NGC Certified "First Day of Issue" BU Abraham Lincoln Golden Dollar

Is the NGC Certified "First Day of Issue" BU Abraham Lincoln Golden Dollar really worth anything? A coin vendor has them for $2.00. The slab is worth that I think and the coin is worth $1 even if its only fiat money. I am new to coins. I do not see the real vale of a "First Day of Issue" coin? Please educate me?

 

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It's not really worth much more to most collectors, its just a way for the TPGs to make more money, thats the way I see it.

 

I believe that dealers (or whoever) will send in a ton of coins, and only have them grade the ones that hit a certain mark (MS-67 or higher, perhaps). The others will be returned slabbed "BU" and they only pay half as much or something like that. His money makers are the higher grades, and he's offloading the junk on the cheap. He just so happened to submit these early, so he got the First Day of Issue slab label.

Am I right? Is this how it works?

 

What is TPGs?

 

I get so dang tired of people saying that it is a way for the TPG to make money when these special labels were the specific request of a bulk submitter who wanted to take advantage of a buyer's stupidity. You make it sound as if it was a scheme concocted by the TPG when it wasn't. Get your facts straight!

Chris

 

TPGS - third party grading service

 

Maybe the TPG's didn't come up with the original idea but they are as much to blame as the dealer that suggested it. They agreed to do it ........and they do make a lot of money on these labels.

 

If you owned a business and a customer came to you and asked for a service that you normally do not provide, would you turn him away?

Chris

 

It's marketing fluff, nothing more. There is no way to tell if a coin was struck the first day on newly designed dies, or the 21st day.

 

Not if it involved me making more money. Were all TPGs that now do first strike, first day of issue etc. asked by this customer? If not then the others followed suit to make more money.

 

If I thought it was a shady proposition that might cause someone to question my integrity, I certainly would.

 

Well they(TPGs) do charge an extra fee for an Early Release/First Day Issue label. NGC charges an additional $20, and PCGS charges an additional $18 per coin.

 

A $2.00 items and you think they are making a profit? Get real these are what is called loss leaders they cost the submitter at least triple that to get holdered.

Edit to add and if your going to go broke paying extra for the holder then don't buy it. But don't expect to go down to the local bank and get the coin for face either very few handle them it seems nobody likes them.

 

I don't get the " scam" here. No one is putting a gun to your head to buy slabs like that, I personally stick to only brown labels for ngc

 

It is not a scam. First Day Issue coins means these coins were at the grading company in queue for grading within 24 hours of the mint releasing them to the public. There will never be any more first day issues graded of coins already released do they will be a rare label and if you have the only 1 at MS67 or a low pop higher grade first day issue it will always be that. Only 1 or low pop.

 

PCGS, NGC, ANACS, and ICG are the big third party graders. Anything else that isn't one of those 4 is completely worthless.

 

For 2 bucks yes if you like it its worth it. It really is only costing you a dollar.

Essentially yes. Some just have the lower grades returned raw other do the BU option, but you are right that that top grades make the money and the rest they just take what they can get.

 

Wow, not use to you seeming so irritated.

 

My. Problem is the first strike labels. They are eligible for that if submitted within first 30 days of release, but no way to prove they are the first ones actually struck. Early release is fine I guess.

 

Thanks for resurrecting this 4 year old thread, guy.