Teletrade and returns....
Bochiman
Posts: 25,423 ✭✭✭✭✭
I didn't think Teletrade did returns, unless it was an error on their part, but I saw a post where someone said they just called TT and could return.
So, I looked it up last night (while I was waiting for the auction to end) and, sure enough, they do have a return policy.
What I also noticed, however, was that they are smart enough to basically say "don't abuse it"......
Of course, it could be costly (shipping charges on returns, etc) using TT as an approval service....
Return Policy
LIMITED RETURN POLICY. Teletrade offers this return policy as a service to its client, however, Bidders who excessively return coins may result in having their bidder account canceled at Teletrade's sole discretion. The Bidder will be notified in writing with a warning prior to account being canceled. Subject to the terms contained herein, any 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......(rest cut but is on their site)
So, I looked it up last night (while I was waiting for the auction to end) and, sure enough, they do have a return policy.
What I also noticed, however, was that they are smart enough to basically say "don't abuse it"......
Of course, it could be costly (shipping charges on returns, etc) using TT as an approval service....
Return Policy
LIMITED RETURN POLICY. Teletrade offers this return policy as a service to its client, however, Bidders who excessively return coins may result in having their bidder account canceled at Teletrade's sole discretion. The Bidder will be notified in writing with a warning prior to account being canceled. Subject to the terms contained herein, any 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......(rest cut but is on their site)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
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Comments
if every 30 coins i buy, i send back 5+, i would consider that abusing the policy. 1 coin out of a decent size order. If they have a problem with it ill eat the coin. But i dont see that happening.
This is a good topic because theyre so many opinions on such issues...
Only had to send one back.
PCGS MS70 Modern Commemorative.
You could barely see some toning in the picture but in hand it was the ugliest coin ever (for a MS70).
Looked like a big toned finger print on it.
No problems with the return.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
Teletrade gets more bidders because of their policy. Most dealers can see coins in person at major auctions. It's harder to do with TT. If you do see a coin in person at TT prior to the auction, it is NOT returnable, just like the other auction houses.
Their policy keeps me buying. Their photos are good, but no photos can capture everything!!!
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
<< <i>I saw that too if you are able to have in hand inspection no returns. so am i ok for thinking of returning a coin if its not what I want? or am i a policy abuser? i just want to be clear on this. i plan on staying with coins for 40+ years hopefully... >>
Uh,
Wow?
edited to add: Sorry, I couldn't resist. I'm done now.
Meet my first little guy, Benjamin. Born 4/8/2007
Pic taken at 2.5 years of age.
is this a frowned upon practice?
I'm sorry. Yes, unless the coin is sent on approval, or the coin is markedly different from the description or the photograph, it is a frowned upon practice. I hope that dealers chime in on this and share their thoughts as well. It may make for an interesting new post topic.
In all the years I've collected, and speaking only for myself, I have returned only three coins in 29 years of collecting and all three coins were sent to me on approval. I've regreted all three returns. I felt like an arss in all three situations. Dealers may not want to work with a collector that has developed a reputation for returns, especially after detailed scans and descriptions have been provided. Especially when a buyer after purchasing a particular coin, posts it on the boards for opinions as to whether to keep the coin or return it.
It just doesn't look good, and in the future, you may not be offered the most favorable material or best pricing from a dealer or company in which you are known as a returner.
That's my two cents. Take what you want from it and leave the rest. I hope this helps.
Best regards,
edited for clarity.
Meet my first little guy, Benjamin. Born 4/8/2007
Pic taken at 2.5 years of age.
exactly what i wanted to hear. i really try to do the same, and have only had to return one so far. it was up for sale and was said by the dealer to be nt. it wasnt and i sent it back. i havent gotten this 1911 from Teletrade yet, it doesnt have the bright colors as alot of proofs do, but if its nice in hand and nice fro the grade, i have to check. i dont plan on using them as an approval service, but i figure if i have to once, whats the harm. I really have to make good buys and go with my gut. i do value your time to post a honest opinion. i dont want to be thought of as a hassle returner or whatever the great wise minds can think of. but i dont want ugly coins. i k now the rep. of ngc, and think some of their coins are accurately graded. how many? i dont know, but what if this is one of them, just brown.
i hear what your saying about the return thing, but i really dont see a problem if its one time, right. everyone should get atleat one return if there is a return policy.
if the customer is always right doesnt apply to coins i can see why, but if the coin is a dog and its a co. with a return policy, should I eat the coin?
When you buy (say, ebay, teletrade, whatnot) a coin, even if there is a return policy, most legit sellers expect it to be a "done deal" unless they severely misrepresented the coin.
