In a market where PCGS and NGC certifications are standard, CAC (Certified Acceptance Corporation) provides an additional layer of verification that has become highly significant for pricing and collector confidence. That small green or gold sticker on a certified coin holder can add substantial value—sometimes 15%, sometimes 50% or more.
Founded by legendary numismatist John Albanese in 2007, CAC reviews already-certified coins and only approves those that meet their strict quality standards for the grade. The service has become so influential that many serious collectors and dealers won't purchase certain coins without CAC approval.
This comprehensive guide explains what CAC certification means, how the review process works, the difference between green and gold beans, and most importantly—how CAC affects your buying, pricing, and selling strategies as a coin dealer.
What Is CAC?
CAC (Certified Acceptance Corporation) is a coin verification service that reviews coins already certified by PCGS, NGC, and other major grading services:
CAC's Mission
"CAC's goal is to identify coins that meet the standards for the grade on the holder."
— Certified Acceptance Corporation
In practice, this means CAC provides a "second opinion" on grading, verifying that a coin:
- Is accurately graded (solid for the grade or better)
- Has good eye appeal for the grade
- Has original, unimpaired surfaces
- Is not overgraded, cleaned, or doctored
How CAC Differs from PCGS/NGC
| Aspect | PCGS/NGC | CAC |
|---|---|---|
| Primary Function | Authenticate and grade raw coins | Verify already-graded coins |
| Result | Coin in holder with numeric grade | Sticker on existing holder (or no sticker) |
| What They Assess | Authenticity, wear, preservation, eye appeal | Grade accuracy, quality for grade, originality |
| Rejection Handling | Details grade or "no grade" | Returns without sticker (no negative mark) |
Company Background
- Founded: 2007 by John Albanese (co-founder of NGC, PCGS dealer)
- Location: New Jersey, USA
- Coins Reviewed: Millions since inception
- Acceptance Rate: Approximately 30-40% (varies by series)
- 2023 Development: Launched CAC Grading, their own grading service
Green Bean vs Gold Bean
CAC uses two different colored stickers to indicate different levels of approval:
Green Bean (Standard Approval)
The green CAC sticker indicates the coin is solid for the grade:
- Coin accurately graded—not overgraded
- Quality is at or above average for the grade
- Eye appeal is good for the grade
- Surfaces are original, not doctored
- This is the most common CAC approval
What Green Bean Means in Practice
A green bean MS-65 coin is a solid MS-65—not a low-end MS-65 that a stricter grader might call MS-64, and not a coin with questionable surfaces. It's what MS-65 should look like.
Gold Bean (Undergraded)
The gold CAC sticker indicates the coin is undergraded:
- Coin exceeds the grade on the holder
- CAC believes it would grade at least one point higher if resubmitted
- Much rarer than green beans
- Commands significant premium over green bean
Gold Bean Rarity
Gold beans are awarded to approximately 2-5% of approved coins. A gold bean MS-64 is a coin CAC believes is MS-65 quality or better—it's undergraded by the original grading service. These coins often sell for close to or above the next grade's price.
No Sticker (Not Approved)
When CAC doesn't approve a coin, it's returned without a sticker. This can mean:
- Coin is low-end for the grade (but not necessarily overgraded)
- Eye appeal is below CAC standards for the grade
- Surfaces show issues CAC's experts find problematic
- Coin may be overgraded in CAC's opinion
Important: No sticker doesn't mean the coin is "bad"—it means CAC didn't approve it. The coin retains its PCGS or NGC grade. However, some collectors specifically avoid coins that have been "CAC-rejected."
The CAC Submission Process
Eligible Coins
CAC reviews coins certified by:
- PCGS: All grades except Genuine/Details grades
- NGC: All grades except Details grades
- ANACS: Certain grades and years
- ICG: Limited acceptance
Most submissions are PCGS and NGC coins, which represent the vast majority of CAC-approved coins in the market.
