What is going on at teletrade?

Discussion in 'Coin Chat' started by breakintheweb, Feb 13, 2009.

  1. breakintheweb

    breakintheweb Senior Member

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  3. Danr

    Danr Numismatist

    I buy from Heritage but i never felt good about Teletrade and Ebay has too many outright thieves.
  4. Arizona Jack

    Arizona Jack The Lincoln-ator

    Smelletrade is the vast wasteland for TPG doggies.

    Better make sure I want to type that..................................................................................................................................................................................................................................................................................................yeah, I do;)
  5. RickieB

    RickieB Expert Plunger Sniper

    In the early years of Teletrade and when I collected coins in general, I used them alot! I have not bought from Teletrade in at least 2-3 years!
    It does seem like they have gone to dog's so to speak!

    But then again, I look at several auction sites to gage the cost of certain pieces both currency and gold.


    Regards,

    RickieB
  6. Speedy

    Speedy Researching Coins Supporter

    I believe that there can be a reserve...but even if there isn't....
    Maybe the buyer didn't pay. Maybe the seller was the high bidder because he though it was going too cheap.

    I've bought from Teletrade, and if you watch you can find really nice coins. Some of their stuff is junk, but who doesn't have that type along with the good stuff.

    Speedy
  7. Catbert

    Catbert Evil Cat

    I have heard that a common practice is for sellers to bid on their own coins. Does anyone know if this is true?

    I know that shill bidding is rampant on ebay. Just don't know enough about Teletrade to see if that practice occurs there as well.
  8. troublesbrewin

    troublesbrewin remember rotary phones?

    It would be nice if those sellers' win the auction and wind up paying both the sellers' premium and the buyers' premium. Maybe they would learn a valuable lesson.

    But then again maybe all politicians should be audited by the IRS to make sure those idiots have payed their taxes before they actually get a paycheck from the very people that they cheat.
  9. Speedy

    Speedy Researching Coins Supporter

  10. breakintheweb

    breakintheweb Senior Member

    It looks like teletrade allows the sellers to place a "buy back" bid on their coins. Here is an exerpt from there faq.

    "[FONT=geneva,arial]Teletrade does not enter minimums or reserves on behalf of consignors. Consignors are permitted to bid on their own coins, but they must do so by placing Buyback bids no later than one hour before the auction begins (see "Maximum Bidding" instructions on how to enter Buyback Bids). Consignors will be charged a flat 5% fee (minimum $5) on their full Buyback bid on any lots bought back in this manner. The maximum fee for any Buyback lot is $100."

    My question remains, is this what is actually happening? I would like to see teletrade offer a not sold reasoning and or price.

    I'm curious to how the buyback actually works.

    If a coin bid is at $500 and the seller places a buyback bid of $800. Would the bid price on the website jump to $800? If this were the case it would be shill bidding. Teletrade would have to keep the buyback bid private right?
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  11. GDJMSP

    GDJMSP Numismatist Moderator

    It has always been this way. All it is is a way for a seller to place a reserve on his coins. And yes, if you want them you have to outbid him.

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