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<p>[QUOTE=&quot;Frankcoins.com, post: 1426538, member: 16048&quot;]Here is a letter I sent to Gene Cook, the eBay guy who made the policy change announcement at Central States show:</p><p><br /></p><p>Dear Mr. Cook:</p><p><br /></p><p><br /></p><p>The new coin policy shutting out coins abover $2500 unless certified by one of the 2 &quot;approved&quot;</p><p>services is going to have a string of unintended consequences.&nbsp; Coins in sealed US Mint</p><p>packaging should also be able to be sold as is, as long as the seals are not broken.&nbsp; Many buyers of</p><p>collectibles prefer and will pay a premium for items in the original packaging rather than placed in</p><p>a &quot;slab&quot;</p><p>Thinking about some of the US Mint products such at the 2009 Saint-Gaudens Ultra High Relief 1 oz</p><p>&nbsp;gold in US Mint packaging...these sell for about $3000 to $3300.&nbsp; Under the new policy you can start </p><p>it for $2499 but if you really need $3000 at a minimum it would have to be certified by NGC or PCGS </p><p>to even put a reserve or starting bid on it above $2500 from what we have been able to glean from the </p><p>canned responses from eBay.</p><p><br /></p><p>An auction house is legally required to represent the seller&#039;s interest and get&nbsp; the highest possible price</p><p>&nbsp;for an item...since both the auction house and the seller benefit from that. Fiduciary duty in legalese. </p><p>&nbsp;</p><p><a href="http://auctionlaw.wordpress.com/2007/11/15/fiduciary-duty-of-an-auctioneer/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://auctionlaw.wordpress.com/2007/11/15/fiduciary-duty-of-an-auctioneer/" rel="nofollow">http://auctionlaw.wordpress.com/2007/11/15/fiduciary-duty-of-an-auctioneer/</a></p><p>&nbsp;</p><p>Ebay accepting fees from the seller but imposing conditions that might result in a lower selling price or</p><p>&nbsp;even a loss to the seller (e.g. not being able to apply a reserve or starting at a lower price than he otherwise</p><p>would) UNLESS the seller pays for a service that neither he nor the buyer may want (an unwanted&nbsp; </p><p>slabbed coin rather than original US Mint packaging)&nbsp; is such a conflict of interest that it&#039;s just absurd</p><p>&nbsp;that ebay would even propose such a scheme, much less implement such a policy based on input from</p><p>&nbsp;the insiders who would benefit from this requirement....the Professional Numismatic Guild (accepted </p><p>money from NGC to be the &quot;official sponsored&quot; grading service of PNG...and John Albanese...co founder</p><p>&nbsp;of BOTH of the only two approved grading services and owner of &quot;CAC&quot; which places &quot;approved&quot; stickers </p><p>ONLY on the coins from the companies he founded....PCGS and NGC.&nbsp; </p><p>&nbsp;</p><p>Also,&nbsp; as a board member of the Texas Coin Dealer Association, we have heard from dealers who</p><p>have been building up inventories of coins certified by ANACS and ICG since the 2008 eBay rules </p><p>on certified coins.&nbsp; Now after being assured that these coins are acceptable for trading on ebay as &quot;certified&quot;</p><p>they are being given a 6 week notice after which they will be considered &quot;raw&quot; and sellable only at a steep</p><p>discount. </p><p>&nbsp;I have over 200 ANACS coins myself that I have accumulated for eventual sale on eBay.</p><p>It will cost me some $5000 to $7500 to have them regraded by PCGS or NGC, when they are perfectly </p><p>acceptable as they are in the coin market, all (along with ICG) traded on the Bluesheet and major coin</p><p>auction houses such as Teletrade, Heritage, and Stacks. </p><p>Please don&#039;t implement this poorly thought-out policy change.&nbsp; </p><p>Frank Provasek[/QUOTE]</p><p><br /></p>

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