Do you trust Teletrade?
seateddime
Posts: 6,180 ✭✭✭
I will hold my opinion
I seldom check PM's but do check emails often jason@seated.org
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
0
Comments
-Paul
Selling. I did fairly good. Got all my money and the 2 coins back that didn't sell. As for the pictures, out of 8 coins 3 were nowhere near what the coin looked like.
I don't trust other people that consign, don't know them obviously, but wouldn't have ended up with the dog if someone wasn't a doink consignor. Again, pictures.
Jerry
I never look at Teletrade, based on what others have said. However, keep in mind I am the type collector who most often would rather not have an item than to buy it from someone I do not respect or some company or individual I actually dislike. I know, being realistic, none of my collections will ever be complete. It makes no difference to me if I'm a little less finished with one of them simply because of my having passed on something great offered at a good price by someone I consider sleazy. You can go for it all you want, if you're so inclined. I'll keep my powder dry.
KJ
I can tell you that for fact from both a buying and selling side.
I've bought many items BELOW my high bid, some hundreds less, so if everyone else is paying theior high bid, then maybe I'm the only lucky one.
Selling, when I forgot to put in max bids, I got burned (They sodl too cheap). When I did, some sold some didn't.
The hiccup is the sellers putting in max bids and how the bids go up during hte auction quickly to hit the max sellers bid.
In any case, as a publicly traded company, TT would not be able to stand up to the scrutiny if they were playing games.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
Will’sProoflikes
<< <i>I agree that there is something weird going on with the bidding, I have never won for less than my high bid either. I have heard this from many others as well.
-Paul >>
I have recently won a coin at about $600 below my max.
Every lot I have ever won is at the max bid I put. I have no idea what the reserves so either I am amazing good at bidding 1 tick above the field or???
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
<< <i>The bidding process is not rigged.
I can tell you that for fact from both a buying and selling side.
I've bought many items BELOW my high bid, some hundreds less, so if everyone else is paying theior high bid, then maybe I'm the only lucky one.
Selling, when I forgot to put in max bids, I got burned (They sodl too cheap). When I did, some sold some didn't.
The hiccup is the sellers putting in max bids and how the bids go up during hte auction quickly to hit the max sellers bid.
In any case, as a publicly traded company, TT would not be able to stand up to the scrutiny if they were playing games. >>
Hmmmm, Publically traded. Wasn't ENRON publically traded as well?
The problems I have with TT are that there are far too many low quality coins -- I suppose the best go to Bowers & Merena auctions -- and the descriptions are often useless. How many times do I have to read that the Walking Liberty series is one of the most popular with collectors? Just every tenth coin? Okay. Well, how about the "gem strike and luster" observation -- is there any 65 coin that doesn't get this often generous description?
That said, their return policy is reassuring.
I had one auction consignment (same coin relisted 4 times) that defied all reasoning. The only possible explaination was some type of chicanery. This was before Spectrum took over however. I've mentioned it here before. An advanced search for "Teletrade"
and "Japanese" will turn it up.
roadrunner
<< <i>
That said, their return policy is reassuring. >>
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
1881-CC Cameo Morgan Dollar
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
I was happy to learn that I won all five lots. But I was not happy to find out all five lots went to my maximum bid. I found this highly suspect.
However, after talking to others in the trade, I was surprised to find out in the auctioneer's rules, that it states the auctioneer can go to the maximum bid, even if the second highest bid is much lower.
Maybe Teletrade has the same set of rules.
I don't know because I have never dealt with them.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>
<< <i>
That said, their return policy is reassuring. >>
My point is that you can return them without hassles. Not so with Heritage Internet auctions, if I am reading the fine print correctly. And who knows what the ebay seller will allow.
I wish the process was more transparent, in terms of what the reserve is, and what coins are owned by Teletrade or affiliated dealers. I also wish their shipping and fees were more in line with actual postage, and that they didn't have to charge tax in certain states. Because of the hidden reserves, the house owned coins, the relatively high fees plus tax, I rarely bother to look at Teletrade any more. When one of the coupons comes out, I take a look around, the rest of the time, it seems like a waste of my time.
Wondercoin
Numismanic
U.S. Nickels Complete Set with Major Varieties, Circulation Strikes
U.S. Dimes Complete Set with Major Varieties, Circulation Strikes
Teletrade is not supposed to jump to your max bid unless the reserve is set there or another bidder (maybe them!) bids it up.
