New Ebay rules on slabbed coins for sale

900fine wrote:

"Many consider PCI a legit TPG (I can't comment on that one way or the other). But E-bay is saying PCI coins, and others, are not certified AT ALL, which really isn't true. That's very different from choosing not to offer PCI."

If I was ebay, I would have put PCI in as a semi-legit grader.

THANK ALL THE STARS IN HEAVEN, NIX all the BS graders....,.

G`Bye Abon.com................ YEEE HAWWWW

G`Bye NNC, NNT etc et al........

I will be more than happy to debate the merits of all the BS SO-CALLED TPG`s. Bring it on.......

 

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I have based my opinion, in part, on previous discussions in this forum where people have expressed a consensus that PCI is credible and legitimate, not semi-legit. I didn't hear a lot of objections. I own only one PCI certified coin, a 1909 Indian head cent, certified MS-65 RD that is absolutely beautiful and at least close to its designated grade. It's not an extremely valuable coin and I don't have a big financial stake in the outcome one way or the other. But based on my one experience, I'm certainly happy with their work.

However, if this is a referendum on PCI certified coins, and the consensus of this community is that they are only semi-legitimate, I and every one else would be nuts to spend a lot of money on expensive, high-grade PCI-certified coins in the future.

I would like to know, who decided on the 5 services endorsed by eBay? (I think we can rule out Aboncom as a participant).

 

900fine wrote:

"But E-bay is saying PCI coins, and others, are not certified AT ALL, which really isn't true."

Ebay should have included PCI.

As for the others, many are "SELF-CERTIFIED" coins...
abon.com is the prime example.....

They are certified by the seller... NOT TPG`s. WE ALL KNOW abon and the other 20 or other so crap graders grade many coins as MS 70, that in reality come up as XF45, or AU 55 at best.

NOT a BIG SECRET!!. That is why these CROOKS advertise a graded MS68 Morgan that has a true market value in the 5 figures, and the freakin coin sells for $128. HMMMMMMMM.

HMMMMMMMM `Bout time Ebay caught up with the fraud............

Kinda think most of us here know all this already, but the 10`s of thousands of the newbies and the great unwashed masses do not...........

 

Not my intention to put a hit on PCI........ I have a few. ANACS in the same boat, I have more than a few...... Actually I think I said it wrong, I was agreeing with the consenses, that PCI should have been included...

 

If I havn`t made it abundantly clear!!!!!!!!!!!!!


The value of these BS "graders" will not fall..... they already have little or no value added to their opinion. A $17,500 coin graded by whoever that sells for under $200 speaks to everything I have said.....

This is an experience thing.... MOST OF US KNOW, we try to help those of you`s that don`t........

 

I was not trying to imply that the falling value of the TPG's is a bad thing. I guess value is a bad word, I think that the price of these slabs will fall on ebay, and there may even be a rash of new auctions of these slabs by owners who want to liquidate their collections under the old rules. I think of it as a kind of market correction. Hopefully the TPG's will start selling for amounts based on the auctual coin in the holder, and not the grade printed on the slab.

David

 

That is great!!! This should be official numismatic lingo. From now on, I declare BSGS synonymous with a home slabbed coin.

 

Probably SEGS & CCCS too.

 

Honestly, I can think of more than a couple I think are true enough to grading practices to be included. Where would the line be drawn tho? Honestly, my most preferred 2nd tier grading company didnt make the list and is probably not well known enough anymore either. Heck, it may not be in business anymore, it has been a while since i had any coins sent in or bought any that had been sent in.

 

Wheres ANA?

 

EBAY should run for CZAR of The United States..............

 

I for one for glad for the change as I was taken when I first started collecting two months ago and purchased what was an MS70 Silver Eagle by a company called SMS. Every coin that sold on ebay from SMS was an MS70 or Proof 70 but at the time I did not know any better. I learned my lesson from that.

 

I just heard on the police scanner that someone in Bellview Ohio is on a bridge...they are trying to talk him down

 

I'd talk him down if I were there.

JUMP! JUMP! JUMP! Fastest way down isn't it?

 

There have been so many excellent points made here that I can't cover them all.

