Internet auction company eBay (www.ebay.com) on May 30 will implement changes to its coin listing policy that restrict the use of numeric grades in listings and what coins can be sold without being graded by one of the grading services that meet eBay’s standards, and the policy will introduce new criteria for grading services recognized by the firm.
In an April 17 press release and in an email sent to eBay account holders, the firm stated that the modifications to its policy are “to provide shoppers and sellers with greater confidence in their coins transactions.”
Beginning May 30, all new listings and relistings for coins being sold on the company’s website 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.”
In the press release, Brooke Segaran, eBay’s senior manager of collectibles, is quoted as saying, “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.”
The auction company worked with John Albanese, founder of Certified Acceptance Corp. and Numismatic Consumer Alliance, to develop the standards for third-party grading services that must be met for listing coins as “certified” on eBay.
Under the new rules, grading services must meet the following criteria:
➤ The company must have graded at least 50,000 pre-1956 coins.
➤ The service must possess a live, online population report.