They have a return policy. But for 5% and postage both ways you can return a coin you don't like. No doubt TT likes the free 5%.
The more they can relist the same coin before actually selling it, the more they make. Getting 5% on a $1000 or $10,000 coin adds up over time. In the old days I'd seen the same $5000 coin get auctioned as many as 6 times in a year. And each time a fresh bidder "assumes" it's a fresh coin as well.
roadrunner
1/2 Cents
U.S. Revenue Stamps
"If I say something in the woods, and my wife isn't around to hear it. Am I still wrong?"
Snapdragon
<< <i>Do you trust Teletrade? >>
Yes.
Do I use them anymore? No.
<< <i>The problems I have with TT are that there are far too many low quality coins >>
TT has a reputation for being a dumping ground for dealer stock that won't move.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>what Segoja said
Wondercoin >>
What these 2 guys said.
I have returned several (4?) coins to Heritage over the years. Never a question and no charges. TT's 5% restocking fee is excessive. I also wish they would post their reserves. While it has yet to happen to me, I would be very frustrated to lose a coin because the bidding failed to make the reserve value. Does TT contact the high bidder in that case to offer the coin at reserve? I have often wondered that........
Auction houses for coins have to make money... and darnit, they will !
``https://ebay.us/m/KxolR5
E PLVRIBVS VNVM
a triple slabbed double stickered coin will fall into a very specific price range.
rigged bidding? in the last few years i highly doubt teletrade had the need to do that.
with that said, i have never used them.
<< <i>
<< <i>
That said, their return policy is reassuring. >>
Teletrade's return policy is one reason I rarely bid there ....you got seven days from the Date of SHIPPING to return an item, not when you receive the item..if you do want to return an item , Teletrade fees along with the mandated return Registered Mail cost , eats up a lot of money paid.... I may add their service people are very nice to deal with.
Box of 20
E PLVRIBVS VNVM
<< <i>You know it occurs to me that TT could dispell some of the suspicion around bidding by disclosing the bidding history at the close of the auction, ala feeBay. I wonder why they don't
Or they could post here and clarify some of the misconceptions that some may have.
I agree their return policy is a little punitive, but I don't think I would be returning via registered unless the item warranted it. In some cases its probly better to return first class and hope it gets lost.
<< <i>
<< <i>
<< <i>
That said, their return policy is reassuring. >>
Teletrade's return policy is one reason I rarely bid there ....you got seven days from the Date of SHIPPING to return an item, not when you receive the item..if you do want to return an item , Teletrade fees along with the mandated return Registered Mail cost , eats up a lot of money paid.... I may add their service people are very nice to deal with.
I cannot imagine that TT would decline a return if the shipping was tied up for a prolonged period. Also 5% is not prohibitive (the president offered to waive it for me in the past when I had an issue with a coin). They are not perfect, certainly, but overall I have been quite pleased as a bidder.
<< <i>
<< <i>You know it occurs to me that TT could dispell some of the suspicion around bidding by disclosing the bidding history at the close of the auction, ala feeBay. I wonder why they don't
Or they could post here and clarify some of the misconceptions that some may have.
I agree their return policy is a little punitive, but I don't think I would be returning via registered unless the item warranted it. In some cases its probly better to return first class and hope it gets lost. >>
Teletrade spells out their terms for returns..no return Registered Mail..... no refund.. which for all intents and purpose means , this is a NO RETURN POLICY.
WH
<< <i>
In any case, as a publicly traded company, TT would not be able to stand up to the scrutiny if they were playing games. >>
OMG
Let the list of publicly traded companies begin...
One letter E
<< <i>
Teletrade's return policy is one reason I rarely bid there ....you got seven days from the Date of SHIPPING to return an item, not when you receive the item.. >>
Not true.
from teletrade.com
Bidder may return any lot purchased for any reason by telephoning Teletrade at 800.949.2646 to notify us of the return within five (5) calendar days of receipt. Bidder must ship the same to Teletrade by Registered Mail within seven (7) calendar days of receiving the shipment (evidenced by carrier's records). Upon the expiration of seven (7) days from the date of receipt, all rights of return shall expire and no returns will be accepted.