Will there be problems with the new rules? Of course there will but I (and you'll rarely see this from me) applaud ebay for it. Of course they have basically claimed to know next to nothing about coins and suddenly do to the extent of making major policy changes. Makes one wonder doesn't it?

On the other hand I think members of groups like CT deserve the real applause. Think about it. We constantly post garbage/fraud/overgrading etc. auctions here. We bombard sellers with emails and ebay with complaints. Think just maybe a few ebay people have been over here watching REAL CLOSE?

I think they finally came to the realization that they HAD to do something. How many times have you seen comments such as "ebay facilitating fraud" posted here?

There are some slabbers that are "legit" that will suffer unfortunately. PCI has been mentioned a few times. I own a few properly graded PCI coins and ebay can always change that policy. NONE of the slabbers are right all of the time - we know this but forcing an Abon/SGS to be listed as raw without consulting outrageous price levels really hurts a "power garbage" seller.

Will Abon die a horrible death? I doubt it. They'll find another avenue, rework the auction template perhaps even spout off about certain companies being legit while they are not. Bet they will shift even more listings to Overstock etc as well where the rules are not as strict. KEEP THIS IN MIND FOLKS! THERE ARE OTHER SITES WE NEED TO HIT!

Now that one can't use PCGS price guides for non PCGS coins etc. I suppose one could mention that a particular PCI coin would "cross over" well. Experienced collectors will get the picture.
Abon could do that with SGS as well but not being able to mention the legit TPGs I doubt it would work so well. They sell to the uninformed that have no idea what "cross over" means.

That's it for now but in closing if this really has a huge impact on garbage autions what will we have to laugh about?

 

I agree...

A big round of applause for the CT folks and other groups like us. Like I said in another post, we are not Ebay cops, but we all can be good citizens. I think a grass roots effort such as seen here to improve things really works SOMETIMES.

Later.....my new coin software arived today, I'll play around and update that post soon.

 

Finally some limits

hya:I'm happy to see eBay finally doing something at all to reduce the fraud of some of these TPG's. I own coins graded by PCGS, NGC, ANACS, and ICG. Oh, I almost forgot my perfect MS70 from GEC. (The only mistake I've ever made in my quest for more & better coins.)

On the other hand, today, a buddy and I went to my local coin shop to show him these 2 2007 NGC graded PF70 Comems and they BOTH had noticible nicks in the frosted Ultra Cameo fields and minor scratches on both sides of BOTH coins. He just chuckled and stated that that is why he buys the coin and not the slab. He said that these top graders still have to put out a certain number of PF 70 or MS 70's to satisfy the needs of the dealers & the collectors alike. Oh well.

So, what are the lessons here? Do the best you can and don't believe everything anyone tells you; among other things. Still I hope to see the demise of the self graders and I want to see them start unloading their hoards at rock bottom prices. Pile on!!

Bruce

 

Well said Bruce,

Would love to see it happen eventually. I would buy SGS MS68 Morgans at slightly under melt all day!

clembo

 

Pesronally, I don't think it's gonna change much. Sure it's a step in the right direction and I applaud them for it. But just because the self-slabbers won't be able to list grades in the titles any more, there isn't going to be that much impact.

They can still list the coins and sell them on ebay. They can still list the grades and spout off all the BS in the descriptions. The counterfeits will still be there, the altered coins will still be there. The harshly cleaned and outrageously over-graded coins will still be there. And the gullible will still buy them at vastly inflated prices.--GDJMSP
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Yeah, Maybe so. But, It's a big step in the right direction towards educating coin collectors to do some homework, to do the right thing in respect to learning about their hobby, instead of just jumping in and getting ripped. How many times have we read in these threads about our fellow collectors being taken by these (BS) grading companies (SGS, GEC, ETC.)?

" I would buy SGS MS68 Morgans at slightly under melt all day!"

Clembo: Most of us would. But if these self slabbers started to unload these coins in bulk, wouldn't you jump on it? I'm hoping they'll start to unload the vast quantity of coins at a rock bottom price for all to buy. Oh, wait. Was I dreaming? They would still be questionable coins as to their grade, for sure, and their authenticity among other variables as, GDJMSP mentioned.