coin grading

[Breezex5x-migration]

Im new to this game and trying ti send in some Pres $1 coins for grading and having a little bit of trouble trying to figure bout the termonogly of MIN Grade (These are proof sets from the US Mint do they have a normal grade? and PER COIN VALUE also where it says NO SERVICE what should I put there or leave it at NO SER. dont know what that means either. Any Help Please Thanks Don

 

[BULLY]

Im new to this game and trying ti send in some Pres $1 coins for grading and having a little bit of trouble trying to figure bout the termonogly of MIN Grade (These are proof sets from the US Mint do they have a normal grade? and PER COIN VALUE also where it says NO SERVICE what should I put there or leave it at NO SER. dont know what that means either. Any Help Please Thanks Don

 

Are you submitting the online form or a paper one?

 

First, let me say, BREATHE. Stay calm.

 

If you're anything like me, the first time submitting coins can feel very daunting. The procedures can seem overwhelming, the choices don't make sense, and overall you just want to walk away and forget about it.

 

Once you've done it, it gets easier. Once you've done it a few times, you'll be an old pro.

 

FIRST: You need to decide what grading tier under which you are submitting these coins. How many are you submitting? If you are submitting at least 5 (since you said proof SETS, I am thinking that you may be), you probably are. This gives you lots of options. The MOST cost-effective tier for submitting modern coins such as the Presidential Dollars in proof sets is using the Modern Tier, $12.50 per coin, a 5 coin minimum. You can use other service levels, but they are more expensive, and unless you are in a real hurry, there may not be much of an advantage. In fact, some of the more expensive tiers move more slowly (e.g. Early Bird currently has a longer turnaround time than Modern, but costs far more per coin). Also worthy of note is that if you are a Collectors Society member and you are submitting your coins using the online form, you will get a 10% per coin discount off the $12.50 price, bringing the per coin cost down to $11.25.

 

SECOND: To answer your question about SERVICE, since these coins are in PROOF SETS, the first few possible services do not apply (Crossover, ReGrade, GSA). Mint Error would only apply if you have a coin which you believe is recognized mint error for the presidential dollars (no edge lettering, etc.). If you do, then contact NGC for details about how to submit, or maybe someone else here can answer that, that's beyond my realm of expertise. If your coins are all normal, we can continue. The last option is a Multi-Coin Holder. This is an option about which you have a choice. Your coins can be put into individual slabs, or into a multi-holder. Particularly with something like the presidential dollars, it is a matter of personal preference about how you would like to view (and store) your coins after they are graded and slabbed.

 

You can see what a Multi-Holder looks like here, with FAQ from NGC:

 

http://www.ngccoin.com/services/multi-coin.asp

 

Before deciding, you should also have a clear picture (if you don't already) of what individual holders look like, specifically for Presidential Dollars. NGC created a new holder designed so that collectors could see the edge of the coins, because of the incused edges:

 

http://www.ngccoin.com/services/edgeview_holder.asp

 

So, when deciding on a service for Presidential Dollars, if its NO SERVICE, you will get individual holders. If you want MULTI-HOLDERS, that is the service to select. Contact NGC customer service about any special instructions about them (like putting grades together with other grades). I think it can be done, for a nominal fee.

 

THREE: Also decide if you want your coins images by NGC, cost $3 per coin. Images will be emailed to you as JPGs

 

FOUR: Minimum grade is IF you were sending coins to NGC that you only wanted them to encapsulate IF they met a minimum grade, which you indicate there. For instance, you might indicate that if they don't grade at a minimum of PF69, don't encapsulate the coins. The downside is that I believe that you still pay the grading fee. I think "bulk submitters" benefit from this service more. Further, I think this also applies more when using "Crossover" submissions, that is, when you have a coin that is graded by another company like PCGS or ANACS, and you want NGC to grade it. However, you tell NGC that you want them to grade it, but DON'T remove it from the other company's holder UNLESS it meets the minimum NGC grade of XX.

 

So, in your case, unless you want something pretty specific, are a serious bulk submitter, and since these are raw coins from proof sets, you can probably leave the minimum grade blank.

 

FIVE: Per coin value. Here you want to be realistic. This is for insurance purposes, which affects the cost of how much NGC will charge you for return postage and insurance for the return shipping. It should, however, also be a reflection of the value of your coins, in what you expect they may grade, and what it would cost you to replace them if they were lost during the shipping process.

 

Sometimes, when deciding how much a coin is worth, especially on something that was just issued by the Mint, I consult the NGC insurance price chart, so I don't overvalue the items and try to keep within certain thresholds. See chart below:

 

http://www.ngccoin.com/news/viewarticle.aspx?NewsletterNewsArticleID=348

 

Then, for example, if you thought a per coin value (I am just using an example) was $10, and you were submitting 20 coins, then that would fall in the second line item of insurance for Registered Mail of $100.01 - $500.00 and accordingly, you could, in theory, increase the value to $15 per coin even without affecting the insurance rate, in this example, since it does not go over the $500 maximum since $15 x 20 coins = $300.

 

For ideas and guidance about values, you may want to check the PCGS price guide at:

 

www.pcgs.com and select PRICE GUIDE on the lower left. Presidential Dollars now have their own category.

 

I think I hit the big questions you had there, and I hope I didn't confuse you more than you already were, since I can be verbose.

