I've been collecting for over 30yrs now. Even though I thought I had gained enough knowledge on what I collect, I had led myself to believe that NGC had some type of basic knowledge of the coins they grade. I started to include 18th century Pattern Ducats into my collection. Well, I thought they were Pattern Ducats, as Krause and NGC has stated the pieces were Patterns struck in silver. I started having some doubts after asking a lot of questions, and finding out that these Pattern Ducats, are not Pattern Ducats at all. So, I've gone against my principles in gaining the knowledge first, and then collecting the series. My point is,..is that its not wise to think the TPGS are the ones with all the knowledge. This I have learnt the hard way. Simple things that NGC should know, is not making a mistake on the slab label, and getting the reference numbers correct on the labels. These simple steps are what makes a company more trust worthy in the mind of the collector. A TPGS like NGC should not have a hard time putting the correct Krause or Dav. number on the label. Sure you can send your slab back in for them to correct, but who wants to wait 30 days or more to get it back.
One step to take against mistakes by a TPGS, is let them know what Krause or Dav. number you believe it to be. This should help them in finding the correct one. Also let them know which book you used for your info. One point I give NGC a hats off to,...is that they do have great customer service, and they will listen to you. Sorry for the rant. I just want to make sure that other collectors teach themselves, and gain the knowledge first. Do not think that a TPGS knows it all.
I couldn't agree more. When I first looked at collecting ancient coins, I asked around about an ICG slab that caught my eye, but many folks told me that ICG was merely o.k. and that I shouldn't completely trust the designations. PCGS and NGC have become suspect for me, too, after a few years of watching other collectors have issues with what the tpgs call "clerical errors". The guarantee goes out the window with this type of problem, so your on your own.
So that leaves us back at the beginning. Even though they are professionals, they can make mistakes. It's up to us to learn as much as possible and make our own judgements as to grades and designations. But isn't that how it should be? We should ultimately assume responsibility for our own purchases. Don't lean too hard on the opinions of others, especially when money and politics are involved.
Good info, Don. It becomes very easy to just rely on the tpgs but collectors should be aware that they are not infallible.
Reply #2
by regandon on 08 Mar, 2011 06:58
What is hard to believe, is how can NGC get the basic catalog numbers wrong. They have books to go by, so there should be no problem on their end at all.
Reply #3
by coinsarefun on 08 Mar, 2011 09:51
Your right regandon, a person would hope if they are in the grading business they would get it right. It makes you wonder when they get it wrong.......were they guessing Why did they get it wrong?.......they have all the catalogs and books? If not they have other graders.
Many, many Conders that are graded by them are labeled wrong too. When I go to buy one you have to look really close or when its an auction you have to rely on the auction house to get it right. As soon a I win the auction and it arrives, I look at the edge writing or detail to see if NGC got it right. Even on the common ones they get mis labeled.
