I recently purchased a coin which was graded by NGC which I am very happy about. I bought it through a reputable dealer so I wasn't worried about it but after the fact I decided to verify the serial number. I knew in the past that TPGs sometimes won't honor the color of a copper coin after a certain amount of time has passed because coins can turn in the slab (RD, RB, BN)...but the entire grade? Is this a new policy or have I just had my head in the sand. When I looked up the serial number, below the information about the coin it said this:
Wow, I’m like you, I knew copper color wasn’t guaranteed after 10 years but this is the first I’ve heard about the grade. I have to wonder if PCGS has the same policy. Will have to check.
I would think that a coin, once slabbed, will not have the grade changed because of a TPG statement. I can see the color of copper changing from red to red-brown, etc. but not the overall grade of the coin itself. There had been no wear.
O have never seen tat on any of the TPG's sites, nor ever heard the statement. That just says that they don't even guarantee their grade. It could be beneficial if you resubmit as gradeflation has become the new norm.
They do it with copper because with copper being such a reactive metal it's all too easy for toning/corrosion over a 10 year period of time to either lower the grade or even render it ungradable via physical damage.
I figured that was the reason but I had never seen it so blatantly stated like this. Is this a newer policy or has it always been this way?
According to this article, there used to be no guarantee at all on copper. Then in 2003, NGC introduced the 10 year policy we still see today. https://www.ngccoin.com/news/article/107/ The only thing I’m not sure about is when the message started showing up on the cert page (I’ve seen it for at least a few years now).
Then they ought to be transparent and put expiration dates on those grades. "Best by X/Y/Z," or some such thing. "Freshness Guaranteed...," that's maybe pushing it some.
I knew that they had some exceptions for copper...but I didn't realize their slabs were basically meaningless other than for authenticity. I didn't buy this coin because it was graded...I bought because it was an extremely rare opportunity to snag a coin off my most wanted list. But still, that caught me off guard.
It certainly isn't something you would expect. However, it hasn't stopped many from collecting slabbed copper and NGC must have realized that few people would question their policy (be it from not knowing it exists or never having a reason to submit a coin for grade guarantee).
Would have been nice if they said 20yrs, otherwise I get it. But they should look at these types Super close.
I still bought the coin...in fact it's sitting right here on the desk in front of me. I'm glad it's slabbed but in this case only for authenticity purposes. Due to the rarity, the grade isn't super important to me...I'm just thrilled to own an example. I will post photos once I have a chance to image it.
