NGC Buying Back Labels to Increase Census Accuracy

by CoinNews.net on February 3, 2015 · 9 comments

NGC Coin Holders

A couple of NGC-certified coins and their labels

Numismatic Guaranty Corporation is buying back its NGC certifications labels, the company announced Monday, July 2.

These labels show a coin’s description, its grade and a unique certification number. They also indicate a coin’s placement in the NGC Census population report, and this is the reason for the buyback program.

Collectors and dealers sometimes remove coins from NGC holders, making the NGC Census less accurate when their associated certification records are not deleted.

"In an effort to provide the most accurate data to NGC Census users, NGC will now offer a 50 cent grading credit for each NGC certification label that is returned to NGC for removal from its population database," the company said. "This offer, which is effective immediately, is valid for all US, world and ancient coins."

Most of the more than 31 million coins graded by NGC appear in the Census, according to the company, which is available for free at NGCCoin.com.

March Salzberg, NGC Chairman, said the NGC Census is "one of the most significant tools" they offer and the label buyback program is a part of their "commitment to provide the best, most informative resources to collectors and dealers."

All NGC Collectors Society paid members and NGC Authorized Dealers are eligible to take part in the buyback program. NGC said a 50-cent credit will be issued to member accounts for each label returned. To participate, the labels and a member’s account number must be sent to NGC in an envelope marked "Attn: NGC Label Buyback Program."

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Whistler
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Whistler

WOW 50c!! Whoopie doesn’t even pay the postage- CHEAPSKATES

Boz
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Boz

So how accurate can the census be when the same coins are repeatedly sent back in hoping for higher grades.

Ilovesilver
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Ilovesilver

lol !!! what the best way to make money for collector ! we paid 50 ,and they buy back for 50 ,Ha Ha , did they (ngc) know different between $ and pennies ???
If they knew, then NGC is Big Fat Cat ><

RonnieBGood
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RonnieBGood

NGC hopes that when the coin grade is removed (the coin from the case) that the same coin will return at some point to be graded again. For 0.50c NGC has a potential for another $30.00 + grading fee in the future. This is bad for coin collectors and dealers that send coins (other than the ones straight from the Mint) to be graded, but pure genius from an NGC business standpoint. The only coins that a seller/dealer would remove from a holder would be ones that have received a poor grading. This is a practice that a shady seller/dealer would use to sell a lower graded coin to a novice collector, claiming it could grade higher. Why would anyone remove a higher graded coin from a holder? The 50c offered will have no effect on stopping this practice nor will it matter for the coin census that honest collectors… Read more »

Joe
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Joe

They should do a census report on the buybacks, and let us look them up.

jim
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jim

They wouldn’t have the problem if they gave honest and reliable gradings for coins in the first place and gave specific explanations as to why a coin got a lower grade, especially for 69s.

Mike
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Mike

To bad PCGS doesn’t buy back all the milky coins they created by their bad holders. They have cost us a lot of money and grief over ruined coins.

Senior
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Senior

I personally don’t belong here,I do not own one stabed modern but there are two elements that gain from the grading and slabbing of moderns the parties that grader and the Hawks if you are not in those two categories you better send the cash directly to me.For less than a dollar you can preserve these treasures.These numbers have no meaning if you aren’t in either of these categories,Why would you buy ship insure and pay for grading for a .50 cent return and a naked coin.Be smart and broaden your range.Keep collecting.

Chas Barber
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Oh like the crack outs I stick in an album MIST be accounted for! As to PSCG it sure seems they have slacked standards, so many new slabs of bust coins & seated look quite cleaned. Even with a wire brushing it appears they pass if before 1880’s….the standards are falling as to quality, thus all the ‘new’ slabs for sale…the old ones get a bump up a point or 2…..many times