My first Teletrade

Bid on my first teletrade auctions today. Had a winning bid. Put $5 on a Andrew Jackson presidential dollar NGC MS-68. (Hey who doesn't like Jackson?) Figured why not. Well ended up winning, thought cool. Then realized it was a $5 shipping charge bringing it up to $10. Oh well, live and learn.


Presidential dollars going for $5 slabbed. What's the slab cost when you do them in bulk? Amussing like a lot of other commons, somebody sumbits a ton and hopes for 70's to sell and not take a bath on the sub ones.

 

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These are done through bulk submission and the price charged depends upon how many coins meet your minimum grade and also the actual grades that the coins receive. Typically, the higher the grade of the coin, the more that the TPG charges per coin under this tier. Also, the lower the percentage of coins that make the minimum grade, the higher the fee per coin that does get slabbed. Therefore, the minimum grade is kept rather low by most who submit under this tier and that is how you end up with these moderns so cheaply.

 

Well many of us Native Americans aren't too big on the man....

 

I thought there was also a minimum 8 dollar buying fee

 

There is I tihnk.

 

so bassicaly you need to add a minimum of 13 dollars to every lot!:rolling:

 

Yea I didn't know that the first time and after 10 coins and I got the bill I didn't use them again for over a year.

 

I do not think this applies on Tuesdays when there is no buyers premium. Nice score halfdfanboy. TC

 

I know the buyer's fee and S&H at Teletrade and Heritage, etc., are large.
And I go into these auction knowing that, and accept that.
But it's still sticker shock every time I pay.
(Objective vs. emotional reactions)

 

No buyer's fee on Tuesday auctions. For the first time I tried a bid a few Tuesdays ago as an experiment. I bid $2 on a slabbed NGC MS64 Finland 5 markkaa.
So nobody else bid and I won the coin. It was $5 for shipping so total cost was $7.00. My grandparents came from Finland.
I must say they ship fast. But you have to sign for the package when the mailman comes.
So on Tuesdays I look at the listings. I think a lot of it is stuff they can't get rid of but there are nice coins too.

 

Well, it could be argued that Jackson carries more blame then he deserves on the removal of American Indians. Point taken though. The American Indian is the forgotten minority of the United States. Oh, central bankers should also be throw in with people who don’t care of Jackson.

 

Does Teletrade charge $5 for shipping per coin or $5 per order? Also, hat tip to the posters that pointed out there is no buyers fee on Tuesdays. That is correct.

 

I have to agree with you. I'm native but not from any of the tribes driven off in the trail of tears. I do understand that the US had to expand and that some of it had to be done and Jackson wasn't 100% at fault....Lots of treaties broken...BAd bussisness that.

Any way, back to the teletrade thing, I'm a big fan use em all the time and i think you did pretty good for $5

 

Teletrade shipping fees are pretty fair. They are based on the total value of the coins purchased and the number of coins. For a total purchase of up to $200 the cost is $4.75 + $.25 per coin... that's where you get your $5 cost.

If you had bought a $2500 coin, the total shipping cost would have been $16. If you had bought 15 different $5 coins, the total shipping cost would have been $8.50

It's all spelled out clearly on their website.

http://www.teletrade.com/coins/help/fees.asp

 

I basically have very good experiences with Teletrade. Good service. You just need to be careful what you're bidding on. For coins less than $25, eBay is better. But even though Teletrade's fees seem high, you can get some good deals on some hard-to-find coins.

The 15% buyers fee (except for free Tuesdays) is comparable to other auction houses. The shipping costs are reasonable and they accept returns with no questions. You just need to take these into account when you bid.

The thing that irritates me is the sales tax in California. That really adds to cost if you live here. But on coins over $1500, there's no sales tax.

Basically, I like Teletrade for mid and higher priced coins.

Steve

 

What if you purchase 3 $600 coins ($1,800 total) , does the tax get put on then?

 

Thanks for the break down and the link. It enlightened me on teletrade.

Fusiafinch, ouch on the CA tax. There's no sales tax yet on coins where I am. Just hope the Governer and the State House won't figure it out for awhile yet. They like to spend other peoples money.

 

Duke, it's my understanding of the Teletrade rules regarding the sales tax requirement is that your TOTAL coins purchases must equal or exceed $1500 to avoid the sales tax. The price for each lot is the bid PLUS buyer's fee, and the total of these must be at least $1500. So I believe you would not be charged sales tax in your example above.

It'd be a real bummer to have $1499 in purchases.

Now, if I did the arithmetic right, with a 15% buyer's fee, any bids totalling $1305 or more would be exempt from sales tax in CA.

 

That is right Steve. You can actually pay more for a coin with lower bid since tax is $145 or more. This forces higher bidding against yourself in a way.

 

On Heritage I had won coins totaling just under $1000 (when that was the CA sales tax exemption amount). To avoid paying $90 or so in CA sales taxes, I called Heritage and asked them to increase my winning bid on one of the items by $20 so that my total would exceed $1000. I'm sure the consignor enjoyed that little bonus

Not sure Teletrade would do that, but I don't see why not.

Alternatively, if CA sales tax is a deal breaker for some of you CA bidders, just need to have your coins shipped to a non-CA address of someone you trust to receive your coins. Of course, you would still owe the state of CA "use tax" but that would be your responsiblity to pay and wouldn't be collected up front by Teletrade.