The CAC Green Bean: The Third Opinion That Commands Premium
That tiny green sticker—a simple bean—has become one of the most influential factors in the modern coin market. Certified Acceptance Corporation (CAC) adds 15-40% to coin values, commands fierce loyalty from advanced collectors, and has fundamentally changed how discriminating buyers approach the market. Here’s why the green bean matters.
What Is CAC?
Founded in 2007 by John Albanese (who also founded PCGS), CAC provides a “second opinion” on coins already graded by PCGS or NGC. They evaluate whether coins are solidly in their assigned grades—or better. Their opinions come in two forms:
- Green sticker: The coin is solid for the grade, in the top 30% of coins at that level
- Gold sticker: The coin is undergraded and should have received a higher grade (extremely rare)
Coins that don’t meet standards receive no sticker—they’re returned “naked.”
The Value Impact
CAC stickers consistently command premiums:
- Common dates MS65: 10-20% premium with CAC
- Better dates MS65: 20-30% premium with CAC
- Key dates MS65: 25-40% premium with CAC
- Gold CAC stickers: Can double or triple the coin’s value
Example: 1893-CC Morgan Dollar
- MS63 (no CAC): $3,500
- MS63 (CAC green): $4,500-$5,000
- MS63 (CAC gold): $7,000-$9,000
Why CAC Matters
Reduces grading inconsistency: Both PCGS and NGC grade millions of coins annually. Graders have good days and bad days. Standards shift subtly over decades. CAC provides a filter that identifies coins that truly belong in their grades.
Eliminates problem coins: CAC will not sticker coins with questionable toning, hidden cleaning, or other issues that might escape grading service detection. The sticker implies “thoroughly vetted.”
Expert human evaluation: While grading services have incorporated technology, CAC relies on experienced numismatists making subjective quality assessments—exactly what experienced collectors do.
What CAC Evaluates
CAC considers factors including:
- Strike quality: Is the strike appropriate for the grade?
- Surface preservation: Are marks consistent with the grade, or worse?
- Luster quality: Does the luster support the grade?
- Eye appeal: Does the coin have positive eye appeal?
- Originality: Is the coin original, or has it been processed?
A coin can be technically MS65 but lack the eye appeal CAC expects—no sticker.
The CAC Approval Rate
Approximately 60-70% of coins submitted receive stickers. This rate varies by:
- Grade level: MS63 coins have higher approval rates than MS66 coins
- Series: Some series were graded more strictly originally
- Era: Older holders often hold better coins
Building a CAC Collection
Strategy 1: Buy pre-stickered
Purchase coins already carrying CAC approval. You pay the premium but guarantee quality.
Strategy 2: Cherry-pick and submit
Develop your eye for CAC-quality coins, buy them without stickers, and submit for verification. This approach offers potential profit but requires expertise.
Strategy 3: The upgrade path
Buy CAC-approved coins at current grades hoping for gold stickers on future resubmission, or crack and resubmit seeking grade increases.
CAC Limitations
CAC isn’t perfect:
- Subjectivity: Different CAC evaluators may reach different conclusions
- Not infallible: Some stickered coins have later been questioned
- Cost: $10-$15 per coin adds up for large submissions
- Time: Submission turnaround can take weeks
The Sight-Unseen Market
CAC has enabled robust sight-unseen trading. Dealers confidently buy “MS65 CAC” coins without seeing them because the sticker guarantees minimum quality. This liquidity benefits collectors when selling—CAC coins move faster at stronger prices.
Controversy and Critics
Some argue CAC has created:
- An artificial “two-tier” market within the same grades
- Pressure on grading services to tighten standards
- Overreliance on third-party opinions
Supporters counter that CAC simply identifies what experienced collectors always knew—some coins in a given grade are better than others.
The Bottom Line
For serious collectors, CAC has become nearly essential. The green bean doesn’t guarantee perfection, but it significantly raises the floor on quality. When building a collection meant to last—or sell—CAC approval provides confidence that transcends marketing hype. That little green bean has earned its place in numismatics.
