why are these "Binion Coins" not graded?

JJM

link

ebaytrader

They grade less than ms63.

JJM

I still dont get it, why would NGC slab em but not grade them?

morgannut2

Bulk submissions can specify a minimum grade and those that don't meet it recieve a discounted holdering fee. Jack Binion had 7 million in silver--a lot of it in uncirculated silver dollars saved from his dad's Horseshoe Casino, downtown Vegas.

numonebuyer

This is an example of a coin originally sold on one of those cable coin shows. The buyer no doubt discovered after the fact that there is a difference between what we all call NGC certified (which actually includes a grade) and what we all call NGC slabbed (which basically says the coin is not counterfeit, cleaned or damaged). I really sickens me that NGC does this sort of thing. It makes me mad that ANA aligns itself with NGC.

I would pass on this one if I were you.

robertpr

<< <i>This is an example of a coin originally sold on one of those cable coin shows. The buyer no doubt discovered after the fact that there is a difference between what we all call NGC certified (which actually includes a grade) and what we all call NGC slabbed (which basically says the coin is not counterfeit, cleaned or damaged). I really sickens me that NGC does this sort of thing. It makes me mad that ANA aligns itself with NGC.

I would pass on this one if I were you. >>



I really don't know why this would sicken someone. The coin is certified as genuine, and the pedigree has been assigned and kept with the coin. NGC would undoubtedly grade the coin in the future should someone submit it for numerical grading. I honestly have no problem with this service, and I don't see how it's misleading at all.

numonebuyer

<< <i>I really don't know why this would sicken someone. The coin is certified as genuine, and the pedigree has been assigned and kept with the coin. NGC would undoubtedly grade the coin in the future should someone submit it for numerical grading. I honestly have no problem with this service, and I don't see how it's misleading at all >>



What grade is it? The only thing you know for certain is that it came from the Binion collection, is not damaged or a counterfeit.

The coin show paid NGC to slab it at a discount price and then hyped it as "NGC certified".

If all you want is a Binion Morgan, then go for it, but don't come crying to me when you can't get anyone who knows anything about coins to give you much more than melt for it. Of course, you can do what this seller is doing, and passing it off for more than it is worth.

morgannut2

Wrong--the estate representing Miss Binion (the daughter) had the coins graded in bulk--they were marketed in various ways, not just TV. The estate even hid the owner's name of some of the rare gold, which was sold by a top auction firm.
That said, I saw some real dogs of OVERPRICED common Morgans in NGC MS63 holders on the "Vault" last night and agree NGC is hurting their name>

Conder101

<< <i>I really sickens me that NGC does this sort of thing. It makes me mad that ANA aligns itself with NGC. >>


Does it sicken you that PCGS does the same thing? It doesn't happen as often, but it does occur.

rec78

Could be because it is a very common coin?

MrKelso

You can find then very cheap at coin shows and shops. Here are a few i picked up at the parsippany coin show for next to no money for my grandson to play with and learn about

Outhaul

<< <i>I would pass on this one if I were you >>


Why? Because YOU don't care for the way it was slabbed? I see nothing wrong with it. It is what it is, not being falsely represented. I look at this as a cheap way for someone to obtain a Binion dollar without having to pay through the nose.

BTW...NGC is NOT the only grading company providing this service.

JJM...If you like it and feel the price is reasonable, buy it! Don't let others dictate your likes and dislikes. The seller has plenty more of these.

Cheers,

Bob

JJM

good thread for info...thx

robertpr

The coin show paid NGC to slab it at a discount price and then hyped it as "NGC certified".

Yes, NGC has certified it as both genuine, and from the Binion hoard, so it is NGC certified. It is not NGC graded however.

p8nt

Not to derail this thread, but I have a similar question Battle Creek coins. There were supposedly 1400 of them and all were given the star. They are popping up into the market recently ungraded and without a star. Does this mean that they would not slab at a certain grade? Come to think of it.. MS63 is the lowest I have ever seen for a Battle Creek coin.