April consignment to Teletrade, just got the last check today.

GFourDriver

I consigned 20 coins to Teletrade at the end of April, first auction was May 25th and waited while a couple of the coins went through the 3 auctions in the guaranteed sold submission. Maybe the reserves were high but I placed them well below what I paid for them. Well anyways, here it is the middle of August and I just got the final check from them today.

Thats it, I'm done with them, 4 months is just too long to wait. Ebay or Heritage for me from now on.

19Lyds

I'm curious as to what you sold.

I'm not looking for realized prices, just what you sold.

GFourDriver

mostly Lincoln cent proofs.

a039

Teletrade has been ten times more professional than Bowers & Merena, B&M has had my coins since April and I have no clue when they will go to auction.

packers88

How funny, I always wanted to sell on teletrade, but things like that have always steered me away. From my personal observation it looks like what I would net there would on average be about 10% to 15% less than ebay prices, so that alone always kept me clear. Then when you add in other factors like what happened to your payment taking that long I just can't see why I would go through teletrade. It seems like a great place to buy, but to sell it is not for me because I always want top dollar for anytihng I part with.

packers88

GFOURDRIVER, just curious, did you do a completed listing check on ebay and figure out if you had sold on ebay if you would have made more per coin or for your overall sales of 20 coins? Also, why didn't you just put the coins on ebay? Did you think you could get more after all expenses than Teletrade?

Bochiman

It's not ebay, but it doesn't seem that bad.
May 25th would be less than 3 months since the auction.
Considering they can take returns, they would wait a few weeks first, right?

So, maybe 1-2 months wait time.
Maybe they waited to see if the others sold to do things at once? Sounds like that didn't happen though since you got multiple checks.

How many checks?
When was the first one?
How long was it in-between the auction it actually sold and when you got the check.

19Lyds

If I consigned something to an auction house, I would expect payment within a week, two weeks at the latest of the auction closing. If everything does not sell at the first auction, I would expect payment within two weeks of when they did sell.

However, I see the following on the Teletrade Site: "Payment is mailed to all consignors 35-37 days after the auction."

To me, that is way too long, especially in this electronic age, so I guess I will not be consigning to Teletrade.

packers88

19LYDS, that is absolutely my logic also!!! If I could consign to teletrade and have my money in 2 to 3 weeks tops; only be out something like $10 for some kind of listing fee if for example I had a coin that i wanted at least $500 for and it didn't sell; and finally if they could get a little stronger realized prices then I would love to give them a try. I think most here would like to see an alternative to ebay that can generate the same prices, but like many times that has been said here nothing can come close to ebays prices and having your money within a few days.

BECOKA

It does seem a little ridiculous. They just raised their fees, you would think they could try to make the experience a little less painful.

GFourDriver

<<<GFOURDRIVER, just curious, did you do a completed listing check on ebay and figure out if you had sold on ebay if you would have made more per coin or for your overall sales of 20 coins? Also, why didn't you just put the coins on ebay? Did you think you could get more after all expenses than Teletrade? >>>

They had the $150 off sellers fees offer and I thought I'd try it. Otherwise I would have sold on ebay.

<<<So, maybe 1-2 months wait time.
Maybe they waited to see if the others sold to do things at once? Sounds like that didn't happen though since you got multiple checks.

How many checks?
When was the first one?
How long was it in-between the auction it actually sold and when you got the check. >>>

I got three checks in all Ron, the first one was about 35 days after the 1st auction closed. The last two came within 10 days of each other. The hold-up was because one of the coins was returned but they also held the check for all the other sales up until the the returned coin sold and even then it was about 35 days after it sold.

roadrunner

The times I consigned to Teletrade in the mid to late 1990's I would say up to a couple of months was pretty standard. The leading auction houses won't pay you any sooner than 45 days after the auction unless you can arrange for better terms. The auction experience from mailing off the coins until you get the check is typically several months from my experiences. The market can change drastically in that time period...for better or for worse.

roadrunner

Bochiman

Thanks for the additional info, John.

It is kind of like I was guessing....they were trying to be "efficient" on their end (ie....wait for all from that batch to be done with) but it ended up making things inefficient and alienating you as a customer. They should work on their system when stuff like that happens.

Makes me think they are doing things like PCGS....focus on the big dealers and the little guys take the scraps and should be happy with it.

