Ok guys I've got a good one for you. Not making this up. NGC put a MS-63 1923-S label on a slab with a 1928-S in it. I know first thing you'll think is, counterfeit slab? Counterfeit coin? But the photo of the coin matches what NGC has on their website. It's a newer slab. The coin shop that had it, sold it to a guy I know, as a 23-S as well. He bought it from them 3 years ago and thought it was a 23-S until last night. So he didn't even cherry pick it. He accidentally acquired it. (And ended up buying another 28-S for his set not knowing.) So now that he discovered this, what should he do with it? Does it have any additional value being mislabeled? I'm thinking either the coin shop sent in a huge submission and somehow it got over looked or somebody sold it to them as a 23-S and that's how it was was cataloged and stored the whole time so there's a chance the last seller got screwed. Question is, what do you do with it? If left in the slab, it risks being resold again as a 23-S. LOL
Most likely a mechanical error at NGC. This is a case where one is better off contacting NGC to change it due to the difference in value. They might even do it for no cost. A slab error like that adds a premium, but not a ton. It might only be $5-$10 and those premiums are usually for similarly priced coins (i.e. a 1925 has a 1923 label).
Mechanical errors happen. Not often, but not unheard of either. Contact customer service ... they should be willing to fix it for free (ask them to issue you a prepaid label).
I think this goes to show how much every one relies on TPG labels. Would I have noticed the 3 was an 8? I'd hope so but, maybe not. 23-S is fairly common. It wouldn't be something you'd normally look for at that stage. It's funny because you'd probably for sure notice it if it went the other way buying a 28 and it was actually a 23. The interesting thing to me is, why didn't the original person who submitted it catch it when it came back?
Btw, will save everybody the time of looking it up. I think he paid $90 for it originally and a 28-S in MS63 is listed at $475.
No idea how the shop and him can both not notice that for so long. How much are you really even enjoying the coin if you aren’t even seeing the date on it? But yes NGC will fix the label for free. I assume they will pay for the shipping as well but not sure, I know PCGS covers the shipping too so I assume they do as well
Im on ebay a lot. Apparently some of you older folks need better glasses. I see supposed 1928's for sale quite often and when you go and click on them, they are 1923. Wouldnt surprise me in the least if someone at NGC saw it as a 1923 rather than a 1928. Or the buyer needs an eye exam. Either way someone is just misreading the last digit.
Literally they happen all the time. If I didn't watch my submissions like a hawk and contact NGC before my coins go out, I'd probably have at least one "mechanical error" per submission. This is because they consider anything that is wrong on the label to be a mechanical error, for their own protection. NGC is really good about correcting them though. I just sent in 4 for correction with my last batch of submissions. One had the wrong country, one had the wrong type, one had the wrong date, and one had the wrong mint mark and type. I've sent in dozens of coins for mechanical error correction over the years. I see no value in holding on to a coin with an incorrect label.
I had 2 sets of 1999-S silver proof sets that had mechanical errors on almost every silver coin in the set. This was one of the Kennedy's.
Humor aside, that's tougher to call since grading is subjective, and they'd likely make you pay for a re-grade. Whereas something like the wrong date or denomination on the label is indisputably an error.
I would love to see the photo's of the coin, and then I would be able to give you much more accurate information as to the possibilities, and options available to the owner of the coin.
Would be able to send me some photo's of the coin and holder? If this is as you say, the value can be significantly more for one type, and much less then expected for the other.
