Has PCGS or NGC ever payed for the privledge to slab a coin?
fivecents
Posts: 11,207 ✭✭✭✭✭
Has either of the big two TPGS ever payed to have a high profile coin slabbed in their holder? They must really be fighting over the right to slab the 1913 V nickels, 1804 bust dollars, 1933 $20 Saint and other such rarities.
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<< <i>Has either of the big two TPGS ever payed to have a high profile coin slabbed in their holder? They must really be fighting over the right to slab the 1913 V nickels, 1804 bust dollars, 1933 $20 Saint and other such rarities. >>
I've heard that if you slab four 1913 V Nickels, the fifth one's free.
peacockcoins
The major coins tend to get a bit of free publicity from the services when they change holders. I guess you could call that 'payment'.
So far as I'm concerned that's paying the coins into your holder. A professional grading service should not raising every coin by one point to get it into their holder.
K S
<< <i>i'd think any time you get a discount off a standard rate, your in effect being "paid" to get it slabed.
K S >>
No, I don't buy into that, Carl.
I don't see anything wrong with the bulk grading deals that dealers get if the coins are consistly graded. It allows for a larger number of coins to be slabbed that otherwise would not get done.
I also don't see anything wrong with providing discount incentives for collectors to sign up for grading agreements that cover a period of time. That's just marketing, and I don't see anything unethical about it.
<< <i>i'd think any time you get a discount off a standard rate, your in effect being "paid" to get it slabed.
K S >>
Karl sure strectches to find any way possible to slam the grading companies. Discounts for volume are standard practice in any industry.
Russ, NCNE
<< <i>i'd think any time you get a discount off a standard rate, your in effect being "paid" to get it slabed.
K S >>
Maybe we were just paying too much in the first place.
<< <i>Maybe we were just paying too much in the first place >>
I guess you could always save a buck and use DGCS, PGS, PCI, AGC,PCI,SEGS or any other of the TPGS out there.
<< <i>Karl sure strectches to find any way possible to slam the grading companies. Discounts for volume are standard practice in any industry. >>
HUH??? i wasn't even trying to slam anyone! nor was i even referring to published volume discount rates.
what i'm saying is, if ngc for example says "we'll grade your collection of norwegian whaling tokens for 50% off because we'd like to build a reference database for them", they are in effect paying you for the privlege of grading your tokens. it HELPs them to have an opportunity like that, so i could see them compensating someone for the opportunity by discounting their grading service.
actualy, as i recall, david hall did just this very thing recently w/ the alaskan token collection.
K S
The question in this thread was PCGS or NGC "paying" for the privledge to slab a coin.
To me "paying" means just that. Paying.
A discount is not paying, payment, etc. It is simply a discount. Getting coins slabbed for free is still not paying payment, etc.
I am still waiting for the answer whether PCGS or NGC ever PAID anyone cold cash. or check to slab a coin?
Heck, just joining the collectors club here entitles you not only free slabbing of certain coins quarterly but also a free slabbed SAE. That is not payment. It is a "discount."
Even if the discount are not published and customary it is still a discount as long as there is a marketing/business purpose such as an incentive behind such discount or even such "freebie."
As long as the two parties are not closely related family wise of ownership wise. Even employee discounts are not considered payments such as employees at Home Depot, etc.
Also under Internal Revenue Service Code, payment and receiving / reporting of income is required when "boot" is received. Boot is money.
I await the answer.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
K S
I think I remember something about a million dollar agreement for a coin sold by one of the major coin grading companies...
ANyone know what I am talking about on either of these?
Ray
mrpaseo...Yes that was a few months ago. PCGS put up a $10,000 finders fee to be the first to see the long lost 5th example of the proof 1913 V nickel and had an open offer of 1 million(too cheap) to purshase it.
That is a good question, maybe PCGS paid to have that coin slabbed.
K S
The reward offer was A MINIMUM of $1 million, either for outright purchase or as cash advance to place it in a B&M sale. The $1 million was a floor, not a ceiling, when the offer was announced on Memorial Day weekend last year. Since no knew at the time if A) the coin still existed or
When the coin amazingly showed up in Baltimore, the heirs of George O. Walton were informed by Montgomery that based on its condition and the current market it would be worth more than $1 million. The family was so happy that their ancestor was vindicated with the authentication of the coin (kept in a closet for 41 years!), and thrilled with the long lines of spectators eager to see it displayed, they decided not to sell the coin for a while. It has been loaned for the past year to the ANA Money Museum in Colorado Springs and exhibited there, Long Beach, FUN, Portland, and most recently in Pittsburgh.
Anyway, the reward was for a minimum, not maximum, of a million bucks. And the heirs were given $10,000 for letting Paul be the first to see the missing fifth 1913 Liberty Head nickel.
-donn-