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Re: NGC vs. PCGS

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Johnny's Cartwheels

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This shouldn't surprise anyone. This is just the same old game dealers have played with a coin for years. When they are selling it, it's a perfect coin that is a screaming gem worthy of a premium. But if they're buying the same coin, it has multiple problems that they have to discount the coin for in able to sell it. The ugly part of this hobby or business or whatever you percieve it as still exists.

 

As an example, I took a look at the website of the auction house listed in the journal entry that this journal is in response to. Amazingly, I found that this company had many holdings of both NGC and PCGS coins. And amazingly, they were both priced the same or very close for coins of the same date and grade. In some cases the NGC coins were priced slightly higher. So don't you believe that NGC coins are worthy of a 20% discount. In my opinion, you were seeing the aforementioned ugly side of numusmatic marketing arise. Remember the old adage of coin collecting/investing that can be attributed to Wayne Miller. To paraphrase, in spite of the label assigned to a coin, it is what it is. If it is an attractive specimen, there will be a knowledgable, willing buyer for that coin at a fair price.

 

To test my theory, try this if you please. Call up this same auction house and tell them that you are willing to sell them your NGC coins at a 20% discount. But, since NGC coins are worthy of a 20% discount, you want to invest the proceeds in other NGC coins at a 20% discount off of their listed price. They will back-pedal so fast they may break the sound barrier.

 

I don't begrudge a dealer making an honest buck. But when they behave unreasonably, I choose to find another place to do my business. Just tell them no thanks. As far as your 1955-D MS67 RD is concerned, they are wary because of the huge price disparity between an MS 66 and 67. I think it's about $50.00 and $5,000.00 respectively. You can't blame them for being wary but I'll guarantee you that if they bought that coin for $180.00, they would have it listed on their web site at $5,000.00 regardless of how attractive it is and would justify this based soley on the label that they told you was 20% inferior.

 

Personally, I have in excess of 100 graded mint state coins of various issues in my collection. Some are blazing gems that are undergraded that I could sell to knowledgable collectors in a heartbeat. Some are coins that I submitted that are overgraded. I would have difficulty selling these coins at grade to a knowledgable collector. These undergrades/overgrades seem to be split evenly between NGC and PCGS. Remember, you are buying a coin, not a slab. Don't be duped by unscrupulous dealers when you are selling and don't buy a label when you are buying. Buy or sell the coin for what it is!

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