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Longstrider's Blog

08 May 2018

NGC SCAM TO GET MORE MONEY OR JUST COMMON CENTS?

Coins | Longstrider

  I was just advised by my friend and fellow collector that NGC has a little known, unknown to us, policy. Here it is copied directly from their site:

Copper Coins Notice: Coins made of copper, bronze, brass or are copper-plated can change over time. Accordingly, with regard to copper, bronze, brass or copper-plated coins graded by NGC, the grade portion will no longer apply after the 10 year anniversary of their date of encapsulation by NGC. This coin was encapsulated on 2/7/2018 and the grade guarantee will expire on 2/7/2028. If the grade guarantee has not expired, it may be extended by submitting the coin under NGC's ReHolder service tier. If the grade guarantee has expired, the coin will be treated as a raw (ungraded) submission if resubmitted to NGC.

Now the only place I see this notice, is below the photos of a coin that you are checking the certification number. It also tells you when your coin was slabbed and when it needs to be re-holderd.  I called NGC and was told this was in place for many years. Did you know about it? I didn't. Here's a good part. The very nice lady at customer service couldn't tell me the answer to this question: Lets say I have a copper cent worth Thousands of dollars. It is graded MS 65 RD. I send it in for re-holdering at 9 1/2 years. NGC thinks it is now a red/brown. Even though it is within there time limit, will it be down graded to red/brown. That could be worth thousands of dollars in a down grade. What happened to their holder is all space age and good forever???

 Is it just me or is this a scam for NGC to get an extra $10, at this time? Lets not forget all the other costs like shipping and insurance. What about signature labels? Have I just turned into a conspiracy nut? NO!! I just want to bring this to everyone's attention. Maybe I'm the only one that was unaware??? All this is in the long legal limitations notice. I didn't read it. Did you?? Please comment. Thanks!

Comments

user_45823

Level 1

Well...I'll say Thankx for the info...I guess...and ugh for the info itself. This will be an expensive undertaking if you buy a coin already graded Red, get it and feel it's on the edge of RB...to re-slab timely (within the 10 year mandate) and then ever sell it forward or leave it for family to sell seems rather a stinky thing to do to the next buyer. Of course you buy the coin not the label but there are truly times when you aren't getting the coin you've purchased via internet pictures...I bought a VDB Red but when I got it I felt it was far from Red not Brown either but on it's way to RB. Because I hate returning coins ever, I kept it and now in view of this newly learned info, know I made a mistake...I'm sure it won't be my last unfortunately.

Mark Lovmo

Level 3

The TPGs keep creating "new" services out of thin air. Kind of reminds me of the airline industry: Checked bag? That'll be $100 extra (used to be FREE for decades), etc, etc. I wonder how much of this is due to the fact that they are perhaps losing money on their grading guarantees (I doubt it) after coins tone over time, or whether they are just trying to squeeze as much money from an increasingly shrinking (and aging) collecting community?

Mike

Level 7

Ok so I buy copper coins that are 228 years old it's raw. I send it in get it back it's RB MS 65. Now it has never been encapsulated in 228 years and this token is also Proof Like. So now its slabed. Did I do something bad? Should we leave everything raw? Or now do we have to rotate our collection every nine years to protect the grade? What if they come up with a better holder? What about coins sold in rattlers is that grade still good? They sell them like they are or are we all in for the shock of our lives? I have nothing but questions and none of them are good. I have cents that go back to the 1800's. There in slabs older than most people. Are all slabed Indian cents grades no good anymore? I can go on NGC and PCGS i would suggest they come out with a statement explaining all this or we should just stop sending them in and protect them another way. So the thousands of dollars I have paid to send them get them graded and pay for mailing them back were talking thousands of dollars for what? So we can pay again. And they bury it. Someone In authority in this hobby I would suggest they get some answers for us regular collectors. It's not mentioned in there welcome package. I'm upset. I like you we take care of these the best way we were told now this. Something has to give and soon. Mike.

CoinLady

Level 6

Now this is interesting and worthy of discussion. Good points, Kepi & Sun.

Kepi

Level 6

Wow! This is some eye-opening information. I thought once you bought a slabbed coin you we're done. In your collection it goes. Now we have to monitor our coins for re-slabbing... And what happens to our "CAC" designations? So, for example... I have a Cent I bought in a NGC slab, say for $50... Now I find out to keep that "Current" within their 10 year limit, I have to spend at least $60 + to have NGC re-grade/re-holder? More than my initial investment? I wonder if PCGS has the same limitations? If so...excuse me but "What the _ _ _ _?"

Mark Lovmo

Level 3

Yes, the knock-on effect for CAC-designated coins certainly does pose a problem, doesn't it?

"SUN"

Level 5

Thanks for the information. I guess their slabs do not protect the coins from the environment.

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