What would it cost to submit a coin worth $10 million? 1 1

[Henri Charriere]

Professional courtesy aside, what would it cost you, member John Doe, to submit a "modern" U.S. coin worth $10 million, for certification (which includes authentication, grading, and encapsulation) and necessarily entails registration, insurance, postage, and round-trip (optional expedited) air or ground transportation costs.  Total, itemized ballpark figure cost.

Note:  Our colleague, Kurt, is notably exempt from this exercise because there is not enough money in the world to cajole him into paticipating in this type of high-risk endeavor.  🤣

Edited July 8 by Henri Charriere
Add word.

[J P M]

I would think if I could afford a coin like that, I could also afford to hand deliver it to the grading facility.

[Henri Charriere]

On 7/8/2024 at 9:17 PM, J P M said:

I would think if I could afford a coin like that, I could also afford to hand deliver it to the grading facility.

I am going to lean over. If you would be kind enough to withdraw the cuchillo you've thrust into my back, I will explain.

Submission is theoretically a mechanism available to all members. Unfortunately, for various excellent reasons, not all are able to navigate the process without assistance.

My sole purpose in posting the topic is to illustrate, in real time, how many calculations members can come up with considering set fees amid a number of variables.

NGC, accepts walk-ins with appointments. How that would affect turn-around times is debatable. If you chose hand-delivery, I would assume you would insist on a lay-over and return delivery by hand as well.

This is an exercise anyone with time and a Submission Form can participate in.  Even I myself, with all the resources at hand, have no idea off-hand what such a figure would come to.

(When you get a chance, please pass me some iodine and a bandage. All is forgiven.)  🤣

[GoldFinger1969]

Isn't it a percentage ?  Probably would cost a couple of hundred thousand dollars I would think, maybe 2% of the value ?  I doubt they'd do it for less than 1/2 of 1% or $50,000.

Probably lots of insurance costs for the TPG.

[ldhair]

I believe there are other factors with a coin of this value. First is that the top two services may or may not view modern and classic in a different way. I would think there would be more risk with a modern coin. Next is what I would call bragging rights. They compete with each other to have important coins in their holders. I'm sure they offer much lower rates on coins of this value. My guess is that they would both quote a price after seeing the coin. I can't even guess as to what that price may be. 

 

[Henri Charriere]

On 7/9/2024 at 4:42 AM, ldhair said:

I believe there are other factors with a coin of this value. First is that the top two services may or may not view modern and classic in a different way. I would think there would be more risk with a modern coin. Next is what I would call bragging rights. They compete with each other to have important coins in their holders. I'm sure they offer much lower rates on coins of this value. My guess is that they would both quote a price after seeing the coin. I can't even guess as to what that price may be. 

 

Thanks, Larry.  That is why I prefaced my comment with "Professional courtesy aside,..."  It might have been more productive for me to provide a figure in the hundreds or thousands.  I do not believe the overwhelming majority of members who clamoring for having their modest coins graded have any idea of what certifications are necessary or their cost when all variables beyond posted fees are considered. By and large, certifications are the exception, not the rule.

[GoldFinger1969]

On 7/9/2024 at 4:42 AM, ldhair said:

I believe there are other factors with a coin of this value. First is that the top two services may or may not view modern and classic in a different way. I would think there would be more risk with a modern coin. Next is what I would call bragging rights. They compete with each other to have important coins in their holders. I'm sure they offer much lower rates on coins of this value. My guess is that they would both quote a price after seeing the coin. I can't even guess as to what that price may be. 

I think there are only 2 or 3 coins that have sold for $10 MM or more or have a shot at being appraised at that level:  the 1850 Proof Bass Double Eagle....the 1933 Saint DE....maybe 1 or 2 other coins (the 1913 Liberty Nickel ?).

Wonder what coins valued at $500,000 or $1 MM would cost.  There you have dozens or hundreds. 

 

[rrantique]

Keys here you suggested "Modern" could you please show such worthy coins?

[GoldFinger1969]

On 7/9/2024 at 12:54 PM, rrantique said:

Keys here you suggested "Modern" could you please show such worthy coins?

I missed that....I presume he means by modern any coin in the last 125-150 years.  No coin in the last few years/decades -- what we usually call "moderns" -- has anywhere near that value.

[powermad5000]

According to the current submission tier for a coin of this nature, you would have to submit to NGC under the Unlimited Walk Through tier which is currently $350+1% FMV. 1% of the ten million would be $100,000. Plus the $350. So, $100,350 would be the cost of this submission. This is assuming the FMV is actually deemed to be $10,000,000.

As for the year of this extremely impressive specimen, it is stated simply all US or world coins. Irrespective of date of issue.

