Numismatic Guaranty Corporation (“NGC”), a US corporation with an address of 5501 Communications Pkwy, Sarasota, Florida, 34240, USA, provides the following guarantee for NGC-graded Coins (as defined below), subject to the limitations and other terms and conditions stated below. The NGC Guarantee applies only to Coins encapsulated in NGC holders and GSA Hoard Morgan Dollars that have been graded by NGC and are wrapped in NGC's tamper-evident label.
In certain geographic locations, NGC accepts Coin grading submissions through affiliated legal entities (specifically, NGC International GmbH in Germany and NGC Hong Kong, Ltd., in Hong Kong) (each, an “NGC Local Affiliate”), with each such affiliate acting as submission handling agent for NGC. Each NGC Local Affiliate is a wholly owned subsidiary of NGC. All work and services performed on Coins submitted to NGC or an NGC Local Affiliate, including grading and encapsulation, are contracted from and provided by NGC.
In the People’s Republic of China (“PRC”), NGC accepts Coin grading submissions through NGC Shanghai Business Information Consulting Co., Ltd. (“NGC Shanghai”). All work and services performed on Coins submitted to NGC Shanghai, including grading and encapsulation, are provided by NGC Shanghai.
Except for NGC Guarantee claims by a resident of PRC, which must be made to NGC Shanghai, all claims under the NGC Guarantee must be made to NGC in the United States. The applicable NGC Local Affiliate will provide reasonable communication and handling assistance with this process.
This Guarantee does not apply to Coins submitted for the following specialty services and encapsulated with their respective labels: NGC Ancients, NGC Certified Gold, NGC Authenticated Bullion and NGC Shipwreck Certification, which are subject to guarantees specifically applicable to those services.
Subject to the terms and conditions of this Guarantee and the limitations specified below, NGC guarantees that:
- All US and world coins, tokens and medals (which are collectively referred to as “Coins” in this Guarantee) graded by NGC and encapsulated in an NGC holder are guaranteed to be genuine.
- All Coins are guaranteed not to be overgraded, meaning that they are not graded higher than NGC’s grading standards.
- Note: The grade guarantee does not apply to NGC Details-graded Coins, which are guaranteed to be genuine only.
In addition, NGC guarantees that NGC “Authentic Hand-Signed” labels have a genuine autograph from the person identified on the NGC label.
Guarantee Conditions and Limitations
In order to raise a claim under this Guarantee, the owner of any NGC-certified Coin believed to be not genuine or overgraded must submit it to NGC under its Appearance Review service. If NGC determines, in its sole reasonable opinion, that the Coin is not genuine or that the correct grade for the Coin is lower than the one originally assigned, NGC will provide one of the three remedies described below. The choice of remedy will be made by NGC in its sole discretion, and the remedies are subject to the further limitations set forth below. Current Fair Market Value is determined solely by NGC as described in each of the listed remedies and the “Fair Market Value” paragraph that follows.
- NGC shall (a) return the Coin to the submitter encapsulated with a label indicating the newly established correct (lower) grade and (b) pay to the submitter the difference between the current Fair Market Value of an accurately graded Coin at the original incorrect (higher) grade and the current Fair Market Value of the Coin at the newly established correct (lower) grade.
- Alternatively, NGC may purchase the Coin from the submitter. If the Coin was determined to be overgraded, the price NGC pays will be the current Fair Market Value of an accurately graded Coin at the original incorrect grade. If the Coin was determined to be not genuine, NGC will pay the lesser of the Fair Market Value of an accurately graded, genuine Coin or the amount actually paid for the Coin by the submitter in an actual arm's length transaction, plus any postage, shipping or other incidental expenses incurred by the submitter in submitting the Coin for Appearance Review service by NGC.
- Alternatively, NGC may retain the not genuine or overgraded Coin and provide to the submitter in its place an equivalent Coin that is genuine and has the same grade as NGC originally assigned to the Coin.
Remedies for Authentic Hand-Signed Labels. If the owner of an NGC-Certified Coin encapsulated with an "Authentic Hand-Signed" label believes that the autograph is not genuine, the owner must submit it to NGC under its Appearance Review service. If NGC determines, in its sole reasonable opinion, that the autograph on an Authentic Hand-Signed label is not genuine, NGC will provide one of the remedies listed below. The choice of remedy will be made by NGC in its sole discretion, and the remedies are subject to the further limitations set below.
