Morgan Dollar Collection, Policy Updates to Enhance Coins Experience on eBay

by eBay Inc. on April 18, 2012 · 6 comments

Morgan Dollars

More than 300 Morgan Dollars are up for auction from April 19 through April 29

eBay today announced continued efforts to enhance the coins experience on eBay.com that will bring new, exclusive inventory to collectors, in a trusted, appealing way.

Following the success of the recent Presidential Collection of PCGS Registry Lincoln Cents auction, six Professional Numismatists Guild (PNG) member-dealers will offer a select collection of Morgan Dollars on eBay.

The collection of more than 300 Morgan Dollars, valued at more than $1 million, will run from April 19 through April 29, and will offer eBay members a range of inventory from six top coin dealers. Sellers include David Lawrence Rare Coins, Bozarth Numismatic, Lonestar Numismatics, US Coins & Jewelry , SG Rare Coins, and Stuppler & Company.

"The coin industry is extremely dynamic and exciting, and eBay’s goal is to continue to offer new ways for collectors to connect with dealers in the most trusted experience possible," said Brooke Segaran, eBay’s senior manager of Collectibles. "Exclusive inventory like our Morgan Dollar collection, and certification from industry leaders help eBay bring even more value to our customers."

The full collection can be viewed on eBay’s "Morgan Mania" page. All coins being offered as part of the collection have been graded by the Numismatic Guaranty Corporation (NGC) or the Professional Coin Grading Service (PCGS), and many feature the additional Certified Acceptance Corporation (CAC) seal of approval.

Updated eBay Coins Policy

To provide shoppers and sellers with greater confidence in their coins transactions, eBay is also announcing an update to its coins policy.

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

  • Listings for coins will be allowed to include a numeric grade in their listing title or item description only if the coin grading company providing the grade meets certain objective standards. Coins that haven’t been graded by such companies will be considered raw or ungraded.

  • For U.S. 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.

eBay worked with well-known numismatic authority John Albanese to develop the standards that must be met for grading coins on eBay. Albanese, founder of CAC and Numismatic Consumer Alliance, is considered one of America’s leading professional numismatists and noted as one of the world’s authorities on coin grading and the rare coin market.

The standards companies must meet under this revised coins policy are as follows:

  • At least 50,000 coins graded (pre-1956)

  • Live, online population report

  • At least 3 graders on staff who are considered numismatic experts (an individual who has been a full-time numismatist for at least five years). At least one of the graders should be a member of PNG, and all three should be members of the American Numismatic Association (ANA)

  • Stated buyback guaranty in writing for coins later determined to be counterfeit, damaged, over- or mis-graded, or mis-attributed

  • Coins being slabbed must be kept in a unique, state-of-the-art, tamper-resistant holder with anti-counterfeiting measures (e.g.; holograms). Archival materials should be used wherever possible

  • Enable online verification of unique serial numbers

Currently, only Numismatic Guaranty Corporation and the Professional Coin Grading Service meet these standards.  However, other grading companies that meet these standards are encouraged to contact eBay.

eBay will attend the Central States Coin Show on April 17 to offer more information about eBay Coins, exclusive collections and policies.

About eBay Inc.

eBay

Founded in 1995 in San Jose, Calif., eBay Inc. (NASDAQ:EBAY) is a global commerce platform and payments leader connecting millions of buyers and sellers. We do so through eBay, the world’s largest online marketplace, which allows users to buy and sell in nearly every country on earth; through PayPal, which enables individuals and businesses to securely, easily and quickly send and receive digital payments; and through GSI, which facilitates ecommerce, multichannel retailing and digital marketing for global enterprises. X.commerce brings together the technology assets and developer communities of eBay, PayPal and Magento, an ecommerce platform, to support eBay Inc.’s mission of enabling commerce.

We also reach millions through specialized marketplaces such as StubHub, the world’s largest ticket marketplace, and eBay classifieds sites, which together have a presence in more than 1,000 cities around the world. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.