Submission Steps
- Create account: Register on CAC's website
- Submit invoice: Complete submission form online
- Ship coins: Send certified coins to CAC (insured)
- Review: CAC experts examine each coin
- Sticker application: Approved coins receive sticker on holder
- Return: All coins returned (stickered or not)
Fees and Turnaround
| Service Level | Turnaround | Typical Use |
|---|---|---|
| Economy | 20+ business days | Lower value coins, no rush |
| Standard | 10 business days | Most submissions |
| Express | 5 business days | Time-sensitive inventory |
| Walk-Through | Same day (at shows) | Show acquisitions |
Fee Note
CAC fees are charged regardless of approval status—you pay whether the coin receives a sticker or not. Factor this into your cost-benefit analysis when deciding what to submit.
How CAC Affects Pricing
CAC approval typically commands premiums, but the amount varies significantly:
Premium Ranges by Category
| Coin Category | Green Bean Premium | Gold Bean Premium |
|---|---|---|
| Common Date, Low Grade | 5-10% | 15-25% |
| Common Date, High Grade (MS65+) | 10-20% | 30-50%+ |
| Better Date | 15-25% | 40-60%+ |
| Key Date | 15-30% | 50-100%+ |
| Condition Rarity | 20-40% | 75-150%+ |
Factors Affecting Premium
- Coin value: Higher-value coins see larger CAC impact
- Grade level: High Mint State grades (MS65+) see larger premiums
- Series: Some series have stronger CAC followings
- Collector base: Type collectors vs registry collectors
- Market conditions: Premiums fluctuate with overall market
Market reality: For high-value classic coins, the CAC premium often exceeds the cost of submission many times over. A $10,000 coin with 20% CAC premium adds $2,000 in value for a submission fee of approximately $20-50.
Price Guide Integration
Some price guides now include CAC pricing:
- PCGS Price Guide: Includes CAC pricing for many coins
- CAC Sight Unseen: CAC publishes bid prices for CAC-approved coins
- Heritage Archives: Track CAC vs non-CAC realized prices
Collector Demand for CAC Coins
Understanding who wants CAC coins helps target your sales:
Primary CAC Buyers
- Quality-focused collectors: Want assurance of solid grades
- High-end buyers: Purchasing expensive coins, want verification
- Registry set builders: Some registries award CAC bonuses
- Investment buyers: View CAC as additional liquidity factor
- Sight-unseen buyers: Trust CAC for remote purchases
CAC-Preferred Series
Certain series have particularly strong CAC collector demand:
- Morgan Dollars (especially in MS64-MS66 range)
- Walking Liberty Half Dollars
- Classic Commemoratives
- Type coins in high grade
- Gold coins ($5, $10, $20 denominations)
- Early type coins (Bust, Seated)
Where CAC Matters Less
- Modern coins: MS-69/70 moderns have less CAC emphasis
- Low-value coins: Premium may not justify submission cost
- Bullion: Metal content drives value, not grade verification
- Budget collectors: May prioritize price over CAC status
CAC Buying Strategy for Dealers
Buying CAC-Approved Coins
When buying coins already CAC-approved:
- Verify authenticity: Ensure sticker is genuine (check CAC verification)
- Factor premium: Pay appropriate CAC premium, but don't overpay
- Consider gold beans: Strong inventory for high-end collectors
- Target high-turnover series: CAC coins often sell faster
Buying with Intent to Submit
Look for coins likely to receive CAC approval:
- High-end for grade: Coins with exceptional eye appeal
- Original surfaces: Natural toning, no cleaning evidence
- Strong luster: Full, unimpaired original luster
- Conservative grades: Coins that appear undergraded
Gold Bean Hunting
The most profitable CAC strategy is finding coins likely to gold bean. A conservatively graded MS-64 that gold beans can be sold at or near MS-65 prices. Develop your eye for identifying these opportunities.
