One comment and a couple of questions and a couple of questions concerning submissions 2 2

[Coinzrfun]

I just submitted a portion of my collection to NGC.

I did not want to exceed the perceived cost of $2000-$3000. I know this will change depending on the grades I receive and the value that the grades will give to certain coins.

Now to my questions.

NGC states-

Current Turnaround (working days)US: 26 days
World: 31 days
TOKENS
US: 26 days
World: 30 days

I submitted them through a dealer. So to be safe let's say they have them by June 1 should I expect them back in 4 to 5 weeks? 20-25 working days?

My last question is as follows but I want to clearly explain it..

I expect that some of my coins will PL or DMPL along with higher grades. I am hoping for some 66's. I could also get a gift or two and have a couple grade 67. I have submitted around 100 coins.

With that said the fee to use economy is is $23 plus some additional shipping cost. No imaging. No designations with the exception of one error and one MPD.

if the value of my coins exceed $300 what will happen to the grading fee?

How much additional money will I need to pay?

My guess would be that at least 20-30 Morgan's will exceed this value. Hopefully they use their own price guide to value the coins. It would not be very fair if they used "Grey sheet" to value my coins. I don't believe they do but the question still looms in my mind.

Thank you for taking the time to read this and I am hoping some of you can help me out with these questions.

Please share some of your recent grading experiences both good and bad.

[Henri Charriere]

I have only one question: why wouldn't a dealer whom I assumed helped you fill out the submission form(s) correctly have any idea or an inkling at what you can expect as a ballpark figure for your shipment?

[Coinzrfun]

I didn't ask. He took two hours to go over the coins for submission. They need to have someone fill out the forms for submission and I did not want to continue to take up his time. I think it's a good question that might be informative to me and others.

I would not put the dealer on the spot with expectations of when to receive the coins back. We discussed it and he told me to be patient. I can do that. Some of you folks may have submitted recently and have an idea of how long it's taking.

When someone does me a favor I don't like to ask to much of them. 

Edited May 20, 2023 by Coinzrfun
Added more comments.

[J P M]

That is a big order, I hope your dealer is a real close friend.

 

[Coinzrfun]

On 5/20/2023 at 9:23 AM, J P M said:

That is a big order, I hope your dealer is a real close friend.

 

They are a trusted dealer. I am not worried at all. I trust them explicitly. They are 100% ethical and well established.

Edited May 20, 2023 by Coinzrfun
Spelling error.

[J P M]

On 5/20/2023 at 9:25 AM, Coinzrfun said:

They are a trusted dealer. I am not worried at all. I trust them explicitly. They are 100% ethical and well established.

[Sandon]

    Whenever I have submitted coins to NGC, I have submitted them myself and have been able to track my submissions through the "Submission Tracking" function under the "Submit" tab on the NGC home page while logged in. I don't think that you can do that where a dealer submitted coins under his own NGC account, not yours. (If he used your account, he should have given you the submission number through which you could track the submission.)  The "turnaround time" runs from the date that NGC enters your coins into their system, not the date the package was received.  There can be a delay of a week or more between those two dates, as well as the time between the date that NGC ships the coins back to the dealer and the date the dealer receives it, so you should add about two weeks to the estimated turnaround time before making any inquiries. The dealer should be able to track his own submission.

   Coins on a single submission form must be submitted under the same "tier". I assume that all of your coins were submitted under the "Economy" tier with owner's values not exceeding $300 each. If NGC determines that any of these coins substantially exceeds the $300 value up to $3,000, you will be charged for the "Standard" tier ($40) for each of those coins, an additional $17 for each such coin. NGC uses the NGC Price Guide to make these determinations.  NGC once charged me the "Express" tier fee ($80) for a 1795 half cent that I submitted under the "Standard" tier knowing that it was impaired based on their graders' opinion that the coin has "AU details" and was worth more than $3,000 even though NGC described it as "corroded". However, I have had other coins that received grades whose NGC Price Guide values somewhat exceeded the upper limit of the tier without being charged more.

