What does NGC do about a Proof70 Cent (1999) that has a big spot on back?

[Smittys]

Do they have grade gaurantee like PCGS?

[MunkyMan95]

Yes, they do.

 

Link to Grade Guarantee

 

The grading of coins is subjective and solely reflects the opinions of the NGC graders. All coins submitted to NGC shall be examined in accordance with NGC grading procedures. In the event that any owner or subsequent purchaser of an NGC coin believes that a coin has been over-graded by NGC with respect to such procedures, such person may submit the coin to NGC through its "Appearance Review" service for a review of the assigned grade. If the grade determined under such review in NGC's sole opinion is ultimately lower than that originally assigned to the coin, NGC shall, at NGC's option, either exchange the coin in question with an equivalent coin at the earlier higher grade or pay the difference between the current fair market value of the coin at the newly established grade and the current fair market value of the grade originally assigned to such coin. Due to the volatile nature of the coin market and Internet auctions/sales, the selling prices in these auctions/sales do not necessarily represent the current fair market value of any particular coin. NGC will determine the current fair market value of a coin based upon what NGC believes, in its sole opinion, to be reliable current market information. NGC's subjective determination of fair market value shall be binding on all parties. Removal of a coin from its NGC holder, or tampering with the holder, nullifies this Guarantee. If requested, NGC will remedy any clerical error with respect to the description or grade of a coin on its label, free of charge.

 

 

WARNING: THIS GUARANTEE IS LIMITED.

 

The NGC Guarantee does not apply to copper, bronze or copper nickel coins graded by NGC prior to April 1, 2000.

 

To the extent that the NGC Guarantee applies to copper, bronze, or copper nickel coins, the NGC Guarantee expires with respect to such coin(s) on the ten year anniversary of the date of encapsulation by NGC.

 

All U.S and World coins - including but not limited to Pattern coins, Varieties, Tokens and Medals, Mint Errors, American Colonials, Confederation coinage and Private and Territorial Gold - are guaranteed for grade and authenticity only.

 

The NGC Guarantee does not cover coins which have been graded by NGC but then are subjected to abuse, alteration, or improper storage conditions such as (but not limited to) extreme temperature, moisture, damaging environmental conditions, excessive light, excessive motion or vibration, or any other extreme conditions.

 

The NGC Guarantee does not apply to coins that have been removed at any time from their original NGC holder, or to coins that bear any evidence of tampering which determination shall be at the sole discretion of NGC.

 

The NGC Guarantee does not apply to clerical errors on the label.

 

 

THE NGC GUARANTEE TAKES THE PLACE OF AND SUPERSEDES ALL OTHER WARRANTIES, EXPRESS OR IMPLIED AND WHETHER OF MERCHANTABILITY, FITNESS OR OTHERWISE. THE REMEDIES PROVIDED IN THIS AGREEMENT ARE EXCLUSIVE. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, ALL OTHER REMEDIES AGAINST NGC, INCLUDING, BUT NOT LIMITED TO, CONSEQUENTIAL, PUNITIVE, AND INCIDENTAL DAMAGES, ARE WAIVED.

[carson city]

Beauty mark, no doubt !

[MikeInFL]

Here's a question for you guys...

 

"To the extent that the NGC Guarantee applies to copper, bronze, or copper nickel coins, the NGC Guarantee expires with respect to such coin(s) on the ten year anniversary of the date of encapsulation by NGC."

 

How would one tell when a coin was encapuslated, exactly, as to understand if the guarantee is still valid? For instance, say I'm at a show and am offered a copper coin in an older holder that I'm not sure when it was graded -- how could I tell if the guarantee is still valid?

 

Just wondering, and I apologize for the slight thread hijack...Mike

[MunkyMan95]

I was wondering that as well. I assume there is a NGC database (available to the public, I'm not sure) that lists the serial numbers and when the submission was made. You could probably ask NGC to look it up for you.

 

 

[CHABSENTIA]

My question is to the Fair Market Value in the defintition.What source determines this Value?

