Thoughts On Coin Grading

Ok I will answer your questions in the order they were asked in the best possible way I know how
Question 1: This all depends on if you are selling,buying or just doing it for yourself. PCGS seems to sell for more money (especially since you mentioned Moderns, PCGS MS/PF-70 will sell for multiple times what a NGC of the same grade will sell for). If you are doing it just for yourself I would probably go with ANACS myself for a few reasons, one is they are highly respected and even though they don't sell for as much in the retail world I have seen some ANACS (especially recent slabs) that are graded tighter than NGC and PCGS coins of the same series.
Question 2: If you want to send to PCGS or NGC you will either have to join their collectors society(NGC) or Collectors Club(PCGS) to submit coins or find a dealer you trust that has a dealers membership. Again with ANACS you do not have to join any club to submit coins, anyone can do it. Another thing, if you are in the ANA you can submit coins to NGC through the ANA submission form without having to join Collectors Society
Question 3: The price of the submission is considered on the value of the coins submitted and the amount of coins submitted on the same invoice (usually there is a minimum amount of coins on the invoice that can be sent in to get the lowest rate)
Question 4: First strike is a term used by the grading companies which really means absolutely nothing to real collectors (or the US Mint) as was stated in a press release addressing this issue). The only way a coin could have ever been designated as a First Strike coin is if the sealed box that the coins came to you was sent to the grading company, in other words if you opened the box when it came to you it is no longer available to receive a First Strike designation

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1. Is PCGS or NGC considered the more highly regarded of the two grading company's or are they both considered equally as good?

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They are both equally good in my (and most people's) books. At auctions PCGS coins do tend to bring a tad bit more than NGC coins, but I've found that for me personally it's never made a difference. Both services will overgrade and undergrade coins, although NGC is known to be looser for ultra-modern issues.

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2. How would I go about getting a coin graded since I'm an individual collector? Would I go to a local coin dealer and have them submit the coin for me? Are there any inherent risks in doing this?

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For PCGS, you can either join their collector's society (there are three levels with the lowest being $49.95/year and the highest being $199.95/year. The only difference is the perks that come with being a member) or have a member dealer submit for you. www.pcgs.com will give you all the information you need and has a list of member dealers.

For NGC, you can either join their collector's society, have a dealer submit for you, or join the ANA (it was $20 for me, but I'm a junior member). www.ngc.com will give you all the info you need.

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3. What is the approximate cost to have a coin graded or does it all depend on the value of the coin? For example, I have a few Gold First Spouse coins I'm considering having graded.

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It all depends on the value of the coin. The above two websites will tell you everything you need to know. Also, for the gold spouses if you want them designated First Strike you will need to pay extra. There is also a fee for them to ship the coins back to you (it also depends on the value of the coins, obviously) so don't forget to factor that in when calculating your total costs.

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4. Finally, what is the deal with First Strike? I understand that NGC does not use this term anymore due to a class action lawsuit but PCGS still does? I thought a first strike was a coin produced in the first month within the release date. With a First Spouse coin (at least the first 3, wouldn't they all be considered first strikes since they all sold out within hours)? If not, how would one prove it was a first strike? Send the box that the coin came in to show that the coin was mailed within a month of release? Why do collectors believe first strikes to be more valuable? If the quality is high enough, wouldn't an MS 70 be worth the same regardless if it is a first strike or not? However, I still see ebay sellers mentioning that their coins are first strikes....I just don't understand what premium or purpose there is to a first strike.

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You've hit the nail on the head. Many people don't care about first strike and believe it's just a gimmick by the TPG's. NGC now uses "early release" which is more or less the same thing. Since the deadline for submitting "first strike" coins in open boxes has now passed, in order to obtain the first strike designation the coins must be in their original boxes as shipped by the mint (i.e. never opened) with a certain shipping date. Some people chase high grade moderns and first strike coins, but I am not one of them so I cannot tell you why people would want one.

If you have any more questions, feel free to ask.

Thanks for the information. At this point, the coins are purely for my own enjoyment and I really don't see it necessary to have them graded especially since I purchased them directly from the mint.

If at some point, I decide I have the necessity or desire to part with them at some future date, I wanted a little information on grading companies, etc.

It also helps me when I am purchasing coins.

Thanks again.