Questions about slabbing coins

dcamp78 · August 1, 2007 4:56PM

Okay, I've never went through the coin slabbing procedure.
Can someone break it down for me something like:
1. Buy a coin you believe can be slabbed for a given grade. (e.g. MS67)
2. Then what?

tightbudget · August 1, 2007 5:04PM

2. Become a member of PCGS/NGC
3. Fill out a form (make sure to follow the instructions on the form, which is the most important part of this process)
4. Send in coins with payment (registered works best)
5. TPG receive coins
6. TPG grade coins
7. Results posted soon after grading (time depends on turnaround)
8. Coins shipped back to you (registered)
9. You open the box and react accordingly

dcamp78 · August 1, 2007 5:35PM

<< 1. Buy a coin you believe can be slabbed for a given grade. (e.g. MS67)
2. Become a member of PCGS/NGC
3. Fill out a form (make sure to follow the instructions on the form, which is the most important part of this process)
4. Send in coins with payment (registered works best)
5. TPG receive coins
6. TPG grade coins
7. Results posted soon after grading (time depends on turnaround)
8. Coins shipped back to you (registered)
9. You open the box and react accordingly >>

How much does it cost to join either grading company?
How much of a payment do you send with the coin?
About how much will postage be with insurance, registered, etc.?
Is the coin shipment amount to send the coin back to me included in the prices above or is that another charge?

So, for a round trip for a Morgan dollar an approximate total would be???...

tightbudget · August 1, 2007 5:38PM

1.Um, I think PCGS is $49, NGC is free if you're an ANA member (about $30 a year for membership)
2.Payment=Rate times number of coins at that rate plus any other coins at another rate times number of coins at that rate
3.Postage depends on value of coins (the more insurance, the higher the postage) Max. insurance for registered is 25k (~$25 I think?)
4.Postage back is included in slabbing fees

Can you tell us what date the Morgan is and approximately what grade?

morgansforever · August 1, 2007 6:50PM

Hey dcamp, it's a game of fee's, they suck you in to resubmit.

If you think you have a 65 or 66, you may end up with a 4

TypeCollector · August 1, 2007 9:28PM

<< How much does it cost to join either grading company?
How much of a payment do you send with the coin?
About how much will postage be with insurance, registered, etc.?
Is the coin shipment amount to send the coin back to me included in the prices above or is that another charge?

So, for a round trip for a Morgan dollar an approximate total would be???... >>

Geez, I don't mean to be rude, but all of this information is readily available on the PCGS / NGC websites...why not just lookitup?

BAJJERFAN · August 1, 2007 9:57PM

Depends what you have. Oftimes board members such as myself will take submissions from other bored members and include them with our own, In fact I'm sending one to PCGS this morning, so your best bet for a couple of coins is to find someone to piggyback with.

19Lyds · August 1, 2007 9:58PM

Have you tried locating a local dealer to submit for you?

MidLifeCrisis · August 1, 2007 10:36PM

<< Have you tried locating a local dealer to submit for you? >>

That's often the best way. Depending on your relationship with the dealer, they may give you their opinion of the coin(s) you want to submit and help you decide which service is best and if it's worth it.

19Lyds · August 1, 2007 11:42PM

Sometimes its best not to join the Collectors Club if you only submit 1 or 2 coins a year. However if you plan on submitting lots of coins then perhaps you should consider joining PCGS or NGC as it allows you to submit whenever and whatever you want.

Additionally and speaking from experience, most new submitters often get quite a shock on their first submissions as ownership is usually worth 1 to 2 points if not more.

In addition to grading fees, all the TPG require return postage and insurance on their submission forms. Insurance is based upon perceived value for what you are submitting.

Grade levels require a certain number of coins to be submitted. For example, Economy submissions at PCGS ($18 level) requires at least 5 coins plus a $5.00 Handling Fee. Return postage and insurance on a 5 coin submission that is valued at less than $1,000 would be an additional $13.60.

So, if you've only got 1 coin to submit, you should really look for someone to handle the submission for you.

As pointed out earlier, most of this information is available online.

PCGS

NGC

tahoe98 · August 2, 2007 3:46AM

just submit a coin and call it a 61 then you might get a 66. of course you'll have to pony up extra money but what the hey!

TwoSides2aCoin · August 2, 2007 3:51AM

I just renewed. You can do it yourself or pay a small fee for having a dealer do it for you or.... you can piggyback off of another submitter.

