Who says PCGS and NGC are the best?

I only started collecting coins recently (unfortunately) and when it comes to TPGs - I am told not to bother with anything other than NGC and PCGS. I'm told they are superior to any other company. Can anyone tell me why? Is that based on fact or is it just a myth that spreads from person to person until it's considered fact?

 

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For one thing they stand behind their slabs. If a coin they slab is found to be countereit they will either pay the owner the current value of a genuine coin at that grade or find a replacement coin.

They also guarantee their grading. If they misgrade a coin again they will either buy the coin from the owner at fair market value at the grade they assigned or they will find an accurately graded coin for the owner.

ANACS and ICG are also respected TPGs but they don't command the respect that PCGS and NCG get.

 

Here is why I think PCGS and NGC are the best - they make fewer mistakes that any other TPGs. You still need to be able to grade to pick the best coins that you are looking for. For example not all PCGS MS64 Morgans are the same - some will be nicer than others and knowing what to look for will help you select better coins.

 

The reasons why have already been stated, long term consistent accurate grading and guaranteed authenticity. If you want proof, look at the investment quality coins $10K+ in the market. See how many of these coins in this price range reside in anything other than a PCGS or NGC holder. It is no accident that the collectors and dealers of coins at this level insist upon one of the big two.

 

They have better graders working for them and higher standards. Grading coins consistently is much tougher than many people commonly believe. It isn't hype.

 

Sorry to belabor this point, but other than they will back their grading up (won't ANACS and ICG do the same??) how do you/we know they make "fewer mistakes"? and why do they "command more respect"? Has a back to back to back comparison been done somewhere? is TPG accuracy tracked somewhere like CDN? or is it just "common industry knowledge".
I'm sorry. I appreciate you taking the time to respond. I've just learned to question things more and more as I grow older.

 

Its common knowledge among collectors and dealers. Learn how to grade and then look at thousands of slabbed coins, and I believe you'll see it for yourself.

 

Fair enough. Thanks.

 

DGS is supposed to be an up-and-coming good one.

 

Yeah, I've heard some good things.

 

You can always see some over at DLRC - the only problem is they need to learn to take better pictures.

 

........another point. take a look at major auction houses and see which TPG's bring the most money at auction. they're trusted in the big world.

 

Brought one coin to my first coin show today. Not to sell, but to test the markets and see what's offered. The coin was a ICG graded MS-65 standing liberty quarter 1926. I'm a rookie but I'm pretty confident that the strike, luster, and preservation were in line with a 65 (what do I know?) but it was not a full head and the eye appeal/tone was is not terrific - just something about the coloring that was off. I asked 3 dealers if they would make me an offer, and each of them looked at me like I was a pitiful creature. They did make offers, it's not as though the coin was cleaned or a countefeit or anything like that - in fact one said it's a "nice" coin, but what they offered was 30% of the current redbook value - about $150. I paid $300 on ebay. No harm done, I am going to return it on Monday and get my money back (I hope) but the point, is all 3 also pointed out specifically to me that it was not a PCGS graded coin.
Lesson learned! PCGS it is for me, at least in my first few years of collecting.
You can't learn that kind of a lesson from a book.
Good times!
No, I did not buy anything - left my money at home for the first one. I wouldn't know what to buy my first time out anyway

 

First - I can't say it was a good lesson. Personally - become confident in your grading skills and it will not matter which name is on the slab. I hate to see someone miss out on good coins cause of the name on the slab. Second - I wonder where their offers fall on the grey sheet? What did they grade the coin? I mean if the coin was accurate I would still only expect a grey sheet offer from a dealer. Probably a good thing you can return it. My suspicion from your post is they offered sound advice from seeing the coin.

 

One offered me $175, one $125, and a third said the "book value" was $400 but that he was not interested. Any other thoughts based on that information? Thanks.

 

You need more quotes. I am curious as to where they got the values - from the grey sheet or did they just look and make an offer? If I look at my old grey sheet the $125 was around MS60 ask and $175 was around MS63 bid. My grey sheet is way out of date though. I am not sure I have ever heard a dealer say not interested - I can understand, but never heard it.

 

All three of them looked in their binders and inside appeared to be greysheets (???)

Mark, thanks for your help. Not to put too fine a point on this, but what is the best way to get a bid from a dealer at a coin show? Do I ask:
1) how much would you give me for this coin?
2) would you mind bidding on my coin?
3) Can u give your opinion on the value of this coin?
4) can you make me an offer on this coin?

I admit, i felt a little intimidated, but if I know what to say, I would feel better. Thanks.

 

Actually - I would ask for their honest opinion and what they would offer. I have taken a couple(well more than that) to my local shop and ask them for opinions and offers on coins. I can talk with them real easily. I have not really done this at a big show, but I have heard(and believe) that dealer prices will be all over. My local dealer will take one of my coins(even if I did not get it from him) and walk me through what he sees, and how he grades it. I know they use greysheet for the pricing. I am sure others with more experience can answer better than I can.

I sold him a whole bunch of modern stuff - here is how I did it. First step was to go see what other places were selling the set or coin for. Then take them down their and see what he would offer me for them. It took me like three trips - I think he made between 20% to 30% off me. The one example I remember best is at that time I could get the 6 coin smithsonian set for $1595 on ebay and I got $1270 from the dealer. I think that was fair. The only thing I did not want to sell was ASE's. BUT I asked them what they would buy a compelete PCGS grade set (MS and PR) for - they offered me bullion prices. So that really made me decide to keep them. I know others around here would have sold it themselves - I did not want the hassle. Probably if Jack had been around at that time I might have asked if would take them on consignment. Then again the shipping and insurance might have taken a big bite.

Having said that - I know selling some of my raw coins back to them I could end up with a bigger hit. I think at this point if I wanted to get of some of my coins I would do two things - first get some of the rarer coins graded, even if in a PCGS genuine holder. Then the more common lower grade stuff would go to ebay or in the open forum, or maybe on consignment. I am not in this as an investment or to get rich. Just want to do the best as possible. Something else that I have managed to do on occasion - is to get a coin at lets say at VF20 prices and have it grade VF30 - if I sell it myself I will make a few bucks. At this point I just do not see me selling again - maybe in the future.