Statement from Centsles

mrearlygold

Anyone see this and care to comment?

October 9, 2007

To: The Customers of Centsles

From: Robert Johnson, Owner, Centsles, Inc.

Many of you have e-mailed us at Centsles regarding the sudden change in the way our coins are listed for auction. Due to a recent eBay decision, eBay sellers are limited in the information that can be used in the title and description for some coin auction postings. We have been advised that this is an effort by eBay to reduce fraud and fraudulent listings. The following link will direct you to their new coin selling policy:

http://pages.ebay.com/help/policies/selling-coins.html

As you can see under the title Some Examples, we are no longer allowed to list the certification (grading) company name, or the grade assigned, in the title or the description of the auction listing for any coins not graded and encapsulated by PCGS, NGC, NCS (owned by NGC), ICG and/or ANACS. We will still be able to list coins not graded by those 5 companies mentioned in the policy, but they will now be considered by eBay as raw/uncertified. This policy is now being enforced as of October 1, 2007.

Susan McMillan, American Numismatic Association (ANA) Consumer Awareness Coordinator has stated in the ANA press release of September 18, 2007:

In order for consumer fraud to occur, three elements must be present: a person's
desire, ability and opportunity to commit the fraud, said ANA Consumer Awareness
Coordinator Susan McMillan, We cannot control a person's desire or ability, but we
can try to remove the opportunity.

In our opinion, her statement implies that Centsles and those dealing in coins not certified by the 5 authorized companies are committing fraud. Also in our opinion, it implies that collectors and resellers of coins purchased from Centsles, and other dealers, are also committing fraud. As stated within this press release, those representing the ANA, applaud and support this decision as an improvement by eBay to protect you, the consumer, from yourself. A link to the ANA statement has been provided below for your additional clarification. Also keep in mind while reading, ANA President, Mr. Stuppler (eBay id verypq ) and ANA Acting Executive Director, Mr. Kenneth Hallenbeck (eBay id Hallenbeckcoins), both quoted in the ANA statement, are eBay Powersellers who only sell coins certified by NGC, PCGS, ANACS & ICG coins.

http://www.money.org/AM/Template.cfm?Section=Home&Template=/CM/ContentDisplay.cfm&ContentID=11936

In fact, the value of the coins certified by those five approved grading companies could now have the potential to have an artificially inflated cost due to the decrease in supply of available alternatives.

While we strongly disagree with eBay's new policy, we are making every effort to comply. However, it is our opinion that this policy may in fact violate antitrust laws. If you feel the same, we strongly encourage you to do some research into this question, and if convinced, contact the United States Department of Justice (DOJ). We are supplying the following link regarding the antitrust laws found at the Department of Justice website:

http://www.usdoj.gov/atr/contact/newcase.htm

It may interest you to know that some of the unauthorized grading services, eBay sellers and consumers, such as yourself, have made the effort and have already contacted the Department of Justice regarding eBay's policy. The more people to protest eBay's policy to the DOJ the stronger the demand for an investigation into the overall impact this policy will have.

If you do not feel as strongly about this as an antitrust issue, but still feel this policy is in some way unfair and unjust, please contact eBay to make your statement at: http://pages.ebay.com/help/newtoebay/questions/contact-support.html

We thank you, our customers, for your continued confidence in and support of Centsles as an eBay Powerseller!

This email was sent by: CENTSLES
PO BOX 621748 ORLANDO, FLORIDA, 32862, UNITED STATES

Russ

http://forums.collectors.com/messageview.cfm?catid=26&threadid=612454

Russ, NCNE

mrearlygold

telephoto1

What I find amusing is how he infers conflict of interest by others yet he purveys his own overgraded self-slabbed NNC crap. Gimme a break. This is just one more "that's not fair" schoolyard whining from one of many power scammers that are going to (hopefully) see a reduction in their bottom line thanks to ebay finally implementing a beneficial policy. They infer lawsuits, antitrust issues, etc. ...If I were him I wouldn't hold my breath waiting for a settlement check.

PrivateCoinCollector

By this response, the policy must be working!

oxy8890

The only thing I disagree with is Ebay opened this up to 5 TPGs instead of just 2 or 3. Other than that, I thought it was a great move.

BECOKA

I just came to post the same thing. Found it on top without even having to search for it.

Centsles is at least following the new rules even though they are wrongly against them. While not perfect the search listings for e-bay coins is slowly getting cleaner.

JJM

.....I need to get a and think about that one !!!!

hubird

"In fact, the value of the coins certified by those five approved grading companies could now have the potential to have an artificially inflated cost due to the decrease in supply of available alternatives."

Pardon me, but I don't see it as there being a "decrease in supply of available alternatives." Any of those examples can still be sold, they just must be listed differently. They are STILL on the market. Just look for them where they are now listed, if you really want them.

itsnotjustme

I find this part a true reach: In our opinion, her statement implies that Centsles and those dealing in coins not certified by the 5 authorized companies are committing fraud. No, she said three things are necessary for someone to commit fraud, and they can have an effect on one of those three. She did not say anyone affected by the third (opportunity) was also guilty of desire and ability.

And a real stretch is Also in our opinion, it implies that collectors and resellers of coins purchased from Centsles, and other dealers, are also committing fraud How is a collector of these coins committing fraud? How is a re-seller committing fraud?

Really, in my opinion, the fraud comes when pretending NNC or SGS or ACG graded coins are on par with PCGS, NGC, or ANACS.....

As for the big boys selling coins slabbed by the reputable services, isn't that what you would expect from a professional? And further, if they were selling NNC or such, then they would be saying do as I say and not as I do.

The grapes are sour today.

pb2y

The auto industry has been successful in ordering dealerships and
approved repair centers into using what they refer to as genuine repair parts.
They have also warned the public that all other parts including foreign made parts
are substandard and, in some cases, dangerous.
This seems to equate with Ebay's policy of approving some grading companies
and restricting others they deem to be substandard. In view of this, eBay is
not in violation of antitrust laws.

REALGATOR

One might have a tough time explaining the virtue of this on judgement day:

1. One wins a sanctioned grading contest and has proven to be expert in this regard.
2. Then slabs his own coins.
3. Sells the slabs where less than 1 percent would cross with the grade on those slabs at the grading services Ebay approves.


Can one live with oneself?

PQMorgans

His new listings all have pictures of slabs

link

Connecticoin

<< <i>His new listings all have pictures of slabs

link >>



This will probably work a while for his repeat customers who regularly check his listings.

What gets me is that we all got to read his sob story about being screwed by ACG when the ANA was soliciting donations for the ACG lawsuit legal defense fund. So, in the aftermath of that, it seems he took the attitude of "if you can't beat 'em, join 'em!!"