Author Topic: NGC - Revised Services and Fees  (Read 3919 times)

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Offline PandaOrLunar

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Offline jc888888888

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Re: NGC - Revised Services and Fees
« Reply #1 on: May 15, 2014, 06:03:08 AM »
Ridiculous .............. it sure is nice to have a virtual monopoly

Offline Birdman

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Re: NGC - Revised Services and Fees
« Reply #2 on: May 15, 2014, 07:47:07 AM »
They state what the new prices will be, but they don't mention what they are changing from (perhaps this is to obscure the size of the change?).  Has anyone had a chance to yet to compare old prices to new prices and compare how the restrictions have been modified?  What are the implications for collectors of modern Chinese coins?  For instance, a typical gold panda of size X will now cost Y to grade instead of Z?  If someone has already sorted through this, perhaps you can just add in bold type to each line of  the quote below what the old fee or policy was.  This may help some individuals decide whether they should send in their OMP for grading before the June 1 deadline (or simply stop buying OMP of that type because the grading fees will be unattractively large).

"NGC Announces Revised Services and Fees
 Posted on 4/29/2014 

The updated services and fees are effective May 1 and June 1. New submission forms will be available soon.

NGC has announced a few service and fee changes for regular US and world coin submissions. The following modifications to select grading and service tiers are now being introduced.

Effective May 1, 2014:
•US and World Modern and Modern Special Tiers – Maximum value limit (per coin) is changed to $1,000.
•Gold Rush Tier – Modern gold and platinum bullion coins are no longer eligible for the Gold Rush tier. Please select a tier based on maximum value limit and desired turnaround time.


Effective June 1, 2014:
•Economy Tier (US Coins only) – Fee changed to $18
•Modern Tier (US Coins only) – Fee changed to $15
•Modern Special Tier (World Coins only) – Fee changed to $22
•Economy / Value Tier and Early Bird / Standard Tier - Add $5 for Early Releases and First Releases designations. This fee is included in Modern Special, Express and Walkthrough tiers.
•Designation Review – Maximum coin value of $10,000. Coins valued over $10,000 should be submitted under the ReGrade service and an applicable grading tier.

An updated submission form reflecting these changes will be available in late May. All coins shipped to NGC after May 31, 2014, should be accompanied by the new submission form. Note: US and world coins must still be submitted on separate forms."
 

Offline jc888888888

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Re: NGC - Revised Services and Fees
« Reply #3 on: May 15, 2014, 09:16:09 AM »
The glaring change already has taken place NGC on World Modern Max value limit used to be $3000 now $1000 so for instance before if you had a 1 oz gold panda that was in great shape lets say worth 2000 you could grade it for $17 now you cant or for example a perfect silver coin worth 1200 ,now your only option is to NCS and pay $50 on the same gold coin

Offline Pandaguy

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Re: NGC - Revised Services and Fees
« Reply #4 on: May 15, 2014, 11:13:36 AM »
Best way to answer NGC's greed  -----
 1. Call, email, and complain that they are pricing themselves out of the reach of many collectors.
 2. Do not submit!

FORUM MEMBERS, PLEASE ADD TO THIS LIST

Offline Russ 736

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Re: NGC - Revised Services and Fees
« Reply #5 on: May 15, 2014, 01:47:43 PM »
Those are the two methods that I always use when I am unhappy with a retail or service organization. You can complain on forums like this and hope that the people at NGC monitor the site ( I am pretty sure they do ). I am not a " crusader " type but I have complained to NGC in the past. When they dropped PCGS coins/medals from the registered sets and then their refusal to cross over 70s. That has since changed but I still have not heard of anyone having any success at getting a 70 crossed over. When it comes to price increases, I think a drop in business will be the only thing that could possibly have any effect.

Russ

Offline jc888888888

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Re: NGC - Revised Services and Fees
« Reply #6 on: May 15, 2014, 02:48:59 PM »
They are getting out of control, they are starting to forget the people that got them where they are ,the small ardent collector who beleived in their service and scraped together enough to send a handful of coins from his treasured collection to be graded ........Now NGC is after the big guys in the largest coin centers for MCC in the world ,these same big dealers in Shanghai ,Beijing, and elsewhere will put the little guy who buy's 20 coins grades them sells 18 to get to keep 2 for his collection out of business (like myself) Im not moaning ,Im stating facts. This is to the detriment of all small collectors the big guys in Shanghai (and we all know who they are) will eventually have control of the pricing .Two years ago or less these dealers hardly sold any graded coins NGC recognized that  and went after them big time!  have you ever see one of these big guys sell coins @ auction? :) what do you think is going to happen to pricing ? when you have the financial power to control a relatively small market and you are sitting at the source with the right connections any one can connect the Dots cant they?  All the small guys selling a handful of coins per week cant survive and those same small guys are where the bargains are as they are just subsidizing a hobby not trying to get rich........ ok off the soap box:)

