I have not bought from them in awhile, but I have checked out their auctions for a few weeks. They have the same coins every week, with ultra high starting bids. are they just fishing, hoping someone bites on one of their coins? I don't care for their new model.
I just started following their auctions, I just cannot bring myself to buy on line yet, I do not know why some coins start at a higher price than others, even if their grades are lesser, the 17.5 % buyers premium seems to bring just about every coin to retail level.
They lost many customers when they changed things for the worse, instead of the better, including raising the BP and nixing their no BP auctions. Great Collections seems to be ok, it's who I use sometimes, it was actually started by a former TT employee.
GC actually has some turnover of listings too, as has been noted in this thread TT seems to keep rehashing the same floor queens over and over again.
I have mixed reviews of Teletrade. On the one hand, yes, I often see high starting prices for some coins, but that's because the consigner has requested that Teletrade (TT) start the bidding at that level. So that's the consigner's fault. I just don't pay any attention to those items. On the other hand, I also see coins listed at a price vastly below the retail listed price, and many of these coins have sold at prices far below the list price. So it's also possible to get bargains there, even with the 17.5% fee factored in. So it's all about how you shop there. The buyer's fee must be factored into your bidding, so calculate that before bidding. But if many collectors simply give up on TT, that actually leaves more opportunity for others. Yes, there's problem coins on TT, but I also see lots of high quality coins I don't find anywhere else, even eBay. And these similar high quality coins on eBay often start at very high prices as well. Just this last auction, tell me why this coin went for a price that is less than 1/4 of the retail list price: http://www.teletrade.com/coins/lot.asp?auction=3435&lot=1241 Now, you'll have to judge if this is a bargain or not. I think the buyer got an outstanding buy here, even when the additional $8 buyer's fee is added. I think all of the grading services can grade an XF coin, and you can certainly see the doubled MONTICELLO on the reverse of the nickel. This coin retails for about $170. The only thing I can see is that the reverse has toning that is a bit dark, but nearly a 80% discount from retail? So yes, bargains are there. So yes, TT offers some good buys, but you have to be smart about it. And TT is competing with eBay by offering no seller's fees at all for consigning coins to them. I hear lots of people complaining about the eBay seller's fees; well, here's an alternative, for certified coins. So for smart buyers, TT does offer something. Sure, there's sellers who want outrageous prices. Fine, those coins won't sell. They get offered 3x at auction, I believe, and then they are sent back to the consignor. Let that be the seller's problem. You don't see these same sellers are on eBay, asking for the same price? Not everyone starts their auctions at 99 cents! BTW, I've been to Great Collections and it's a nice site but with similar issues. Also, I think TT offers far superior photos of the coins than GC. Teletrade has its problems and limitations, to be sure, but I'll still look there from time to time.
