I love it...finally, a collector has had enough of this "First Strike" B.S. that he filed two independent class action lawsuits against PCGS and NGC to in essence, stop the B.S. of selling amd marketing "First Strikes" graded coins. Any serious collector will tell you that there is no way to determine if your "First Strike" did indeed come from a brand new die or was it the 10,000th coin struck from a die, but shipped with the "first" release. The mint has stated, "... that "First Strikes" represents the date the box was packed and does not necessarily correlate with the date of manufacture". Damning to PCGS's future defense will be their own co-founder, John Albanese who publically stated that, "..coin dealers and grading services must stop calling the bullion coins fiirst strikes or risk losing credibility with collectors...it is flat out wrong...It really is a marketing gimic. It shouldn't be done." A letter was written to Con World suggesting those who own one of five 1913 Liberty nickels shold resubmit their coins for grading for a "First Strike" label. Hey why not?
Better duck and cover, Midas. There are those here that think the sun rises and sets on PCGS and NGC.
I am a big fan of TPGs like PCGS and NGC (more so PCGS), but when you start selling "Jessica Lynch" graded coins (via PCGS) and then this First Strike nonsense in order to drive submissions and premium dollars, I just hope this "1st Strike" crap goes way and the graders get back to doing what they SHOULD do best... ...grading opinions, nice protective plastic housing, and above all...consistency.
HAHAHA. :goofer: ok ok... I'm done laughing now. :goofer: I support the PCGS over NGC. However, this marketing BS is taking away their credibility. I bet if I sent in my 1250 wheat cents to the PCGS, I could get them to call it the "Central California Hoard" or some crap like that. Buy the coin, not the holder. I hope the plaintif wins their suit and they have to RE-SLAB all the "first strike(s)".
Bravo I say. I rarely buy slabs, but when I do they are NGC slabs. Thats beside the point though this "first strike" crap is nonsense. I hope this puts an end to this marketing gimmick forever.
I think this is funny, look at this dealers page on ebay, listed highest first http://stores.ebay.com/Blue-Moon-Coins-Inc
that seller is a KNOWN crook. Looks like hes trying to unload all his first strikes, becuase of this first stike suit. I bet if you offerd him 600 for each coin totaling 30,000 he would take it. but then there's having to deal with gettign them RESLABBED. Becuase I have a feeling this NGC first strike crapola is going to blow up in there face.
About time I have been fed up of seeing the 1st Strike designation every time I look at a new bullion coin (with the extra cost of course) to who ever it was who has taken them on a very big :hug: De Orc :kewl:
Obvious ? If they are getting sued for having the dog eat their home work, what else lies in their closets ? My coin knowledge is rather limited but I do know a little about business. Trust but verify when money and some times retirements etc are involved. They will not go after them unless they can find more evidence of wrong doing. To stop and satisfy a few people is one thing the proscecuters will usually not touch. They do not like to spend resources on small items. They go after winable large fine cases that cover their expenses and satisfy a great segment of the population. The grading companies are small time , I doubt they have a lobbist on their payroll. My opinion only, I speak for no others
Have read that NGC will come up with something other than First Strikes next year. Something like "orginal Stikes" or "Early Strikes" or something like that. The game is still on, just the name has been changed it seems. Think the mint is really missing the boat on these. how easy they could sell their own first strikes or what ever they want to call it. The way they like to sell coins, it seems wide open for them. Now if they could only ship coins when they are suppose to .
bama: Two great points: 1) With the change in designation to the new description, these slabs will be marketed as "rare early slabs" with a "no longer to be used description" that is now "Outlawed". "Own a slab that Jessie James would be proud to own, Own the Outlaw slab." 2) Since the mint is the only one who knows what is an early, first day, first hour, first minute strike, guess who'll be the next slabbing company? USMGS: Coming soon, the "United States Mint Grading Service". Can it be long before this happens?
Howdy folks, It's encouraging to see you all pan this practice. I think the TPG's offer a very valuable service, but this First Strike nonsense is doing serious damage to their credibility and reputation. Doesn't it lower them to the level of the swine that sell coins on TV for 50-100% over retail? Correct me if I'm wrong, but that throughout an annual production run of let's say bullion ASE's, there are how many die changes? 6? 12? That means that there are several sets of different first strikes. And I understand that a fully struck coin carries a premium and that this can even apply to ASE bullion coins where I've seen variations in strike quality in coins of the same year. Nevertheless, the TPG's really need to be slapped severely for this practice as it only encourages the TV vendors and they, my friends, are doing major damage to the entire hobby and business. Let's say you're a local dealer and dad brings that wonderful collectable coin that mom bought him off of TV. You get out your grey sheets and quote them a fair price. Dad's goes nuts and accuses you of ripping him off - because he knows how much momma paid for it - but alas and alack, not that she overpaid retail by 80%. Dad stomps away thinking that you're just a crook. er, folks, we do not need this bs. peace, rono
Or a crooked dealer submits mass lots to a TPGs their in cahoots with and gets coins back vastly over-graded. They could also the ones purchasing empty proof or mint coin set holders on ebay. The rest is left up to your imagination. How about the practice of placing raw or holdered coins in a plastic baggy or tupperware container (with a sulpher rich enviroment from match-heads or some other substance) for a few months then selling them as "Monster Toned." I've seen AT coins in all of the top three (so-to-speak) TPG slabs. Say "NO" to TPGs Ben
https://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?catalogId=10001&storeId=10001&categoryId=10090&langId=-1&parent_category_rn=10197&top_category=10197 I believe the mint already has a first strike, and its labeled "Official" . Do ya think a fella could send these to the TPG's and get them labeled first strike? The Other Tom
I could not agree more with all opinions posted. I about spilled my cofee when I saw the prices on that auction site. But. He has alot of coins, "wow". I will not buy a first strike coin for the reasons mentiond here.
Not exactly. "First Strike" is false hype. . "First release", with a postmark, is a verifiable statement of fact. :thumb: Sure, the first coins released could possibly have been among the first minted, but more likely they were minted just days before release - those would be the most recently stored and therefore the first to come out of the vault under the LIFO (last in, first out) method commonly used in warehousing fungible goods, like bushels of wheat or bags of coins.
I knew NGC was being sued, but now PCGS? Well, I say they're getting what they deserve (even though I too, am a fan of TPG's, NGC in particular).
