A question for all you regular Ebayers

The common theme seems to be that Ebay works if you "arm" yourself with knowledge, and I agree, less experience collectors need to gain that knowledge through reading, attending coins shows / clubs, and getting advice from reputable dealers and other knowledgable collectors.

I like the "raw capitalism" aspect of Ebay but it seems to me that unless Ebay improves consumer protection, they are inviting regulation. Like any commerce, if you don't self regulate, the government will regulate for you, and you may not like the result!!!

With coins, the one practice that bothers me the most are the sellers which make up their own grading service, way overgrade everything, and basically dupe the new collector or non-collector into overpaying for coins. The most glaring example is the seller who grades modern proofs at MS-70 with a captive "grading service" and has dupes tens of thousands of people who don't know any better, because they don't know the difference!!!

I know, knowledge is key, but it bugs me that SO MANY people are being taken advantage of this way!!! I think this could eventually leave the hobby with a black eye!!!

I read one of Scott Travers' books about how very wealthy people were taken advantage of by paying hundreds of thousands of dollars for coins that were worth only a fraction of that, and how they eventally prosecuted the sellers for fraud. To me, this is happening on Ebay, on a smaller scale per person, but on a large number of people.

I invite thoughts as to what can be done about this. I think ultimately it will get taken care of through ugly litgation, but does not have to be that way. One thought could be that Ebay could restrict what grading services could be used for certified coins. All other coins would have to be advertised as "raw". Just a thought . . . . .

 

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I like eBay and digging up old stories!!!

 

True, eBay needs to be cleaned up and it will/may happen. In the mean time, a knowledgeable, honest dealer can survive and build a reputation - the incentive to do so, huge audience, low overhead, work from home, etc.

As for using eBay as a factor in retail pricing guides, it could be done. But one would have to factor out sales like you mention at both ends - the ones that go for crazy prices because it was for charity or the ones that sell low because the auction ended while half the country was in church. I rarely see either of these types of auctions and would have to say most of the auctions I bid on go for close to market. I don't know, maybe it's just me.

 

you do know this thread is over 5 years old!