eBay.com has announced an update to its coins policy, which will impact new listings and re-listings in coin categories starting on May 30, 2012.
Under the updated policy, listings for coins will be allowed to include a numerical grade in the title or item description only if the coin grading company meets certain objective standards. Coins that haven’t been graded by such companies will be considered raw or ungraded. The only two companies who currently meet the standards are the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading Service (PCGS).
To develop the objective standards, eBay worked with John Albanese, a well known numismatic authority and the founder of the Certified Acceptance Corporation (CAC). The standards companies must meet under the updated 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 misattributed
- 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
The previous coins policy had allowed coins to be listed with a numerical grade for five different authorized grading companies: Numismatic Guaranty Corporation (NGC), Numismatic Conservation Services (NCS), Professional Coin Grading Service (PCGS), Independent Coin Graders (ICG), American Numismatic Association Certification Service (ANACS).
Under the updated policy, currently only PCGS and NGC meet the standards required to list coins with numerical grades. Other grading companies that meet the standards may contact eBay.
A second update to the coins listing policy applies to only U.S. coins and requires that all coins listed with a Buy It Now, reserve, or start price of $2,500 and above must be graded by companies meeting the new objective standards.
The new requirements will apply to all new listings and relistings in coin categories starting May 30, 2012. Good ‘Til Cancelled listings will have until June 30, 2012 to comply with the revised policy.