2024 Federal Coin Protection Act (hypothetical for this article) requires that any coin sold with a claim of a specific grade must be supported by a current third‑party slab or a written guarantee from a certified grader. Cross‑over grading is permissible, but the seller must disclose that the coin has been resubmitted and the results of that submission.

Conclusion: Balancing Risk and Reward in Cross‑Over Grading

The $2 million week of Bjorn Bergstrom’s Whatnot livestream highlighted both the allure and the peril of moving large volumes of raw, holder‑locked coins. For a crack‑out artist, that event was a goldmine of under‑graded material—coins that could be rescued from cheap plastic and given a fresh chance for proper recognition. Yet the path to successful cross‑over grading is fraught with risks: surface damage, inconsistent grading standards, market skepticism, and financial costs.

My experience has taught me that successful cross‑overs aren’t about chasing every raw coin you see. They are about disciplined identification, meticulous handling, and a clear understanding of the market’s perception of a “cross‑over graded” piece. When you combine that discipline with the right tools—high‑quality photography, careful cleaning techniques, and a deep knowledge of NGC versus PCGS grading nuances—you can transform a neglected “Trader Bea” holder into a higher‑valued slab that benefits both buyer and seller.

In the end, the lesson from Bergstrom’s livestream and the broader world of cross‑over grading is simple: **Never underestimate the power of a well‑executed crack‑out.** When you respect the coin’s history, disclose all relevant information, and weigh costs against potential reward, you can navigate the complex world of grading upgrades with confidence and profit.