- NGC may purchase the Coin from the submitter. If the autograph on an "Authentic Hand-Signed label" was determined to be not genuine, the price NGC pays will be the current Fair Market Value of the Coin if the autograph on the Authentic Hand-Signed label were genuine.
- NGC may retain the Coin and provide to the submitter in its place an equivalent Coin that is genuine, has the same grade as NGC originally assigned to the Coin, and has a genuine autograph on the Authentic Hand-Signed label.
NGC is committed in all cases to proposing a fair and reasonable remedy. If the submitter does not accept such remedy from NGC, the Coin will be removed from the NGC holder and returned to the submitter along with a payment of the grading fees originally paid to NGC to grade the Coin and any reasonable shipping expenses incurred in returning the Coin to NGC for correction. In no event will NGC return a Coin that has been determined to be not genuine in an NGC holder; a Coin that has been determined to be overgraded or incorrectly described encapsulated with an incorrect NGC label; or an “Authentic Hand-Signed” label with an autograph that has been found to be not genuine.
The remedies provided above are exclusive. By submitting a Coin for Appearance Review, the submitter agrees to the exclusive remedies provided above and waives its right to all other remedies including, without limitation, through litigation.
Fair Market Value. NGC will determine, if and as necessary, and in its sole reasonably exercised discretion, the current “Fair Market Value” of the Coin if it were to be sold. This determination will be made for an accurately graded Coin at the original incorrect (higher) grade and, if applicable, for the Coin at the newly established correct (lower) grade. NGC will determine the current Fair Market Value of a Coin based upon what NGC believes, in its sole reasonably exercised opinion, to be reliable current market information. NGC may use actual pricing and sales information available to it, including prices in the actual transaction history of the Coin in question. However, due to the volatile nature of the Coin market and Internet auctions/sales as well as the differences in buying habits of different individuals, such information may not necessarily represent the accurate current Fair Market Value of any particular Coin, which again, will be determined by NGC in its sole reasonably exercised discretion. In determining the Fair Market Value, NGC will not be bound by the values included within the NGC Price Guide.
WARNING: THIS GUARANTEE IS LIMITED. The following terms, limitations and restrictions apply with regard to the above guarantee and available remedies, and the submitter of a Coin using NGC’s Appearance Review service agrees to be bound by all of the terms, conditions and limitations set forth herein:
- Required Information. In fulfillment of the NGC Guarantee, NGC may require that the submitter provide information and available documentation regarding the transaction history of a particular Coin, including the date purchased, the purchase price, the seller and the transaction amount. NGC may also require that a submitter minimizes its damage and attempt to reverse a prior transaction. It may further require that a submitter provide proof to the effect that negotiations to reverse a prior transaction have failed. The submitter acknowledges that his or her inability to provide requested information and/or non-cooperation in providing requested information constitutes a failure of an essential condition to this Guarantee and will result in the Coin’s exclusion from this Guarantee.
- Coin Conservation. NGC may also, at its sole reasonable discretion, have a Coin submitted under this Appearance Review service professionally conserved by it or an affiliated company if NGC believes that doing so can improve its fitness for the grade originally assigned. There will be no charges assessed to the submitter for conservation service performed in conjunction with an Appearance Review.
- NGC Holders. The NGC Guarantee does not apply to Coins that have been removed from their NGC holder, or if the NGC holder containing a Coin has been damaged, unsealed, tampered with or altered. The determination as to whether this has occurred shall be at the sole reasonable discretion of NGC. Further, the NGC Guarantee does not apply to counterfeit or tampered NGC holders. Coins that have been graded by NGC but are not encapsulated in NGC holders, which include Coins that receive an NGC Photo Certificate, Coins that are encapsulated in Redfield Hoard holders and Coins that are encapsulated in Japan Ministry of Finance holders, are also not covered by the NGC Guarantee.
- Improper Storage. The NGC Guarantee does not apply if NGC determines that a Coin submitted for Appearance Review has a lower grade than that originally assigned as a direct result of the NGC holder having been subject to abuse, alteration or improper storage conditions such as (but not limited to) extreme temperature, moisture, damaging environmental conditions, excessive light, excessive motion or vibration or any other extreme conditions and that such exposure of the holder is capable of affecting the condition of the graded Coin.
- Deterioration of Certain Coins. The NGC Guarantee does not apply to certain Coins where the appearance of the Coin changes or deteriorates over time and such change or deterioration is responsible for any discrepancy between the assigned grade and the Coin’s actual grade. NGC shall make the sole reasonable determination as to whether this deterioration has occurred. The following specific parameters apply:
- In certain Coins, natural environmental deterioration may cause undesired features to appear, such as (but not limited to) spotting, hazing, PVC and corrosion. Spots, for example, can occur on modern silver Coins as a result of the minting process or other natural conditions over which NGC has no control. Therefore, the NGC Guarantee does not apply to Coins exhibiting any of these issues.
