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Thread: What's the point of NGC or PCGS grading for brand new 2017 coins?

  1. #1

    Default What's the point of NGC or PCGS grading for brand new 2017 coins?

    At various dealers I see brand new 2017 Silver Eagles graded by NGC or PCGS, with huge markups over the standard price. These coins are brand new, so what is happening here? What is there to grade? I don't know much about the numismatic stuff – do brand new Eagles vary much in their condition? Is this is situation where some will have small scratches or something, and some won't? Otherwise I don't get it. I thought grading was for old coins.

  2. #2

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    A scam. They should wait at least a year to grade new coins. Although a "genuine" designation on new coins i would be ok with.
    See my thread in numismatic section on fakes
    Last edited by and4rik; 07-13-2017 at 03:01 AM.
    "That's not money" - Ben Bernanke

  3. #3

    Default

    How many coins from "yesteryear" would be preserved, for today's collectors, if TPG's were around back then?

    I'm not going to knock those who prefer certified coins, bullion, whatever. There's a place for their services
    Not necessary for certifying bullion but, really, ASE's are NOT ACTUALLY BULLION
    they are coins
    they have a monetary designation on them

    If you shop properly, you can get certified ASE's for a few dollars more than non-certified ASE's
    What does that label cost the person who has it certified?
    $10? $12? $15 per coin?
    Plus two for premium

    Beat the price and you've done alright and things do sell easier when they have a COA

    Lastly, I'll admit, certified anything is not for everyone

    my 2¢
    Honor for US, Justice for Our Children! Now!

  4. #4
    Join Date
    Mar 2011
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    3,191

    Default

    Quote Originally Posted by Chump Change View Post
    How many coins from "yesteryear" would be preserved, for today's collectors, if TPG's were around back then?

    I'm not going to knock those who prefer certified coins, bullion, whatever. There's a place for their services
    Not necessary for certifying bullion but, really, ASE's are NOT ACTUALLY BULLION
    they are coins
    they have a monetary designation on them

    If you shop properly, you can get certified ASE's for a few dollars more than non-certified ASE's
    What does that label cost the person who has it certified?
    $10? $12? $15 per coin?
    Plus two for premium

    Beat the price and you've done alright and things do sell easier when they have a COA

    Lastly, I'll admit, certified anything is not for everyone

    my 2¢
    All my eagles are certified .999 ag. That's good enough in terms of certification for me. Got a call a couple of days ago from some Fancy Dan coin company wanting to sell me 70 graded, 2017 slabbed eagles for "the one time only price of $175 each." Told her I collect bullion. Her response, "I've got the deal for you then, tubes of 20 new 2017 ASE for only $675." How do these folks stay in business?

  5. #5

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    Quote Originally Posted by nergal View Post
    All my eagles are certified .999 ag. That's good enough in terms of certification for me. Got a call a couple of days ago from some Fancy Dan coin company wanting to sell me 70 graded, 2017 slabbed eagles for "the one time only price of $175 each." Told her I collect bullion. Her response, "I've got the deal for you then, tubes of 20 new 2017 ASE for only $675." How do these folks stay in business?
    They stay because they prey. I doubt if they pray. Some may not even cast shadows, come out into the sun, or see themselves in mirrors.
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

  6. #6

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    Quote Originally Posted by nergal View Post
    All my eagles are certified .999 ag. That's good enough in terms of certification for me. Got a call a couple of days ago from some Fancy Dan coin company wanting to sell me 70 graded, 2017 slabbed eagles for "the one time only price of $175 each." Told her I collect bullion. Her response, "I've got the deal for you then, tubes of 20 new 2017 ASE for only $675." How do these folks stay in business?
    I spotted them, certified, on ebay, in bulk, for less than 25.00 each, MS69's, but otherwise, the same coin
    70's are near $35 IIRC

    the problem I have are there are too many ASE's that are being made and too many that are certified, anyone who wants one can get one, easily
    Over 40 million made and over 100k that are certified?
    Not much rarity in that

    But, let me have access to a 1990 PCGS certified First Strike ASE in MS68
    Last I looked, there were 392 in MS68, 38 more in 69 and none in 70
    Total FS = 504

    There are FS collectors and this is one to look for
    If the price is right and since some here aren't shopping for those, that leaves a better deal for me
    Honor for US, Justice for Our Children! Now!

  7. #7

    Default

    – do brand new Eagles vary much in their condition? Is this is situation where some will have small scratches or

    When new coins are graded in bulk the designation is essentially moot. JUst a quick look at a large percentage of ms 70 coin with a poppulation over 100k will show ms 69 level coins. I am willing to bet that
    Cracking 20 random 2017 ms 70 eagles and resubmitting for grades would result in nearly all of them recieving an ms 69 grade.
    On pcgs website it states that ( or at leat it used to ) that the overall exuberance of the coin was the final consideration in grading, in addition to condition and strike...
    After 100k I dont see any exuberance.
    New or old coins, its a scam.
    "That's not money" - Ben Bernanke

  8. #8

    Default

    A lot of people know plastic and printed digits, so they will pay more for things when they are packaged in plastic and printed digits.

    I won't. In fact, the larger size of slabbing and inability to feel the actual coin makes me like them less. Still, if I think their are many plastic lovers who will pay more for them, I keep them slabbed if I get them that way (which is quite common with my local dealer who only deals in common bullion)-- just won't pay a cent more for plastic slabs myself.
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  9. #9

    Default

    A coin graded ms70 or any other grade that deteriorates in the holder you are stuck with it. For example, if your proof franklin graded pcgs coin developes an unatractive haze or even spots that werent there before grading, thats it. There is no gurantee
    I do own slabbed coins but they comprise a small percentage of my stack and are mostly morgans
    "That's not money" - Ben Bernanke

  10. #10
    Join Date
    Mar 2011
    Posts
    3,191

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    Quote Originally Posted by motocat View Post
    A lot of people know plastic and printed digits, so they will pay more for things when they are packaged in plastic and printed digits.

    I won't. In fact, the larger size of slabbing and inability to feel the actual coin makes me like them less. Still, if I think their are many plastic lovers who will pay more for them, I keep them slabbed if I get them that way (which is quite common with my local dealer who only deals in common bullion)-- just won't pay a cent more for plastic slabs myself.
    I've bought a significant number of slabbed silver bullion coins for near spot off Craigslist, sometimes by the dozens, only to turn them for a nice profit through the same venue a few at at time a few weeks later. I like plastic for that. Buy from a plastic guy down on his luck, then sell to a newly monied plastic guy that thinks he's getting a great bargain. Makes for growth in my certified .999 stacks.

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