Was mistake being done on submission form 1 1

[VasquezJ]

Hello, had submitted a coin for the first time and do realize I did a few mistakes on submission form but corrected as soon as I was notified and submission was sent as a Walkthrough but it’s been over a week and status still on received and was wondering why? Sent it in as mint error and hope it was the right option. 

[VasquezJ]

Could sent pictures if you’d like and describe exactly what it was submitted for if you’d like?

[VasquezJ]

So the coin I submitted to you guys is what I feel personally really confident is a 1943 no mint mark Lincoln Wheat 1C Steel Bronze Coated. Ok so coin was found near minor house fire on a property me and my wife we’re looking to purchase but really don’t remember the exact location because we looked at so many properties but it’s in the area of where I live now. Total had found maybe around 15 coins around there and most coins were just covered with burnt smoke but 3 of them had something a bit harder over the coins but just really didn’t mess with them and ended up some how on top of washer and noticed them before I was about to shower the next day so figured I’d rinse them off but 2 of them only had like a bit of candle wax over them which was easy to remove but last coin had what looked at the time like maybe dark brown auto paint or something but figured it was weird because I start to think how only that coin was like that and being surrounded with other coins. After a few hours trying to see what kind of coin it was or if it was even a coin, noticed it was a 1943 steel cent and kind of got excited until i started searching what those coins were worth which was average about face value but noticed even though it was a steel cent, it did not match to any steel cent that I could find on line continued searching even more because was curious about the material that was all over just that coin and what I pulled up was that there was a few 1943 steel Lincoln Wheat cent stuck in error that year and only a Denver had ever been discovered years ago.

Edited March 9 by VasquezJ

[NickiO CS]

Hello @VasquezJ,

Thank you for reaching out to us. Your coin was placed on hold because the initial evaluation determined that the declared value significantly overvalued the coin. Because fees can be quite significant for coins submitted with high declared values, in these cases, we will reach out to you to provide the opportunity to lower the declared value. I see that you have spoken with us over the phone and we have relayed your request to process the coin with a declared value of $25,000. We can proceed as requested and the submission will be charged the associated Walkthrough fee. 

You should have received an email advising you of this issue, you can also reply to this email as well. They may be able to provide more information related to the initial review of the coin during verification. 

I understand you are eager to receive your coin back, and while the selected Walkthrough tier generally processes very quickly, resolving Receiving issues, such as this one, does require more time. I will follow up with our Receiving Manager to confirm that this coin is confirmed to move forward for grading, and we will follow up with you via email. 

If you have any additional questions, please let us know. 

[Sandon]

On 3/6/2024 at 8:15 AM, NickiO CS said:

Your coin was placed on hold because the initial evaluation determined that . . . the declared value significantly overvalued the coin. Because fees can be quite significant for coins submitted with high declared values, in these cases, we will reach out to you to provide the opportunity to lower the declared value.

   NGC is being decent enough to provide you with an opportunity not to waste a great deal of money.  I would take it if I were you.

[LOCK34]

What would the fees be for a coin with an estimated value of 1,700,000.00 declared on submission form? 

[Sandon]

On 3/6/2024 at 11:48 AM, LOCK34 said:

What would the fees be for a coin with an estimated value of 1,700,000.00 declared on submission form? 

    It appears that the 1943 cent was submitted or will be graded in the "Walkthrough" tier ($175 grading fee) at the maximum $25,000 declared market value. A coin valued at over $25,000 would be submitted in the "Unlimited Walkthrough" tier at a grading fee of $350 + 1% of the market value. For a coin valued at $1,700,000, that would be a grading fee of $17,350! 

    Even the $175 grading fee plus processing and shipping fees is likely to be a painful lesson for the evaluation of what is almost certain to be a plated and/or corroded normal 1943 steel cent. (I don't think we ever saw photos of this coin.)

On 3/4/2024 at 2:51 PM, VasquezJ said:

So the coin I submitted to you guys is what I feel personally really confident is a 1943 no mint mark Lincoln Wheat 1C Steel Bronze Coated.

   The rare coin that you think you have wouldn't be "bronze coated". It would be solid bronze.

[VasquezJ]

It’s the 1943 no mint mark Lincoln Wheat Steel 1C  Bronze Coated struck error. 

[Just Bob]

This is going to be a very expensive lesson. I honestly feel bad for you. Everyone wants to find that once-in-a-lifetime coin, but this , unfortunately, is not one.

[LOCK34]

It is unlikely that a lesson will be learned here. Supreme knowledge supersedes fact in this case. Blame will be put upon NGC for not having the knowledge to recognize the true nature of this coin. Too bad NGC was kind enough to accept the much lower fee. They could have taken the extra money and thrown a party for the NGC members at the next big coin show they attended. 

[Henri Charriere]

On 3/4/2024 at 2:51 PM, VasquezJ said:

So the coin I submitted to you guys is what I feel personally really confident is a 1943 no mint mark Lincoln Wheat 1C Steel Bronze Coated.

...

Had first submitted coin to Heritage Auction to see if maybe they saw what I was seeing and response I received was “Get it Certified and Graded and we can Sell it for you”. That’s why I feel confident now it’s that coin....

HA's stance makes sense. However, what you interpret as encouragement  I see as deflection to a TPGS and deferring to their opinions.  HA does not sell coins it grades: that would be a clear violation of conflict of interest.  Luckily for them, they would not wish to perform that function which has the added responsibility of sidestepping responsibility. Whatever happens, their role is limited to accurately promoting products pored over by professionals.

 

 

 

[LOCK34]

Please post the results of your submission. You may help to save someone money in the future by doing so.

[VasquezJ]

[VasquezJ]

And then il post results of my next submissions to maybe you can see how it’s done. 

[tejas1836]

On 3/14/2024 at 8:13 PM, VasquezJ said:

And then il post results of my next submissions to maybe you can see how it’s done. 

What was the result of your walkthrough grading of your 1943 Lincoln cent?

[VasquezJ]

Honestly, really haven’t heard much and other than that it had environmental damage and would require like some sort of cleaning before being incapacitated haven’t heard anything after that. 

[VasquezJ]

Still waiting