By April 18, 2012 7 Comments Read More →

eBay Announces New Changes for Coins Listed in Auction

Gene Cook, eBay General Manager, Emerging Verticals eBay has announced new changes in the requirements for US coins listed in auction.

This is part of a continuing effort to increase the safety and quality of service for buyers and sellers using the eBay auction platform.

This announcement was made at a board meeting of the Professional Numismatists Guild (PNG) held at the Central States Numismatic Society (CSNS).

These efforts are intended to increase the quality, price and value levels of coins sold on eBay.

Copyright © CoinWeek – April 2012

Central States Numismatic Society Convention
Schaumburg, IL
4/19/2012

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Reaction to the eBay announcement has been varied and swift on the various messages boards and on the CSNS bourse floor.

ANACS posted the following message on their website addressing the concerns of their clients who may be impacted by the eBay changes

To our valued customers:

Many of you have contacted us about the email sent out by eBay regarding changes in their coin listing policies that specifically impact sellers of ANACS graded coins. We want to assure that you that we are absolutely confident that this issue will be addressed by the May 30 deadline that eBay has established. We would also like to take this opportunity to address some of the specific questions that have been raised, and to share with you what we are working on, which we believe will ultimately be of benefit to you.

· In its email to sellers of coins, eBay mentions “certain objective standards” that are required of coin grading companies. We were not made aware of these standards until April 17th – the very same day that eBay chose to notify its sellers of the change. Now that we have been able to review these standards, it is our contention that we exceed every standard that has been set, with the exception of what we consider to be a single technicality.

· Of the six standards that we have seen, we feel it is important to stress that we exceed any standards set with regard to the expertise of our graders or the quality of our service.

· Of the technicality mentioned earlier: eBay is requiring grading companies to “enable online verification of unique serial numbers.” There are two things we would like to make clear: 1) ANACS does offer verification of unique serial numbers, but has not made that service available online as of yet, and 2) ANACS is, in fact, in the final stages of making serial number verification available on our web platform.

ANACS appreciates that eBay is taking steps to protect the coin community from the actions of unscrupulous sellers and questionable grading practices. It has been our company’s mission to protect the integrity of our hobby for forty years! As stated earlier, we have no doubt that this issue will be addressed in such a way that you will not be affected by this policy change, and we are hopeful that we can work with eBay to do even more to protect both buyers and sellers of coins.
Please feel free to email or call me with any questions you may have.

Sincerely –

Paul DeFelice
Vice President of Customer Relations and Marketing
Paul.DeFelice@ANACS.com

CoinWeek will have continuing coverage of the ebay changes with several articles planed and additional Video interviews from dealers and collectors at the CSNS convention floor……… Stay Tuned !

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7 Comments on "eBay Announces New Changes for Coins Listed in Auction"

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  1. Bob says:

    I wish they would allow sellers to accept checks. Paypal is a horrible system.

  2. Clyde Watkins says:

    Has eBay lost their mind on restricting ANACS? I have been buying ANACS coins for several years on eBay because they were an approved service…have perhaps $50,000 in market value, and NOW they are saying you are NOT an approved service and the coins will have to be sold as RAW? This sounds like a lawsuit needs to be filed.

    Looks like the new policy that approved companies have to have so many coins graded before a certain date, at least one 5 year full time dealer as a grader, online lookup (worthless as the people who make fake slabs use VALID numbers) was crafted not to insure quality coin grading, but to exclude any services except PCGS and NGC.

  3. Carl says:

    You didn’t listen to what the Ebay sellers wanted. You only listed to the PNG dealers that have a vested interest to get ANACS and ICG off of Ebay.

  4. Frank Provasek says:

    Listen to the young ebay guy TWICE mention to the PNG membership that it’s all about “selling your coins at higher price points”

    http://youtu.be/4ifz7_12XEI

  5. Steve says:

    I hate to say it, but many, including myself saw this coming back in 2007 when Ebay disallowed all the slabs that it considered “not up to standard,” placing reputable and semi-reputable companies like PCI, SEGS, and older out of business firms like NCI, Hallmark, Blanchard on level of basement slabbers.

    In fact eventually, Ebay will probably kick one of the “top 2″ out in a couple of years, which ever one will give a greater kick back.

    It’s a shame, because both ICG and especially ANACS have taken off over the past year and a half on Greysheet, further demonstrating why this is an awful move by Ebay. I find the ANACS gold or yellow holders for Non-modern coins to be very actually graded. If anything Ebay should have implemented a policy that would have allowed only grading companies that trade on Greysheet to list their numeric grade and holder.

    Further, there is also always a danger to a market when things become over-standardized. In fact one could make a good argument that the rise in basement slabbers is itself a reaction against over-standardization.

  6. Charles says:

    ANACS will be in compliance with ebay’s guidelines soon. The thing holding them back is the electronic verification of their slabs. I have it from a good source that this issue will be resolved soon.

  7. Gary says:

    I believe both ICG and ANACS will resolved the issues with e-bay in the very near future. On the other hand, we always need to remember that you are buying the coin not the slab, thus the more education you get about authentication and grading the better.

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