Economics of CAC Submission
Calculate submission ROI before submitting:
- Estimate approval probability: Based on your assessment (30-70%)
- Calculate expected premium: Price difference if approved
- Factor submission cost: Fee plus shipping both ways
- Consider time value: Coins tied up during review
- Calculate expected value: (Probability × Premium) - Cost
Selling CAC-Approved Coins
Marketing CAC Coins
Emphasize CAC status in your listings:
- Title inclusion: "1881-S Morgan Dollar PCGS MS65 CAC"
- Description highlight: Explain what CAC means for unfamiliar buyers
- Image the sticker: Show the CAC bean clearly in photos
- Price accordingly: Don't leave CAC premium on the table
Pricing CAC Inventory
- Research comparables: Check recent CAC sales for the specific coin
- Use CAC pricing guides: PCGS CAC prices, CAC Sight Unseen bids
- Adjust for condition: High-end CAC coins deserve higher premiums
- Know your market: Some buyer segments pay more for CAC
Where to Sell CAC Coins
Target venues where CAC buyers shop:
- Major auctions: Heritage, Stack's Bowers attract CAC-focused buyers
- Your website: Quality-focused repeat customers
- Coin shows: Serious collectors appreciate CAC
- Dealer networks: Other dealers building CAC inventory
When to Submit Coins to CAC
Good Candidates for Submission
- High-end for grade: Coins you believe deserve plus or higher
- Original surfaces: Natural, unimpaired surfaces
- Strong eye appeal: Attractive coins that photograph well
- Premium series: Morgan dollars, Walking Liberty, classic gold
- High value: Coins where premium exceeds submission cost many times over
Poor Candidates for Submission
- Low-end for grade: Coins that barely made the grade
- Questionable surfaces: Possible light cleaning, dipping, or issues
- Low value: Premium won't justify submission cost
- Modern bullion: CAC less relevant for this market
- Already rejected: Previously submitted without sticker
Submission Economics Example
Example Calculation
Coin: 1881-S Morgan Dollar PCGS MS65 (value: $400)
CAC Premium: 15% if approved ($60)
Approval probability: 50% (your assessment)
Submission cost: $25
Expected value: (50% × $60) - $25 = $5 profit
Decision: Marginal—submit only if confident in approval
CAC's Own Grading Service
In 2023, CAC launched their own grading service (CAC Grading) separate from their stickering service:
CAC Grading Overview
- Direct grading: Raw coins graded directly by CAC
- New holders: Distinctive green CAC holders
- Grade scale: Same 70-point Sheldon Scale
- Standards: Based on CAC's quality-focused approach
Market Reception
CAC Grading is still establishing market position:
- Advantages: Single-step process, CAC quality standards built in
- Challenges: Competing against established PCGS/NGC dominance
- Pricing: Market still determining CAC-graded coin premiums
- Liquidity: Less established secondary market than PCGS/NGC
Dealer Consideration
CAC-graded coins are a newer category. Market acceptance and premiums are still being established. For maximum liquidity, many dealers currently prefer PCGS/NGC with CAC stickers rather than CAC-graded coins, though this may change as the service matures.
Limitations and Criticisms
Common Criticisms of CAC
- Subjectivity: Like all grading, CAC decisions involve judgment
- Inconsistency claims: Some argue standards vary over time
- Cost barrier: Adds expense to collecting/dealing
- Not comprehensive: Only approves ~30-40% of submissions
- Creates tiers: CAC/non-CAC may complicate market
Limitations to Understand
- Not infallible: CAC is expert opinion, not absolute truth
- No sticker ≠ bad: Non-CAC coins can be excellent
- Premium varies: CAC value isn't constant across all coins
- Market-dependent: CAC importance varies by buyer segment
Balanced Perspective
Despite criticisms, CAC has become a significant market force:
- Widely accepted by major dealers and auction houses
- Premiums consistently realized in the market
- Provides additional confidence for sight-unseen transactions
- Has influenced overall market quality expectations
Key Takeaways
- CAC verifies already-certified coins, approving those solid for the grade or better
- Green beans indicate solid for grade; gold beans indicate undergraded
- CAC premiums range from 5% to 100%+ depending on coin and bean color
- Strongest CAC demand exists for classic US coins in high grades
- Calculate submission economics before submitting—not all coins benefit
- Market CAC coins prominently in titles, descriptions, and images
- Target high-end for grade coins when buying with intent to submit
- CAC Grading service is new and market acceptance is developing
- No sticker doesn't mean bad—many excellent coins don't CAC
- Integrate CAC strategy into your overall inventory management approach
Track CAC Status in Your Inventory
SyncAuction imports CAC status from certification data, allowing you to filter inventory by CAC approval, apply CAC-specific pricing rules, and highlight CAC coins in your listings automatically.