Usually, it's best to start a thread titled:

Would someone care to submit an MS 67 for me ?

dcamp78 · August 2, 2007 7:37AM

<< Geez, I don't mean to be rude, but all of this information is readily available on the PCGS / NGC websites...why not just lookitup? >>

How rude! Just kidding...

I knew someone would say to look it up, but I wanted to know about any 'gotchas' that might be possible for a novice.

Okay, so here is what I've derived from your information so far:

1. Buy a coin you believe can be slabbed for a given grade. (e.g. MS67)
2. Become a member of PCGS/NGC
3. Fill out a form (make sure to follow the instructions on the form, which is the most important part of this process)
4. Send in coins with payment (registered works best)
5. TPG receive coins
6. TPG grade coins
7. Results posted soon after grading (time depends on turnaround)
8. Coins shipped back to you (registered)
9. You open the box and react accordingly

Here are the associated costs for the list above:
1. Cost of the coin.
2. Membership fees - $30 - $50 per year + grading services included
3. No cost
4. Registered mail + insurance + grading fees + return registered mail
5. No cost
6. Already paid
7. No cost
8. Already paid

Example:
I purchase a 1885-CC Morgan dollar in MS64 condition already slabbed. When I get home and take a really good
look at the coin, I decide that the coin could easily make MS65 or maybe even MS66.

Let's say that I got the coin for $675. The current retail value is $725. Woohoo! I've already 'made' $50.
Next, I crack out the coin and send it to a TPG for grading using their Regular service which would cost around $30.

Costs - ~$40 to join the TPG + ~$30 grading fee + ~$10 postage/insurance

Possible scenarios:
I receive my coin back and the grade is:
MS64 - I'm bummed because it didn't bump a grade. Result - $80 lost in the attempt.
MS65 - I'm somewhat hyped. The value jumped from $725 to $1250. Result - $525 - $80 = $445 profit
MS66 - Woohoo! The value jumped from $725 to $2100. - Result - $2100 - $80 = $2020 profit

So, adding 1 point to the grade almost doubles the value and adding 2 points to the grade
almost triples the value. Have these price spikes always been like this or is this part of
the slabbing phenomenon? Also, has anyone ever sent a coin to be regraded that's in a slab
at a given grade and gotten the next lowest grade or lower back?

TorinoCobra71 · August 2, 2007 7:42AM

9. You open the box and react accordingly

#9 can be the KILLER or the best JOY........

TorinoCobra71

tahoe98 · August 3, 2007 4:51AM

<< 9. You open the box and react accordingly

#9 can be the KILLER or the best JOY........

TorinoCobra71 >>

19Lyds · August 3, 2007 5:05AM

<< Also, has anyone ever sent a coin to be regraded that's in a slab at a given grade and gotten the next lowest grade or lower back? >>

Unfortunately, this happens all the time. Your best bet is to submit the coin for a "regrade". Using that option guarantees that the coin retains the grade it was submitted at.

Some feel that the current grade on the slab will influence the grader but I am under the impression that regraded coins get cracked out and the label remains with the order, the coins get graded as if it were raw, then if a lower grade comes back, they reholder it with the original label or reholder it with the upgraded label.

As a first time submitter, I'd advise you to get more than just your opinion on whether or not the coin will upgrade and then if you can pull a consensus that it will, submit it for a regrade. That way, you don't take the chance of eating up your current $50 profit to try and get it back to where it was before you started! (which BTW, many have also done!)

JRH · August 4, 2007 1:16AM

Here's a "gotcha" that happened to me. After years of looking, getting lucky, and finally finding a fantastic coin that you may never see again, I send it in to one of the two major grading services (don't want to say which since it wasn't their fault), send it registered and insured so it has to be signed for at every point in the mailing process, have it not show up, have the post office investigate and locate where it went missing, hear nothing about who if anyone was arrested for the theft and disappearance, get reimbursed (finally) for the loss though insurance covered only a portion of what it would be worth if it graded as expected (in hindsight I wish I'd insured for much more, but I thought the chances for a loss were slim and $900 insurance would be at least enough to make me not worry).

Finally, throw away the images (in disgust years later) of the coin I knew I'd never see again. I know if I ever have another coin that good again I'll sumbit it "in person". I'll never use the post office again (or any other carrier for that matter). It won't leave my hands.

Gotcha. Good luck.

Questions about slabbing coins

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