Companies Sue eBay over Coin-Grading Policy - AuctionBytes
Posted by Posted by Jewelry News at Wednesday, January 23, 2008 9:02 AM and is filed under American Numismatic Association,PCGS,Gold Coins,NGC,ICG,ANACS,Coins 
Five companies sued eBay, the American Numismatic Association (ANA) and the Professional Numismatists Guild Inc. in January for defamation and unfair and deceptive trade practices. The complaint states that in September 2007, eBay put into place a policy in which only coins that have been graded by four grading services (NGC, PCGS, ICG and ANACS) may be listed for sale on eBay as "certified" coins, referring to all other coins as "counterfeit."
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I might be able to clarify what all this means. Several eBay sellers are probably suing eBay because eBay has been getting MANY COMPLAINTS from BUYERS of incorrect graded coins(these coins come in UNKNOWN coin slabs, where it is common for these companies to over grade coins) PCGS and NGC and thirdly ANACS/ICG are the LEADERS of the COIN GRADING industry. Some of these 'ROGUE' grading names are as follows( and I am not afraid to mention their names)SGS, WCG, HCGS but there are NUMEROUS OTHERS..just go to www.allcertifiedcoins.com and click where it says Slab Companies(in small black lettering)and you can get all the details about these grading companys. There are quite a few sellers selling this Junk er I mean coins in eBay to collectors/investors. Let the buyer beware. So many complaints are rolling into eBay from both sides buyers(buying junk) and sellers(complaining cause Ebay wants to clean up the industry by having sellers adhere to listing requirements(where ONLY SUPERIOR grading firms are allowed to be mentioned)For the safety of buyers in eBay, I have included the website where you can go to see, shall we say the DIRT, about some of these sellers that are involved in unfair coin sales= www.toolhaus.org (its FREE) I just think its beneficial for the buyers of rare coins to have these resources available that I have indicated above. EBay does not want to be considered in collusion with sellers of substandard rare coins even tho they may have been unintentionally for sometime. It will take awhile to sort out all of this. eBay will tell you they are just a vehicle to bring buyers and sellers together and that they are working on ways to make their auctions safer for everyone. Buyers need to do all their homework before buying rare coins. It is very easy to get burnt in this field. One should always remember, just because a particular coin dealer has all kinds of credentials and affiliations with numismatic organizations does not mean they are honest or fair or on the up and up. It will be interesting to see how this will turn out.
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