Should ebay's policy be that they will only handle coins that are slabbed by reputable grading servi

dan1ecu · May 18, 2003 2:55PM

There have been many threads about coins being sold on ebay that are advertised as being something that they're not... like raw, cleaned coins being sold as MS68, and that sort of thing. Do you think that ebay should start requiring that coins sold through them be certified in order to protect consumers?

Some people who are new to the hobby might think that they're getting the bargain of a lifetime if they win a coin for $500 when it's advertised as being worth $10,000. I suspect that much of this false advertising is being done by people who are trying to put one over on the naive.

What do you think?

Dan

braddick · May 18, 2003 3:58PM

And take away half the fun of cruising on eBay?
No- let the free enterprise system continue to work and allow Collectors to continue to seek wisdom and knowledge and break the bonds of laziness. Afterall, buying anything without knowing what you are doing is trouble.

freeblue · May 18, 2003 5:06PM

That's the most obsurd idea I have heard all day-
maybe your town should also sell only Mercedes and BMWs, cars under 30K should not be sold???

Higashiyama · May 18, 2003 5:25PM

Definitely not! Most of my most memorable ebay purchases have been raw (1950s era mint sets, circulated commems, even a nicely toned York 50c that later slabbed MS66). Agree with Pat -- it would take the fun away. Somewhat like gambling -- if the coin might pose a risk, know your limits.

MacCoin · May 18, 2003 6:55PM

ebay is a auction not a online coin store. beside a coin that is certified by one grading company may have a differant grade with another grading company. but if I'm looking for a coin that is worth $50.00 or more I do look for certified coins. I also buy my D mint state qurater from ebay and surly don't want to pay for a slab when buying them or any other cheaper coin.

silverandvinyl · May 18, 2003 8:18PM

The only out come of your suggestion would be "less people would be taken to the cleaners." That would not be fair, would it????????

Steve27 · May 18, 2003 9:40PM

Keep dreaming.

nwcs · May 18, 2003 9:50PM

No, I don't think they should do that. There are many nice coins that aren't in holders. Of course, there are sleaze bags, too. A better policy would be ebay implementing better scam protections and actively remove auctions that are clearly scams and intentionally misleading (such as when a New Collector's Mint replica is being promoted as a genuine coin).

trozau · May 18, 2003 10:41PM

They've got their a$$e$ covered with "CAVEAT EMPTOR" so why turn away the bulk of their business?

ANACONDA · May 18, 2003 11:02PM

Great question, Dan. Fraud and problems like it cause all of us problems and concerns.

But, everything has it's price and some people want coins in third world holders, and artificially toned coins and cleaned coins and
polished coins and other coins with problems that are not labeled on the holder.

Why? Because they're cheap and not all of us can afford proof 67 Ultra Cameo Seated Dollars in NGC holders or MS 68 ten indians in
PCGS holders.

Plus, this country was founded on freedom.

I think a better path would be for eBay to just tighten it's advertising policies and enforce them.

If we prevented advertisers that sold over graded material from having access to the public, we would have to close down many of the
advertisers who advertise in CoinWorld and other venues.

Besides, buy any 10 PCGS or NGC coins. Break them out. Re-submit them. Then sell them. You will take a bath financially. It takes
multiple submissions to get the coin into the "right" holder. Anyone looking at the results wouldn't see even our finest grading services as
doing a good job, as compared to the fungibility of stocks or other traditional investments.

adrian

NumisEd · May 18, 2003 11:19PM

Wait just a minute! Everyone so far has missed one important point: PCGS, NGC and ANACS have all overgraded coins, sometimes severely. Reputable? Teletrade is doing what Dan has suggested: selling coins slabbed by "reputable" grading services. We all know that Teletrade is littered with junk in PCGS and NGC holders. It's the dumping ground for all of the mistakes made by the "reputable" grading services. Why do you think it is called TeleTrash??

DCAMFranklin · May 19, 2003 1:47AM

I prefer an open marketplace. Plenty of safeguards (return privileges, feedback and questions of the seller prior to auction's end, etc.) to protect those that are smart enough to utilize them.

Flying56eagle · May 19, 2003 1:57AM

NO

baccaruda · May 19, 2003 2:25AM

considering that I could crap on a paper plate and sell it on Ebay (and it would probably sell), I doubt they've got an executive committee considering the removal of certified coins slabbed by companies deemed "unreputable" by the PCGS chat board.

keets · May 19, 2003 2:36AM

no.

al h.

UncleJoe · May 19, 2003 2:47AM

NO.

Who determines when someone is being ripped off? (Who determines reputable?)

We don't always know the buyer's intent or expertise.

Should we ban moderns from selling for hundreds or thousands of dollars?

I am sure that we could find more than a few posters that feel that buyers of high priced moderns are getting ripped off.

It is up to the individual (fortunately or unfortunately depending on your view).

In addition, the Coin World article about the grading services is very good reading indeed!

Joe.

DSH1963 · May 19, 2003 3:00AM

BUY the coin not the holder, no return policy dont bid easy as that.
thanks DAVID

topstuf · May 19, 2003 3:09AM

GREAT idea! Hear hear! Finally...... a breath of fresh air! Good post! Admirable concept!

Larry Topstuf, President

Reputable Grading Services, Inc.

Write for prospectus.

jonesy · May 19, 2003 3:16AM

No. If they did, they would be Heritage.

jeffnpcb · May 19, 2003 3:24AM

I would like them to prevent copies and other trash from entering the coin venue! How many times have we seen these copies and duplicates invade this arena and get extremely high bids on them! Only real coins are allowed should be their stance and all the other trash goes into another category like fakes, copies and etc.!!!!!!!

Julian · May 19, 2003 3:39AM

As some of you already know, I do not submit coins for encapsulation, nor do I offer anything on Ebay.

I believe that Ebay should conduct their numismatic auction site the same way that the major numismatic auctions houses conduct theirs. There should be no fraud tolerated, whatsoever!!

Purchasers should be able to return items that do not meet the descriptions for up to 14 days, after receipt. Autenticity guarantees would, of course, last forever. Sellers should be able to not accept bids from bidders that they believe are not acting responsibly.

It is only good business to have satisfied customers. It is only good for the coin business not to have defrauded customers.

Ebay will have to accept that they will not be receiving as many commissions, in the short run, but in the long run, they should increase dramatically.

Perhaps Ebay could consider having two categories:
A professional category, with its guarantees, etc.
Another category that would be "as is", except for authenticity. My guess is that the second category would eventually fade away, as the abuses their probably would continue.

coachleonard · May 19, 2003 4:04AM

"Should ebay's policy be that they will only handle coins that are slabbed by reputable grading services?"

For my vote, I will quote (roughly) from 'The Full Monty.'

" No, never, no way-- in that order!"

ANACONDA · May 19, 2003 4:31AM

"It's the dumping ground for all of the mistakes made by the "reputable" grading services. Why do you think it is called TeleTrash??"

A great comment which supports my contention that technical and consensus grading is really the problem.

The mistakes are ugly coins which have been properly graded according to PCGS and NGC, and their grading philosophies.

JOHNandBEA · May 19, 2003 6:20AM

..........of course not

John

Should ebay's policy be that they will only handle coins that are slabbed by reputable grading servi

Comments

Leave a Comment