Coins, especially toned ones, are easy to spot. If one is returned and resold, it can get a bad rap. Also, the seller may have lost out on a buyer who is legit and wouldn't return it.
You should put yourself in the dealers' shoes and look at it from all sides.
Your basic premise is a good one....buy from those with a return policy. The parts that are missing are to do your homework ahead of time (get pictures, do color adjustment on them if they look off (slab color, etc, may be off), make sure it is a legit dealer, etc) and not "brag" about buying to look at it or just returning it.
I, like Karpman, have returned less than a handful of coins in the last 6 years or so. 1 was on approval. 1 was from a show "done deal" and I was willing to eat a loss but the dealer and I had done business before and it had been only a week. And a couple were ebay where there were large problems that weren't noted (proof SAE (no pic) from when I first started buying on ebay had been removed and harshly cleaned), etc.
I do try to buy from dealers with a return policy. I have bought from those with none but I really try to make sure I know what I am doing. I have bought coins I should have returned but that weren't fiscally responsible, to me, to return (postage, etc).
As Russ said in the other thread...your enthusiasm is great, but sometimes it should be tempered a bit by patience....
I was military too...they don't teach you to just run in head down and guns blazing. More like: assess the situation and go from there.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I see what the other shoe looks like with how you are stating it. I wont return all willy nilly, but if the coin is not as i thought it would be, as a dealer wouldnt you want to refund it and have a life long buyer? this may not make you rich but isnt that the right way to do business? See now we are getting somewhere with this thread...
thank you.
<< <i>A return handling fee will be deducted from any refund for a returned lot calculated as follows: Five Dollars ($5.00) plus five percent (5%) of winning bids equaling Two Hundred Dollars ($200.00) or less; Ten Dollars ($10.00) plus five percent (5%) of winning bids in amounts in excess of Two Hundred Dollars ($200.00). >>
Now off to the subject at hand. Returning coins.
How often has it been stated on these forums that you cannot grade a coin from a photograph?
How often has it been stated on these forums to buy the coin and not the slab?
How often has the grade of a coin been disected into "degrees" of grade on this forum? (i.e. strong fo the grade, just barely made the grade, overgraded, undergraded, whatever)
Given that, bidding and buying a coin based upon a photograph of that coin in an auction, specifically Teletrade photo's which are nothing to brag about, should always have a return policy that is within a specific time frame simply because you cannot accurately assess whether or not you want the coin based solely upon the photograph presented.
I have no problem returning a coin that is not to my liking and I do not look down upon anybody that does the same thing simply because you cannot get an accurate feel for a coin from a photograph. In Teletrades case, they are getting restocking fees that cover the cost of relisting the items so there is no big loss there.
For the internet auction houses, thats the price of Internet bidding. The same is true for EBay or Heritage or whatever.
If they offer a return priviledge, then by all means, use it if you feel the need to but don't abuse the priviledge. Teletrade is a business and they can refuse to do business with you in the future if they choose to do so but my personal opinion of the photographs that they tender for their auctions, leaves a lot of room open for returns.
The name is LEE!
At a flat 5%, then toss in shipping and handling paid each way by the customer, you are getting hammered pretty good.
Imagine paying $80 overall to return a $1,000 coin.....not to mention loss of your money for 4-6 weeks.
Imo this is one of the best games going and TT probably loves the extra 5% they can make by "auctioning" off the same
coin more than once (esp if it is house-owned - 5% per month is 60% per year!). They would have no problem seeing that
same coin returned 12 times in a year. Then toss in the fact that many of these are dealer cast-offs, lower end pieces, and
then poorly photographed to boot.
Frankly, if you don't have a very tight (and honest) relationship with a top notch dealer, and are not returning at least 10-20% of coins sent
on approval, you are most likely accepting plenty of marginal material you shouldn't be. If you don't know for a proven fact that your relationship with your dealer is tight and fully transparent, it probably isn't. That usually requires that you can grade at a very solid level....
say 50%-60% minimum accuracy with the TPG's.
roadrunner
I really think they do. I bet a lot of you have done just that and flipped the coin elsewhere for a hefty profit through a number of coins in sales on a yearly basis.
<< <i>At a flat 5%, then toss in shipping and handling paid each way by the customer, you are getting hammered pretty good.
Imagine paying $80 overall to return a $1,000 coin.....not to mention loss of your money for 4-6 weeks.
>>
You don't lose use of your $$ for 4-6 weeks do you? TT is usually pretty good about crediting my refund within a couple days after they get the coin back, but I've always paid by CC. If I erred or misjudged, I'd rather eat $80 than have a $1,000 dog that makes me want to puke every time I look at it or that I can't flip to get my money back.