How hard is it to replace a 2006 MS69 Early Release Silver American Eagle?

[Revenant]

At the beginning of the year I sent in half a dozen MS69 SAEs for an appearance review due to spotting. The coins were received by NGC on 1/13/2009. I contacted NGC around 2/13 in order to see how it was going because the coins were still showing as "received." They said that all the coins were ready to go save 1; the 2006 MS69 Early Release. They offered to send the other coins along and send the 2006 when it was ready but since I didn't have an immediate need for the coins an they thought it would only be a couple of weeks, I told them to let the other coins wait on the 2006.

 

Well, I continued to wait and about 6 weeks later on 4/1 I contacted them again asking for an update. I received a phone call about 5 days later and they sad it would probably still be about a week; they were still looking for that 1 coin. It has been about a week and a half since that phone call, and the coins are still showing as received.

 

I really wouldn't have thought that getting that coin replaced would have been hard. I decided to take a closer look at the problem. There are 104,834 NGC graded MS69 coins according to the census. There is an additional 57,890 NGC graded MS69 coins with a "First Strike" label. There are 5,470 with the Early Release label. There is only 1 seller on eBay right now that has 2006 Early Release SAEs for sale, and he's asking a ridiculous $119.99 for a "label rarity." (he has 3; predictably, he hasn't sold any of them)

 

I understand that NGC is trying to replace the coin with another exactly like it. I understand that they're probably doing the best they can. I'm starting to wonder how long this might take though and I'm wondering if there's anything I can do to get this taken care of and get my coins back... all of them. They've been gone for 3 months.

 

And... maybe I'm wrong here, but it seems like NGCs nack for making unique labels and designations is coming back to bite... them and me. If I had realized that I'd have this problem I probably wouldn't have bought the coin. I only got it because it was sold in set, paired with a 2007 Early Release and that was the cheapest price I could find. It was a BIN on eBay from a large modern coin dealer. (Couldn't they just take a "First Strike" and re-holder it as an "Early Release?" Aren't the definitions the same? "First Strikes" are readily available for $30 or less.)

 

Am I acting like RI AL here?

Do I need to start getting pushy over this?

Are there any possible solutions to this that might not require waiting for them to find a replacement?

[World Colonial]

That is really hard to believe that a coin as common as that is hard to find.

[Schatzy]

The whole label thing just drives me crazy!! They really need to stop the whole early release bs!! I gave up silver eagles because for this .

 

I don't mind the 20th Anniv. Label because those coins actually came from a set.

[Schatzy]

They got the coins on 1/13.....I think you need to talk to someone else.

 

If it were me I would be pretty upset by know!!

[Schatzy]

This was in the journal 8/2/2008

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!

[World Colonial]

Your post is exactly why I consider the whole idea of specially labeled plastic so completely ridiculous. Its even more ridiculous that paying absurd prices for conditional rarities when the coin is otherwise as common as the sand on the beach.

[Revenant]

They got the coins on 1/13.....I think you need to talk to someone else.

 

If it were me I would be pretty upset by know!!

 

Well, I guess you have to understand my schedule a bit. I sent these things in to NGC just before the semester started. I'm an engineering student and my school work and job tend to keep me busy. Add to this the fact that my collection stays "at home" while I go to school. So I don't often have reminders about this and I don't usually have the time, energy, or inclination to worry about it during the semester. But the semester is now starting to wind down and it's starting to hit me that this should have been resolved.