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kjohn's Journal

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More Questions - No Answers Revisted!!

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kjohn

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Getting discourgage with coin collecting!!

I ask NGC if they would change a NGC First Strike to a NGC Early Releases. This is what they said:

"Thank you for your inquiry. NGC will not change the label from First Strikes to Early Release. The only way for a coins to receive the Early Releases designation is if that coin is in our facility within the first 30 days of release."

I wrote back:

I heard that an individual (dealer) sent in a green monster box of 2006 silver eagles (bullion) much later than the 30 day cut off period and received an Early release designation because what I was told by a check tab tape. Back in 2006, NGC designated all coins received First Strike for the first half of the year not Early Release. Since the Silver American Eagles (bullion) would have had to be received by January 30, 2006 they would have all received First Strike not Early Releases, since the Early Release designation was not yet available. Was this Early Release designation given in error? These coins are designated as such in your census reports.

On another note, if I have a NGC invoice that indicates you graded coins (specific serial numbers) within the first 30 days of release from the mint would this change your mind from a designation of First Strike to Early Releases? This would prove the coin was in your facility within 30 days of release.

NGC has not responded to my second inquiry.

As I said, the coin in question is a 2006 Silver American Eagle (bullion - green monster box version). Recently e-bay auction number 260246568832 was for a 2006 silver eagle MS70 Early Releases - $4,295 or best offer. The seller has the entire market because NGC gave it to him. Now look up item number 300246202491. The item is the same coin in First Strike - selling price $289.95 (First Strike much higher pop than the 62 early releases).

My contention is that if NGC policy of "Early Releases" was followed this would be impossible since the Early Release designation was not even available until the second half of 2006. For a 2006 silver American eagle to get early releases it would have had to be at NGC's faculty (by definition) by 1/30/06. In fact Robert Chambers indicated on the air (7/26/2008 3:00am show) "he knows the dealer and the coins were submitted in November of 2006. This is well after the 30 day window. Therefore it would be of my opinion NGC gave this dealer great product to market at the expense of other collectors.

Please understand this is not an attack on NGC. What I desire from NGC is transparency. I have a NGC 2006 First Strike Silver eagle that I purchased prior to 1/30/2006 which is truly an Early release yet we have Early Releases on a census submitted well after the 30 day deadline. I realize there was a transition between First Strike and Early release, but NGC should give everyone the chance to change the First Strikes to Early releases for the 2006 Silver Eagle and place an * in there census to emphasize the 30 day in our facility was not strictly adhered to because of the transition from First Strikes to Early Releases.

I trust after NGC looks at all alternatives, they will do the right thing!

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