Ebay Throws ANACS Under the Bus

My opinion of that Connecticut coin shop is that they should stop using my photography to advertise for their shop. And if they are going to use my photography, at least dont' choose photos of AT coins.

 

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Well so much for Phil's Honesty and Expertise as mentioned in their "About Us". Use someone else's work and not realize it is AT

Jim

 

Yeah, funny thing is that Franklin Half is sitting on my desk right now. I thought I once wrote a thread about that coin but can't find it. Maybe I should start a new one.

 

Frank
I'm glad you found the Auction Law blog and hopefully you'll find a lot of useful information regarding auctions.

However, the article you referenced is regarding the fiduciary duty of a Professional Auctioneer and their relationship to their client. While fiduciary duty between any individual and their client would typically be expected, and there are some that take consignments (i.e. eBay Traders) to sell for others, I would like to point out that there are some differences and who is actually responsible for such duties and who isn't (i.e. eBay).

The first difference is that a Professional Auctioneer typically sells to a live audience and has full control over the venue.
Second, eBay is not an auction house.

If you are conducting services for others on an online platform, such as eBay, you must know the terms that you must comply with, in order to use their online market services. Since it is their venue, they have the right to set the terms of use. You have the option to use it or find a different venue that meets your, and your client's, needs.

This is no different than opening a storefront in a mall, which may also stipulate various requirements in your lease/rental contract.

Your fiduciary duty to your client is to know the terms and limitations of any venue you choose and to clearly explain all aspects to your client. If the venue is not suitable to meet the needs of your client, then you should find the correct venue, disclosing which venue will be used, and ensuring that you can best meet your client's needs.

In other words, eBay has no obligation to your client. That is your responsibility.

 

Big time busted........

 

Great blog post, thanks for sharing it. Concise and accurate.

 

i agree - excellent article on http://www.brookfieldcoincard.com/Blog.html?entry=ebay-tightens-rules-for-listing . i've never been on that site before either.

 

I would just give Phil a call/email, I'm sure he would make the necessary adjustments, admit error, etc..

 

You recognized one of your coins in a site with which you have no relation...that's phenomenal. I wouldn't recognize one of my coins, even after acknowledging its removal from one of my storage boxes.

 

huh. you're joking, right?

 

I know nothing about the CT shop, but back to the original thread discussion - I recently bought an ICG slabbed coin - XF45- thought it looked ok in the pictures - but upon receiving and studying it I realized it was probably either repaired or otherwise pretty seriously altered or damaged. No way would it not be details or genuine in an NGC or PCGS holder - I sent it back. Identifying the problems required some pretty close scrutiny and I don't fault the seller - but haven't had much experience with ICG, and wow, that was certainly an eye opener.

dt

 

Ruben meant to say Long Island Expressway.......

 

Well, if they used just one of my coins I might not have noticed, but every coin but one is mine. Your comment however brings up another important point. Phenomenally toned coins have the ability to leave an indelible impression in your mind. After all, it isn't hard to recognize coins that look like this:




The Battle Creek Morgan Dollar shown above is my profile photo here on Cointalk and my avatar on the NGC forum.

 

The nation`s largest coin-grading service has agreed to run disclosures in its advertisements and take other actions following an investigation of its business practices by the U.S. FederalTradeCommission.

Last month, the Professional Coin Grading Service, Inc., of Newport Beach, Calif., entered into a consent decree with the FTC without admitting to any allegations contained in a FTC complaint. Among other things, the complaint accused the PCGS of misleading consumers by falsely claiming that it provides consistent, objective grading of rare coins.

http://articles.chicagotribune.com/...-professional-coin-grading-service-rare-coins

 

The date on that article in the second link says it was written on September 9, 1990 ?

 

I agree people have short memories. I remember the coin shows all panicing back then, people asking what to do, and I was just shrugging it off since I never owned any of those MS 65 "investment grade", (that was the term I believe even TPG were giving to 65+ coins).

Regarding those two TPG being "squeaky clean", how is that? That they make up their own grading standards, their own policy of what is can be slabbed or not, and then agree with themselves, is that the definition of "squeaky clean"? What "scandals" has ANACS been in that the other two have not? Just curious.

 

True, back in the 60's and 70's if a coin dealer used the word "investment" in their advertising they ran the risk of being sued by the SEC for selling unregistered securities and some companies were fined. They got a whole lot more lax about it in the early 70's when the GSA began promoting the CC dollar sales and they were calling them investments.

ANACS has also been sued in court over changing grading standards

 

Did they lose? I am just curious since any bored attorney can and does sue any company nowadays. I never hold a lawsuit against someone unless they lost, due to the proliferation of lawsuits nowadays.

What would the lawsuit be? That ANACS loosened standards thereby making older slabs worth less?

 

Thanks much. All that is really required to form an opinion of the ethical standards at PCGS is a subscription to the Velvet Tray written by Van Simmons, one of the majority owners in Collectors Universe. The market analysis in the newsletter might as well be written by a patent medicine man on tour with a circus.