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 Replies: 17 / Views: 3,643 |
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Pillar of the Community
United States
5854 Posts |
If I am not mistaken, isn't their grading guarantee limited to only two grade and beyond that they call it clerical error and thus not covered under their guarantee? If that is the case and this regrades MS-64 or lower, you could be out shipping and possible grading fees but receive no compensation for the drop in grade.
I had originally though it could grade MS-65 from the first photos since the worst imperfections looked like few luster grazes but with the new photos showing the marks, I don't think I can even give it a MS-65 anymore let alone a MS-67.
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Bedrock of the Community
United States
10982 Posts |
Looks 64 to me. It needs to go back to NGC for sure. I few years ago a story on the PCGS forum said a coin somehow got damaged during the holdering process. There is supposed to be a "finalizer" who reviews the coins after slabbing but....It could be this one somehow got damaged after grading.
Whatever happened, a mistake has been made with the MS67 grade on that coin.
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Pillar of the Community
 United States
723 Posts |
Shoot . . . . . I had not even considered "clerical error"!
That would be . . . really bad.
Just read through the guarantee. Nothing about two grades, but indeed explicit about a typo.
Insert "sinking feeling emoticon" here.
Edited by Jon K
02/18/2013 05:27 am
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Pillar of the Community
United States
5854 Posts |
It has been a while since I had read the guarantee. While NGC's guarantee doesn't mention it, PCGS's does mention the two grades difference within their clerical error section. I must of mixed up the wording between the two since they have always seemed quite similar to me. While rereading, I just noticed that they mention you may be requested to provide the transaction history and if you have read this post by swamperbob, it may cause you to reconsider especially if you are on good terms with whomever the coin was bought from. I do not have any experience with the process nor have I asked someone that does, so I can't offer much insight into whether the risks are worth the reward. |
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Pillar of the Community
United States
723 Posts |
Thank you D0ubl3Eagle, that is and eye opener for sure.
Swamperbob was referring to and giving examples of counterfeits or cleaning. Somehow holding the seller/submitter responsible.
I do not see how that applies in this case.
NGC simply blew this one. The original submitter has no responsibility that I can fathom . . . . I am sure the original submitter did a Steve Martin happy dance when he got this one back, but I can see no responsibility to the submitter . . . . . . right?
For the record it was pretty much an anonymous internet sale. Not that I couldn't find the guy that sold it to me, yes I could track him (her) down. But I do not wish to. I have no problem with the seller.
Curiouser and curiouser . . . .
Jon
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Pillar of the Community
United States
5854 Posts |
I think you are probably right in this case. My mind had wandered a bit when I wrote that. I do agree that swamperbob's post and the rereading of the guarantee was definitely an eye opener. Maybe in a case where an overgraded coin was later determined to be a result of doctoring would it apply. Yours looks like a simple case of overgrading.
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Valued Member
Canada
470 Posts |
DOH! Apparently Mr. Washington is alive and well and grading coins.
If NGC has any "cents" or even a "quarter" of a brain, they WOULD buy the coin (from you) and scratch their heads and sell it back to you as an honest mistake.
GOOD LUCK.
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Pillar of the Community
United States
723 Posts |
It is on it's way to Florida, will keep you guys posted.
Edited by Jon K
02/23/2013 09:35 am
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Pillar of the Community
United States
1812 Posts |
This slab is aimed at the person that buys the holder and not the coin in it. Nothing residing in a NGC holder suprises me anymore, and in my eyes is not the #2 TPG Service. |
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Pillar of the Community
United States
1812 Posts |
Also, should NGC drop this a couple/few points, do they pay the gray sheet difference (I don't think they would pay retail value) to the current owner?
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Pillar of the Community
United States
723 Posts |
I'll see in a week or two.
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Pillar of the Community
United States
723 Posts |
Well, I heard back from NGC. They agreed it was overgraded, and knocked it back to MS66+.
That was agreeable to me, as the difference in value takes a big jump once it hits 67, but there is very little difference once you get below 67. A 66 and a 65 are just a few bucks apart. 66 to 67 is a big jump.
So they did pay what I thought was a very fair price, paid my shipping and insurance both ways and returned it in a 66+ holder.
Overall, I am quite happy with the outcome. I will not divulge the dollar amount, but I believe it was fair.
I still have a bit of a difference of opinion though . . . . . I believe if I cracked it out and sent it in it would come back in a 65 holder!
The representative was very personable and seemed to be genuinely interested in mitigating the situation.
Overall a very positive experience!
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Bedrock of the Community
United States
10982 Posts |
Congratulations on the outcome! While it doesn't look like a 66+ either, the big value drop from 67 to 66+ covers most of the loss (even if they had dropped it to 65). Sounds fair.
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Pillar of the Community
United States
5854 Posts |
Congrats! Not too often we are congratulating a downgrade since typically people are bummed out when that happens. Just one quick question. It is great to hear that you felt their compensation was fair but if you felt it was low, do you think they would have entertained what you think is fair or is what they offer pretty much set in stone?
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Pillar of the Community
United States
723 Posts |
I am a wheeler-dealer by trade . . . . we went back and forth a couple times. I never got the impression that anything was carved in stone.
Probably depends on who you get on the other end, what kind of day he/she is having, etc.
Going in, I was hoping that they might offer to find a correctly graded ms67 and offer to trade. Indeed I asked for exactly that, but no, that only happens with stuff that is very easy to find like ASEs or such as that. Makes sense. Though not exactly rate, a 36 Washie is not just going to fall out of a tree.
Funny thing, after the downgrade I find that I really like the coin. I feel like I will keep it for a while. Before, I could hardly stand to look at it
Jon
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Replies: 17 / Views: 3,643 |
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First Page
Posted 02/18/2013 12:32 am