[James_OldeTowne]

My question is to the Fair Market Value in the defintition.What source determines this Value?

In the one instance I had this issue, NGC trusted me to state what I paid for the coin. I provided a signed invoice to back up my claim. I think it would be different (easier) for widgets, where the market is pretty well established. In my case, it was a high-grade large-cent - a somewhat unique coin.

 

NGC was extremely credible when I had to undertake the grade guarantee route.

[BULLY]

I was wondering that as well. I assume there is a NGC database (available to the public, I'm not sure) that lists the serial numbers and when the submission was made. You could probably ask NGC to look it up for you.

 

 

 

I read an answer from NGC in a form about this sort of question recently, albeit not specific to copper or other "limited time frame" coins.

 

NGC's response surprised me a little in that they said that they considered the information to be "confidential" -- between that of the original purchaser of the service and coin itself.

 

Personally, I have a problem with that, and I sent a follow up question, to which I don't believe I got a reply, though I've been unexpectedly hospitalized due to my auto accident, so I haven't been keeping up the last few days.

 

While I recognize the need to protect member privacy, I think that if member could establish a "chain of ownership" location, or something along those lines, it would seem fair to me to verify at least the Month and Year of grading, to determine when the Guarantee would expire.

 

For example: New owner loads coin into NGC Registry, but shows as still registered to another owner. Previous owner releases coin to new owner -- again, a way to verify ownership. I mean, does NGC need to verify the NAME of the person who originally owned it? No? Address? No. Services performed? No.

 

 

[TheMightyDuke]

NGC should be very willing to let out date of encapsulation, only, to current owners. I do not think personal info should have to come into play, just take care of current owners, especially with a 10 year guarantee.....

[CHABSENTIA]

I can see where they would take the value you paid for it but the guarantee says they will pay the difference of what you paid for it and the present value of it in its Original grade.

 

What source is used for its present value? Is it Numismedia.?Is it Redbook or Coinworld or the Price paid for it on Teletrade etc.?

[halfpint]

I can see where they would take the value you paid for it but the guarantee says they will pay the difference of what you paid for it and the present value of it in its Original grade.

 

What source is used for its present value? Is it Numismedia.?Is it Redbook or Coinworld or the Price paid for it on Teletrade etc.?

 

 

this question makes me wonder the same for an insurance claim.

[Conder101]

How would one tell when a coin was encapuslated, exactly, as to understand if the guarantee is still valid? For instance, say I'm at a show and am offered a copper coin in an older holder that I'm not sure when it was graded -- how could I tell if the guarantee is still valid?

Buy my book (Hard to do right now, it's out of print. Now if I would just finish the update.) Or ask I'll tell you. Or keep on my case to post an updated NGC generations thread on this forum. (Since the one on the PCGS forum is outdated now and has broken links to half of the pictures. And I can't fix it since I am banned.)

 

Right now anything in an NGC 1 through 6 slab is out of warranty. Anything in an NGC 8 is good for at least two and a half more years. NGC 7's 91997 - Aug 2000) are questionable.

 

NGC does keep records of when each coin was slabbed but they will not give out that information. (PCGS is the same way) Part of the reason is the desire to maintain the fiction that "It doesn't matter when the coin was slabbed, grading standards never change and a 65 for 1987 is the same as one in 1997 or 2007 and they are all interchangable."

 

Yes NGC has a grading guarantee. What they don't have is a written Authenticity Guarantee. Also note, they do not gurantee their attributions.

 

(OK, technically they do have an authenticity guarantee "are guaranteed for grade and authenticity only. That's it boys and girls their total guarantee for authenticity. They spell out what they will do if the grade changes, in detail, but there is no mention about how, or if, you will be compensated if the coin turns out to be a fake. They could just return the certification fee and be off the hook.)

[BECOKA]

I know they do a similar spot review for silver eagles like PCGS does.

 

Not sure what to do about copper and spots. If it is graded 70 and developed a spot I would imagine they would want it out of the holder as to not damage their reputation.

 

I would call and ask specifically about this coin.