  In addition to grading fees, submissions to NGC generally are subject to a $10 per submission form processing fee and a return shipping fee that varies with the number of coins submitted and the total declared value of the coins.  You can see the current return shipping fees at NGC Announces Major Improvements to Return Shipping and Insurance Services | NGC (ngccoin.com). The dealer may be using his own shipping account instead.  I would have assumed that the dealer would have informed you as to any shipping and other charges that originate with him.

   Although you may have some pleasant surprises, be prepared for unpleasant ones as well. Many coins that look good even to experienced collectors and dealers are returned as "cleaned" or otherwise impaired. It doesn't appear that you asked the dealer to check the coins for you to determine whether they were all worth submitting. You might want to read the following article on the NGC website by major dealer Jeff Garrett: Jeff Garrett: The Art of Rare Coin Submissions | NGC (ngccoin.com). 

  I hope it works out for you. Please tell us about the results.

[zadok]

On 5/20/2023 at 9:21 AM, Coinzrfun said:

I didn't ask. He took two hours to go over the coins for submission. They need to have someone fill out the forms for submission and I did not want to continue to take up his time. I think it's a good question that might be informative to me and others.

I would not put the dealer on the spot with expectations of when to receive the coins back. We discussed it and he told me to be patient. I can do that. Some of you folks may have submitted recently and have an idea of how long it's taking.

When someone does me a favor I don't like to ask to much of them. 

...my last submission took approx 100 days....

[Coinzrfun]

Sandon

Thank you for taking the time to write your post. Very helpful and answered my questions very well.

I did write in one of my posts that we spent two hours together. He went through the first 150 coins and set aside around 100 for grading. So he did look them over. Not many "rejects". So they were all pre-approved so to speak for submission. I have no expectations. I am pretty sure I know the grades of my coins. With that said I know it's a matter of opinion and I will keep that in mind. In today's world coins need to be graded so someday they can be sold possibly by my children or grandchildren. For now this is a choice I have made.

I am very fortunate to know such a well respected and experienced in this area. I'll post some of the grades when they come back. Once they do if I am satisfied with how things go I will submit another 100 and go from there.

[Coinbuf]

On 5/20/2023 at 3:36 AM, Coinzrfun said:

I just submitted a portion of my collection to NGC.

I did not want to exceed the perceived cost of $2000-$3000. I know this will change depending on the grades I receive and the value that the grades will give to certain coins.

Now to my questions.

NGC states-

Current Turnaround (working days)US: 26 days
World: 31 days
TOKENS
US: 26 days
World: 30 days

I submitted them through a dealer. So to be safe let's say they have them by June 1 should I expect them back in 4 to 5 weeks? 20-25 working days?

My last question is as follows but I want to clearly explain it..

I expect that some of my coins will PL or DMPL along with higher grades. I am hoping for some 66's. I could also get a gift or two and have a couple grade 67. I have submitted around 100 coins.

With that said the fee to use economy is is $23 plus some additional shipping cost. No imaging. No designations with the exception of one error and one MPD.

if the value of my coins exceed $300 what will happen to the grading fee?

How much additional money will I need to pay?

My guess would be that at least 20-30 Morgan's will exceed this value. Hopefully they use their own price guide to value the coins. It would not be very fair if they used "Grey sheet" to value my coins. I don't believe they do but the question still looms in my mind.

Thank you for taking the time to read this and I am hoping some of you can help me out with these questions.

Please share some of your recent grading experiences both good and bad.

My last submission was a regular tier and took just over a month from the day I sent to received back, the grades were very close to what I expected.   What I do not understand is why you did not submit the 20 or so Morgan dollars that you feel will exceed the econ tier value limit under the regular tier, that would have been the correct thing to do.   NGC will simply adjust the tier for those coins which exceed the econ tier value limit of $300 per coin.

Perhaps the dealer thought he was doing you a favor by submitting under the econ tier.  Perhaps he is not expecting the high grade results that you are and felt the econ tier is the correct tier, difficult to say as we have not seen the coins.

