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 Replies: 9 / Views: 2,142 |
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Pillar of the Community
United States
7840 Posts |
Why all the fuss? I was browsing around ebay and found this set; 4 Coin Binion Silver NGC Uncirculated Coin Set http://cgi.ebay.com/ws/eBayISAPI.dl...180346617309The only thing that I could come up with as to why these were not assigned a Grade form NGC is that they are cleaned, altered, damaged, etc... But still label as Uncirculated. I believe that PCGS identifies the problem with a numerical code on the label, but NGC does not. Other than being a Casino, what other significance would a "Binion" coin have for these prices? Sentimental value of course, or the thought of having an identifiable hoard piece. success, |
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Pillar of the Community
United States
6381 Posts |
Interesting set.... I recall that many of the Binion Morgan dollars were slabbed (with grades) by NGC and were selling briskly on Teletrade a few years back. Obviously, NGC was willing to assign grades to those Binion hoard coins. My guess is that a deal was cut with NGC to slab 2500 sets of common silver coins from the hoard at a discounted price. I can picture an assembly line in which graders take 2 seconds to confirm that each coin looks uncirculated before passing it on to the slabbing station. I wonder how many of the slabs ended up with incorrect date or mint information on the labels!  I expect most of these coins are heavily bag marked and wouldn't go much higher than MS-60 if they had been numerically graded. As such, they would be worth melt value plus whatever sentimental or historical value the Binion connection has for the buyer. |
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Bedrock of the Community
United States
10045 Posts |
Quote:...a 1964 Kennedy half dollar, a 1964-D Washington quarter and a 1963-D Roosevelt dime. All coins are graded UNC by NGC and are in the green binion holder. Why even bother to slab coins that are essentially worth silver content?  Surely, there is little real premium here--the "Binion Hoard" is but a mere sliver of the total. But I guess that's the point--to play up the alleged value. |
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Bedrock of the Community
United States
12437 Posts |
Quote:
Other than being a Casino, what other significance would a "Binion" coin have for these prices? Sentimental value of course, or the thought of having an identifiable hoard piece.
The provenance of the hoard is the feature point for those coins. Ted Binion assembled on of the largest hoards of silver dollars known. The Binion Hoard had about 100,000 silver dollars while LaVere Redfield had over 400,000(I own one  ) and the GSA sales totaled over 2 million. Ted Binion was murdered for those coins- he had a vault in the middle of the Nevada desert filled with silver dollars(and other coins) and his girlfriend along with another man conspired to murder him and loot the vault of its riches. All in all, a typical Sin City true crime story  marketing site for the Binion Collection |
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Moderator
 United States
16677 Posts |
Quote:
The only thing that I could come up with as to why these were not assigned a Grade form NGC is that they are cleaned, altered, damaged, etc... But still label as Uncirculated The massive number to be slabbed was the reason. It's from a specific hoard. It was easier to put Uncirculated on the slab due to the shear number of coins submitted and the fact these were "Binion" coins. In come the HSN and the rest of the shop at home channels to sell a $25 coin for $200  swcoin.ecrater.com
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Valued Member
United States
198 Posts |
Could it be that NGC slabbed a bunch of the common stuff like this as a promotional gimmick to help sell the "Binion Hoard" Silver Dollar's? That would at least make sense, sort of on the idea of their sample slabs. ~ Jim
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Valued Member
United States
250 Posts |
If I had a hoard the large and was in their position, I would probably contact the ANA. Since the 'official' grading service of the ANA is NGC they were probably called in to grade the coins. They knew that the mistique around these being Jack Binion's had some value but I am guessing that they did not want to scrutinize every coin to give it a grade when many of these would go into the hands of people that just wanted a piece of Binion history. I think is crosses a line a bit for the NGC but they have a bottom line they need to meet and it was great publicity for them. |
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Bedrock of the Community
United States
17884 Posts |
NGC does a LOT of things like this for the promotional type people, especially for those coins that would not get high MS grades. Then the coins ahype by the promotors and sold for a lo more money that the coins would be worth out of the holders (or what they will be worth once the promotion is over.) PCGS doesn't do as much of this but they do let the submitters dollars call the tune if they offer enough.
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Valued Member
United States
156 Posts |
NGC is a major shareholder of HSN, which is where the Binion sets and singles without numerical grades were promoted at inflated market values.
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Moderator
United States
23522 Posts |
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NGC is a major shareholder of HSN, which is where the Binion sets and singles without numerical grades were promoted at inflated market values. I am curious as to where you've come up with this information, as fully 65% of HSN shares are held by institutional investors. |
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Replies: 9 / Views: 2,142 |
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Posted 04/18/2009 2:38 pm
