NGC and their unreliability

Has anyone heard how far behind NGC REALLY is? Their guidelines say 11 business days, their website says 23 business days , and they have had my coins for 33 business days. This, coupled with the unreliability of their website is causing me to wonder about their financial state, integrity, business stability, and whether I will ever see my coins again.

Steve

 

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They have been way behind for some time now. If you check their message boards they are trying to hire graders. What type of submission did you have? You can also call customer service @ 1800NGCCOIN. My last submission took almost 2 months. Do not fret about getting your coins back, They do not trade in the coin market itself only in the grading.

 

ANACS takes 3 months if you take the cheap price...I've been using the 5 day price and I only pay $15 per coin...cheaper than NGC or PCGS...and after they get the coins they are back in my hands in 5 days...

Speedy

 

Speaking of NGC: Anyone know how their "BU" certification of coins compares with their say "MS 60" certification in quality? Shop at Home TV has started selling coins certified by NGC as "BU," especially Morgan Dollars. It seems almost like a cop out to me. Like maybe NGC gave SAH TV a larger price break on grading for just BU certs, rather than the more accurate MS grades; and now they can charge people more than they could for just so-called "brilliant uncirculated" uncertified coins. Anyone have any thoughts about this?

 

NGC doesn't grade coins BU...it goes from AU58 to MS60 and so on....

Now this is a guess but I would say that the TV guy is selling coins that grade MS60-MS63...

Speedy

 

Yes, NGC does grade coins as Brilliant Uncirclated, and they are from the
TV guys. The NGC holders actually say "Brilliant Uncirculated" with
no Sheldon number (such as MS60).

 

Here are SAH-TV NGC "Brilliant Uncirculated"

 

True only PCGS does...well not ONLY but....

 

Sorry, bro, Ur wrong.

They grade them like that if they r lower than MS-63. That way u don't think they r junky.

 

Well I agree....I'm wrong...put my foot in my mouth!

I have emailed NGC asking why they do this...and some other questions ;--)

I don't know if they are in cahoots with the Shop at Home TV show or what but it doesn't seem right to grade a coin BU when that could make someone think it is higher than it is.

Speedy

 

I recently sent a zinc planchet cent in to get graded and verified that it is indeed an error coin. My dealer told me his connection at NGC said that they have 100,000 ASE's to grade and slab and turn around time was 45 days minimum. We got to talking about how many cases of slabs you would need to slab out 100,000 ASE's, in addition to all their other submissions.

My dealer said that this 100,000 deal was due to something on TV as well. I didn't understand it completely, as I don't watch TV dealers. To close to TV evangelist's to me. I asked if he meant the so called "first strike" tomfoolery that was talked about at the first of the year, and he said no, this was something different.

100,000 ASE's are a lot of coins to grade and slab. That sonic sealer will be busy. I don't think they are unrealiable, just overworked.

 

They are unreliable and here is why. I spoke with one of their graders yesterday. After Mark Salzberg, their president, has an opportunity to reply to the letter that I sent to him I will make the entire fiasco, and his reply, public to all of you so that you can make your own judgments. I will also include photographs of the coins, if I can get them.

Anyway... Unreliability.

Their grader told me that they each grade more than 1000 coins per day. If they work 8 hour shifts that gives them about 28.8 seconds to spend on each coin. If they do nothing but look at the coin; that is no writing or anything else, they spend 14.4 seconds on each side of the coin. I don't know about any of you, but even with my 30 years of numismatic experience, it takes me longer than 14.4 seconds to decide whether a coin is MS64 or MS65. Just think. In some cases they are spending 14.4 seconds in deciding what is sometimes the difference in several hundred dollars of a coin's value. That is unconsionable. In my opinion, NGC slabs have take on the same value as 2x2s, AirTites, or any other over the counter holder, based on this fact.

I am anxious to hear what some of you think about this.

Steve

 

"My dealer said that this 100,000 deal was due to something on TV as well. I didn't understand it completely, as I don't watch TV dealers"

I have generally been an NGC fan. However, their "special relationship" with the SAH
hucksters disturbs me. It would seem that these guys are amonst NGCs biggest
customers, and the appearance of special treatment at the expense of everyone else cannot be avoided. I only hope NGC will set some priorities, and not lose the rest of us
catering to the big boys.

JMHO

 

I emailed NGC and haven't heard back so far....one thing I asked was..." is NGC in cahoots with the Shop at home TV show?"...that might be why they haven't emailed back....

I'm like bzcollektor...I like NGC...PCGS has lot alot of my respect the last few years and NGC got it...now I'm starting to like ANACS better than any of them...


Speedy

 

Hey Speedy

Hey Speedy, what do you think of each grader doing 1000 coins per day?

 

I don't like it but I'm sure they do it...that might have been a rounded number...it might not be so high...

When you think of someone working a 8 hour work day (that would kill me!!!) and grading 1000 coins per day...not counting lunch or snacks...not taking phone calls...etc...it would be hard to grade that fast.

Now I'm sure that they would agree that they over grade sometimes and that they undergrade sometimes--they are just like me and you...but I'm sure that most of the graders are good guys that can grade better than I can...on some coins I'm sure it would take longer than others...a AG coin is easyer to tell than to tell if a coin is VF or EF...

I don't like the fact that they seem to be in cahoots with SHA TV show but every business has to get jobs from some place!

So even though I don't like it...that doesn't mean I won't be buying any more NGC slabs...

Speedy

 

This is exactly what I've been saying for many years, but each person has to find out for themselves, I guess.

 

I really like graded coins, they are a good way of learning grading ( seeing an "experts opinion" ) I currently have a saint thats been in PCGS hands for almost 2 months, and am starting to get a little perterbed

But i will agree with one thing: purchasing slabbed coins is no excuse for not doing research and learing how to grade your self.

 

I am compelled to ask you how much confidence you will have in the grade that your coin receives. If it gets a 64, how much less will the "book value" be than if it gets a 65? Remember, they will probably only spend about 30 seconds grading the coin.