I am concern by what I saw on the Coin Vault this morning

[rcdb-migration]

Let me start off by saying that I work for a large, nationally known company who does differentiate service to it's customers based on profitability. We know that 10% of our customers provide 80% of our business in terms of profits, so I know that making money and taking care of your best customers is necessary in any business. I am concerned, however, by what I noticed on the Coin Vault this morning. Specifically, I did not agree with NGC's decision to allow problem coins to reside in NGC holders, even though they were just authenticated, not graded. From a credibility standpoint, NGC, you should have held firm to you convictions and told Shop At Home that these coins would need to be placed in NCS holders. They could have been authenticated there, or net graded if that is what they wished. The people that shop with them and pay those prices would not have known the difference, and NGC would have been viewed by those who do know better in a much better light. There are some things that shouldn't be compromised for the almighty dollar. One of those things is who you are as a company and what you stand for.

[gmarguli]

What type of problem coins were allowed in NGC slabs? From what I have seen, the only thing NGC did was put some coins in Authentic slabs (no grade, but problem free coins) or graded them using old qualifiers (BU). Both of these were basically trashy, common Morgan dollars from fake collections (Binion).

[Tradedollarnut]

Apparently, he's referring to the salt water corroded coins in NGC slabs labeled "shipwreck effect".

 

Sounds so much better than "corroded" to the newbies, don't you think?

[truthteller]

And what about PCGS 'curated' gold which are turning in the holders? I rather see the 'shipwreck effect' rather than nothing.

 

 

TRUTH

[Tradedollarnut]

I agree it's better than nothing, but it's very interesting terminology for an NGC [vice NCS] slab.

 

I've seen a few of those Central America gold coins you are referring to. They do indeed look bad, but I suspect it's a film on the coin. I've been told by experts that you can't ruin gold - the worst you can do is make it look bright and shiney!

[nOoBiEeE-migration]

There was a post about this same topic across the street so it seems like the person who started that thread there came here. I wonder if it will a "post and run deal"?

[spiny]

I don't think that whether it's in a NCS or NGC holder is going to make any difference to the target audience for these.

 

[truthteller]

I just received an email from NACT (North American Coin Trading) offering these coins. I believe NGC is marketing these sea salvaged coins in a similar manner to the Binion coins. Although the target audience must be a bit more affluent, there are much fewer coins available than Binion dollars. I hope NGC markets the gold differently than though the 'shop at home market', since the gold would have more numismatic history and should sell on the merits of the coin.

 

 

TRUTH

[spiny]

Were the ones offered through NACT at reasonable prices for what they are?

[truthteller]

Here's the promotional email I received:

 

 

 

 

Authentic Shipwreck Half Dollars from the SS Republic

On Sale May 16, 2004

 

 

 

 

 

 

 

Here is a unique opportunity to own a truly stunning piece of U.S. history: Rare U.S. silver coins from the SS Republic shipwreck site.

 

While it lasts, take advantage of this special offer which includes the following:

 

1. A New Orleans Mint Silver Half Dollar dated between 1853 and 1861, conserved and encased in a certified tamper-resistant holder.

2. An impressive hardwood presentation case, with an engraved SS Republic plate affixed to the cover.

3. An illustrated booklet describing the shipwreck's history.

4. A DVD video of the National Geographic Ultimate Explorer featuring the expedition and discovery.

5. A certificate of authenticity.

 

Since we have only a limited number of these SS Republic coins for sale, clients are urged to pre-register your interest by telephoning 800.359.4255 or order online by clicking here. The cost of this special package starts as low as $995.

[AYA3]

I just noticed one of these "shipwreck effect" halves on Ebay for $102 with reserve not met. In the heading it is stating NGC certified and it has the same items listed that you will receive along with the coin. How much were they going for on Coin Valult?

 

Andy

[truthteller]

I believe Coin Vault sells 5 different for $6995.00, which is a TON of money.

 

 

 

 

TRUTH

[jhollan2]

The price on the "coin marathon" is crazy! The lowest price I saw was $899 and that was for a 50 cent piece! I agree with the above postings that the coins probably should be in a NCS slab..they did a whole "segment" on both NGC and NCS which sort of played like a commercial. If these coins with a "shipwreck" effect can be in a NGC holder and not graded, why cant my coins with problems be slabbed (rather than returned) and labeled "stupid newbie" or something of the like

 

I've stated before in other strands that I dont really like the relationship NGC has with shop at home. Its a little odd that ONLY NGC seems to be affiliated with them and grades such a high amount of coins for them. Shop at home has stated on the air many times that they are the largest submitter to NGC... and now NGC and NCS is running commercials and making guest appearances on the show! This fact causes me to question their subjectivity - and isnt their some moral factor that would prevent them from condoning their ridiculous pricing of NGC certified coins???

 

Just as a point of information, what is "shipwreck effect?" Whats to stop people from cracking them and resubmitting - or worse, selling loose on ebay???

[gmarguli]

If these coins with a "shipwreck" effect can be in a NGC holder and not graded, why cant my coins with problems be slabbed (rather than returned) and labeled "stupid newbie" or something of the like

 

Because these coins are part of a historical event. If you have enough coins from another famous shipwreck, I'm sure NGC will slab them - as would PCGS.

 

 

I've stated before in other strands that I dont really like the relationship NGC has with shop at home. Its a little odd that ONLY NGC seems to be affiliated with them and grades such a high amount of coins for them.

 

S@H has hawked coins in other slabs before. They are closer to NGC than PCGS, ANACS, or ICG. The turnaround times are also exponentially faster at NGC than PCGS.

 

S@H is a submitter to a grading service. Shouldn't NGC grade the coins submitted to them from S@H like they do for any submitter.

 

 

Shop at home has stated on the air many times that they are the largest submitter to NGC...

 

They've also stated that a Morgan dollar contains a full ounce of pure silver.

[truthteller]

It's a part of marketing. Anyone can buy time to market their products. If PCGS wants to do the same, OK by me. PCGS, however, would rather spend money slamming NGC rather than improve marketing. As I remember, PCGS did market their shipwrecked gold with glossy broshures and displays at coin shows. That type of marketing reached just collectors. In addition, PCGS touted their 'curation' technique, which they tried to legitimize the alteration of surfaces of a coin as acceptable. With NGC marketing, the TV audience is millions of people, and they use similar techniques to 'curate' the coin. Bottom line, buy if you like, or don't buy if you don't like. BTW, 'shipwrecked effect' is another term for sea salvaged.

 

 

TRUTH

[EZ_E]

Just as a point of information, what is "shipwreck effect?" Whats to stop people from cracking them and resubmitting - or worse, selling loose on ebay???

 

Oh, say a 1000% depreciation.

 

p.s. I empathize with your feelings that NGC/NCS are being bed fellows with Shop at Home. You're right that it seems that NGC endorses these scamsters but it is just business, a very profitable business I'm sure. But, hey, that is just the way it is.