Ebay Throws ANACS Under the Bus

I can second that notion. What good is an attribution if they won't stand behind it? Maybe the lack of a guarantee is why so many attributions are wrong.

 

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Several posts have indicated with some confidence that ANACS will eventually meet the Ebay standards. ICG on their website claims they will do that as well. This would be a good thing (it would nice to have more alternatives that one could have some confidence in), but what are the chances? Anyone really know?

DT

 

Only Ebay, and they ain't talkin'.

 

I don't think ICG will make the final cut. Too much baggage from their past ownership arrangement with NGE. They might as well have been formerly owned by Bernie Madoff in the eyes of many. ANACS is the only company that has the standing and legitimacy to challenge the currently proposed changes at eBay.

 

Ebay can do whatever they want

 

What if a collector wants to buy a $3000 gold coin ungraded in original high end collector packaging (if it is a piece that comes with special packaging). With some exceptions, the wood cases etc get damaged when grading companies or dealers rush to get the coins out to send in for grading. I really don't get these policies.

If a seller post the grade and then the grading company...why can't it be up to the buyer to determine if they are fine with that or not. The seller who states all facts should be allowed to sell how they please.

 

OH no ebay and their joke of a bunch of top sellers will still be trouting them. **** I think ebay is the one putting the coins in those holders and selling them. Why else would despite their "rules" and now more "rules" and "tough regulations" still be allowing these things to be sold and over raw prices I might add. They seem to crack down if people list for free but those that list enough to have to pay fees or own ebay stores get away with murder, overgrading, overpricing etc. IMO this is just a tactic by ebay because too many people are plain and simple sheeple that don't know, don't think at all, don't want to be held accountable for their actions and yet complain the minute the coin they thought was $150 isn't worth but melt to a dealer or true collector. I see alot of selling traffic going to bonanza.com and amazon.com. Not to mention ebay fees, and final fee percents will go up AGAIN to compensate for all the lost revenue they caused themselves. I hate ebay more and more with each passing year. By the way I never even got the email.

 

NO THEY DIDN'T. Read the actual policy on eBay's site. It says NGC, NCS, PCGS, ICG and ANACS are all OK to sell as graded. If its not in one of these holders it is considered raw...but we all knew that anyway.

 

Did you actually read the email? They haven't changed the policy YET. It states that they WILL be changing the policy. In the future! The current policy on their web site is what you refer to. Their FUTURE policy is what is referred to in the email. Pay attention.

 

May 30 is the deadline for the change in their policy in which ANACS and ICG will not be included and can't be mentioned in the Title like NGC and PCGS.

 

I wasn't trying to compare 1 to the other... just trying to show other examples of a lack of faith that other industry leaders have with those companies.

 

So you are saying Mark and Alan Yaffe, the former owners of NGE which owned ICG, are now the owners or ANACS? Don't think so. Employees going from one firm to the other is a whole different thing than ownership. And while the employees of ICG at the time of the Yaffe scandal were in no way responsible for what happened, the firm itself has that ghost in its closet no matter who now owns them, and no matter who works for them.

In the bigger picture, the one thing that can be said in defense of eBay's policy, --regardless of the consistency of their grading standards-- is that PCGS and especially NGC, are both squeeky clean companies that have never had any kind of scandal touch them. That NGC also prohibits their employees from engaging in numismatic commerce sets them worlds apart from all the other grading services and eliminates many of the conflicts of interest that plague so many of the other grading services, PCGS included.

 

Slabbing coins is a business , their slabbing to make $$$$$$$$$$$$, I'am just wondering what you would grade Mike Mezack from anacs ?

 

YOU ARE ABSOLUTELY RIGHT! COLLECTORS ARE PAYING THEM TO GRADE THE COIN SUCH AS FINE 12 AU 58 MS70 or whatever the coin surface like. The only main reason I look for them if my coin is authentic. And I am not looking for any grade or Numerical number. But sometimes you needed it for re sale

Now the fee for certification is too much high that regular coin collector can not afford it. So in the long run the TPG will be out of bussines if the coin collectors decided to come back just keep the coin ungraded and just only order directly from US MINT.

 

Here is a letter I sent to Gene Cook, the eBay guy who made the policy change announcement at Central States show:

Dear Mr. Cook:


The new coin policy shutting out coins abover $2500 unless certified by one of the 2 "approved"
services is going to have a string of unintended consequences. Coins in sealed US Mint
packaging should also be able to be sold as is, as long as the seals are not broken. Many buyers of
collectibles prefer and will pay a premium for items in the original packaging rather than placed in
a "slab"
Thinking about some of the US Mint products such at the 2009 Saint-Gaudens Ultra High Relief 1 oz
gold in US Mint packaging...these sell for about $3000 to $3300. Under the new policy you can start
it for $2499 but if you really need $3000 at a minimum it would have to be certified by NGC or PCGS
to even put a reserve or starting bid on it above $2500 from what we have been able to glean from the
canned responses from eBay.

An auction house is legally required to represent the seller's interest and get the highest possible price
for an item...since both the auction house and the seller benefit from that. Fiduciary duty in legalese.

http://auctionlaw.wordpress.com/2007/11/15/fiduciary-duty-of-an-auctioneer/

Ebay accepting fees from the seller but imposing conditions that might result in a lower selling price or
even a loss to the seller (e.g. not being able to apply a reserve or starting at a lower price than he otherwise
would) UNLESS the seller pays for a service that neither he nor the buyer may want (an unwanted
slabbed coin rather than original US Mint packaging) is such a conflict of interest that it's just absurd
that ebay would even propose such a scheme, much less implement such a policy based on input from
the insiders who would benefit from this requirement....the Professional Numismatic Guild (accepted
money from NGC to be the "official sponsored" grading service of PNG...and John Albanese...co founder
of BOTH of the only two approved grading services and owner of "CAC" which places "approved" stickers
ONLY on the coins from the companies he founded....PCGS and NGC.

Also, as a board member of the Texas Coin Dealer Association, we have heard from dealers who
have been building up inventories of coins certified by ANACS and ICG since the 2008 eBay rules
on certified coins. Now after being assured that these coins are acceptable for trading on ebay as "certified"
they are being given a 6 week notice after which they will be considered "raw" and sellable only at a steep
discount.
I have over 200 ANACS coins myself that I have accumulated for eventual sale on eBay.
It will cost me some $5000 to $7500 to have them regraded by PCGS or NGC, when they are perfectly
acceptable as they are in the coin market, all (along with ICG) traded on the Bluesheet and major coin
auction houses such as Teletrade, Heritage, and Stacks.
Please don't implement this poorly thought-out policy change.
Frank Provasek

 

That's a LIE!!

 

From ANACS web site
Our Response to eBay's April 17 Announcement:
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

 

A Connecticut coin shop has been quite opinionated on this issue: http://www.brookfieldcoincard.com/Blog.html?entry=ebay-tightens-rules-for-listing

BTW, folks. Anyone planning to go to the Danbury coin show this weekend needs to check out the change of location!