First batch of coins back from NGC

[jaggy]

For a number of reasons I decided to start having my coins certified and graded by NGC. That is not a discussion I want to get into here. However, I did want to share my first impressions based on the batch of 20 coins I sent in.

First, cost. I chose the elite level of membership because of the ten percent discount. Cost per coin is $35, less 10% plus shipping for the standard turnaround time. So probably around $40/coin. You can do an economy grading tier which is $20/coin less the 10% and I will use that for a number of my coins.

Second, turnaround. I sent the coins by US priority mail on the 24th August and, according to their system, the grading has been finalised and I should get them back towards the middle or end of next week. So approximately two weeks door to door.

Third, grades. I am both happy and unhappy but I completely understand where they get the grades from. 11 of the 20 were graded MS62 or better with a high spot of MS66. There were four AU 58 and one AU 53. There were also four 'details', one for a scratch and three for hairlines. While the grading is strict, when I look closely at the coins I can see where they get that from.

Conclusions.

Where you buy your coins matters if you cannot see them 'in hand'. Coins I bought from Glendinning's in the past and DNW in the past few years consistently did better than coins bought elsewhere (not counting Heritage where they are already slabbed). 

Three of my four 'problem coins' came from London Coins. Not to beat about the bush, their photography flatters to deceive and their descriptions are, shall we say, 'economical'. Unfortunately, my bids are already in for this next auction but that will be the last one of their auctions that I buy from. 

Clearly, DNW has a more rigourous and professional approach when it comes to grading and describing coins than LCA. 

Furthermore, buying from a named and known collection also gives better results. My MS66 came from the Late Neil B. Todd Collection which DNW sold. Provenance does matter.

The other lesson is to examine carefully the coin before I send it in. No point paying good money for grading a coin that has problems.

I did not send my best or most valuable coins in this first batch as I didn't know what to expect. However, I think their process is pretty good and I am comfortable sending other coins to them.

Edited September 1, 2016 by jaggy
typos, split infinitive and new thoughts

[brg5658]

Very nice summary post @jaggy, thanks for posting your impressions and thoughts here.  Much appreciated.

[azda]

Will await your thoughts on PCGS.  But interesting regarding the auction houses. I only bought once from LC basically because they don't live bid and I like to judge if I want to go any higher or not when I'm put on the spot.

Good post for those who might be tempted into buying and slabbing elsewhere other than LC and LCGS

Edited September 1, 2016 by azda

[jaggy]

5 minutes ago, azda said:

Will await your thoughts on PCGS.  But interesting regarding the auction houses. I only bought once from LC basically because they don't live bid and I like to judge if I want to go any higher or not when I'm put on the spot.

Good post for those who might be tempted into buying and slabbing elsewhere other than LC and LCGS

To be honest, I did my research and chose to go with NGC. That does not mean that PCGS are better or worse. But I liked the NGC website, I found their customer service people to be fantastic and other collectors I spoke to seemed to lean towards NGC.  Having paid for NGC, I'm not also going to pay for PCGS. So I doubt I will be in a position to judge PCGS service unless, for some reason, I choose to change. It is entirely possible that PCGS is a better option than NGC from Europe.

With regard to LC, obviously not all of their coins will be 'problems'. But given my experience and what we know about their business culture, I think that, if you cannot see the coins in hand, there is too much risk in buying from them. Your point about live bidding is an additional impediment.

[azda]

PCGS have the better advantage being in Europe, I was quoted a 6 week turnaround for NGC because they send to America for grading. I sent 2 on Tuesday into Paris, they have registered them in the website already, so will see how long they take....

[jaggy]

1 minute ago, azda said:

PCGS have the better advantage being in Europe, I was quoted a 6 week turnaround for NGC because they send to America for grading. I sent 2 on Tuesday into Paris, they have registered them in the website already, so will see how long they take....

I was very pleasantly surprised by the speed of the NGC turnaround.

[Sword]

Thanks for sharing your experience!

I think LCA's grading and their descriptions have gone downhill a bit in recent years. Things like hairlines often don't show up on photos and so accurate + comprehensive descriptions are so important. Having said that I have also placed a bid on their weekend auction.

 

[Peter]

Nice Jaggy. A dealer who I often used on VCOINS Barry Murphy has joined NGC. A bloody shame because I've had some cracking Cu and he is one of the more knowledgeable US dealers who doesn't faff with a bloody 1956 cents with a cud. I think he has gone to NGC for ancients and hammered. I've lost a bloody good dealer but he will bring a lot to NGC.

[azda]

Perhaps now that CGS has nothing to grade, the descriptions in their auctions might get better as they'll have more time on their hands.......

Still won't bid with them UNLESS it's something i really want, they need to move into the 21st centuary