Teletrade is running a March Madness special, where you get $100 of your seller's fee back (more with higher amounts sold). I can't find a minimum consignment mentioned, so it seems like I can sell a bunch of cheap coins basically for free. At 8% and $5 minimum, I can sell up to 20 coins at $60 or less each with no cost, other than sending them the coins. The only restriction I see is the coins must already be certified. What am I missing here? Are there other costs I'm not aware of with Teletrade?
The buyer's fee is probably not free. Don't kid yourself into thinking a buyer bids a fair price for a coin and pays 15% in addition to that price. Look at it as if you were buying a coin. Let's say PCGS has it valued at $100. How much would you bid? I would pay no more than $70. So here's the math: $100 x .7 / 1.15 = 60.87. That's what I'd bid on the coin. That's what you'd get for your $100 coin if I won the auction. I'd pay $70, but you'd get $60.87.
