Ebay Throws ANACS Under the Bus

Just got this email:

Dear ___,

As coin collecting continues to grow and thrive on eBay, customers have told us time and again that knowing they can buy and sell with confidence is important. We'll be updating eBay's Stamps, currency, and coins policy to help foster that confidence—this update may impact your coin listings.

Starting May 30, all new listings and relistings in coin categories will need to meet the following requirements:

• First, listings for coins will be allowed to include a numeric grade in their listing title or item description only if the coin grading company meets certain objective standards.* Coins that haven't been graded by these companies will be considered raw or ungraded. Currently, eBay has determined that only the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading Service (PCGS) meet these standards.
• Second, for US Coins only, grading by companies meeting these standards will now be required for all coins listed with a Buy It Now, reserve, or start price of $2,500 and above.

Good 'Til Cancelled listings will have until June 30th to comply with the revised policy. Listings that don't comply by these dates will be ineligible for relist or renewal and will be removed.
We've heard from both buyers and sellers that they'd like to see more coins on eBay graded by companies who meet high standards. These new requirements are an important step toward meeting these marketplace demands. Take action now to ensure your listings comply with these new changes.

As always, thank you for selling on Ebay.

This is obviously a kick in the teeth for ANACS and great news for the big two. The question is how the marketplace will react. Should be interesting.

 

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That completely blew me away when I received it too. This change is a huge blow to any coin seller/investor, it devalued most of the coins trading in the marketplace, and effectively just killed all fair competition/monopolized the category!

Since ANACS and ICG coins will no longer be allowed to be sold as "certified" on the site. Any collector who has invested ANACS or ICG coins will now find their portfolio to be worth considerably less, and possibly even be unmarketable.

 

"Second, for US Coins only, grading by companies meeting these standards will now be required for all coins listed with a Buy It Now, reserve, or start price of $2,500 and above"
What does that part mean exactly?
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Thats too bad. I dont sell slabbed coins on ebay but I do buy them on there and I tend to drift to ANACS cause it is cheaper for the most part. It's too bad now I have to wad through the raw listing, ugh.

Wonder if ANACS will fight this..

 

Interesting! You will notice that ICG is getting the same treatment. Also, the only limitation is a numeric grade in he title. Apparently you can still use their name in the title or description and a grade in the description. Not using the name in the title would not be too much of a handicap, I believe. However, anyone who owns $2500 coins other than PCGS or NGC certified may have a problem.

 

Wow. That is a huge policy change. The second part is likely being implemented because of all the trouble they probably have had with returns. I wonder how much they've lost in ebay buyer protection over the years over, raw, high dollar coin sales going bad or seller's disappearing? They could have kept ANACs in the list but I can see why they did this. I can already see the uproar coming over this though.

 

It means US coins with a reserve, start price or buy it now which is $2500 or greater must be graded by the two companies listed. Basically if you value the US coin $2500 or more than to list it must be a certified coin.

 

rlm I think you misunderstood. It says "grading companies meeting this standard" meaning PCGS and NGC only.

Also

"listings for coins will be allowed to include a numeric grade in their listing title or item description only if the coin grading company meets certain objective standards" which the next in the next sentence describes only PCGS and NGC to meet those standards.

 

You cannot list a coin that is not slabbed by either NCG or PCGS for more than $2,500 or have a reserve that is greater than $2,500.

 

Means the eleven cent coin won't be allowed to be listed for the price it has been on ebay recently.

 

That's a huge change. I wonder if NGC and PCGS worked with eBay to get this done? I can't believe they would make this move based 'just' off of eBay people complaints. Can you? I only imagine it killing submission numbers to ANACS.

 

You are right. I missed that they added "item description". That is a major change for a lot of coins.

 

Yup. Gonna have to bring that baby back down to earth.......

 

It means you will no longer be able to sell any US coin worth $2500 or more on ebay without it being in a PCGS or NGC slab. It's not a concern to me at this point. But, there's a lot of coins worth more than that on there right now that are not in those slabs or slabbed at all. They'll be gone after May 30th. Should be a boost in business for PCGS and NGC. I really don't blame ebay for going this route.

 

I guess this means you cannot sell a certified variety (e.g., CBH Overton varieties, VAMs, etc.) on eBay now.

 

Which means ridiculous auctions like this will be less ridiculous:

http://www.ebay.com/itm/1913-Lincol...53?pt=Coins_US_Individual&hash=item3f1610563d

 

So what does this do for the guy who's selling an unholdered 2009 Ultra High Relief St Gaudens? He's not allowed to list his wares any longer?

 

Good point.

 

He can list it in a true auction with a start price of 2499.99. Sounds like their putting the "Buyer Beware" back in to play.

Edit to add: read true auction as a NO reserve auction with a opening bid of $2499.99.

 

Hmm Interesting... I haven't received this message yet, but I don't have a history of selling coins on the site- only purchasing -so I may never get this notice.

This can't be good for ANACS- another blow to them. I know they've been trying to increase their perception in the market place, as we all know their standards have changed with each consecutive owner, but this is like the final blow. It does stink for those who collect die varieties and errors as ANACS recognizes more than anyone else. Personally though, regardless of the color of the label, I've always discounted their grades as compared the NGC and PCGS. a 1951 dime I bought recently will be cracked out and re-submitted to another TPG when I get around to it.