will this be the end of good deals on ebay or even more over priced coins The Professional Coin Grading Service’s coin catalog on eBay will more than quadruple in September, providing access for eBay sellers to more detailed descriptions for quick listings of coins they want to sell, according to the two partners. Officials from eBay told Coin World Aug. 7 that the expansion of the comprehensive online PCGS coin library will “allow novice and experienced sellers alike to more accurately identify the coin they are selling on eBay.” edited read more here http://www.coinworld.com/Articles/viewarticle/pcgs-to-expand-its-online-coin-catalog-at-eba
I don't see how this is a bad thing. It just means that foreign PCGS graded coins will appear in the catalogue, right?
it also means pcgs will control prices people will be trying to get what ever pcgs says the price should be
The Coin World article is copyrighted content, and the portion posted in the initial message may be a bit too long by fair use standards. But I am not that familiar with US law. In any case, here is the media release from PCGS: http://www.pcgs.com/news/eBay-PCGS-Coin-Catalog-Coming-Soon Christian
The PCGS guide is just a guide like many others. Just like the Redbook, or Numismedia, or even the Greysheet some prices are accurate, some are low and some are high. I think the main purpose is to replace the current catalog of coins which gives mintages, dates, variety information. Currently I think ebay uses Krause. I think the PCGS catalog may actually be an improvement. I guess we'll find out in September
What's to worry about? Neither PCGS nor NGC determines market pricing . . . CDN doesn't either . . . We do. All that price guides do is approximate value based on prices paid in the past, and often inaccurately or belatedly. So few transactions are reported to anyof the three, that their information means far less than most give it credit for. Consider the available number of recent auction records, the primary source tapped by PCGS & NGC, and the miniscule number of dealers polled by CDN. Then compare those few sources, and their total transactions against the vast number of private sales that are not accounted for in either case. I'm not saying their values are meaningless. Clearly, some coins are likely to be sold only at major auctions, or by major dealers, and might be just as well reflected by those publishers, as by other sources, however, too much stock is placed in too many values published by each for coins that trade much more widely. Buyers are smart . . . they know what attributes they seek, they know enough to look around, see what's available, and decide what a coin is worth to them based on supply and demand. The truly educated coin market will always lead / never follow.
This is how I read it as well. It doesn't say anything about suggesting or giving prices. It seems like it is just there to give people information about the coin like mintage figures and the like. It also says it will offer high res photos to help id coins and help buyers find coins because of the standardized information.
