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NGC down-graded NGC FS Jefferson nickels submitted for new holders only

Sent two old NGC FS Jefferson nickel slabs into NGC for new holders.  The old slabs were intact, undamaged, but scratched from handling.  The old labels were completely intact and undamaged.  Just got the final invoice - NGC regraded the coins without my permission, charged me for the re-grading and downgraded one of the coins from FS [6FS] to 5FS.  My original submission and the NGC submission receipt clearly reflects re-holding only.  The regrade is a $400 plus downgrade and leaves a huge hole in my run of 6FS coins.  Has anyone experienced this: submitting NGC FS [6FS] slabs for re-holding to NGC only to have the coin down-graded to 5FS?  This is the third time I've submitted old FS coins for re-holder.  The first time NGC hurt me with an unwanted regrading. 
From the NGC website: "Note: Before 2004, 6FS Nickels were recognized with the FS designation. Any coin that received an FS designation by NGC is now treated as 6FS in the NGC Census."
See: https://www.ngccoin.com/news/article/6752/learn-grading-full-steps-nickels/

Bob

5 months ago

Called NGC today.  Spoke first to R***** (customer service) and then N*****  (?).  R***** simply transferred me to an unidentified voicemail line.  N***** initially mused that the coin must have been damaged in re-holding.  She said I had waived the risk of damage which is not true: the NGC waiver does not apply to NGC holdered coins, only to “holders other than NGC.”  Could not seem to convince her otherwise.  At any rate breaking out a coin by NGC from an NGC holder could not erase a step.  Waiting for N*****  to research the downgrade and get back to me.  My conversations with R***** and N***** did not generate a great deal of confidence in NGC.  Bob

5 months ago

Never heard this happening before. Not to say it hasn't happened.  Don't understand how they can regrade without permission? 

4 months ago

Waited a week without hearing anything back from NGC.  Called Thursday and reached a helpful customer service representative.  She called back Friday with instructions to return the slab as a ‘mechanical error’.  Impressive!  NGC’s return instructions seem a bit laborious, but they did provide a postage paid UPS label.  I typically use USPS Registered mail.  Will take the coin to UPS tomorrow.  Hoping for the best - that it was a simple keyboard error.  It looks good under a loop.  Bob

4 months ago

I'm glad NGC is taking care of you. I heard that NGC has switched to UPS or FedEx as their normal shipping service. This is good news to me. They lost one of my submissions even though it was Registered mail. Good luck and keep us informed how it turns out.

4 months ago

Yikes! I see one of two scenarios. Either a full refund or to send it back for the original grade. Provided you still have the inert label. In any case, I see them trying to resolve the issue for both parties involved.   

4 months ago

Received the returned Jefferson today.  Alas, it remains down-graded to 5FS by NGC from what was a 6FS grade by NGC.  No word was provided as to why with the returned nickel.  Strange.  I would think NGC would have provided an explanation given the significant loss of value involved.  Guess I must now request NGC replace the coin with a 6FS graded specimen per their guarantee.  Hard to find coin in high demand.  Leaves a huge hole in my collection of 6FS WWII nickels.  Will call in the morning as NGC has not responded to my eMail of last week when they sent a new invoice and shipping notification. 

3 months ago

5 or 6 steps is pretty objective? How did they make that mistake? Are their pictures? Should be clear cut. 

3 months ago

5 or 6 steps is pretty objective? How did make that mistake? Are their pictures? Should be clear cut. 

3 months ago

Only pic I have is the slab obverse for insurance purposes.  Alas still no resolution.  Amazing eMail response today from NGC customer service: 


I’m sorry for the delay as I’d wanted to understand what our Receiving manager was stating. She has said that the coin was originally graded 17 years ago and that we did not distinguish between 5 and 6 FS, so when your item came in for a reholder, the graders had checked it for the number of full steps.


Apparently, the receiving manager is unaware of NGC past grading policy as stated on the NGC website:


Since NGC’s standard hitherto has been to label as FS only those coins having six complete steps, any NGC-certified Jefferson Nickel already carrying the FS designation may be considered to have six full steps. Such coins may be submitted to NGC for redesignation as 6FS under the company’s Reholder Service at $4 per coin. The NGC Census Report will be updated to reflect that previously certified FS coins are now considered 6FS, and the FS designation will no longer be used after February 16.


https://www.ngccoin.com/news/article/175/


The saga continues.  I will call customer service in the morning and try to reach a supervisor who knows both coins and NGC policy.

3 months ago
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