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NGC vs PCGS grading



 
 
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  #1  
Old November 3rd 03, 02:07 AM
wolfee
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Default NGC vs PCGS grading

How come all the US Platinum Eagles on ebay sell at higher prices if they
are graded by PCGS than if they are graded by NGC?


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  #2  
Old November 3rd 03, 04:47 PM
Harv
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"wolfee" wrote in message
...
How come all the US Platinum Eagles on ebay sell at higher prices if they
are graded by PCGS than if they are graded by NGC?



Because the perception by the coin buying public is that PCGS are stricter
graders than NGC, and so based on this perception, the reality is people pay
more for the same coin in the same grade in a PCGS slab than in an NGC slab.

There was a survey sent to the members of the PNG (Professional Numismatists
Guild..) .. a year ago in which they were asked to rate the grading services
on various qualities of service, grading ability, pricing, turnaround time,
and a bunch of other factors, and you can read about it and see the results
he http://pngdealers.com/public/surveyresults2002.cfm

PCGS and NGC both scored equally in all eleven categories and were the only
two services given a "Superior" rating. NGC actually scored higher in one
category than PCGS, turnaround time.

The results were published all over the place and much debate and screaming
and yelling took place everywhere, but it didn't really change anything and
the same coin in the same grade typically still sells for more in PCGS than
in NGC slabs.

Some time ago, the opposite was true and NGC slabs sold for more. Some of
the old timers around here might remember when it changed to the way it's
been ever since then when PCGS took over the top spot, and most will also
tell you that it could change back the other way again, while others will
tell you that it won't. Others will tell you that Collectors Universe, PCGS'
parent company, is in deep financial doo doo and their stock is dropping
like a lead balloon, and that if PCGS ever changed ownership, things could
change, just like what happened when PCI changed ownership, their market
acceptance went down the toilet.

I'm not a big time professional coin dealer, although I have sold a couple
dozen slabs on eBay in the past few years, including some that went into
four figures, but if you want my opinion for whatever it's worth, paying
ridiculously high premiums, often multiples of the price for a coin in a
PCGS slab vs. an NGC slab is nuts. Especially on Modern coins that get the
holiest of holies MS70 or PR70 grade.

For example, a very common example, a 2001 Buffalo Dollar graded PR70 Ultra
Cameo in an NGC slab is worth about $300.00 to $350.00 whether you're buying
one or selling one. Graded PF70 DCAM in a PCGS slab, $2000.00 to $2500.00.
NGC has slabbed more of them 70 than PCGS has so from that, people draw the
conclusion that NGC is looser on grading and PCGS is stricter or tighter.
Even though both companies have perfectly capable guys with bajillions of
years of experience, and both of them give any given coin about half a
minute of their time before picking the magic number.

I'll cite you another example. There is a regular here who has offered a
$100.00 reward for anyone who can find him a 1982 George Washington Unc.
Half Dollar in ANACS MS69 because all his other Modern Commemoratives are in
ANACS MS69 slabs and he wants the complete set to match. Well ANACS has
never slabbed one of those above MS68. I verified with them. NGC and PCGS
both have. Does that mean ANACS, which got a "second tier" rating on the
PNG's survey is actually stricter than PCGS and NGC are? Or does it mean
that fewer of those coins have been submitted to ANACS, or what does it
mean. Everyone pretty much agrees that ANACS is a highly respectible service
and many think that maybe it too should be top tier, but the reality in the
marketplace, is that it isn't top tier.

It gets even wackier. Sometimes dealers will buy a key date coin in a PCGS
slab and, based on their experience, decide if they can just crack it out
and resubmit it and get it re-slabbed one point higher they can get 2x or 5x
or 10x the price for it. There are probably a lot of coins out there that
have gone back to PCGS multiple times hoping to catch a different grader on
a different day in a better mood or something and get it bumped up one
point, and for that, they're willing to spend a lot of money, over and over
again in the hopes of getting that extra point. I was shown a slab that I
was told had been through PCGS something like ten times in the hopes of
getting it bumped up from MS64 to MS65 but every time it came back MS64.

So the reality of the situation where it stands now is that PCGS is #1 and
NGC is #2 and sometimes the same coin in the same grade in either slab will
sell for almost exactly the same money, where in other cases it will sell
for wildly different amounts of money.

There are regulars who hang out in this newsfroup and everyone knows who
they are who can pipe in and give you their learned opinions as to why this
is. And why the results of the PNG's Survey didn't change anything.

Harv

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I started out with nothing and still have most of it left.

  #3  
Old November 3rd 03, 06:33 PM
Barry K
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Very well said, Harv!
Barry
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