IS NGC now selling coins? See USA TODAY

CoastGuard

Monday, 17 January huge full page ad in USA Today states NGC is selling MS69 2005 $1.00 Silver Eagles. The ad typically explains NGC's wonderful attributes and charges $24.95 per Eagle plus shipping and handling. No other company is mentioned by this NGC ad and there is a picture of their slabbed product for sale. Is this a conflict of interest with the dealer community? Isn't this what posters were complaining about when Star Grading Service (SGS) sells their own graded coins? In the ad it explains how "NGC's full-time experts are prohibited from being involved in the commercial marketplace." This selling of coins seems like a contradiction or does it? I know ICG's policy is a lot stricter in that ICG prohibits all employees from buying or selling coins period. ICG has no fuzzy wording like "full time experts" (what about part time semi-experts) or "commercial marketplace" (what about at the local coin show).

Will this backfire on NGC and ANA, their endorser?

MrEureka

Hard to believe. Scan the ad and show us, please.

CoastGuard

Sorry no scanner here. All $$$ spent on coins (and beer). Now that I look at the date it was Monday, 17 January edition page 8A. Someone with a scanner please come to the rescue! I live in a border state between South and Midwest. Perhaps my edition was different than yours?

dthigpen

<< <i>I know ICG's policy is a lot stricter in that ICG prohibits all employees from buying or selling coins. >>



I find it hard to believe that ICG's employment contract included a clause which would prohibit its employees from buying coins, considering the nature of the field and the people involved.

KlectorKid

Whats with you an ICG? Anyways their website doesnt say anything so I dont think they are.

CoastGuard

I decided to start taking up for them because they were being bullied around by a few other posters that were not giving them a fair shake. A lot of people come here to learn, learn, learn. To make good decisions everyone should hear both sides of the story. I started giving you my side based upon what I read in ICG written contract and guaranty statements provided to anyone who gets the ICG's submission kit. Anyway I am not alone and please remember I do like the "two big ones", and purchase their slabs too. Yes, the ICG website is rather weak (does that make you feel better!). What are your thoughts about NGC selling Eagles they graded themselves? Is it OK?

Fairlaneman

<< <i>

<< <i>I know ICG's policy is a lot stricter in that ICG prohibits all employees from buying or selling coins. >>



I find it hard to believe that ICG's employment contract included a clause which would prohibit its employees from buying coins, considering the nature of the field and the people involved. >>



True statement, so they say.

dthigpen

<< <i>

<< <i>

<< <i>I know ICG's policy is a lot stricter in that ICG prohibits all employees from buying or selling coins. >>



I find it hard to believe that ICG's employment contract included a clause which would prohibit its employees from buying coins, considering the nature of the field and the people involved. >>



True statement, so they say. >>



This would prevent many experienced numistmatists, providing that they actually enforced such policies, from working at ICG.

morgannut2

Now I'm going to have to buy a paper if it's not scanned. I would be astonished that NGC could be so stupid. I'd bet that there's really a dealer doing the sales in the fine print, but who knows? The next thing you know, NGC will move into Heritage and review all their coins for upgrades!!

CoastGuard

Checked the fine print. No other company name mentioned. The title of the ad under the picture of the NGC slabbed coin: A Great Coin at a Great Price-NGC COINS STAND ALONE. I am sure they contracted with a company (1-800-926-MINT) to take the orders but the ad promotes the slabbed product and NGC 's expertise in grading. If NGC is not behind it they will be filing a suit for trademark infringement!

coinguy1

Why not call the number listed and ask who owns/is selling the coins? I still don't think that NGC is the seller.

Oldnewbie

I got the New York Mint. Some guy named Will. I didn't quiz him.

morgannut2

You should post this at www.ngccoin.com as a question to the moderator and the forum. I'm sure that NGC can take care of any fly by night dealers pretending to actually be NGC. Why would one submit coins, if they can be purchased for less directly? Makes zero sense. I think USA today messed up big time!!

mrearlygold

<< <i>I got the New York Mint. Some guy named Will. I didn't quiz him. >>








Oh the New York Mint!


Oh they're ok.

mrearlygold

Will, Bill?

http://www.newyorkmint.net/

morgannut2

Wasn't the New York Mint selling gold 1933 Saints as "tributes" for $29.95, or is this another respected firm?

Oldnewbie

<< <i>Will, Bill?

http://www.newyorkmint.net/ >>




LOL, I'm pretty sure he said Will, but he was talking REAL fast.

Conder101

<< <i>Wasn't the New York Mint selling gold 1933 Saints as "tributes" for $29.95, or is this another respected firm? >>


That was National Collectors Mint which is located in New York.

kieferscoins

NGC is not selling them and I bet NGC is not happy if the ad actually says that NGC is selling them.

Cameron Kiefer

CoastGuard

I got through to a sales manager. The phone number to order is The Washington Mint out of Minnesota. They told me the owner is real close buddies to some NGC owners. It is a joint effort NGC agreed to of course but the ad only extols and promotes NGC service and the MS 69 Silver Eagle and never mentions the order taker. It appears NGC is selling jointly but they wisely hooked up with The Washington Mint to take the orders. I expect this marketing tactic is good enough that other grading services will explore it. I am still curious if retail dealers think their turf is being tromped on?

INXS

<< <i>I am still curious if retail dealers think their turf is being tromped on? >>



Competition never hurt anything especially in this field.

Newmismatist

<< <i>They told me the owner is real close buddies to some NGC owners. It is a joint effort NGC agreed to of course but the ad only extols and promotes NGC service and the MS 69 Silver Eagle and never mentions the order taker. It appears NGC is selling jointly but they wisely hooked up with The Washington Mint to take the orders. >>



Really? I think before you take that statement "to the bank" you might want to check that out with NGC - Or are you ASSUMING that "The Washington Mint" is the spokesmane for NGC? Or put another way: If I offer to sell you the Brooklyn bridge, does that mean that I own it?

braddick

CoastGuard, Your defending ICG is admirable, but one glaring question always comes to my mind whenever I read an ICG add touting their unbiased opinion: Who cares what their ethics are if they constantly overgrade?

It feels like what ICG is braging about is they overgrade everyones coins, not just Dealers or their own.