Cost of submitting a coin to NGC, $95 a coin!?!?

Alright, so I took my 1806 Bust half to a local(45 mins away) coin shop to have it submitted to NGC for grading on March 26th. They said it'd take roughly a month to get it back. So today I decided to call and see if it had came back yet. He informed me that it was just being submitted today at the Chicago show and it'd take another 35 days to get it back!!!!

He said NGC raised their rates and it costs more to have the coin returned then when he quoted me and they would have lost $35 if they sent it in.

How much does it cost to have these things returned. I put the value at $600 for the insurance purposes and I paid $60 to them to have my coin graded and if they're losing $35 that means it's costing $95 to grade ONE coin??

I know they're saving on the shipping in prices since they're handing it in at the show, but I just don't see how the $60 wasn't enough to cover economy grading with shipping to and from....


Just a little frustrated that I hadn't been contacted to tell me about this "situation" and that I wouldn't have my coin back for 2 months. I wanted to sign up for the NGC membership but thought it'd be faster taking it to the coin shop, shows what I know.

Did I mention this is my first raw submission.....


Thought I'd throw this in here so I can remember what it looked it.

 

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Per NGC:
Early Bird $30 12 working days 12 working days All US coins. Maximum value $3,000.

I am sure the other $30 covered mailing, both ways.
They are full of it.

 

The surfaces look a little funky.

I wish you guys would take them out of the plastic before you take pictures.

 

Only had it for one day before I sent it off for grading.

 

Maybe someone can enlighten me. Say I want to get a year set graded. Just for giggles, say a set of very nice set of 1971 proofs. These coins are nice, but none are going to be top pops. If I send them in, would I be charged 10% of the $10 value, or is there a minimum per coin? I understand the costs of shipping, I'm just talking about the grading component

 

You dealer is lying through his teeth to you.

If he had sent the coin in himself (with a shipment of other coins) it would have cost $30 for grading + maybe $10 to ship there and $10 to ship back (I'm prorating the shipping costs)

Since he submitted it at the CSNS show and he DIDN'T do a walkthrough ($125 per coin) then it would cost $30 for grading and $10 to ship it back to him. (Again assuming he submits multiple coins and prorates the shipping.)

If he submitted JUST your coin add an $8 invoice fee and each of the shipping charges would be around $18. that would make it $84 if he shipped it to them or $56 if he dropped it off at the show.

 

For all you guys who DON'T want to get ROBBED(no nice way to put it) join the ANA for 40.00 bux and then you can send them in yourself + you get access to their database/online monthly magazine "The Numismatist"ect.

 

NGc through my dealer is $25 per coin. He sends them in groups of 20, however I won't see them for at least two months

 

That is 35 working days. You won't get it back for at least 2-3 months

 

I would never give that dealer my business again for two reasons:
1) he is ripping you off
2) he isn't a man of his word by not honoring the original price

Either way, I say he struck out. In business there are no 3 strikes. And questionable morals is a ONE strike offense. Sorry he used and abused you, but at that point I would have just paid it and been done. However, I am now considering joining the ANA myself just for the newsletter and NGC submitting abilities alone.

 

I think a dealer has a right to charge a little something. Unfortunately, the USA is in a bit of a recession, or coming out of a recession, or experiencing a depression, regardless, in times like these, loyalty should be worth something. If I buy coins from you, and you have a submitting ability, I expect to be able to submit a coin here and there. If not, what else do you charge me for that you don't need to? I will find someone who doesn't nickel and dime me.

I just met a dealer a few months ago, younger guy, hungry guy. I had my child with me and he is always very polite, very friendly, we get along well. I made a few small, very small purchases from him to fill my daughters mercury dime album, buffalo album, and my monthly junk silver stack. Discussed some harder to find pieces I am always looking for. At the Easter show, he mentioned that this week he will be buying a small gold hoard from a recently deceased clients family. He knows most of the collection, alot of it is raw. He said he will hold the 3 pieces that fit my criteria and submit them for me. If they grade a minimum grade, he will sell them to me at an agreed upon price prior to submitting. If they do not grade, he will keep and sell them elsewhere. THAT is a dealer I will ALWAYS go to in the future.

 

Charging extra is quite understandable, but to charge the OP almost $40 extra, not to mention fiatfiasco's point of not honoring the original price, I'd not even waste my gas $ and drive that 45 mins again, let alone spending my money with him. Taking possession of your coin one month ago, and still having it in his possession one month later, and not submitted as he said he would (sounds like he has a few to be submitted and decided to take the cheap route, and make MORE money), well, as conder101 says, "You dealer is lying through his teeth to you." Just MHO.

 

This is something that everyone is forgetting. The dealer has to pay fees to join clubs to submit coins, has to pay employees to package and ship things, fill out invoices, ect. All that costs money too. On top of that, he has to make a profit on all this investment. So, they are going to increase the fee to make some money. This is a service they are providing and that costs money. How much, well that's their call.

This is the same in any business.

 

My bank doesn't charge me for notary fees. If you walked into my bank, they would charge you, because you do not have an account there. Because I do business with them, they allow the services that can be considered "support" and not "revenue generation" be offered as a courtesy of loyalty (my original post highlights this).

Another way of looking at it is that these services the dealer offers is a "cost of doing business." Some consumers are smart and know that the dealer would be a member of NGC or the ANA, or whatever. It is the dealers discretion to charge each customer or not to replenish these costs. First time walking in the store? $35 submission fee. Spent $10k with me this year, I will even fill out the paperwork for you".

Its not the same in any business. I offer many of my clients, in more than one company in more than one industry "support" services for loyalty.

Generalizations are a slippery slope. Simplifying things down to a black and white, yes or no, etc, can lead to overlooking, passing up, or inefficient practices. Analyzing things on a case by case basis seems to work better; for me at least.

 

You are right...there are certain service that certain business decided to provide as a service to try and entice other business. But, what service that is is totally up to the business and this particular service is not automatically entitled to coin shop customers.

I do the same thing in my business...because it keeps customers happy because they are feeling they get an extra benefit. I have dealt with coin dealers who use TPGs this way. My point was to give a logical reason for the increased charge.

Now, on the other hand...the wait time and the greatly increased charge after the original quote is a different matter.

 

You sure that's not an 1806/5? That looks like the overdate to me.

 

Yep. This is the O-102 R.3 1806/5. SO not only will you pay too much for the grading. It won't have the correct over-date on the holder.

With NGC you have to add $12 or so to have the variety on the holder. 1806/5.

 

Seriously?!?!?

So now what do I do? Call him and ask him to contact NGC and add the $12?

I thought if it was the over date it was automatically put on there.

 

For the price he's charging you, you could spend a little more and join NGC for a year membership and get a coupon for 5 free submissions. This is only $125.