NGC and "The Coin Vault"

Bobsav21

Do you think that NGC's reputation will suffer with their "deals" with the "Coin Vault?

Was watching last night and the hawkers admitted that the send cases and cases of unopened coins to NGC to be
"screened" to look for the ms-69 and ms70, cameo and proof like stuff that they sell.

Does NGC offer "screening" to individuals?
Can I send a half a dozen roll's of eagles to them have them only slab the "good" ones?

Just rambling, what are your thoughts?

Bobsav21

JeffinMich

I've asked the same question here in the past, as ICG seemed to go downhill in a hurry after pushing all the MS and PF 70's out on the Coin Vault. I'm sure NGC is a lot tighter on the 70's, but it might still be a guilt by association type effect.

KenzoT

If only NGC would tell them to STOP saying, "These coins cost 30 Bucks apeace to slab, folks, look at the deal we're offering!"
They are paying $8-10, maybe less, for the slabbing but keep using that $30 as the benchmark price for each and every coin.
Just like shop owners who get yelled at and called crooks when these people go to sell their "investments", I think NGC will get a bad reputation for slabbing them.

dbldie55

You can send in the coins for screening. Cost is determined on quantity. I think it is 200 coin minimum at PCGS (very easily could be wrong on the number). If you send a grading company 50,000 coins that came directly from the mint, odds are good some high grades will be found. They pick up their eagles at the mint and send them directly to NGC. I am sure the ones that do not make the grade are the ones they sell raw on their show as being a minumum of MS67. They have also said the go to the mint to pick up their Proof sets to speed up delivery to NGC for grading. I think I saw that their grading bill is over $2 million a year. Sort of hard to fault NGC on this one.

jeffnpcb

That's the goal of every business to turn away money! Good for the investors, workers and collectors! You can't fault NGC for doing their job! As if they can control what everyone does with the coins when they ship them out! I'm sure PCGS would do the same.

DrWho

The coin vault gets a message out to new collectors, be they informed or not. Then they get the product. Then they find out the truth. Then they no longer collect, take the loss. Then its bad mouth coin collecting, coin vault, NGC, and whoever was involved in the sham. A Business for 'them', a hobby for me. They don't mix well!

Walked into the PostOffice to mail out a....coin. Clerk says "oh, its going to Widget Numismatics, are you a collector?"
"Yes"
Clerk: "I've been watching the coin show on HSN. What do you think of them?"
"NO, AT LEAST 2X OVER RETAIL, STAY AWAY"

It's product? Not to me as a hobbiest, IT'S NOT PRODUCT! It's fun, history, beauty, not frigging PRODUCT.

freakycoinfreak

PCGS and NGC both offer screening services to anyone.

They cannot control who submits to them.

NGC is in no way responsible for how people sell coins graded by them.

I do not think any less of NGC because their graded coins are sold like this. I do think less of PCGS since their graded coins are sold by the company president under an allegedly different firm.

crito

They're less expensive than the PCGS 70's David Hall sells.

robertpr

PCGS and NGC both offer screening services to anyone.

They cannot control who submits to them.

NGC is in no way responsible for how people sell coins graded by them.

I do not think any less of NGC because their graded coins are sold like this. I do think less of PCGS since their graded coins are sold by the company president under an allegedly different firm.

I agree that NGC isn't responsible for who sends coins to them for grading. I don't think it would be right for NGC to suddenly go, oh, you're gonna hawk these on TV, so we're not grading them. Anybody can get the screening service.

Placid

Would you like to see coin vault switch to using pcgs?

Newkid

I called PCGS customer service the other day and they told me they only offered
the prescreen submissions at some big show a couple of months ago and were
not allowing prescreen submississions now.

sinin1

I think the screen option at PCGS costs the same whether the coin gets in a slab or not


why would you want to send 40 coins in and pay for them all and only get 5 slabs back????

dbldie55

<< <i>I think the screen option at PCGS costs the same whether the coin gets in a slab or not


why would you want to send 40 coins in and pay for them all and only get 5 slabs back???? >>



Talk to a PCGS dealer first. They make deals with PCGS for grading on bulk submissions. X dollars for no grades (too low), X+ for Grade1, X++ for Grade2, X+++ for Grade3 etc. Seen it at work on some bag submissions of Morgans. It is all about quantity. (Rember, the Coin Vault is sending in "thousands" of coins at a time)

airplanenut

I don't think CoinVault sends them in... I think they have multiple dealers do it for them, so NGC couldn't trace them if they tried.

NumisEd

talk about 2 peas in a pod......NGC and Coin Vault belong in the same category; loser scam artists. They both suck the big one.

Newkid

I am a PCGS authorized dealer and they told me they were not accepting prescreen submissions.
On the other hand NGC will allow you to send 100 or more coins of the same type with an assigned
minimum grade. They charge $8 for every coin they holder and only 25 cents for every coin they feel
doesn`t meet the assigned minimum grade.