Comments on: NGC Certifying Stockpile of Backdated U.S. Mint Gold and Silver Coins

By: t.s.

t.s. — Mon, 06 Jul 2020 18:07:01 +0000

How do we know if any of the coins are from the 82 tons of fake gold from Kingold of Wuhan just discovered. How are we to know what is real and what isn’t these day? They were able to defraud banks to get billions in loans off this fake gold. I am worried.

By: chuck

chuck — Sat, 04 Jul 2020 17:30:35 +0000

Where (in what report(s)) can we see these thousands of $ in sales by the mint and what they were/ are?

By: chuck

chuck — Sat, 04 Jul 2020 14:06:46 +0000

In reply to Chris Ross RN,ADN,AASC,CCRC,ONC(ret.) ross. I'm waiting for them to release the 1933 Double Eagle for grading and sale. It should be labelled a "late release"!!!

By: Chris Ross RN,ADN,AASC,CCRC,ONC(ret.) ross

Chris Ross RN,ADN,AASC,CCRC,ONC(ret.) ross — Fri, 03 Jul 2020 13:29:38 +0000

Speaking of NGCs questionable ethics, I recently sent 2 proof Franklin halves for grading and what returned was shocking to not only me but the experts at the local coin shop. I won’t mention them by name but they have a great reputation and regularly attend FUN. One graded of 64 which was easily a 66+ to 67. The other graded of 67 should have been no higher than a 66. 3 of us agreed that the grader either mistakenly switched the 2 or didn’t get enough sleep. Either way, this error in grading is costly, over $400 mistake. I’ve sent coins to NGC and have graded the coins within 1 grade of their opinion. Due to this recent error and NGC bragging about certifying coins that should have been melted I must say I may use PCGS in the future. Collectors have been the “target” of the greedy. Our hobby and passion are being degraded by actions like the mints folly, HSN coin sham and third party grading. The mint is no different than the other money grubbers. Soon they’ll release 1 million 1995 silver eagles.

By: Rodney Moore

Rodney Moore — Thu, 02 Jul 2020 15:04:10 +0000

NGC seems awfully proud of having graded these and they shouldn’t be, in my opinion. Many people buy coins from the mint and leave them sealed in the box for future sales years or decades later. With the mint pulling a trick like this it will cause problems for those who invested in the coins only to see the market flooded with them years later. It might be that the mint sees a decrease in sales because of things like this (maybe?). Buying from an international mint that doesn’t do things like this is a good idea. As I read the article I had the same thoughts as Seth and I’m glad that he posted his thoughts. I wonder if these coins will be priced higher than normal? The sellers may try that but I doubt that these coins will be very popular and I sure wouldn’t want to buy one and encourage this type of behavior! This situation is just like the “emergency production” eagles that got diverted from their original purpose of meeting demand only to be slapped with a special NGC label and a price five to ten times higher than normal. NGC isn’t getting themselves any good will by participating in these schemes. Their cheeriness about a bad situation for collectors and everyday regular small investors is galling.

By: c_q

c_q — Wed, 01 Jul 2020 22:37:11 +0000

On the one hand, it’s nice that they aren’t wasting perfectly good coins in an environmentally insensitive way by melting them down.

But on the other hand, why does the mint have to contract this out for certifications that can only be bought via selected retailers? Maybe it’s a legal thing, but seems like if there is demand the mint should just sell them in their own channel.

Or the mint can just cut out all the guessing, send all their raw output to rating agencies, anything that doesn’t come back as a 70 they would just put in lenses at a discount at the ‘mint factory outlet’, while the ‘rare’ 70s are all sold during 3am infomercials at ridiculous prices.

By: Chas. Barber

Chas. Barber — Wed, 01 Jul 2020 19:01:23 +0000

Another reason US Mint items are becoming like Beanie Babie$. I stopped with the mint last year after the awful quality control & shutouts. Do you really NEED that coin,. no, I need food & shelter, coins are a luxury deluxe in today`s world & the mint see’s Nothing, is the new Director Sgt.Schultz?

By: Mark Glass

Mark Glass — Wed, 01 Jul 2020 17:11:59 +0000

What’s next? Reissue coins with rare dates on them? Maybe make coins from bio-degradable materials, so you have to keep replacing your ‘rare’ items every 5 years?

I get that the US Mint, self-funds and has probably suffered like most places over the past few months. However, this debases everything. Those people that loyally purchased the first time (probably at a massively inflated price), wont be happy to see the market flooded with those ‘rare gems’ now.

I was spending $5k-10k a year on items from the Mint. That’s dropped down to $70 this year, (only because I forgot to cancel a subscription). Next year, I suspect I’ll spend zero. I’d rather buy ancient coins. Less chance of the Attica Mint screwing me over.

Naughty, naughty.

By: James E Mayes

James E Mayes — Wed, 01 Jul 2020 16:56:55 +0000

Very bad practice on the mint’s part. U.S. mint is getting to the point I do not know if buying from them is good idea anymore.

By: Steve

Steve — Wed, 01 Jul 2020 16:13:38 +0000

In reply to joera. I'm surprised they didn't label them with First Day of Issue or Early Releases.