{ 6 comments… read them below or add one }

Lawrence Chard - Chard Coins April 18, 2012 at 8:57 am

Although this appears to be presented as an improvement of some kind, it actually incorporates restrictive practices.
We are ambivalent about all coin grading (it reduces the use of individual judgement) in any case.
There are two distinct restrictive practice elements here, one is the commercial preference for two existing, and apparently the two best, at least in the USA, but if somebody owns a coin graded by a different party, it seems churlish to disallow them from offering it freely. Buyers are at liberty to research the different qualities of the various grading companies.
The restriction on coins offered at $2,500 or over to be graded is a restriction of freedom of choice. It is also ridiculous. If someone wants to offer a quantity of bullion coins, for example 2 or more Krugerrands or Eagles, they should be free to do so without having to have them professionally graded.
eBay would do far better to police the existing coin listings for abuses, misleading descriptions, and more.
One simple example, try searching the “coins” category for “gold”, a large number, perhaps 10 to 20%, of all items listed are not coins, but circular metal medallic discs resembling coins, Often these are offered by members with hundreds or thousands of similar listings. This is despite a recent announcement that eBay were to stop “replicas” from being listed. I believe there is nothing much wrong with replicas, except that they are often misleadingly described either as genuine, or with a strong inference that they are genuine, and without any warning that they are not real coins.
Of course, all this is probably harder to police, which is almost certainly why eBay can’t be bothered to do so, apart from the loss to their income stream from these phony sellers.
Other eBay scams include the ubiquitous but ill-defined “100 mills” gold plated garbage. A quick search only revealed 283 such listings today, I have previously noticed thousands, but even this is 283 too many.
I could cite many more examples, some older ones are listed on our websites.

Bubba Gamer April 18, 2012 at 9:34 am

I think Ebay’s policy is a bunch of crap. To force a person to get coins graded by one of two companies to be able to sell them on Ebay makes it seem like Ebay is getting some kind of kickback. The coin world existed before grading companies. I think Ebay loses a lot of money by their rules. They are starting a new policy where you get a discount if you offer at least a 14 day return policy. With the way precious metals prices bounce, why should a seller have to be on the hook for 2 weeks? It is kind of frustrating with them. I just don’t list much anymore because of the fees. How much more resources does it take to host a $1 item vs a $100,000 item? None really, but they charge a lot of fees for the $100,000 item. It would be nice if there was some competition for Ebay to keep them from gouging people. All of their rules favor buyers and sellers pay all the fees. Grading companies also favor larger companies. As if big companies need a big advantage over the little guys. Eventually it will just be the big business you can buy from and you will be paying more. That is how this stuff works. Some very smart people have figured this out. So, when you wonder why you don’t see the bargains you used to on Ebay, look at the rules. That is their purpose. The people with money don’t want competition.

george glazener April 18, 2012 at 10:16 am

Good points gentlemen. Perhaps we as collectors could more often buy directly from some of these trustworthy dealers such as Chard Coins and bypass eBay entirely. In the past, I’ve purchased coins over the eBay platform, learned to trust the vendor, and then established my own account directly with that vendor. And in turn, those same vendors might be open to the idea of offering consistent price breaks, free shipping, or other perks as a way to keep loyal customers who choose to bypass eBay in the future. We don’t HAVE to do things the eBay way…

RonnieBGood April 18, 2012 at 11:37 am

George,
Per your prior request, please contact me at RonsCoins@frontier.com.

RonnieBGood April 18, 2012 at 3:33 pm

Its all about the profit. See the latest on eBay: http://www.marketwatch.com/story/ebay-reports-20-earnings-increase-2012-04-18

Marshall April 19, 2012 at 9:11 am

Does John Albanese still have ownership interests in NGC? If so, the restrictions are not just a little bit self-serving! BTW, does this mean ANACS isn’t “approved”? WOW! That has to be a kick in the head to everyone who owns coins in their holders! I think we need to really read the fine print on this. It is hard to believe that this will apply to all coin sales. Besides the 2 Krugerand example, what about selling $120 face value of US 90% silver?

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