coin declared values

[ukcollector]

If a coin is submitted for grading with a declared value by the owner. (i.e. under $3000) and the grader considers the value too low, would the grader then perhaps advise admin that an up grade in value may be appropriate resulting in admin charging an additional grading fee subject to the higher tier?

 

thanks

[RWB]

Hmmmm...good question. Maybe you could ask NGC and let the rest of us know what they say?

 

PS: Graders are not involved in fees - that is an administrative function.

[bourse28]

I have never had this problem. The graders focus is grading, the billing office is concerned with invoice payment.

 

 

[KMAG100]

To expand that question: If a coin is submitted raw and purchased for less than $3,000, however it receives a grade that clearly places it's resale value over $3,000 how is it handled? Does NGC use their values for grading charges of given coins at given grades? Because I would argue their values are typically high on US coins and low on World coins. Yes, I know the question should be asked to NGC.

[Nutmeg Coin]

They ask for dollar figures by submitters for insurance purposes; and I would not think they are going to bump up the fee unless there is a clear valuation difference. Plus many coins are not that liquid so the submitter could always argue that the increase in grading fees were unwarranted. But I have seen significant under-reporting of value on submissions. Also those wanting quicker turn-arounds sometimes pay a tier or two above what they could have. So with the faster turn-arounds on the high value submissions you are also getting better service.

[cpm9ball]

Personally, I think the submitter would be making a big mistake by underestimating the value just to save on grading fees. So, let's suppose that NGC let's it slide and the coin is really worth much, much more. Let's also suppose that the coin is lost in the mail. The submitter would only be entitled to the estimated value listed on the submission form.

 

If I thought a coin had a chance of garnering a higher value, it would be in my best interest to spend a little more to protect myself rather than "get cheap" and run the risk of losing a substantial amount.

 

Chris

[RWB]

Weren't there some posts about this kind of low-balling of valuations a couple of years ago?

[Nutmeg Coin]

So, let's suppose that NGC let's it slide and the coin is really worth much, much more. Let's also suppose that the coin is lost in the mail. The submitter would only be entitled to the estimated value listed on the submission form.

 

If I thought a coin had a chance of garnering a higher value, it would be in my best interest to spend a little more to protect myself rather than "get cheap" and run the risk of losing a substantial amount.

 

Chris

 

I can't think of many examples where I spent too little on a grading service; even if the price lists show a coin may be worth $800, often times they go for half that. Overpaying is a much bigger problem on submissions, not undervaluations. And I have not heard of anyone having mail lost as you suggest, the mails are very secure. Economy grading costs under $20 a coin plus shipping which is still a lot of money for most of the coins. And any submitter who gets a much higher grade than expected should have no problem having charges bumped up.

[AHFreak]

The only reason NGC asks you to declare a value is for insurance purposes. I believe it is for them to insure said coin for that amount while in their possession and also for when they are shipping it back to you.

 

I do not believe they are ever going to increase the grading tier, resulting in a higher grading fee just because the grade they put on the label increased the value higher than what was declared.

 

[MarkFeld]

I believe that in the vast majority of cases where a coin's value is understated, nothing is done about it.

 

However, when I worked at NGC, there were a few instances where action was taken. I remember a group of some high value coins, including a Proof gold coin - and I don't mean a modern one! - was submitted under the economy tier. The submission was changed to a non-economy tier.

[cpm9ball]

So, let's suppose that NGC let's it slide and the coin is really worth much, much more. Let's also suppose that the coin is lost in the mail. The submitter would only be entitled to the estimated value listed on the submission form.

 

If I thought a coin had a chance of garnering a higher value, it would be in my best interest to spend a little more to protect myself rather than "get cheap" and run the risk of losing a substantial amount.

 

Chris

 

I can't think of many examples where I spent too little on a grading service; even if the price lists show a coin may be worth $800, often times they go for half that. Overpaying is a much bigger problem on submissions, not undervaluations. And I have not heard of anyone having mail lost as you suggest, the mails are very secure. Economy grading costs under $20 a coin plus shipping which is still a lot of money for most of the coins. And any submitter who gets a much higher grade than expected should have no problem having charges bumped up.

 

In the 10 years that I've been a member here, there have been numerous stories about people losing coins in the mail.

 

Chris

[Nutmeg Coin]

It is the few cases of lost coins they are going to be inordinately represented on discussion boards. I and others I know have had well over 1000 shipments with not one lost.