Are NGC Grading cutting corners.

[Spyder]

I just notice two coins in NGC holders today that seem to me that they are either too busy or being slack. The first was a coin sold earlier with grading stating GEM UNCIRCULATED.  This means that the coin could grade between MS65 to MS70.  Why have they started to do this, is it a new thing?

Now imagine they did this with proof and suddenly you got GEM PROOF.  Overnight those PF70 would come down in value.  If you look at the 1979 Sovereign, the difference in value for a PF69 and PF70 is about £1500. 

The second coin I saw is this. How is this a seated Britannia?

https://www.ngccoin.com/certlookup/6674524-009/70/

Edited October 3, 2023 by Spyder

[TeaTime]

I bought an NGC encapsulated 2015 coin with 'GEM PROOF' on the label. Don't know if it was slabbed when issued (probably) or later...

My take is that they will encapsulate anything with a meaningless label if you are willing to pay for the privilege.

(it was a RM silver proof £5 coin and i paid about the same as the slab cost)  

[Petra]

42 minutes ago, Spyder said:

I just notice two coins in NGC holders today that seem to me that they are either too busy or being slack. The first was a coin sold earlier with grading stating GEM UNCIRCULATED.  This means that the coin could grade between MS65 to MS70.  Why have they started to do this, is it a new thing?

Now imagine they did this with proof and suddenly you got GEM PROOF.  Overnight those PF70 would come down in value.  If you look at the 1979 Sovereign, the difference in value for a PF69 and PF70 is about £1500. 

The second coin I saw is this. How is this a seated Britannia?

https://www.ngccoin.com/certlookup/6674524-009/70/

The so called seated Britannia obviously isn’t! Have you told them?

[Spyder]

10 minutes ago, Petra said:

The so called seated Britannia obviously isn’t! Have you told them?

No. I saw that coin why researching another. it is for the owner of the coin to inform that label is wrong. It was part of a four coin set that got graded at the same time. The others all have the correct label.

Edited October 3, 2023 by Spyder

[Petra]

2 minutes ago, Spyder said:

No. I saw that coin why researching another. it is for the owner of the coin to inform that label is wrong. I was part of a four coin set that got graded at the same time. The others all have the correct label.

Quality control 🤔😮obviously don’t understand the concept 🫢

[SilverJacks]

NGC won't put "gem unc" on the label unless the submitter requests it. I have only come across these labels on coins where the grade is unimpressive, such as a newish coin that grades 65 to 67, in a market full of 69s and 70s. It makes me think that the submitter knows it's not a high grade, and so requests "gem unc" to make it sound a bit more fancy..

[Spyder]

5 minutes ago, SilverJacks said:

NGC won't put "gem unc" on the label unless the submitter requests it. I have only come across these labels on coins where the grade is unimpressive, such as a newish coin that grades 65 to 67, in a market full of 69s and 70s. It makes me think that the submitter knows it's not a high grade, and so requests "gem unc" to make it sound a bit more fancy..

If you know your coin is not up to the grade, why waste £65 to get it graded?

[SilverJacks]

I just found this - https://www.ngccoin.com/coin-grading/grading-scale/adjectival-grades/

It seems the adjective grade is reserved for bulk submissions. I don't know the exact figures but it's probably cheap enough for the submitter to send off a load of milked/scratched bullion or impaired proofs if they think they can sell them easier or for more profit 

[Spyder]

42 minutes ago, SilverJacks said:

I just found this - https://www.ngccoin.com/coin-grading/grading-scale/adjectival-grades/

It seems the adjective grade is reserved for bulk submissions. I don't know the exact figures but it's probably cheap enough for the submitter to send off a load of milked/scratched bullion or impaired proofs if they think they can sell them easier or for more profit 

Out of reactions so I will say thanks

[TeaTime]

Interesting. There is no mention of a GEM PROOF designation but i can infer from the GEM UNC description that it would grade anywhere between a 65 & 70... So basically a GEM slabbed coin is a Lucky Dip.

 

[SilverJacks]

5 hours ago, TeaTime said:

So basically a GEM slabbed coin is a Lucky Dip.

Yeah that's one way of putting it lol.

That label also has the "one of first xxx struck" pedigree, so I'm guessing it was submitted by Royal Mint. They probably wanted the pedigree on the label but didn't want the hassle of trying to sell the lower grades, and so turned it into a lucky dip lol.

There will also be "one of first 400 struck" all the way down to "one of first 10 struck", which puts that particular coin in the first 401-500 struck range. I can see the appeal, but I can also see how it's just a marketing gimmick.

[TeaTime]

I really can't see the appeal - once the labels become that generic they're pretty much meaningless. To be honest it wouldn't surprise me if 500 was the total amount sold - the design won't appeal to everybody !

I would have preferred the coin in the original RM packaging but if you want cheap you have to go with the flow 😂