Are Teletrade buyers just stupid?

dbldie55

While looking at the greedy sellers PR70 commem, I noticed another 2002-P SAC dollar in MS68 being sold for $200. This is at least twice in recent times that this coin has sold for this much(and they list the prior results as 160-200). The main seller on the registry forum has these things listed for under $90 on Ebay, and the last one did not even get a bid. Are these people just stupid, or is there a reason for this?

Dog97

I've noticed that too. I've also noticed that I got a highest graded 66 FS 5¢ for $100 when they sell for $200 on eBay. I think the secrecy of the bidders on TT allows the cosigners to shill their own coins causing the high prices.

Tonelover

I find it quite curious that the same coins listed on ebay which has much more visibility would not fare nearly as well. Seems kind of odd but I just can't put my finger on what the reason might be. Hmmm...

braddick

Stupid? Probably not.
Ill informed or ignorant? Yeah, I'd go that route. Anyone who pays double retail for a simple, somewhat easy coin to obtain needs to spend less time on auction sites and a bit more time reading and studying that which they are interested in owning.

supercoin

I dunno... I've seen it go both ways.

Believe it or not, many people don't have Internet access, so Teletrade phone bidding may be easiest for those people to get a PCGS MS68 Sacagawea.

Also, despite Teletrade's flaws, they are a reputable operation as far as actually sending you the coin when you give them the money. And refunding (some tattered shreds of ) your money if you return it.

Which is unlike the experience and/or perception of some when dealing with eBay.

BSqr

well put supercoin

it's funny how often people forget that some people exist in a world devoid of the internet

mercury1

What, no internet!?! Poor souls.

wondercoin

"The main seller on the registry forum has these things listed for under $90 on Ebay, and the last one did not even get a bid. Are these people just stupid, or is there a reason for this?"

Yeah. And, I saw why it didn't sell at $90 on ebay. The new market on ebay is under $80!! The Teletrade difference gets even larger!

Wondercoin

Monstavet

As with any medium for buying or selling, know the price that you want to pay for an item and stick to it...don't worry about PT Barnum's kind of people and what they choose to bid. Madness often takes over on Ebay as well as Teletrade as well as.....

dorkkarl

dudes, everyone "knows" that teletrade is used by shillers to establish "precedents" of high prices on common coins. that will never be a legit auction site until they disallow sellers bidding on their ow auctions (or getting their buddies to do it). there are plenty of legit sellers, & use T.T sometimes, but never never never bid a premium on any coin, & you can't get hurt.

K S

BigD5

Another thing that I think you guys are missing is that Teletrade really caters to it's phone bidding clientele. Not EVERYONE is on the internet, and there are bunches of "dinosaurs" who still prefer the phone bidding method. Remember, Teletrade was a phone bidding site, long before the internet. If these bidders don't have internet access, they have absolutely no idea as to what the prices realized are on the internet for these modern issues. So if they are doing Teletrade, and then their local shows (I have yet to see a prominent display of modern material at any local/regional shows I attend), they really don't have a sharp touch on the market for this stuff.
I'm no Teletrade buying and selling expert, but are any of you saying that a consignor can "bid up" their coin, with no fear of actually having to buy the coin, if they are the winner? That's insane, if true.

IrishMike

Well dude not everyone knows, now not only am I fool for not knowing that gold had the same purchasing power that it had 20 years ago, I am ignorant of Teletrade shilling to set high prices. Guess the coin world is just zooming right over my head. Now I am also stupid, becuase I purchased Teletrade coins which are PQ and made a nice sum of money selling them on Ebay.

Just call me foolish, stupid and not in the know.

I suspect that buyers pay some of these prices because of the Registry and the need to get the coin in as soon as possible. You can look at the Teletrade trends on many modern coins and see how the prices radically come down over time as those few who participate in the Registry fill up their slots.

Russ

For some reason, yesterday's TT auction was crawling with stupid money. Everything on my tracking list opened higher than I was willing to go. Some auctions, there are bargains to be had. Not this one.

Russ, NCNE

supercoin

BigD5, last I knew (been a while), Teletrade consignors can actively bid on their own lots, however if they end up high-bidder they buy the coin -- paying buyer, seller, and postage fees. On the one hand it seems kind of shady, but on the other hand shilling is rampant everywhere, so why not make it "legal" but costly.

Sellers can also place a reserve bid before an auction that doesn't cost as much. Teletrade reserves are weird (again, last I knew) in that they act like active bids... if you're bidding against a reserve it slowly rises to your maximum like you're bidding against a real bidder. Presumably to increase bidding excitement.

cointagious

TT is supported by a small group of large consigners that work with TT to fill their auctions. the rules that apply to the rest of us do not apply to them. that may be the reason that TT auctions seem strange at times.

RLinn

Teletrade, eBay, Heritage and "whomever auction" all work the same for the bidder if:
1) you don't bid more than you think the item is worth
2) you can return the item for a refund if you don't like it when you get it

The rest of the issues tend to be hassles associated with every coin purchase. Some sellers (live or auction) over-grade, over-price, over-hype, etc. You walk away and don't buy/bid. If it happens too often, you don't return.