Request a Demo →Frequently Asked Questions
What does CAC mean on a coin?
CAC stands for Certified Acceptance Corporation. A CAC sticker on a coin holder means the coin was reviewed by CAC experts and approved as meeting their quality standards for the grade. A green sticker (green bean) indicates the coin is solid for the grade. A gold sticker (gold bean) indicates the coin is undergraded and exceeds the grade on the holder.
How much more are CAC coins worth?
CAC premiums vary widely. Common dates in lower grades might command 5-15% premiums. High-grade coins, better dates, and key dates often see 15-40% premiums for green beans. Gold beans can command 30-100%+ premiums, sometimes approaching the price of the next grade up. The premium depends on the coin's base value, grade level, series, and current market conditions.
What is the difference between green bean and gold bean CAC?
A green CAC sticker (green bean) indicates the coin is solid for the grade on the holder—accurately graded with good eye appeal. A gold CAC sticker (gold bean) indicates the coin exceeds the grade and CAC believes it would grade at least one point higher if resubmitted. Gold beans are much rarer (2-5% of approvals) and command significantly higher premiums than green beans.
Can any coin be submitted to CAC?
CAC reviews coins already certified by PCGS, NGC, and some other services. The coin must be in a valid holder from an accepted grading service—CAC doesn't grade raw coins (though they now offer their own grading service separately). Details-graded coins and certain holder types are not eligible for CAC review.
What happens if CAC doesn't approve my coin?
If CAC doesn't approve a coin, it's returned without a sticker. There's no negative mark or penalty—the coin retains its original PCGS or NGC grade. However, some collectors avoid coins they know were "CAC-rejected." You still pay the submission fee whether the coin receives a sticker or not.
Is CAC approval worth the submission fee?
It depends on the coin. Calculate the expected value: (probability of approval × expected premium) - submission cost. For high-value coins where premiums substantially exceed fees, submission often makes sense. For lower-value coins, the premium may not justify the cost. Consider which coins in your inventory are likely to approve and have meaningful premium potential.
Does a coin need CAC to sell?
No, CAC is not required to sell coins. Millions of non-CAC PCGS and NGC coins sell daily. However, certain collector segments strongly prefer CAC-approved coins, and for high-value purchases, some buyers specifically seek CAC verification. CAC can help coins sell faster and at higher prices, but many excellent coins sell fine without it.
What is CAC Grading?
CAC Grading is a separate service launched in 2023 where CAC grades raw coins directly into their own holders. This is different from the stickering service that reviews already-certified coins. CAC Grading applies the same quality-focused standards as their stickering service. Market acceptance and premiums for CAC-graded coins are still being established.
Should I buy CAC or non-CAC coins?
Consider your market and preferences. CAC coins provide additional quality verification and often sell more easily to quality-focused collectors. Non-CAC coins can offer value if properly evaluated—many excellent coins don't have CAC stickers. For high-value purchases where you want maximum confidence, CAC provides assurance. For building budget inventory, CAC may be less critical.
How do I verify if a CAC sticker is genuine?
CAC provides verification on their website using the certification number of the underlying PCGS or NGC coin. You can look up whether a specific certified coin has received CAC approval. Additionally, examine the sticker for quality—counterfeits typically have inferior printing or materials. When buying expensive CAC coins, verification is essential.
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