WTCG

If the coins finally sold after the third auction after the end of May then in accordance to the terms that Teletrade provided the consignment payment was not settled late, but actually on time. Teletrade settlements are typically for 30 days after sale, which is somewhat faster than the 45 days that is standard with numismatic auction companies.

Without prejudgment or jumping to conclusions, perhaps the reserves were set unrealistically high for the consigned coins. Reserves should be in line with what current price levels are at, and irrelevant to what was originally paid for those coins.

MikeInFL

I am sorry to hear of your disappointment, but would suggest you not consign to Heritage if you think Teletrade is slow. It will take longer to get into auction, they won't (to my knowledge) automatically relist them, and it will take longer to get your check after the closing of the auction. Perhaps eBay would be better, but there are headaches when you do it that way as well. I wish you good luck, but would respectfully suggest you talk to a few people before setting time expectations going forward (as I think they were a bit unreasonable to begin with -- that's not to say they aren't slow and they shouldn't do better, but rather that is typical for TT and within their own published timetables).....Mike

Coxe

My experiences have been that Teletrade is consistently much faster to get coins into auctions and payment to consignors than the other houses. That said, not every coin is right for Teletrade (or any particular venue for that matter). Kearning what works and what doesn't, profitably, is the hard and slow part. I know I have made the mistakes. It is a lot easier to lose money consigning coins to auctions than make money. Just overcoming the buying/selling fee margins is the start of it. You also need to make sure the target buyers are there looking and the coins are well represented. In general, it is a LOT easier to buy coins than sell coins. I have said, "Never again," to Heritage, Teletrade and eBay a number of times each. In reality, it is just frustration and I need to learn from it and move forward. Public auction is really the last resort and not the first. Some coins are best served there and many are definitely not. Where the line is drawn and for which venues is the very tough part of the game. Sorry to hear of your experience....cannot say I have not been squarely in the same place a few times.

YaHa

As I understand you might of had a glitch? I have sold many items on Teletrade and have had no problems what so ever.

Thkngs I have sold on Teletrade, I sold many Ngc 69 ase sets years 1986/2007 and to 2008. Also sold PCGS first strike set 2007 platiumn anniversary set for $3,200 and have sold many other items mumerous error coins, I can remember a few years back dumping Amacs 2005 buffalo leg error nickels for $110 a pop even sold a S mint error same coin over $220.

Let me tell you this, I had one time my payment was last lets say 35 days, I called Irma and got my check 3 days later, somekind or new site glitch.

They are getting higher in prices yes, but I have had no problems with them. I just wanted to tell you guys my side, I am sorry for you misfortune.

Cameonut

I also bit on one of those $100 off seller fee discount coupons about 5 years ago to sell some cameo proofs. It was a learning experience for me as well.

I don't recall that payment was that slow back then, but I was unhappy with the whole experience. I will never sell thru them again.

ColonialCoinUnion

<< <i>If I consigned something to an auction house, I would expect payment within a week, two weeks at the latest of the auction closing. >>



I think you need to revise your expectations, because no one does that. Payment to consignors at the big houses is more like 45 days after the sale.

TwoSides2aCoin

at least you had coins worthy of sending to an auction house. I just keep hoarding thinking one day these widgets will be worth more than melt.

pf70collector

Good way to make some money for holding your money in an interest bearing account. Even for allowing the normal 10 day check clearing from buyers.

jnd1955

boy i am sorry to hear that. i could under stand 30 days . at most 7 day return and 3 weeks to cut your check.
i have bought 6 lincoln proofs in the last 60 days and i pay the same day. i normaly recive the coin with in 10 days
so there realy no reason to go pass the 30days to get payed.
did you ever list them here first? i must have missed them somehow, i have ben building a set for quite some time now.

john

BAJJERFAN

<< <i>Teletrade has been ten times more professional than Bowers & Merena, B&M has had my coins since April and I have no clue when they will go to auction. >>



Don't you agree to consign to a specific auction? Why would anyone send them coins to just do with as they wish? Perhaps you could request them back under the pretense of failure to perform.

PerryHall

<< <i>

<< <i>Teletrade has been ten times more professional than Bowers & Merena, B&M has had my coins since April and I have no clue when they will go to auction. >>



Don't you agree to consign to a specific auction? Why would anyone send them coins to just do with as they wish? Perhaps you could request them back under the pretense of failure to perform. >>



Perhaps some didn't meet their reserve and TT tried again in a subsequent auction.

BAJJERFAN

<< <i>

<< <i>

<< <i>Teletrade has been ten times more professional than Bowers & