PMG Chairman Issues Statement on eBay Paper Money Policy Changes
Posted on 6/29/2015
Paper Money Guaranty® (PMG®) Chairman Mark Salzberg has issued a statement on eBay’s new paper money policy announced on Friday. The policy states that eBay now recognizes only two paper money certification services, PMG and PCGS Currency.
I applaud eBay on its recent announcement of greater protection for paper money collectors. Its decision to recognize PMG and PCGS Currency as its only approved paper money certification services reflects what many in the hobby already knew—that not all grading services are the same.
Anyone can encapsulate a note with a label, but this stands in stark contrast to what PMG has done since it was founded more than a decade ago. The differences between PMG and other so-called grading companies are multifold and significant:
- PMG has an expert team of unbiased graders. Neither PMG nor its full time graders buy or sell notes commercially. We do not compete with our customers.
- PMG uses a well-established grading scale that is recognized throughout the entire industry. Some other companies have wildly overgraded notes out of self-interest, either because they own the note or because they are trying to get more submissions from people who do not know better. PMG’s grading is accurate and consistent.
- PMG backs every note that it certifies with the industry’s strongest guarantee of grade and authenticity, which gives collectors and dealers recourse and remuneration in the rare event that PMG makes a mistake. If you use any other grading service, ask to see a copy of their guarantee. Ours is on our website, PMGnotes.com.
- PMG encapsulates notes in a holder that has been extensively tested to ensure its suitability for long-term preservation and protection.
- PMG maintains a continually updated population report on its website to show the total number of notes that PMG has certified for each type and grade. There is also a tool to verify PMG’s certification of a note based on an assigned certification number. Both of these resources are free to all visitors to our website.
- PMG has been in business for more than 10 years and has had consistent ownership and management for its entire existence. It is vitally important for collectors and dealers to be confident that the company that certifies their notes is healthy, experienced and will still be around in the distant future.
- PMG is the official paper money grading service of both the American Numismatic Association (ANA) and the Professional Numismatists Guild (PNG).
It is no wonder that PMG is the world’s largest third-party paper money grading service with more than 1 million notes certified.
Countless new collectors are introduced to the hobby through eBay, the world’s largest online auction company. It is essential that these collectors not be fooled into buying notes graded by companies with questionable reputations and practices.
eBay’s new policy goes a long way towards making it safer for people to buy paper money online and I congratulate them on doing the right thing. There remains, however, much more work to be done to protect consumers.
We need eBay to change its coins policy to similarly acknowledge that not all coin grading services are the same. And we need other auction companies and dealers to also take the same actions.
As our hobby evolves and expands, it is imperative that we work together to create greater transparency and add safeguards for collectors. Thank you, eBay, for taking a leadership role, and I look forward to continued improvements by you and the rest of our hobby.