A curious new (?) service from NGC???

[jtryka]

So last night I was flipping through the channels, and I always have to stop at the coin vault when it's on (something about coins on TV makes me pause to look, sorta like a wreck along the highway). Anyhow, they have new slabs from NGC (not NCS) that were apparently made for the Coin Vault that have the coins, in this case Morgan and Peace dollars, but instead of a grade, they are just listed as "Brillian Uncirculated." They were selling these for something like $30 each, which is still way too much for BU common date Peace and 1921 Morgans, but it raised some questions:

 

1. What the heck is this new service? Is it new? How long has it been around, and is it just for big customers?

 

2. What the heck does "Brilliant Uncirculated" mean? I know what BU is, at least in terms of old school grading it was the equivalent of MS-63 or there abouts. Isn't this sort of a blast to the past reverting to the old school descriptors?

 

3. What is the deal with NGC's relationship with the Coin Vault guys? They seem pretty cheesy in terms of their carnival like sales approach, not to mention their somewhat steep prices targeted to the unsophisticated masses. Is this a good thing for NGC's reputation? I recall seeing some PCGS stuff on their some time ago, but I don't see them as much anymore, and now it's almost exclusively NGC. I personally think this is a negative for NGC and their reputation among consumers, especially when unknowing customers try to sell that $30 "Brilliant Uncirculated" 1922 Peace dollar and can't get even half that price. I would think the NGC name would stick out in those bitter consumers' minds.

 

Any thoughts or answers to these questions?

[James_OldeTowne]

"BU" for me can range from MS-60 through MS-64 and is most applicable to any coin whose spread in that range isn't worth fine tuning ad-nauseum. In other words, it's worth $20 in MS-60, $21 in 61, $23 in 62, $25 in 63 and $28 in MS-64. 1881-S comes to mind.

 

I don't really have a problem with it. If anything, I wish such grades were used a lot more on slabs. I get more stress worrying about the change in value for that single itsy-bitsy point in grade change. With a more nebulous grade like "BU", the buyer has more opportunity to use his own experience in appraising the coin, and less stress quibbling with the seller over the value difference between MS-61 and MS-62. And I don't think $30 is outrageous, or even that high of a retail value for an encapsulated BU Morgan.

 

Finally, I might be wrong, but thought that SilverTowne was the brains behind Coin Vault. I'm guessing they use NGC to slab most of those coins because of the price break over PCGS.

 

James

[msmhappy]

 

i too have seen these as well. and dont personally think much of them at all!!!!!

 

heres an attempt to answer your questions.

 

#1- I dont think its a new service. I beleave these holders are made exclusivly for the ripoffs at the coin vault!!

 

#2- BU?? you and i both know what BU is, but for the coinvault....ohhhh its premium to them.

 

#3- I cannot say for sure, but, to the best of my knowledge... NGC and the coinvault have some sort of a contract between themselves. And if one were to really think about it.... they are both businesses that either provide a service or product for the intention of making a profit!!! I feel it would be safe to say.. that they are working together to make money!!!

and i dont feel the holder justifies what NGC is all about

 

thats how i feel, I hope this helps some.

 

mike

 

------------------------

 

dont forget! collect proof sets!!!!