N T C ( Numis Trust Corp.) Coin Grading Company

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  Watchout!!  When you purchase a coin that has been graded and slabbed by NTC you ARE buying an overgraded coin.  I paid many hundreds of dollars for a "rare" Morgan dollar from the late eighteen hundreds that was minted in New Orleans.  It was graded and slabbed as a MS67 by NTC.  It should have been worth thousands but it wasn't.  It was worth about 75 dollars!!  OUCH!!   It was grossly overgraded ( it was actually a MS 63 ).

At this point I had two options, I could return the coin or seek compensation from NTC's liability insurance carrier for grossly misrepresenting the mint state ( grade ) of my coin.  The problem with trying to file a claim with the insurance company was that a clause existed that stated that if you purchased the coin from an auction then your compensation claim was null and void.  I also found out that the seller of the coin ( simplycoins ) was purchasing these overgraded coins from the insurance company for next to nothing!  These coins had been purchased by the insurance company( from people who had filed claims)  to remove the overgraded coins from the market.  So to cut their loses they sold them to coin dealers who agreed under contract to only sell the overgraded coins at auction!  That way no further claims could arise from the sale of these coins.  Nice.

I returned the coin and it was like pulling teeth to get my money back but I got it back.  The seller claimed that I sent him an empty envelope back with no coin in it!  Thank GOD I sent it registered mail and the person who put the coin in the envelope?...None other than the supervisor at my local post office who is a cion collector as well. OOPS!  The seller went to jail and later admitted that he did recieve the coin and lied to police about it!  He left me a negative feedback and claimed that I think that I run the show.  He is right about that!  Wow.  Watchout for coins in a NTC slab that you purchase @ auction because you give up your right to file a claim when you do!

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