I hope you do well and please come back and share your results.

[GoldFinger1969]

Has the turnaround time for coin submissions eased since 2 years ago ?

[Henri Charriere]

On 5/20/2023 at 12:59 PM, GoldFinger1969 said:

Has the turnaround time for coin submissions eased since 2 years ago ?

Yes, but there are too many variables involved to state them all.  The only thing I would be concerned about now is date of receipt -- that the coins were delivered safe and sound.  

[Sandon]

On 5/20/2023 at 12:46 PM, Coinzrfun said:

In today's world coins need to be [third-party] graded so someday they can be sold possibly by my children or grandchildren.

   By the time that your children or grandchildren inherit your coins, grading standards and the numismatic market may be as different from today's as today's are from those of fifty years ago, when I was a young collector.  Coins that graded in the AU range by 1980's standards are third-party graded MS 63 today, as demonstrated by a topic I recently posted and will link below. (Would you want them to sell a MS 63 coin for AU money based on decades old grading?) Grading standards have periodically both tightened and (mostly) loosened over the decades. NGC recently introduced a ten-point grading with decimals system for modern coins as an alternative to the seventy-point grading system now in use, and it is conceivable that that or some other new system will eventually replace the current system for all coins, rendering existing third-party grades obsolete.

  Assuming that the grading standards don't change, I will grant that third-party grading may make your coins easier to appraise. Apart from that, I consider it generally disadvantageous to have lower value coins--which I personally define as any coin worth less than $500 or so--third-party graded, for reasons that include the following:

   1. The cost of having the coins graded will only be worthwhile if it means that a dealer or other buyer would pay you more than the sum of what he or she would have paid you anyway, plus that cost. For lower value coins like common date Morgan dollars in non-Gem (65 or higher) grades, this is unlikely.

  2.  Certified holders will substantially increase the volume and weight of your collection, making finding sufficient safe storage space and transportation more difficult.  I'm learning this myself the hard way. The safe deposit box in which I store a few hundred certified coins is the only one that I need a hand truck to move, and I'm running out of space for more "slabs". I can store a lot more coins in albums or more compact holders in the same amount of space with less weight.

  3.  Many collectors still prefer to collect lower priced coins uncertified, in albums or other holders.  Dealers at smaller coin shows have told me that the bulk of their business is still in uncertified coins, and I've seen collectors turn down certified coins because they couldn't be placed in their albums without cracking them out of the "slabs".

   Here is the link to the topic to which I referred:

 

[VKurtB]

On 5/20/2023 at 3:40 PM, Sandon said:

3.  Many collectors still prefer to collect lower priced coins uncertified, in albums or other holders.  Dealers at smaller coin shows have told me that the bulk of their business is still in uncertified coins, and I've seen collectors turn down certified coins because they couldn't be placed in their albums without cracking them out of the "slabs".

Ooh, ooh, me, me. That's me! You described me! For the MOST part, I still HATE slabbed coins. That said, there are a tiny minority of my coins that ARE slabbed. Until one understands the why's AND THE WHY NOT'S of slabbing, just don't do it.

Oh, the more esoteric the coins are that you submit, the longer they will take. Count on that.

Edited May 21, 2023 by VKurtB

[physics-fan3.14]

On 5/20/2023 at 6:36 AM, Coinzrfun said:

 

I submitted them through a dealer. So to be safe let's say they have them by June 1 should I expect them back in 4 to 5 weeks? 20-25 working days?

No. I recently (Feb-March) submitted a world coins order, and it took 2-3 months to get them back (early May). 

On 5/20/2023 at 12:59 PM, GoldFinger1969 said:

Has the turnaround time for coin submissions eased since 2 years ago ?

No. It has actually gotten longer... increased demand for world coins means longer times. NGC has posted job positions for anyone interested, but the demand for coins graded seems to have outstripped qualified graders. Turnaround times are now in the 2-3 month range for world coins.