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<p>[QUOTE=&quot;19Lyds, post: 1092334, member: 15929&quot;]Here&#039;s how Teletrade works.</p><p>&nbsp;</p><p>Sellers submit coins on consignment giving a brief desription which may or may not be used.</p><p>&nbsp;</p><p>Teletrade assigns the coin to an auction and will continue to do so until the coin is either sold or the seller has had enough and asks for the coin to be returned.</p><p>&nbsp;</p><p>Once the coin is assigned to an auction, Teletrade notifies the seller.</p><p>&nbsp;</p><p>At anytime upto 1 hour before the actual auction starts, the seller can logon and submit his/her &quot;buy back bid&quot;. What the buy back bid represents is the least amount the seller is willing to let the coin go for. If less than an hour before the auction begins, the seller CANNOT submit a buy back bid. The coin will start at $6.00</p><p>&nbsp;</p><p>Once the auction begins, sellers CANNOT submit bids on their own coins (although I have not validated this).</p><p>&nbsp;</p><p>If a buy back bid has been submitted, the Teletrade Auction machine will increment the bids on the coin upto and including the sellers buy back bid. This accounts for some of the seemingly high bids for coins which eventually do not sell.</p><p>&nbsp;</p><p>If the coin does not sell, it gets assigned to another auction until the seller requests it be returned. At which point, the seller gets charged for his/her failed buy back bids.</p><p>&nbsp;</p><p>Generally speaking, most bidding activity does not really begin until perhaps the last 10 minutes of the auction where all the sellers really need is for a single bidder to enter the &quot;next&quot; bid as at that point in time, all the buy back bids (sellers reserves) are being displayed.</p><p>&nbsp;</p><p>My personal experience on Teletrade is that they are responsive and not totally unreasonable on their fee&#039;s for sellers.</p><p>&nbsp;</p><p>Buyers on the other hand, must always consider the buyers fee (15% or $8.00, which ever is larger) when bidding as a $20 winning bid will amount to a $28 purchase plus sales tax (if applicable) and shipping and handling.</p><p>&nbsp;</p><p>I do buy a lot on Teletrade and overpay on most items however I&#039;ve also gotten some really good deals. But, for what I collect, Teletrade usually offers the widest selection.</p><p>&nbsp;</p><p>Hopefully, this post will answer most of your questions and address some of the misconceptions regarding this service which from a sellers standpoint, BTW, can be significantly cheaper than eBay.[/QUOTE]</p><p><br /></p>

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