|Wed Apr 18 2012 10:02:17|
Coin Dealers Question eBay's New Standards
By: Ina Steiner
Sellers in niche collectibles rarely agree with eBay's policies that affect their categories, and this week was no exception. eBay is instituting new standards in coins and worked with numismatic authority John Albanese, founder of CAC and NumismaticConsumer Alliance, to develop standards that must be met for grading coins on eBay.
eBay announced the change through an alert sent to members of the media, and some coin dealers said they received an email announcement.
Dealers seemed particularly upset that eBay would no longer accept grading from ICG. eBay policy currently states that when listing a certified coin, the coin must be certified by one of the following authorized grading companies:
- Numismatic Guaranty Corporation (NGC)
- Numismatic Conservation Services (NCS)
- Professional Coin Grading Service (PCGS)
- Independent Coin Graders (ICG)
- American Numismatic Association Certification Service (ANACS)
But beginning May 30th, will only allow Numismatic Guaranty Corporation and the Professional Coin Grading Service.
Wrote one coin dealer on the eBay discussion boards, "I am simply stunned. Ebay has lost touch with their sellers and assumes to know everything. This is so disappointing. They always say this is what their sellers and buyers want. No one ever contacted me and I am a top rated seller in coins. I should also mention i am always a buyer in this category also. ICG and ANACS are two of the Nations oldest and most trusted third party graders. Approx 1/2 off my collection are graded by ANACS."
eBay also announced it was working with six dealers in a promotion showcasing a collection of more than 300 Morgan Dollars, valued at more than $1 million. A few years ago, it would have been unheard of for eBay to do deals with a small number of sellers thanks to eBay founder Pierre Omidyar's insistence that eBay provide a "level playing field" for all sellers. But despite Omidyar's role as eBay's Chairman of the Board, eBay now routinely does such exclusive deals with select sellers.
What do you think? Is eBay making the marketplace a safer place to shop with these new standards?