That would be one expensive slab, and as the owner, I would be negotiating a deal with NGC because if they intend to spend 15 seconds on it at the grading table, I would refuse to pay that to anyone for their 15 seconds of their time. Even including the entire process, I could only guess this coin would go from raw to graded slab in a number of hours only, so I also would refuse to pay anyone the going rate of $100,000 for say four hours of work, which breaks down to $25,000/hr. Nobody even with that expertise and position is worth that kind of money to me. NOBODY! NGC would have to work out a deal with me on an agreeable amount to have the bragging rights to publish their story about how they got to see, grade, and encapsulate this once in a lifetime coin.

[ldhair]

I don't think I would want to pay 100K either but a buyer is going to want the coin in good plastic. I don't know how to put a price on the service standing behind the coin and the grade. 

[VKurtB]

On 7/9/2024 at 11:35 PM, powermad5000 said:

According to the current submission tier for a coin of this nature, you would have to submit to NGC under the Unlimited Walk Through tier which is currently $350+1% FMV. 1% of the ten million would be $100,000. Plus the $350. So, $100,350 would be the cost of this submission. This is assuming the FMV is actually deemed to be $10,000,000.

As for the year of this extremely impressive specimen, it is stated simply all US or world coins. Irrespective of date of issue.

That would be one expensive slab, and as the owner, I would be negotiating a deal with NGC because if they intend to spend 15 seconds on it at the grading table, I would refuse to pay that to anyone for their 15 seconds of their time. Even including the entire process, I could only guess this coin would go from raw to graded slab in a number of hours only, so I also would refuse to pay anyone the going rate of $100,000 for say four hours of work, which breaks down to $25,000/hr. Nobody even with that expertise and position is worth that kind of money to me. NOBODY! NGC would have to work out a deal with me on an agreeable amount to have the bragging rights to publish their story about how they got to see, grade, and encapsulate this once in a lifetime coin.

Yeahhhhhh, that’s why they charge way more; coins like that get way more than 15 seconds. The ONLY way I’d ever submit such a coin is in person at a major show, on the first day, with in-show grading and return. Think an ANA World’s Fair of Money or a January F.U.N. show.

Edited July 10 by VKurtB

[Zebo]

If you afford a ten million dollar coin, you don’t send it in to be graded. You have your servant or agent take care of the administrative details. 

[GoldFinger1969]

On 7/10/2024 at 9:28 AM, VKurtB said:

Yeahhhhhh, that’s why they charge way more; coins like that get way more than 15 seconds. 

It's still a nice payday that requires maybe a few minutes of evaluation and then the automated holdering process that all the coins go through.  I doubt these super-coins need 4 hours from start-to-finish.

[Henri Charriere]

Q.A.:  To paraphrase former NYC mayor Ed Koch, "How're we doin'?"

🐓  :  Very well. Oddly, no one seemed to recall the accommodation the latest owner of the '33 Double Eagle worked out with the other grading service, a multi-million dollar deal. P5000 laid out some of the cold hard facts I wanted emphasized that few of us ever need a reason to consider.

Q.A.:  He balked at paying the piper, but if it's any consolation many years ago, the Guinness Book of World Records cited the highest fee ever charged and paid to a then well-known Washington beltway attorney. If memory serves, it was $100,000.  Now, most of you would say, "Well, those billable hours (10 blocks of 6-minute intervals)  at prominent white-shoe law firms are expected to go thru the roof."

Yes, they can.  But the "legal work" consisted of a single question requiring a simple Yes or No answer.  I do not recall the answer given, but do remember reading the simple one-word answer rendered saved the company many millions of dollars.

Not to worry, I believe every member intuitively understands a certification is a mere formality with the costs expected to be passed on to the next "suitor."  🤣

Thanks, guys, for shining a light on grading at the other extreme.

 

[zadok]

On 7/9/2024 at 4:42 AM, ldhair said:

I believe there are other factors with a coin of this value. First is that the top two services may or may not view modern and classic in a different way. I would think there would be more risk with a modern coin. Next is what I would call bragging rights. They compete with each other to have important coins in their holders. I'm sure they offer much lower rates on coins of this value. My guess is that they would both quote a price after seeing the coin. I can't even guess as to what that price may be. 

 

...zero cost...both of the grading services have advertised in the past that they were willing to certify ultra rare unique n near unique coins for no charge other than insurance costs...the 1894-S barber dime comes to mind...others im aware of were the 1876-CC twenty cent coin...im sure there r more....

[VKurtB]

On 7/15/2024 at 10:55 PM, zadok said:

...zero cost...both of the grading services have advertised in the past that they were willing to certify ultra rare unique n near unique coins for no charge other than insurance costs...the 1894-S barber dime comes to mind...others im aware of were the 1876-CC twenty cent coin...im sure there r more....

But they can’t very well state that on their submission forms, can they? They need to do something to dissuade the m-o-r-o-n-s.

Edited Tuesday at 04:03 PM by VKurtB

[powermad5000]

On 7/15/2024 at 10:55 PM, zadok said:

the 1894-S barber dime comes to mind...others im aware of were the 1876-CC twenty cent coin...im sure there r more....

An 1885 Trade Dollar Proof?? They graded one at PF 66 and it's value is about half of the 10 mil we are talking about here.