Cheney's Journal

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NGC Dealer Ripping Off The Public

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Cheney

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$50 to grade each coin, modern.

I think it is a shame, we have NGC dealers, who rip off the public. I am a very small dealer in SoCA who does send coins to NGC for the public. I charge very little over my cost to cover my time and supplies.

One of my customers visited a local NGC dealer, who he has had trouble with in the past to see what the charge would be. It averaged $50 per coin, including postage and insurance, according to him.

This is the same dealer that had asked me to supply him with some coins as he has a shop; I don't. He needed a supply. I took about 15 coins to his shop. I was offered approximately $24 for NGC slabbed coins worth over $300, dealer price. This is the same dealer that informed me, he usually only pays the general public about 1/3 of value for coins.

I complained to NGC. They never have followed up with me and now my customer has complained to NGC. He hasn't heard from NGC either, in over two weeks.

What do we have to do to have honest dealers and get NGC to supervise their dealers? What happened to integrity and honesty?

If we don't supervise our own and get rid of crooked dealers, coin dealers will have the same reputation as corner used car salesmen.

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