NGC Now Grading slabs either BU or AU for -- you guessed it!

LAWMAN

Coin Vault unveiled new NGC slabs with a special American Flag label which only grade Morgans as to whether or not they are BU or AU. The BU's are like 69.95 if I got my numbers right (or else it was 3 for $169.95-- they kind of dazzle me out on there).

Anybody see one of these yet? Wasssuuuup with this? Does it strike anybody else as wierd?

They said this is so NGC can save labor, Coin Vault can price better (right, I'm waiting for that. . . ) and dealers can't take advantage of collectors by selling "sliders" as BU coins.

Huh

MassFullStepper

Lawman...I did see that myself...I DO hate to admit it, but I do watch it...something about Parsons' demeanor ALMOST makes it seem you ARENT getting a 'boning' (and J. Tello isnt too tough on the eyes either), but I DONT buy from them. It does strike me as weird also as NGC has these same 'authentic', 'BU' 'AU' 'no grade' slabs from NCS. BUT, they did do this prior for the Binion Hoard, but that included Peace dollars, and other denominations, probably by SAH's request also.


MFS

eminem

This has been going on for a long time. I'd rather have em raw. so what if NGC encapsulated it.

ElectricEye

in a word ~ cheesey

what more can we expect from the company that hands out 70's like candy?

291fifth

I have to say that I'm really not very excited about this issue one way or another. The coin business IS a business and businesses market to different groups in different manners. I don't see any misrepresentation here.

In a short while these pieces will begin to come in to coin shops and the buyers will realize they paid too much. I really don't have any sympathy for the buyers because they didn't do their homework.

baccaruda

My girlfriend was telling me about it the other day. I was asked her what grade the Morgans were for $59.95 each. She said they were just BU and the guy is saying that they could be anywhere from MS60-65. I told her there had to be a grade on the slab, I guess I was wrong.

Who wants to guess what weight the MS60s are in that pile versus the MS65s? It's a little easier for a newbie to see a grade and look up the price - this is just an easier way to deceive the beginner.

Good job, Coin Vault - taking their screwing to the next level.

LAWMAN

Don't get me wrong. Business is business and whatever a willing seller and a willing buyer do at arms length doesn't concern me, but, these are not from any special hoard -- you can't even specify what year!

I'm in the wrong biz.

dorkkarl

well it's about freaking time. someone finally got a clue & produced a useful idea.

WHO CARES if you 1881-s is ms-60 or ms-64 - IT'S STILL WORTH ONLY 20 BUCKS!

all that matters is if it's UNC & not AU.

i applaud ngc for FINALLY taking this stance. there are literally TONS & TONS of coins out there where no one gives a sh-- where the coin falls w/in ms-60 to ms-64. they just want to make sure it's not au.

K S

Myqqy

In a weird sort of way, I kind of agree with dorkkarl- either that or I just find his comments funny- I'm not quite sure which... But the connection with schills on tv smacks of crass commercialism and looks bad in my opinion. I would feel the same way if there was a marketing deal in place with Mcdonalds hawking average to poor quality morgans along with their "happy" meals...

Coinosaurus

The problem with this is that it dilutes the NGC brand, which in turn impairs the credibility of the major grading services. As collectors, dealers, investors, whatever, it is important to have the strongest grading companies we can have - it's good for liquidity, it gives people coming into the hobby more confidence, and it makes all the shyster grading companies continue to look like the schmucks that they are. It means the market can police itself instead of having the Feds do it.

It's not a big deal, but I would rather that NGC had not done this.

nankraut

IMHO, NGC is be-smirching their reputation by doing this. Unfortunately, in today's world, BU is not a grade anymore. Everybody now expects a numerical grade from the grading companies.

Aethelred

NGC has become little more than a whore to the Coin Vault people, it is sad, but just look at all of the 70s they churn out for CV. They are going the way of ICG.

I hope and trust that PCGS will keep the faith!

Russ

This is not new, nor is it unique to the coin vault. Many of the Binion Morgans were holdered simply as "Brilliant Uncirculated".

Russ, NCNE