NGC - New Receiving Process Adds DAYS to Turnaround Time

Discussion in 'Coin Chat' started by iPen, Feb 13, 2018.

  1. iPen

    iPen Well-Known Member

    I got a message back from NGC that they now have a 2-step process for when the coins are first received. Your coins are logged when they are first received, but they are apparently checked again several days later. The date of the second check is when your Invoice Date begins. For me, the invoice start date was four days after the coins were recorded as received, but in theory it could be even longer (!). Here's what I was told:

    In an effort to get coins into our system faster for insurance purposes and customer peace of mind, our receiving process has become 2 steps. Because of this, the effective date for your invoices to begin moving through the grading process is February 12th.
    To me, it just sounds like an excuse to catch up with the congestion of new submissions, without adding the cost of hiring more graders.

    Just a heads up...
     
    BlackBeard_Thatch likes this.
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  3. V. Kurt Bellman

    V. Kurt Bellman Guardian of The Farce, & Dead-Eye Master

    Still runs circles around PCGS.
     
    furham likes this.
  4. ToughCOINS

    ToughCOINS Dealer Member Moderator

    PCGS delays the date of receipt into their grading process as well . . . just look at the dates coins are signed for, and the dates on which they were first entered into their grading queue. They let the coins sit for a few days before "starting the clock."

    Turnaround time is exactly that . . . from time received to time returned. They should not be so disingenuous.
     
    mikenoodle, C-B-D and jpcienkus like this.
  5. V. Kurt Bellman

    V. Kurt Bellman Guardian of The Farce, & Dead-Eye Master

    The coin hobby writ large.
     
    mlov43 likes this.
  6. Burton Strauss III

    Burton Strauss III Well-Known Member

    Actually makes a lot of sense from the insurance point of view as stated...

    Can you imagine the discussion?

    "So you have potentially MILLIONS of dollars of coins sitting around waiting to be received and you have NO IDEA what is sitting there in the vault?"

    "Yes"

    "OK, that's another $1M on the excess liability premium"​
     
    BlackBeard_Thatch and baseball21 like this.
  7. baseball21

    baseball21 Well-Known Member

    That's actually the exact same process PCGS uses but sure I guess it runs circles around them because they're doing it right............
     
  8. baseball21

    baseball21 Well-Known Member

    I don't think it's actually a grading issue with any of them for the long turn around times. Everyone always thinks it's a grader issue but I'm pretty sure it's mostly logistic issues that slow everything down
     
    C-B-D and V. Kurt Bellman like this.
  9. V. Kurt Bellman

    V. Kurt Bellman Guardian of The Farce, & Dead-Eye Master

    Agreed. If anyone thinks some grader somewhere is racking his brain for several minutes over your coin, I hate to break it to you, but ....
     
    baseball21 likes this.
  10. iPen

    iPen Well-Known Member

    I was thinking more along the lines of NGC being flooded with way more coin submissions, as opposed to the time per coin rate... but anyway, it could be a logistical issue as mentioned.
     
  11. baseball21

    baseball21 Well-Known Member

    Exactly. Most coins are pretty easy for them to grade.
     
  12. V. Kurt Bellman

    V. Kurt Bellman Guardian of The Farce, & Dead-Eye Master

    Well NGC does slowly but constantly expand its lead in total number of coins graded.
     
    furham likes this.
  13. mlov43

    mlov43 주화 수집가 Supporter

    MitchBailey and LakeEffect like this.
  14. gxseries

    gxseries Coin Collector

    I think it's necessary.

    There was a few times that some of the highest quality counterfeits were caught because a huge batch just appeared out of the blue for grading. Initially some did pass the grading test because no known counterfeits exist.

    Counterfeiters got smarter too - they only send a small batch these days.
     
  15. Conder101

    Conder101 Numismatist

    That wouldn't really help the congestion at all. It might relieve it some in the grading room, but it would greatly increase it in the receiving section. It just means the coins are stored in a different vault.
     
  16. iPen

    iPen Well-Known Member

    I'm talking about the congestion with respect to keeping the turnaround time the same. With an increase in submissions, NGC has historically been increasing the turnaround time. So instead of 21 days for economy tier submissions, it would have been say, 25 days for economy. With this 2-step process, NGC can maintain 21 days of turnaround time because the invoice date starts several days after its receive date.
     
  17. V. Kurt Bellman

    V. Kurt Bellman Guardian of The Farce, & Dead-Eye Master

    Yes. You have it exactly right. I especially point to THIS from your third link (top of the page that links, in blue):

    "I learned to regard Murray N. Rothbard as a faker who substituted radical political rants for the data from history."

    Wait, what??? A Von Mises Institute "thinker" who corrupts the historical record to put forth a radical political rant? Say it ain't so, Joe! :rolleyes::rolleyes::rolleyes:

    This is precisely what I've been saying about the Austrian School cretins since the day I got here. It is what the von Mises Institute has always been about.
     
    mlov43 likes this.
  18. Conder101

    Conder101 Numismatist

    OK it keeps turn around time low, but what happens when when they get really behind and people get notification that their packages arrived from USPS but they don't show up as "received" for a week or two? Right now they are unhappy because they are "taking too long" to work through the system. How do they feel when they just disappear for a couple weeks are aren't even in the system?
     
  19. Santinidollar

    Santinidollar Supporter! Supporter

    Insurance is the magic word here.
     
  20. iPen

    iPen Well-Known Member

    The coins are marked as received and the date is marked.

    The date is then changed a second time, which is when the invoice date starts.
     
  21. Hommer

    Hommer Curator of Semi Precious Coinage Supporter

    I get a chuckle every time I read one of these threads. You guys sound like mom sending her offspring to summer camp.
     
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