- Coins made of copper, bronze and brass or are copper-plated can change over time. Accordingly, with regard to copper, bronze, brass or copper-plated Coins graded by NGC, the grade portion of the NGC Guarantee will no longer apply after the 10-year anniversary of their date of encapsulation by NGC. The expiration date of the grade portion of the NGC Guarantee can be found by entering the Coin’s certification number in the Verify NGC Certification section of the NGC website or by contacting NGC Customer Service.
- A number of countries issue Coins that are enameled, colorized, painted, hologram applied or jeweled at their mint facilities as part of the minting process. The methods used to apply these additive applications vary. Some are lacquered while others are enameled to hold the color in place. Colorized, painted, hologram, and jeweled Coins can, even with proper handling, before or after grading and encapsulation, lose some or all of these additive features. These additive features can chip, flake, or become dislodged. Such conditions may be due to the minting process or other natural conditions over which NGC has no control. Therefore, NGC cannot guarantee that Coins with additive features will retain their full mint-applied aspects or their assigned grade.
- Third Party Information and Attributions. Information listed on a label that originates from a third party (including, without limitation, any information from the U.S. Mint) and any attributions (including variety attributions, reference attributions and pedigree attributions) are NOT guaranteed. NGC will attribute those varieties that it deems, in its sole reasonably exercised opinion, to be major varieties that are widely collected and accepted as legitimate varieties by the Coin collecting community at the time the Coin is graded. New information may cause NGC to no longer recognize an attribution that it previously assigned, which, again, is not covered by the NGC Guarantee. NGC does not guarantee that a particular variety or designation will always be recognized, and attribution policies are subject to change without notice. Further, NGC's calculation of a Coin's Fair Market Value will be based on a generic example of the Coin at the original grade without any variety, reference or pedigree attribution.
- Designations. The following designations, including any combination thereof, are considered to be part of the assigned numeric grade for the purposes of the NGC Guarantee: Plus (), Cameo, Ultra Cameo, PL, DPL, BN, RB, RD, 5FS, 6FS, FB, FH, FT, Matte and Satin. Special designations (such as First Day of Issue, Early Releases and First Releases) or pedigrees are not guaranteed and if NGC incorrectly assigns a special designation or pedigree to a Coin it is the duty of the submitter to return that Coin for correction. In addition, since eye appeal is subjective, the NGC Star Designation () for exceptional eye appeal is not guaranteed. Further, NGC's calculation of a Coin's Fair Market Value will be based on a generic example of the Coin at the original grade without any special designation or pedigree, except for those designations explicitly listed above as being considered to be part of the assigned numeric grade.
- Clerical or Mechanical Errors. A clerical or mechanical error occurs when a Coin is encapsulated with a label that bears a grade and/or description that clearly does not correspond with the Coin. It is the duty of the buyer and seller of a Coin to examine such Coin for a clerical or mechanical error to return such Coins for correction when warranted. The NGC Guarantee does not apply when NGC determines, in its sole reasonable discretion, that a clerical or mechanical error has resulted in the Coin having an incorrect grade or description. If requested, NGC will remedy any clerical or mechanical error free of charge by updating the encapsulation to show an appropriate label.
NGC certification labels with incorrect dates, mintmarks, denominations and Coin types (all of which should be obvious to someone who performs an inspection of the Coin and label) are considered clerical or mechanical errors. Examples of such errors include, but are not limited to, the following:
- A Coin is labeled a 1955 Doubled Die Lincoln Cent, when the Coin has no doubling.
- A Coin label description references a 1916 Standing Liberty Quarter, when the Coin is a 1916 Barber Quarter.
- A Coin is identified as a Proof, when it is a business strike and the types are readily distinguishable from each other.
- A Coin is described as an 1881-O Morgan Dollar, when it is an 1881-S Morgan Dollar and the mintmark was improperly identified on the label.
- A Coin is graded MS 68 when it should have been graded AU 58, an error with respect to grade that would be obvious to a collector.
- NGC Registry. The NGC Guarantee does not cover a Coin's status in the NGC Registry, including eligibility or points assigned. Changes to the NGC Registry may be made without notice, and NGC does not guarantee that a Coin will always be eligible for inclusion in the NGC Registry nor does it guarantee that it will receive a certain point score.
