Telletrade The Crazy People Are Out Today.

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Author	Replies: 7 / Views: 1,847
nohope587 Pillar of the Community United States 5953 Posts	Posted 02/14/2010 5:40 pm I am tracking a coin on Teletrade. Surprisingly its a Two Cent Small Motto PCGS VF20 Numismedia FMV $474 PCGS Price Guide F12 $300 xf40 $700 Grey sheet --- we won't go there.. Opening bid $450 plus 15% Fees and shipping. I'm dead in the water before I even start my grey sheet bid plus 10% does not even make an opener.. The Teletrade practice of allowing sellers to bid on there own merchandise Turns it from a real auction to an overpriced sale. Report this Post to the Staff

coinguybrian Rest in Peace United States 5375 Posts	Posted 02/14/2010 8:21 pm Pretty much, I only bid on there if I really badly want a coin with superior eye appeal, taking advantage of the fact that people buy the slab not the coin. I'm looking into getting an ICG AU-53 cleaned bust dime for my bust dime set...doesn't look that cleaned to me and I'll probably get it cheap because its in an ICG slab. Report this Post to the Staff
Electric_Op_Ltd Valued Member United States 183 Posts	Posted 02/15/2010 12:14 pm Well so much for Teletrade... let's go there: Greysheet ASK is 450. . I always wonderd abou them. I registered there but it looks like a far better deal to sell there than to buy there. I noted that several of the coins were overpriced, and truth be told I thought the idea of allowing a consigner to bid (as opposed to setting a reserve) was somewhat silly. If my coin that I wanted 25 bucks for doesn't get any bids, I can bid and pay them $3.75 if no one else is interested. But if someone bids 26 then I'm in a bidding war with my buyer. It should be (gasp) more like ebay in that respect, charge a listing fee and FVF. Just my uncertified 2 cents. Report this Post to the Staff
rustyboy Valued Member United States 278 Posts	Posted 02/15/2010 12:53 pm I agree. Teletrade has a real chance to fill a niche that is unmet. Heritage dominates the big money coins, ebay fills the coin albums, and Teletrade has what it takes to fill that market for "collector" type coins. Their poor practices and their happiness to seemingly make a few bucks auctioning a coin the seller isn't interested in selling really hurts their market share and the chance to grow into that untapped market. Report this Post to the Staff
coinguybrian Rest in Peace United States 5375 Posts	Posted 02/15/2010 1:00 pm And ditto on what happened before, I won it for $370 after fees ($320 final bid)...there are still deals on teletrade, but is primarily on the ICG slabbed coins. Pick out the coins with superior eye appeal, preferably in ANACS or ICG slabs and you WILL get a good deal. Great way to build a type set without paying too much. I should have paid $550-$600 for a coin of that quality honestly based on heritage prices... Edited by coinguybrian 02/15/2010 1:01 pm Report this Post to the Staff
nohope587 Pillar of the Community United States 5953 Posts	Posted 02/15/2010 3:40 pm there were only two bids on the 2 Cent the opening which I assume was the seller and one other it Sold for over $550 by the time you have added the fees and shipping to the $475 bid. Last one I picked up at auction PCGS VF20 $417.50 including all fees. (September 2009) The one on Teletrade was bought Jan 9th at Heritage for $417.45 including all fees. Buy 1 week on Heritage then turn around and sell on Teletrade. Edited by nohope587 02/15/2010 3:43 pm Report this Post to the Staff
coinguybrian Rest in Peace United States 5375 Posts	Posted 02/15/2010 4:51 pm Yeah that sounds like a good plan lol, because people just buy the slabs, its so plainly obvious. I've been outbid to such ridiculous levels on ordinary PCGS coins, as if its the rarest coin in the universe. Report this Post to the Staff
Bryan1315 Bedrock of the Community United States 14454 Posts	Posted 02/15/2010 7:17 pm I have not gotten anything from teletrade in about a year but have watched quite a few in that time (about 1 or 2 each week) and have noticed any coin I am interested in seems to sell for crazy money even when I consider the VAM or what ever else may have attracted me to the coin Report this Post to the Staff
	Replies: 7 / Views: 1,847

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