Offline Mirkkanen

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Re: NGC - Revised Services and Fees
« Reply #7 on: May 15, 2014, 05:35:58 PM »
While I do not like the fact that I may have to pay more for my coins to be slabbed, NGC certainly has the right to charge whatever they feel is appropriate. The fact that their fees have been so low in the recent past makes me think that they were not charging enough THEN. Looking back, paying $10-$15 bucks for slabbing a $3000+ dollar coin was a super-major bargain! It is eye-opening to see how much they feel their slabbing service(s) are worth, and I am interested to find out whether this fee increase will make a significant difference (i.e., decrease) in the amount of coins that are submitted. As collectors, we certainly have the choice to stop submitting coins for slabbing in an act of protest. Still, however, we as MCC collectors likely make up a very small portion of the revenue generated by NGC and any changes in behavior that we engage in may not even cause a ripple on the surface of the sea of grading.

I wish NGC were going to be represented at the LB coin Show. I'd be happy to argue on behalf of the MCC collectors :)

 

Offline jc888888888

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Re: NGC - Revised Services and Fees
« Reply #8 on: May 15, 2014, 08:30:22 PM »
While I do not like the fact that I may have to pay more for my coins to be slabbed, NGC certainly has the right to charge whatever they feel is appropriate. The fact that their fees have been so low in the recent past makes me think that they were not charging enough THEN. Looking back, paying $10-$15 bucks for slabbing a $3000+ dollar coin was a super-major bargain! It is eye-opening to see how much they feel their slabbing service(s) are worth, and I am interested to find out whether this fee increase will make a significant difference (i.e., decrease) in the amount of coins that are submitted. As collectors, we certainly have the choice to stop submitting coins for slabbing in an act of protest. Still, however, we as MCC collectors likely make up a very small portion of the revenue generated by NGC and any changes in behavior that we engage in may not even cause a ripple on the surface of the sea of grading.

I wish NGC were going to be represented at the LB coin Show. I'd be happy to argue on behalf of the MCC collectors :)

 

I agree ,my only question is : does it cost anymore money in expenses ,overhead ,materials to grade a 2014 1 oz gold panda or a 2014 silver panda ?? let me answer my own question no........all the insurance, shipping , etc is the customers responsibility , do they handle a $2000 coin any different than a $30 coin ? NGC will tell you that they handle both with the same care no? so shouldn't there be the same reasonable fee for these coins?

Offline Mirkkanen

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Re: NGC - Revised Services and Fees
« Reply #9 on: May 15, 2014, 08:49:11 PM »
Yes, I agree with you.

NGC definitely wants a cut from the big bucks that can be made from grading our rare coins.

Online KeyDate1/2ozPandas

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Re: NGC - Revised Services and Fees
« Reply #10 on: May 21, 2014, 12:26:18 PM »
I just realized how much more expensive it will be to submit coins to NGC starting June 1.  For gold pandas below $1000 the price didn't change, so 1/2oz or less for almost all dates is a break-even.  For gold pandas between $1000-$3000 the price went up 114% ($14-$30), that is a big move.  I see three implications from this trend in pricing:

1) Grade your coins sooner than later, cost to grade them in the future will more than today and the quality of your coins are better today than in the future (OMP damage).  While this price increase was 7-8 years in the making, the next one may be sooner, especially if the cost of labor goes up, think $10-15/hour minimum wage or NGC decides to have an IPO.

2) Non-world dealers and small collectors will be less likely to grade 1oz gold panda, which means more OMPs will be sold as-is.  This should increase premiums for 1oz MS69 coins as fewer are slabbed.  I think the impact will be small for couple of months, but in a few years the premiums should increase, which in turn will get more people submitting, so in the long run almost no impact. 

3) The internet is the future for buying and selling.  The reason NGC can raise fees is two fold, a) the value (spread between MS69 and OMP) of their service for 1oz is greater than for 1/10oz coins, so they want a proportionate share of that value, b) more importantly the internet will be final frontier for selling coins and everyone knows graded coins sell for higher prices than OMP coins via internet.  As this trend takes over the next 10-20 years, we will see large internet players such as Zhou, Ebay, Stacks and Heritage dominate the market with graded coin offerings, while smaller auction houses will disappear and, coin shows and brick/mortar will be a relic of the past.  Seeing this trend un-fold will be create opportunity for young players that are comfortable with technology and can build businesses with little start-up costs.