Welcome deadeyecoins! Thanks for the warning. Have you reported him to support?
For pete's sake don't get him confused with me!! Love to all Poppa
The "Graded Coin Value" Fraud at Online Auctions - Learn to Protect Yourself How Online Auction Sellers Use Coin Grading Services to Defraud Coin Buyers By Susan Headley About.com Buying coins from online auction sites such as ebay can be a good way to find a bargain, but it can also be a good way to get ripped off! One of the most rampant coin-related frauds on ebay is the "graded coin value" fraud. The graded coin value fraud works like this: The unscrupulous seller will post an auction for a coin that has been graded by a "third tier" grading service, and then claim the value of the coin according to PCGS graded values. This is frequently done in lots; you'll see a photo of a small collection that the seller claims he inherited or bought at an estate sale. The photo will usually have several encapsulated coins in it. The seller will then link to, or quote, PCGS values for these coins as if they had been graded and encapsulated by PCGS, when in fact, the coins are greatly overgraded and in third tier slabs. An $8,000 Coin for $400? For example, a seller will list an encapsulated 1968-D business strike Washington Quarter, graded MS-68. He will encourage potential bidders to visit the PCGS coin values page to verify his claim that the coin is worth $8,000 in MS-68. The buyer checks PCGS, and sure enough, the 1968-D MS-68 quarter is listed, for $8,000 (the price as of this writing.) His asking price of $400 is seemingly a bargain! After all, the coin is graded and slabbed. But there's a problem here... The Coin Grading Service is WHAT Company?! The problem is that the coin was graded by SGS. SGS, (Star Grading Service), is a "third tier" service that, according to its web site., "specializes in grades 60 through 70." Apparently, these are the only grades they issue! So, a coin graded by PCGS as AU-50 would grade somewhere between MS-60 and MS-70 at Star, probably near the higher end, as my own testing indicates. MS-68 by Any Other Name is Not PCGS MS-68 - The old saying, "A rose by any other name would smell just as sweet" does not apply to the world of coin grading! Each grading service has its own standards, and just because SGS grades a coin MS-68 does not make it worth the same amount of money as a coin graded by PCGS as MS-68! The reason for this is that PCGS has very conservative grading standards. So the next time you see someone claim PCGS values for slabbed coins, consider the holder it's in. If it's not in a PCGS holder, PCGS values do not apply. The Three Tiers of Grading Services - Coin grading and encapsulation services are generally regarded as belonging to one of three tiers: Top Tier - PCGS and NGC Second Tier - ANACS and ICG Third Tier - All others, including ACG, INB, NTC, PCI, SEGS, SGS, etc. Because NGC is also very highly regarded for their conservative and consistent grading, coins that are in NGC slabs are valued approximately the same as PCGS coins. But if you see sellers claiming PCGS prices for coins in any other grading company's holder, beware!
Great points poppa. I only purchase PCGS or NGC for my personal collection. I have & do purchase & sell "non-official" graded coins, but they are never decribed to sound like a PCGS, NGC, ANACS, or ICG graded coin. I also try to buy graded coins from reputable dealers, because cases can be opened & coins exchanged.
Hello all I am new to eBid and trying to reap the benifits of selling here rather than the other place with an "E". poppa501 i liked your article on The "Graded Coin Value" Fraud at Online Auctions - Learn to Protect Yourself How Online Auction Sellers Use Coin Grading Services to Defraud Coin Buyers How true so much deception I also fing it very hard to gain the trust of byers when stating out Bad enough the econnomy is is the crapper. I wish everyone in this forum a Happy and Safe Holiday. Happy Cllecting !
Been a while since posting here; eBid is growing in leaps & bounds in relation to coin shops. Sales have been on the slow side for me, probably the economy. Any of you coin sellers have good sales. If so, want to share some sale tips with the rest of us?
New to group and lots to learn. Danny here from Middle Georgia in the USA. Is the group still active? What and how do I check the latest information. I have been selling on eBay for years, but have decided to branch out to other sites and eBid is my first additional site. Thanks in advance for any advice or information. Danny
Danny - welcome to the forum. You will see from the entries that the forum is not used that much although it is useful to have a communication vehicle for people interested in selling coins and notes. Like you and me most sellers on eBid have in the past or still sell on the other place ( the ettiquette on eBid is a bit like Harry Potter in that you don't actually use the name of e*ay) . There are serious differences between the two sites and most people making the switch find that they need to change their marketing style if they want to be successful. The major practical difference is that there are no where as many buyers - most items that sell go to the first and only bidder so the price you list must be the price that you want. A few sellers manage to buck the trends and list low but not many.
This isn't a problem if you can make sales as the free selling compared to the high fees that you pay on the other side means that you don't need anywhere as many salesm tom make the same profit. The other real difference between the sites is that on eBid Gazza (the CEO) actually listens to the sellers and monitors the forums. The pages for suggestions for site improvment and new listing are actually acted on and an e mail to support brings a sensible reply. The forums ( click ebid forums to the top right of the ebid page) are lively and filled with members who are happy to help. There is a specific fourm dedicated to coins and banknotes ( It has more postings than these pages although it is accessed by the public rather than mainly members) and more important for you a forum dedicated to new users packed with hints for increasing traffic. A few hours browsing will be well worth while Peter trading as Marshland
Hi All! Finally able to get back into the groups after a long, long pause. How have sales been going? Notice a few people have not been active on eBid as well. Hope this group can become active again! Cheers!
