Just joined your illustrious forum so please forgive any newbie faux pas. Recent change in circumstances has allowed me some time and $ to pursue this new hobby so am on a steep but fascinating learning curve. I thought you might be interested to hear about my ongoing experience from a recent purchase, apologies for the length of this essay but I do think Spink have created a serious issue!
Found myself drawn to the tactile history of Guineas and after sitting on the sidelines of various auctions (Guineas are very thin on the ground in my location!) I took the plunge and managed to win an Ellerby Hoard coin at the Spink auction. Was initially a bit disappointed that they were all going to be slabbed, they are all had lots of 'character' and none of them were going to get high grades, smacked a little of Spink trying to appeal to US market? They're a business and trying to get the best result, but I think its come back to bite them!
I also happened to be in London the week prior to the auction so requested to go and view the coins, "You will be most welcome to view the Ellerby sale this week at your convenience". Arrived at their office to be told the coins were "not really in a viewable state"!
Was then further surprised and disappointed when the invoice arrived, post auction, by the revelation that they didn't have the coins! "PLEASE NOTE THAT ALL LOTS ARE CURRENTLY WITH NGC FOR ELLERBY HOARD LABELLING PURPOSES. WE EXPECT THE COINS TO BE RETURNED TO US BEFORE THE END OF OCTOBER" It sounds like Spink sent coins for grading prior to the auction and they came back in standard holders, Spink had requested a special 'Ellerby Hoard' label so they were returned to NGC, again prior to the auction.
Mid November and no news, so chased them along with an email. Received a very long apologetic reply that was very ambiguous about who was at fault, but one comment seemed to suggest the root cause of the problem; "the conversion of ‘Details’ to ‘Genuine’ is confounding NGC's internal processes"
Are Spink trying to tell NGC how to grade coins? Surely this would corrupt the whole concept of consistent coin grading? Will be interesting to see how this pans out, if NGC comply will they still include any details issues, cleaning, environmental wear etc? All the coins were listed at the auction with normal grading i.e. 'details' coins were listed as such, so buyers knew what they were bidding on. I will be surprised if NGC comply as it will set a precedent for other large auction houses to tell them how to grade and erode consumer confidence? I'm 50/50 on whether to break it out of the slab anyway, hate them! if it ever arrives!
Interested in your views on grading and this 'battle of the titans'?