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Have the big 2 TPGs "sold out" ?
Barry
Posts: 10,100 ✭✭✭
Couple of interesting things in the 9/11 Coin World that arrived today.
1. An article about NGC petitioning the US Patent Office to cancel CU's registration of the term First Strike, claiming it is a generic term and has damaged NGC's business.
The whole First Strike thing is a real joke, created to generate $$'s, especially oafter the Mint's recent statement.
2. A Letter to the Editor crtcicizing NGC for slabbing and lebelling corroded coins as "shipwreck effect." What's next? "Drillbit effect" for holed coins and "Brillo effect" for scrubbed coins?
Slabbing these corroded coins just increased the pool of coins to be graded (and regraded.)
1. An article about NGC petitioning the US Patent Office to cancel CU's registration of the term First Strike, claiming it is a generic term and has damaged NGC's business.
The whole First Strike thing is a real joke, created to generate $$'s, especially oafter the Mint's recent statement.
2. A Letter to the Editor crtcicizing NGC for slabbing and lebelling corroded coins as "shipwreck effect." What's next? "Drillbit effect" for holed coins and "Brillo effect" for scrubbed coins?
Slabbing these corroded coins just increased the pool of coins to be graded (and regraded.)
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<< <i>Couple of interesting things in the 9/11 Coin World that arrived today.
1. An article about NGC petitioning the US Patent Office to cancel CU's registration of the term First Strike, claiming it is a generic term and has damaged NGC's business.
The whole First Strike thing is a real joke, created to generate $$'s, especially oafter the Mint's recent statement.
2. A Letter to the Editor crtcicizing NGC for slabbing and lebelling corroded coins as "shipwreck effect." What's next? "Drillbit effect" for holed coins and "Brillo effect" for scrubbed coins?
Slabbing these corroded coins just increased the pool of coins to be graded (and regraded.) >>
How about MOCeffect?
No, they have always been in the coin business to make money.
Quite a few people have pooh-poohed complaints against the "First Strike" designation by arguing that it doesn't bring any premium in the marketplace. That argument fails to account for the possibility that the designation results in a higher volume of sales. Thanks to research by Notwilight, we also see that the argument is just plain false: a First Strike PR70 DCAM sold for $3,050 while a non-First Strike PR70 DCAM sits unpurchased with a BIN at $2,000. And, of course, submitters who know how to make money willingly continue to pay extra for the "First Strike" designation. Now we have the TPGs lawyering up to fight over the right to use a designation which we all know is Malarkey™. I'd say that it must be quite a profitable scheme.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>Everything is Gone, there are Sharks in the Water !!! Let the After Market Frenzy Begin !!! >>
You forgot the attribution for this quote. I'll guess Roy Scheider as Police Chief Martin Brody.
my my my my my my my ( I think that is enough my's)
NGC amazes me.
First - to challenge the First Strikes designation when those in the know understand it means nothing. If CU was smart they would sell the rights to NGC for big bucks - avoid the legal BS - and let NGC wear egg on their face in the future.
Second - shipwreck effect is also a joke. I like brillo effect, drillbit, railroad effect (for coins placed on railroad tracks), dirt effect, and on and on. NGC must really be hurting to conjure up all this crud.
Can't wait to talk to them at the next major show.
I sure am glad the few NGC coins I own are 'real coins' and not BS.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
<< <i>2. A Letter to the Editor crtcicizing NGC for slabbing and lebelling corroded coins as "shipwreck effect." What's next? "Drillbit effect" for holed coins and "Brillo effect" for scrubbed coins? >>
please Barry, do not give them any ideas
Brillo, thats a good one
Go BIG or GO HOME. ©Bill
<< <i>I want some with the brillo effect to remind me of what I did to coins when I was a kid but I mostly used tooth paste and comet cleanser. Hey...I just thought, I can sell slq's with the "eraser" effect, I put a lot of those back into circulation in my earlier days. Now, if I can only get one of the tpgs to designate it properly!!! >>
30 years ago I cleaned a coin with Brasso.
My 88 year old mom sent it to me about 5 years ago.
It still looks shiny.
OMG am I that old?
Sorry if this steps on anyone's toes, but it's true.
Added: But, if that's the game to increase my returns, yeah, I'm gonna play it too.
I knew it would happen.
<< <i>Quite a few people have pooh-poohed complaints against the "First Strike" designation by arguing that it doesn't bring any premium in the marketplace. That argument fails to account for the possibility that the designation results in a higher volume of sales. Thanks to research by Notwilight, we also see that the argument is just plain false >>
I haven't seen NoTwilight's research but from my own checks of bay realized auction prices, the designation brings a premium for some coins and doesn't for other coins, notably older common date ASEs. So certainly it sometimes brings a high premium but it seems there are also other factors at play.
<< <i>If the TPGs were doing their jobs right (and honestly), they wouldn't need to designate any coin as "First Strike," because the sharpness of the strike could always be noted on the label anyway. Using "First Strike" as a mass marketing ploy does everyone a Dis-service. >>
Yes there would be. The "need" is "extra" revenue that would not be obtained by designating good strikes only.
I knew it would happen.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>IMO, NGC should look in the mirror and shut up about this. I am far more concerned with the baked blue PF IHCs being slabbed as "market acceptable" -- and their pointedly ignoring my polite but to the point inquiries about this -- than anything about this first strike business. >>
NGC isn't the only TPG stretching what "market acceptable" means....
I think that Church & Dwight would have a little problem with "The Brillo Effect" unless they were paid for the use of their product name.
And I think A. A. Milne would remind us that it is "poo-poo'd" rather than "pooh-poohed".
Seriously, I think that NGC should follow their "brand" of standards as they see fit. Remember, this is the TPG that refused to put the grade of 70 on the coins they graded for some time due to their belief that the "perfect grade" was unattainable. Obviously, things change over time.
<< <i> Remember, this is the TPG that refused to put the grade of 70 on the coins they graded for some time due to their belief that the "perfect grade" was unattainable. >>
Frankly, I think the logic behind the original decision was 100% correct. How can there be a "perfect coin" when, in fact, there will always be someone that sees an imperfection? MS70 is pure marketing device of which NGC had to adopt in order to remain viable in the marketplace.
Sorry to have digressed...
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>Have the big 2 TPGs "sold out" ? >>
YES!