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As viewers of my columns know, I bid on raw coins in estate auctions, using grading expertise to select ones to feature here.
Typically, I explore the denomination and condition of raw coins that I have purchased, predict grades, and then follow up on my analysis after NGC and PCGS respond.
As soon as I am done featuring these coins, I consign them with eBay, HiBid, or Proxibid sellers who send me regular checks so I can buy more raw coins, continuing the process and my numismatic writing.
I also know dozens of hobbyists, coin dealers, and investors who do the same — buying, holdering, and selling.
It’s the lifeblood of the hobby.
NGC and PCGS bring the biggest returns on my coins. But when those companies experience delays, as is happening now, the system breaks down.
At any one time, I may have 100-200 coins at these companies. I use NGC and PCGS economy levels and pay extra for quality photos, which spark sales. However, when I wait as long as 50 days for grade reports, consignment checks stop arriving in my mailbox. With no funds, I stop buying coins. My sellers complain to me, and I have to tell them that I am waiting on NGC and PCGS.
Worse, when I stop buying coins, I cannot send new submissions to holdering companies.
It may take a month or more for a submission to appear on the NGC site. While PCGS reports and posts a submission within days of receiving it, the wait time for both companies is roughly the same, between 40-50 days.
I have waited longer at times at PCGS, but to their credit, I have phoned their customer support and they expedited my submissions.
Usually a week or so later, I get the TrueView photos.
In a few words, these delays are bad for business.
The good news is that NGC and PCGS are aware of the problem and are doing their best to deal with an overload of submissions.
Both companies are focusing on providing better service to their customers. I applaud that, of course. I am not always sure that they realize how quick service accelerates the hobby, providing more coins and investment dollars that eventually find their way back to NGC and PCGS.
Max Spiegel, president of Certified Collectibles Group, parent company of NGC, acknowledges that the company is experiencing unprecedented demand:
We recognize that turnaround times have slowed as a result, and we are taking a number of steps to improve our turnaround times without compromising on the accuracy and quality that our customers expect.
NGC is hiring and training more people and acquiring additional space. Since the start of the year, the Certified Collectibles Group has onboarded more than 225 people and has nearly doubled its real estate in Sarasota, Florida.
“We expect that our customers will begin to see turnaround time improvements as a result of these efforts in the coming months,” Spiegel states. “In the meantime, we are taking steps to ensure that customers are fully informed of the status of their submissions.”
This includes a “Confirm Package Receipt” tool on the NGCcoin.com homepage that informs submitters when their package is received. NGC also has an updated “Submission Tracking” tool.
Heather Boyd, PCGS Director of Marketing, also acknowledges that “the continued growth of the market and hobby combined with an assortment of very popular mint releases have had an effect on our ability to process submissions as quickly as we would like.”
Boyd notes that PCGS is aware of the delayed grading times and is “doing everything we can to provide the level of service expected by our customers.” PCGS is working with vendors and operations staff to provide the fastest turnaround times possible.
PCGS also has a “Find my Package” feature, which allows for delivery confirmation in the event of shipping service delays or receiving delays on the company’s end. Customers can also view the current status of their submission through their account page which has a tracking system that notes every step of the process on the “My Orders” page.
Both NGC and PCGS emphasize that improvements will be made without sacrificing the quality, accuracy, and consistency of their holders.
Scott Schechter, NGC Chief Numismatist, also spoke about the increased demand for the company’s services. Overall volume, he states, has expanded enormously during the past 18 months. “We have taken many, many steps to reduce turnaround times, and they are now moving in the right direction.”
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Good evening, glad to see you back writing here again.
Can you recommend a auction house that you have used to consign coins for sale? Thank you
PCGS lost my business. 4 months for regular and the tier higher (don’t recall the name). I submitted their pcgs numbers as listed on their site. No phone calls to ask if I wanted the extra expenses for the variety attribs (which is what I wanted, why list on the submission form the variety number?). Anyway, I got back 2 of 3 orders …still waiting on the 3’rd order. All 3 were submitted in early September 2021~!!!
PCGS is a garbage company & I’m going with another service. I will not buy coins in their holders nor sell them. I still have about 8,000 coins to have certified. F PCGS!!!
PCGS has also lost my business. I submitted 4 proof grade coins October 18, 2021. Today is business day 90. Multiple phone calls and emails always have the same response. They will be placed in an an “expedite” list. And they don’t even have professionalism to contact you and update on any statuses. They have been in “quality check” status since January 13, 2022.
I used PCGS a couple of times and the last two orders the Customer Service Responses have been arrogant. The last response I received from a Debbie tried to tell me it’s only been 59 days and not 60. As of now it’s been 3 months that my orders are just sitting there in the so called grading process. Very disappointed in paying $250.00 a year to be a member and this is the level of service and attitude you receive.