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Crack & Resubmit Either Of These Two?

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Phaedrus29's Avatar
United States
228 Posts
 Posted 04/23/2015  1:32 pm Show Profile   Bookmark this topic Add Phaedrus29 to your friends list Get a Link to this Message Number of Subscribers
I have about 30 coins from an inherited collection at Heritage, currently in the grading process. Some of these coins I will be consigning and some I'll be keeping. I would like to have the keepers graded and ready to sell (although I'm hoping never to sell them).

Heritage sent the coins initially to NGC, and based on advice I received from numerous sources, I asked them to crack and resubmit to PCGS six of the NGC Details coins. All six came back with PCGS Details, with a number of changes. Some of the changes were minor, like AU OBV Damage to just AU Damage, but some of the changes were more substantially worse.

An 1855-O $1 was initially NGC XF Scratched and came back PCGS VF Scratched. An 1800 $5 went from NGC UNC OBV Scratched to PCGS UNC Damaged...I'm not sure if that's really a relevant change valuewise.

Anyway, I'm wondering if it makes sense to crack and resubmit either of these two coins, perhaps back to NGC. Unfortunately, I don't really have good pics to share. At this point, I'm leaning towards keeping the 1855-O and consigning the 1800, so perhaps it doesn't make sense to regrade the 1855-O. However, again, I would like the coins in ready-to-sell state just in case. Thoughts? Thanks!
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SsuperDdave's Avatar
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23522 Posts
 Posted 04/23/2015  3:49 pm  Show Profile   Bookmark this reply Add SsuperDdave to your friends list Get a Link to this Reply
The thought I'm offering should be taken as opinion rather than fact, but I'll explain why I feel this way.

Don't bother with the resubmissions for the coins mentioned. The TPG's are all over the map these days; what I'm seeing (moreso from PCGS than NGC but not exclusively) is really tight technical grading peppered with some occasional real head-scratchers where you wonder if they forgot to take their sunglasses off first. It's almost a lottery, where you can expect a downgrade moreso than an equilibrium. And every once in a while you'll submit a DMPL and it'll come back XF.

More importantly to you, the major market demographic for these specific coins tends to know their stuff. They're perfectly capable of seeing the coin and not the slab, and many of them are only reluctantly going along with the need for a slab at all. If their tolerance level allows them to consider Details coins, they will glance at what the slab blames the Details on, and make an informed decision about grade and quality on their own.

So my advice is, take these off your worry list and concentrate on other things. Anything else is a complete crapshoot.

I'm personally at the point where I'm not as sure about recommending the TPG's as I used to be. I can't really figure them out any more.
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jimbucks's Avatar
United States
4691 Posts
 Posted 04/23/2015  4:48 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply
Sounds like you are basically getting the same grades from both PCGS and NGC. Seems to me that resubmitting would just be throwing good money after bad.

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Phaedrus29's Avatar
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228 Posts
 Posted 04/23/2015  5:12 pm  Show Profile   Bookmark this reply Add Phaedrus29 to your friends list Get a Link to this Reply
Thank you both for the thoughtful advice again. Since the 1800 $5 is quite valuable even in a details slab, I wasn't sure if the relatively small fee for resubmitting again would make financial sense. But it sounds like NGC OBV Scratched and PCGS Damaged are basically equivalent as far as auction returns go (at least for this coin?).

The 1855-O $1 had me a bit more worried, because VF Details seem to sell for around $200-300 and XF Details for about $500-600, so I wasn't sure if the regrade fee would be a sensible "gamble" with that one. I appreciate the idea that buyers will buy the coin and not the slab, but the auction results seem to suggest that "VF" examples sell for quite a bit less than "XF" examples.

The whole process of dealing with the TPG's has been confusing, exhausting, and frustrating. I'm looking forward to being done, selling some coins, and enjoying the examples of my father's coins that we do keep. And of course, posting pics of those to share with the community!
Edited by Phaedrus29
04/23/2015 5:14 pm
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SsuperDdave's Avatar
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23522 Posts
 Posted 04/23/2015  7:49 pm  Show Profile   Bookmark this reply Add SsuperDdave to your friends list Get a Link to this Reply
Well, you'd mentioned keeping the 1855. Have we evaluated that one?
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Phaedrus29's Avatar
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228 Posts
 Posted 04/23/2015  7:58 pm  Show Profile   Bookmark this reply Add Phaedrus29 to your friends list Get a Link to this Reply

Quote:
Well, you'd mentioned keeping the 1855. Have we evaluated that one?
Yes, I'm thinking of keeping that one, although I would like the keepers ready to go if necessary. But who knows...they may all need to be regraded anyway when some distant descendant decides to sell, and coins graded F12 in 2015 then grade as AU58. I didn't take pics or post about the 1855, as I was trying to handle coins I knew would be graded as little as possible.
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Conder101's Avatar
United States
17884 Posts
 Posted 04/24/2015  10:39 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
The 1855-O $1 had me a bit more worried, because VF Details seem to sell for around $200-300 and XF Details for about $500-600, so I wasn't sure if the regrade fee would be a sensible "gamble" with that one. I appreciate the idea that buyers will buy the coin and not the slab, but the auction results seem to suggest that "VF" examples sell for quite a bit less than "XF" examples.

Something to consider is that you have no guarantee that if you send it back to NGC that it will come back XF Details again. It might come back VF Details this time. So you run the risk of paying the money for the regrade, having the same result and the coin in a "lesser" slab.
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Stephen420's Avatar
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411 Posts
 Posted 05/30/2015  4:37 pm  Show Profile   Bookmark this reply Add Stephen420 to your friends list Get a Link to this Reply
Hello everyone,

Hello. I've been away on adventures for a few years and have not posted in these or any other forums for awhile, so I'm glad to see familiar faces. I have recently been giving a lot of thought trying to figure out what the best way to win when submitting coins for grading. Recently I had an experience I thought worth sharing, and it seems appropriate here. First of all, it seems pretty obvious to me that PCGS is on a mission to put NGC out of business, or at least relegate them to irrelevancy. I take this with a shrug of shoulders because I like PCGS better anyway. Nothing I can do about it anyway. So recently decided to divest myself of most of my NGC coins.. The process is arbitrary and here's anecdotal evidence: Last year I sent 12 coins to PCGS for crossover from NGC holders. Only 3 of them crossed. This Spring, PCGS offered a Crossover Promotion, where they would only charge $10 for coins that Did Not Cross. I took advantage and sent it 25 coins for crossover. Included in that batch were several coins that had failed to cross in the earlier submission. Three of the former DNC coins crossed this time. In total, 14 of 25 crossed successfully. One coin that I thought was a shoe-in came back DNC (It was an 1855 half-cent in an NGC MS65BN holder with a CAC sticker on it. Anyway, I decided to part with some of those coins, and, in light of my prior experience, may send some back in with "ANY" grade acceptable. This may seem like a lot of wasted money, but I would just like to point out that this is a hobby, after all, and I don't apologize for being fussy with my coins.
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