While eBay postures that their Trust & Safety Department actively monitors auctions to protect buyers from unscrupulous sellers, the statement is farthest from the truth.  eBay has laid off hundreds of workers.  And is it believable that the people in Trust & Safety actually have enough knowledge to make an educated decision as to whether a coin is advertised ethically.

BUYERS!!!  I encourage you to make your purchases only from dealers that are members of professional numismatic organizations.  These non-profit organizations were formed for the benefit of the hobby, to educate and protect the beginning collectors.  Members of these organizations operate under a Code of Ethics.

This code requires Dealers to offer a minumum seven day return privilege, no questions asked, as long as the coin remains in the holder.  If you contact the dealer and advise them that you intend to have the coin graded, the dealer is obligated to extend that return privilege to thirty days.The code also states that a dealer will not misrepresent rarity, value, or quality of items sold. To not misrepresent the investment potential of the item(s) being sold.  To furnish sound advice to my non-professional customers on numismatic matters to the best of my ability.  To refrain from misrepresenting the prices, quality or guarantees attached to my merchandise or that of my competitors.

While eBay has decided that only four grading services can be advertised in the title of listing, it hasn't stopped sellers from aggressively marketing these coins.  $20 GOLD HUGE INVESTMENT POTENTIAL MS GEM BU.  In the description, the coin is shown in a sub par grading service holder with a high grade.  The seller than encourages you to compare the price he is offering the coin at with current prices.  One seller offers an MS66 St Gauden at $1800 in an unapproved slab and at the same time is selling a PCGS graded coin, same year, same grade for $1500 more.  Wake up people!  There are no bargains.  There are open buys on the market of MS66 Saints for $3,000.  Do you really think this seller is giving you a deal?  You are buying a commercial unc at best with 2/3rds of your purchase price if you are lucky. 

Why does eBay let this happen?  We don't know, we constantaly and aggressively tag questionable auctions and they are not removed.  Is it a lack of staff, knowledge, or just plain corporate greed? 

Buyers, please, we are begging you, educate yourself.  Deal only with dealers that will honor the Code of Ethics at

pngdealers.com     Professional Numismatists Guild         Click on Dealer Code of Ethics

money.org             American Numismatic Association     Search for Dealer Code of Ethics

Don't deal with dealers that have the nerve to demand restocking fees of 5-15% when these costs are refunded if an item is returned.

Don't deal with the wishy washy dealer that gives you an opinion on the grade of the coin, but is unwilling to stand behind that grade.  Be wary of the "Grading is very subjective, what some people call an AU50, others call an XF40, so it is up to you to grade the coin by the photos as I am not a professional grader".  You are a coin dealer selling coins on eBay and you claim not to be a professional?  You expect a person to grade a two dimensional image of a coin which is a three dimensional object.  As a seller of coins, you yourself would not buy a coin without examining it under proper lighting conditions and being able to handle the coin, yet you expect your own customers to buy with no return privilege based on that statement.  Shame on you!

Don't deal with dealers that tell you that the coin they are selling is far below book value.  There is an underlying reason for that.  The coin isn't worth the book value the dealer states it is.

Don't deal with dealers that advise you to use the PCGS price guide as a reference for coins not graded by PCGS.  The PCGS price guide is strictly for coins graded by PCGS.  This is because of the populations of the coins in their respective grades.  PCGS might have only graded five coins as an MS70 while NGC has graded 200.  That will make a PCGS significantly rarer and more valuable.

We are not against competition and welcome and support all legitimate dealers that sell on eBay.  It should be the goal of all professional numismatists to eliminate the fast buck, scam artist that will only hurt the hobby and drive people away in the long run.  As coin dealers, we know what lean times are like.  We need to develop our clientele.  It won't happen when we have dealers misrepresenting NNC, NTC, and self made holders with coins in them as great investments.  Even worse are those dealers that hide these coins in the middle of their PCGS coins to make it appear that the customer is getting a true bargain. 

Buyers, again, there is no free lunch here on eBay.  Don't be sucked into thinking you are getting a great deal.  If a PCGS coin is selling for $3,000 in MS66, why would a seller offer you the same coin in another holder with the same grade for $1,800.  Wouldn't the seller spend $100 to have the coin holdered by PCGS so they could sell the coin for $3,000.  This seller is disreputable and someone that doesn't deserve your business.

Buyers, beware, be smart, educate yourself, buy books, ask questions, make sure the dealers that you are buying from honor the Code of Ethics.  If they don't, shop elsewhere.  You will not only get the right coin for the money, you will get a trustworthy person to deal with.

More to come, unethical sellers, beware, you will be outed.

Eric Pepper