NGCX grade 7

gumby1234

In the VB5 thread that was closed i noticed one of the prizes says 1893 S Morgan mint state NGCX 7. I think that's wrong. I think NGCX 7 equals an XF40 grade.

editted to fix star to state. Stupid autocorrect.

jmlanzaf

@gumby1234 said:
In the VB5 thread that was closed i noticed one of the prizes says 1893 S Morgan mint star NGCX 7. I think that's wrong. I think NGCX 7 equals an XF40 grade.

You are correct. Mint state might refer to the strike as opposed to the grade.

WQuarterFreddie

Link to article that has cross reference guide for NGCX vs. Sheldon scale:

https://www.ngccoin.com/news/article/12173/morgan-peace-vintage-dollars/

Did my best to cut and paste here:

WQuarterFreddie

Here is what OP is referring to in his comment:

WQuarterFreddie

@gumby1234 said:
In the VB5 thread that was closed i noticed one of the prizes says 1893 S Morgan mint star NGCX 7. I think that's wrong. I think NGCX 7 equals an XF40 grade.

I agree the wording is confusing and I am curious as to what the label will state. Why didn't they list it as NGCX 7?🤔

gumby1234

@WQuarterFreddie no idea why, but someone may be expecting a mint state 1893 S which has a much higher value.

MetroD

Just sent an e-mail to VB, and asked about this.

If they respond, and this thread is still open, I will post their reply here.

Edited - corrected a typo (i.e., send --> sent).

WQuarterFreddie

@MetroD said:
Just send an e-mail to VB, and asked about this.

If they respond, and this thread is still open, I will post their reply here.

Thank you!😂🤣

jmlanzaf

I think it is interesting that they are using both grading systems in a single box. That just be confusing for any coin newbies.

NJCoin

@jmlanzaf said:
I think it is interesting that they are using both grading systems in a single box. That just be confusing for any coin newbies.

Nah. They jumped the shark when they abandoned the idea of tying NGCX to VB in their effort to broaden their appeal to people like you with classic coins.

This series, with its prizes and likely price, will not be geared towards newbies. This is just an instance of a copywriter not understanding grading, or NGCX grades.

They'd have been smarter to just grade it using the Sheldon scale, since NGCX doesn't really seem to be gaining traction anyway. But their deal with NGC probably requires them to use NGCX when available.

BStrauss3

Yeah, but what newbie really cares about a 13-coin 1873 Mint Set?????

We're now into the HGTV home giveaway, where the winner has to sell their win to pay the taxes. Side question, if you buy a VaultBox for say, $1,000 and sell the winnings for, say, $100,000 don;t you owe taxes on $99k?

jmlanzaf

@BStrauss3 said:
Yeah, but what newbie really cares about a 13-coin 1873 Mint Set?????

We're now into the HGTV home giveaway, where the winner has to sell their win to pay the taxes. Side question, if you buy a VaultBox for say, $1,000 and sell the winnings for, say, $100,000 don;t you owe taxes on $99k?

Yes on the taxes.

They advertise the Instant Offer aspect of the VB. I'm sure a newbie would be thrilled to win an 1873 proof set. If I won, I wouldn't keep it.

NJCoin

@jmlanzaf said:

@BStrauss3 said:
Yeah, but what newbie really cares about a 13-coin 1873 Mint Set?????

We're now into the HGTV home giveaway, where the winner has to sell their win to pay the taxes. Side question, if you buy a VaultBox for say, $1,000 and sell the winnings for, say, $100,000 don;t you owe taxes on $99k?

Yes on the taxes.

They advertise the Instant Offer aspect of the VB. I'm sure a newbie would be thrilled to win an 1873 proof set. If I won, I wouldn't keep it.

But a newbie isn't even going to really know what it is. Once a newbie sees how much the lottery tickets cost, the newbie will have no interest in playing.

$600 for a box of graded bullion, with a shot at a special $20K prize was the premise behind VB1, along with the launch of NGCX and a view towards attracting the card break crowd. Not so much with this, given the value of the prizes and the mix of classic coins that newbies wouldn't know from a wooden nickel.

You'll see! This is either going to be a home run for VB, as they suck in people who play $1,000k+ per hand baccarat who have an interest in rare coins, or it's going to be a bust as they finally price out the fanboys among us.

People who cannot afford to outright buy the red cores really cannot afford to play an unregulated lottery offering them as prizes. Once the value of the prizes goes into the stratosphere, that point is going to be driven home to the folks behind VB.

The only question is whether people sharp enough to have accumulated enough wealth to afford this round are going to think it's "fun" to burn it in this fashion. You won't be winning anything because you are no doubt smart enough to stay away, your cheerleading notwithstanding. The jury is out with respect to others who might be tempted.

MetroD

@MetroD said:
Just sent an e-mail to VB, and asked about this.

If they respond, and this thread is still open, I will post their reply here.

Edited - corrected a typo (i.e., send --> sent).

VB responded. It was a typo, and has been corrected.

Source: https://vaultbox.com/series-info/series-5-information/

@gumby1234 - They were grateful to you for detecting the issue, so that they could correct it.

WQuarterFreddie

@MetroD said:

@MetroD said:
Just sent an e-mail to VB, and asked about this.

If they respond, and this thread is still open, I will post their reply here.

Edited - corrected a typo (i.e., send --> sent).

VB responded. It was a typo, and has been corrected.

Source: https://vaultbox.com/series-info/series-5-information/

@gumby1234 - They were grateful to you for detecting the issue, so that they could correct it.

Awesome! Thank you for the update. Did they tell you what is the correct label?

MetroD

@WQuarterFreddie said:

Awesome! Thank you for the update. Did they tell you what is the correct label?

Based on their e-response and website update, it appears they simply made a mistake when preparing the "red core" summary information for the website. Specifically, they described the NGCX 7.0, 1893-S Morgan as "mint state", when it should have been described as "extremely fine". As a result of the contact prompted by this thread, they have corrected their error (i.e., a 'NGCX 7.0/Sheldon XF-40' coin is now correctly described as "extremely fine").

gumby1234

@MetroD thanks for getting that corrected.