Are PCGS-graded coins more expensive than uncertified coins?

When you buy a PCGS-graded coin, you are buying certainty, certainty that the coin is accurately graded, certainty that the coin is genuine, and certainty about the coin’s liquidity. This certainty is not free and is priced into the list price of the coin. In reality, PCGS-graded coins are not more expensive than uncertified coins; rather, uncertified coins sell at a discount. Another view is that common comparisons between Australian grades and PCGS grades are wrong, leading to the impression that PCGS-graded coins are expensive. We’ve seen some uncertified coins described as “Gem Uncirculated”, for example, selling for multiples of what we’re selling comparable coins for, except that PCGS has graded our coins in MS62 or MS63, so collectors pay less for them even though they're getting the same (or sometimes better) coin.