- Inspection. The original submitter of a Coin to NGC must inspect such Coin immediately upon receipt from NGC. In the extremely rare event that a Coin is damaged while at NGC’s facility, NGC shall have no liability for any damage unless reported to NGC within fourteen (14) days of the submitter's receipt of the Coin from NGC. Notwithstanding anything else contained in this NGC Guarantee, in the event of loss or damage of your Coin by NGC, NGC will only be responsible for the LESSER of the actual current Fair Market Value as reasonably determined solely by NGC or the submitter declared value.
- Knowledge of Error. If the owner of a Coin is informed by NGC that the Coin is not genuine or overgraded, that the NGC label has a clerical error, or that an autograph on an “Authentic Hand-Signed” label has been found to be not genuine, it is the duty of that owner to immediately return the Coin to NGC. If the owner does not immediately return the Coin to NGC after such notice, then (a) the NGC Guarantee will no longer apply to that Coin, (b) if the owner sells, trades or otherwise transfers ownership of the Coin instead of returning it, then the owner may be liable to the buyer for fraud or otherwise be subject to legal recourse, and (c) NGC will reserve all rights to pursue any available remedies against the original purchaser and the submitter of the Coin. NGC strongly encourages owners and prospective buyers of NGC-certified Coins to enter the Coin’s NGC certification number in the Verify NGC Certification section of the NGC website for notification of possible errors.
EXCEPT FOR ANY EXPRESS WARRANTIES SET FORTH IN THIS GUARANTEE, NGC DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, REGARDING NGC AND / OR THE SERVICES, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL NGC OR ANY OF ITS AFFILIATES, OR ANY OF ITS OR THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS OR AGENTS, BE LIABLE TO CUSTOMER OR ANY OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS GUARANTEE IN NO EVENT SHALL THE AGGREGATE LIABILITY OF NGC, ITS AFFILIATES, AND ANY OF ITS OR THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS OR AGENTS TO THE CUSTOMER OR ANY THIRD PARTY FOR WHOM THE CUSTOMER MAY BE ACTING, ARISING FROM ANY CAUSE, ACT, OMISSION OR OTHER CIRCUMSTANCE, EXCEED THE FEES PAID OR PAYABLE FOR THE SERVICES ORDERED BY THE SUBMITTER OF SUCH ITEM(S).
CLAIMANTS UNDER THIS GUARANTEE HEREBY WAIVE TRIAL BY JURY.
ALL CLAIMS UNDER THIS GUARANTEE BY A RESIDENT OF PRC MUST BE MADE TO NGC SHANGHAI. IN SUCH CASE, (A) THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH PRC LAW AS APPLIED TO TRANSACTIONS TAKING PLACE WHOLLY WITHIN PRC BETWEEN PRC RESIDENTS AND (B) SUBJECT TO CONTRARY COMPULSORY LOCAL LAW APPLICABLE TO A NON-US CLAIMANT, CLAIMANTS EXPRESSLY CONSENT TO THE PERSONAL AND SUBJECT-MATTER JURISDICTION OF THE APPROPRIATE PRC COURT WHERE NGC SHANGHAI IS LOCATED HAVING JURISDICTION IN PRC.
ALL OTHER CLAIMS UNDER THIS GUARANTEE MUST BE MADE TO NGC. IN SUCH CASE, (A) THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA AS APPLIED TO TRANSACTIONS TAKING PLACE WHOLLY WITHIN FLORIDA BETWEEN FLORIDA RESIDENTS AND (B) SUBJECT TO CONTRARY COMPULSORY LOCAL LAW APPLICABLE TO A NON-US CLAIMANT, CLAIMANTS EXPRESSLY CONSENT TO THE PERSONAL AND SUBJECT-MATTER JURISDICTION OF THE STATE COURTS LOCATED IN AND FOR THE CITY OF SARASOTA, STATE OF FLORIDA AND THE FEDERAL COURTS LOCATED IN AND FOR THE CITY OF TAMPA, STATE OF FLORIDA.
If any part of this Guarantee shall be declared invalid or unenforceable by a court of competent jurisdiction, it shall not affect the validity of the balance of this Guarantee. In such circumstance, the provision declared invalid/unenforceable shall be re-drafted as closely to the original provision as allowed by law, so as to give effect to NGC’s intent.
Should there be any discrepancy between the English language version of this Guarantee and the version of the Guarantee as translated into another language, the English language version shall prevail, govern and control in all respects.