NGC Announces Removed Label Buyback Program

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Author	Replies: 9 / Views: 2,401
CCFPress Press Manager United States 1420 Posts	Posted 02/02/2015 12:36 pm The following is a press release from NGC NGC offers Label Buyback Program to improve the accuracy of the NGC Census. Numismatic Guaranty CorporationÂ® (NGCÂ®), the world's largest third-party coin grading service, has announced a program to buyback NGC certification labels that have been removed from NGC holders. These certification labels contain an NGC graded coin's description, grade and certification number. Occasionally, collectors and dealers remove these labels from NGC holders but do not return them to NGC for the certification records to be deleted. As a result, a coin that has been removed from its NGC holder may still appear in the online NGC Census population report, which shows the populations of NGC graded coins divided by coin type and grade. Most of the more than 31 million coins graded by NGC appear in the NGC Census, making it an invaluable resource to research the relative rarity of NGC certified coins. It is available for free at NGCcoin.com. In an effort to provide the most accurate data to NGC Census users, NGC will now offer a 50 cent grading credit for each NGC certification label that is returned to NGC for removal from its population database. This offer, which is effective immediately, is valid for all US, world and ancient coins. â€œThe free, online NGC Census is one of the most important tools that we offer,â€ says Mark Salzberg, NGC Chairman. â€œThis significant investment to improve the accuracy of the NGC Census will benefit the entire numismatic community and is part of NGC's commitment to provide the best, most informative resources to collectors and dealers.â€ All NGC Collectors Society paid members and NGC Authorized Dealers are eligible to participate in this NGC certification label buyback program. An NGC grading credit of 50 cents will be issued for each NGC certification label returned to NGC. The credit will be posted to the member's account. NGC certification labels should be returned to NGC in an envelope marked â€œAttn: NGC Label Buyback Program.â€ The NGC Collectors Society member number or NGC Authorized Dealer account number must accompany the labels. For complete NGC certification label buyback program instructions, visit NGCcoin.com/labelbuyback. Not an NGC Collectors Society member? Paid memberships start at just $39/year. Join today. Details Grade labels are excluded from this program Report this Post to the Staff

nlp coins Pillar of the Community United States 2373 Posts	Posted 02/02/2015 12:45 pm 50 cents! They gotta be kidding themselves. nlp Report this Post to the Staff
SsuperDdave Moderator United States 23522 Posts	Posted 02/02/2015 1:08 pm Well, it's beter than nothing. Wonder how numismatists figured rarity before the TPG's. Report this Post to the Staff
Neo13x Pillar of the Community United States 604 Posts	Posted 02/02/2015 1:18 pm The 50 cents covers the cost of stamp and envelope....what about the time and effort for removing it from the slab? Report this Post to the Staff
SteveCaruso Pillar of the Community United States 1796 Posts	Posted 02/02/2015 1:20 pm This will not end the way they hope it will. :-) Report this Post to the Staff
Tom Goodheart Pillar of the Community United Kingdom 856 Posts	Posted 02/02/2015 1:55 pm Eh? I don't keep coins in slabs. But the label and corresponding online verification it would offer to future purchasers is still of interest to me. It's as much part of the provenance of the coin as an earlier collector's record. And why on earth would I bother to have the information removed from the database? Since I don't intend submitting any of my coins to an alternative TPGS my coins are still part of the population, slabbed or not. As for 50c It's OK. I'm too busy laughing to feel insulted. Edited by Tom Goodheart 02/02/2015 2:01 pm Report this Post to the Staff
tella Valued Member Australia 102 Posts	Posted 02/02/2015 9:38 pm To what I'm reading into this, it looks like the unwanted labels are being used maybe for reslabbing fake coins in counterfeit holders? Report this Post to the Staff
Sap Moderator Australia 16830 Posts	Posted 02/02/2015 10:02 pm I have to say, I don't really understand the logic myself. At least as far as the occasional collector is concerned. Posit: I hate the coin being in an NGC slab, either because I hate slabs generally, or I've taken it out of the NGC holder so I can resubmit it to one of their competitors. Either way, I obviously don't particularly care about NGC's opinion. So what possible use would I gain from obtaining a "grading credit" of 50 cents? No-one in that category would ever consider actually sending a coin to NGC. And even if I did, it doesn't appear that I can just pop the labels in with a submission to claim my discount. Why would I put it in a separate envelope and have to pay way more than 50 cents to get that envelope shipped to NGC? This policy can only be aimed at the "crackout crowd", being the only people who generate vast hoards of slab-shards and who could acquire enough used labels to make it worthwhile. But who in the crackout crowd is going to confess to playing the crackout game? Quote: To what I'm reading into this, it looks like the unwanted labels are being used maybe for reslabbing fake coins in counterfeit holders? If they can make fake coins and fake slabs, they can certainly make convincingly fake labels, too. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis Report this Post to the Staff
edweather Pillar of the Community United States 7375 Posts	Posted 02/03/2015 01:19 am Hey, it's a great deal for them. 30 bucks to have it graded.....50 cents buyback for the label....then someone else pays them 30 bucks to grade it again Report this Post to the Staff
SsuperDdave Moderator United States 23522 Posts	Posted 02/03/2015 09:34 am Unintended consequences. Populations of slabs in grade are a relevant statistic to those who collect US Classic coins, because such a large percentage of them are in slabs. Value in a slab has become the "retail" value, and we teach people to spend less on raw examples. Those of you who feel this doesn't affect you are correct as long as you don't collect US issues. If you do, though, and this initiative works, you're going to be paying more for slabs. Crackouts have artificially skewed populations, making issues seem more common than they actually are, and prices are deflated as a result. So real-world value isn't correct. Wish I could say I was sympathetic for them. Report this Post to the Staff
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