 

For what it's worth, I have found that NGC customer service can be very supportive in walking you through filling out the forms, even if you have to call back a couple times to get your questions answered because you forgot to ask something, or something new comes up, fear not, they've heard it all I am sure. Don't be afraid to say that you are making your first submission so you need some extra help -- we all take things for granted sometimes, but we all like to help too. NGC's service level is normally pretty good.

 

Happy submitting!

 

[cpm9ball]

First of all, welcome to the neighborhood, Breezy!

 

There are many people, here, who are more than willing to help a newbie, and you can learn alot from them. Don't be afraid to ask questions because there are no dumb questions, only dumb answers.

 

Like BULLY said, NGC Customer Service can walk you through the entire submission process for either the online form or the hard copy. You should also be aware that there is a 10% discount for submitting online.

 

You must remember that the minimum number of coins for any submission is five, and there are only four of the Prez $'s in each Mint holder.

 

While on the subject of the Mint holder, DO NOT REMOVE THEM FROM THE MINT CASE! to submit them. NGC does not charge a removal fee for any coins housed in U.S. Mint holders. They do not want you to risk accidental damage to any coin while attempting to extract it. Other than the Mint case, you shouldn't send the rest of the Mint packaging and COA because NGC will not return it.

 

As far as the "Minimum Grade" is concerned, you may just want to leave it blank. Since you will be paying the fee for each coin, anyway, you may as well have all of them encapsulated no matter what the grade. Again, as Bully suggested, this is more for the benefit of customers who submit bulk orders.

 

Have fun!

 

Chris

[Just Bob]

Welcome, Breeze

 

 

 

 

 

 

I can be verbose.

 

Really, Bully! You - verbose?! Surely, you can't be serious!

 

 

[MAULEMALL]

Damm Bully... Excellent response (thumbs u

 

 

You didn't mention that you need to get Vallium for when you are waiting for your grades to post..

[cpm9ball]

Damm Bully... Excellent response (thumbs u

 

 

You didn't mention that you need to get Vallium for when you are waiting for your grades to post..

 

Remedy for the antsy coin collector's syndrome .................................

 

 

go to Las Vegas for 2 months.

 

Chris

 

PS. If you live in or around Las Vegas, go to a casino, any casino, with camping gear and a toothbrush.

[TomB]

If you are new to coins I would suggest that you have at least one knowledgable individual pre-screen your coins to make certain they might be worth submitting since a small drop in grade could render the coins worth less than the costs of certification.

[cpm9ball]

If you are new to coins I would suggest that you have at least one knowledgable individual pre-screen your coins to make certain they might be worth submitting since a small drop in grade could render the coins worth less than the costs of certification.

 

Let's not put a damper on his enthusiasm just yet. He hasn't even jumped into the tidal pool. Maybe the jellyfish have returned to the sea with the tide.

 

Chris

[Breezex5x-migration]

I want to thank everyone for their great advice,I think I learned a little from each response and a lot from Bully.Great answers

[BULLY]

Damm Bully... Excellent response (thumbs u

 

You didn't mention that you need to get Vallium for when you are waiting for your grades to post..

 

 

I didn't mention it because I am already stocked up on better stuff than plain old VALIUM!

 

And yes, before I get turned in to the DEA, it's prescription...

 

Why do you think I can be up in the wee hours of the morning and spend so much time on a message board?

[BULLY]

I want to thank everyone for their great advice,I think I learned a little from each response and a lot from Bully.Great answers

 

You'll find this group a friendly sort for the most part, and you'll learn more from the group, and more as you go along.

 

As you saw, some are already trying to warn you of the grading pitfalls:

 

1. The waiting

2. The disappointing grades you can get sometimes, even when you expect your coins to be perfect.

 

I figured you'd learn that on your own, and didn't want to scare you too early. But, it is realistic, and probably not bad to know about, especially the waiting.

 

Submitting your presidents? That's a learning experience, like any other.

 

You'll see how they come back, and hope for the best while you wait.

 

If they come back graded highly, you'll be thrilled.

 

If they come back graded lower than you hoped, you'll get the idea of what some folks were talking about on the board, about pre-screening.

 

Personally, I don't have "the eye" for screening coins, I just haven't honed that skill yet, as long as I've collected coins, I can say that the coin has eye appeal, I can recognize toning, but I just can't recognize what makes or breaks the grade.

 

Sometimes, when I want higher grade coins, even PF69 or PF70 modern issues, I've found it less expensive to buy them on the secondary market (read, eBay), because you can basically control the price you're paying.

 

It may seem crazy, but sometimes, you can get a guaranteed PF69 coin set for less than the coins cost from the Mint, and less than the cost of grading them would be -- SIGNIFICANTLY less sometimes. PF70 can sometimes raise the price substantially, but bargains can still be had, and sometimes you can even get those for reasonable prices, and for the "guarantee" of getting the 70 grade vs. the unknown of what you may get by submitting your own (even if you send MULTIPLE sets), the cost may be worth it to just buy the 70 outright. Suppose you pay twice the grading fee per coin, and maybe a little premium, it's less paying for the set from the Mint, shipping to and from NGC, grading multiple sets, and the uncertainty of what grade you'll get.

 

Of course, there's the flip side: You could send yours to NGC and get all (or mostly) 70s which could make your day!

 

You just never know.

 

Oh, there I go with my brevity again.

 

In my best Christ Matthews voice--- HA!

 

[cpm9ball]

Why do you think I can be up in the wee hours of the morning and spend so much time on a message board?

 

I'll bet your "better half" can think of some things you could be doing.

 

Chris