NGC Results: Has this ever happened to YOU?

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RevElvisLee
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NGC Results: Has this ever happened to YOU?

#1 Unread post by RevElvisLee »

I was starting to think I was getting pretty good at this, at least with Franklin Halves. I can't complain at all about the result on the 1950 proof, but I think that one might just be dumb luck. Anyway, I was pretty sure of myself that I'd get FBLs on almost all of these, and even more sure they'd fall between MS65-66. WOW! I suck at this. I don't think I've ever even SEEN an MS62 Franklin! :o

Have you ever got a submission back and wondered whether or not your eyes were merely painted on your face?
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Just my two cents...
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Re: NGC Results: Has this ever happened to YOU?

#2 Unread post by Paul »

LEE.....................................
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Re: NGC Results: Has this ever happened to YOU?

#3 Unread post by RevElvisLee »

Paul wrote: Tue May 17, 2022 11:34 am LEE.....................................
LOL. I can't decide if this makes it better or worse, but as I was looking through my Franklins that still need to be graded, I found a 1961 with clean fields and really strong bell lines that I had clearly intended to send to NGC, but instead sent one that has a strike-through (or something!) on the bell's clanger. That's the one that got the MS62. Oy. :doh:
Just my two cents...
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Re: NGC Results: Has this ever happened to YOU?

#4 Unread post by Earle42 »

Paul wrote: Tue May 17, 2022 11:34 am LEE.....................................
LOL!

@Revis
Here you go - you have just experienced a reality adjustment concerning grading companies:
Here is a reality check about grading companies vs. what people coming into the hobby just assume about them b/c of seeing so many slabbed coins being sold. Reading this will help you make better educated decisions concerning these companies and your hard earned cash.😊:

Give a man a fish, feed him for a day. Teach a man to fish, feed him for life. Here is some beginners fishing tackle. Its worth your time to read.


Thinking of Slabbing? Make sure you understand the Facts...or You Could Lose Money.


Popular mistaken mindset:
1. The grading companies are not a way that the majority of people, even those with a great deal of experience who know what they are doing, are going to be able to use in order to make huge personal profits. Many people start using grading companies thinking they will find a way to finance their hobby, but they learn a hard lesson quickly.

Professional predicting not possible:
2. Watch some of Daniel's videos where he gets slabbed coins back from the grading companies. Note even people who live, eat, breath, and deal coins for a living (like Daniel) can accurately predict what grade the companies will give. And...the "fault" (not really a fault) is in a widespread mistaken perception people get from being exposed to all the slabs being sold nowadays:

a. Coin grading companies are a business out to make a profit - this is why they exist. They use a system where allegedly three, but in reality its normally two, graders look at each coin and give an opinion. The company videos showing the process make you believe this is a relaxed and paced process of studying each coin. In fact one PCGS video shows a number of guys sitting around a table discussing what they think a specific coin should be graded as (on youtube somewhere - sorry no link). Uh uh.

b. If you take a PCGS graded coin slabbed as MS64, break it out, and resubmit it to PCGS, you are never guaranteed the same grade again. The slabbed coin might come back MS62 (extreme and a bad day for graders), 63, 64, 65, 66 (extreme and a great day for you!). This is b/c the process is all subjective: No scientific/verifiable standards or methods are used. This subjectivity makes for greater company profits since people resubmit the same coin trying to get a higher (better price when selling) grade. In the 90s the companies, at great expense, created better (their own words) scientific methods not relying upon human opinion. No doubt the large profit from the re-slabbing game fell. The companies abandoned the science and went back to their less accurate systems.

But..this is all hearsay without proof. So...
Grading the Coin Graders

Here is another good read from someone there at the start of the grading companies:
Hobby negative impacts from slabbing companies

Error on errors:
3. People also seem to think grading companies will examine a coin to see if they can find an error and then slab it as such. But again, they ONLY GRADE coins. The companies will NOT try to find and ID an error for you. You must FIRST ID the error yourself, CHECK to see if the company you want to use recognizes that specific error, PAY them to verify the error on the label, and then you may or may not actually get what you pay for! The companies have a bad reputation for attributing errors incorrectly.

Link to and read (download if you want it) the pdf link in my signature as an eye opening example. Sadly, the verifiable data presented from the PCGS website shows trusting people have spent thousands of dollars on many slabbed coins that are not what the companies claims/slabbed the coins to be.

Cost concerns:
4. B/c people do not understand the businesses, so very many people end up with spending far more money to slab a coin than the coin is worth. The companies profit greatly with membership fees, submission fees, insurance fees, shipping fees and extra (chosen) fees. ANACs does not have all these fees though.


You don't have to throw in the towel over these companies...but education about the reality of them will put you on the right pathway to dealing with them in a legit way without losing money in the process.


And…if you just like to collect slabbed coins for what they are, which makes losing/making money from slabs irrelevant, then of course enjoy them!" 😊

One addition...
The above is a copy paste I use to help people b/c I got too lazy to type relevant points over and over when needed.

And unfortunately, even since I wrote this essay, I keep finding more and more problems with the product these companies put out.

Its sad, but the more I dig, the more I keep thinking of:
Snake_Oil.jpg
People don't like to face this idea b/c of the money they have spent. But the hole keeps getting deeper and deeper.
Just like the other day someone mentioned FS nickels. What I found online was not good. I suspect the issue of FBL MIGHT bring up similar results (though I hope not).
Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

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Re: NGC Results: Has this ever happened to YOU?

#5 Unread post by Paul »

" But the hole keeps getting deeper and deeper."
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Re: NGC Results: Has this ever happened to YOU?

#6 Unread post by RevElvisLee »

On the PLUS side, NGC's turnaround time from the day they received my coins to the day they shipped 'em out was just shy of 3 weeks! Not bad for an economy submission.
Just my two cents...
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Re: NGC Results: Has this ever happened to YOU?

#7 Unread post by Daniel »

It happens to most people who have little experience with sending off for grading.

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Re: NGC Results: Has this ever happened to YOU?

#8 Unread post by Earle42 »

RevElvisLee wrote: Tue May 17, 2022 6:51 pm On the PLUS side, NGC's turnaround time from the day they received my coins to the day they shipped 'em out was just shy of 3 weeks! Not bad for an economy submission.
:thumbsup:
Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

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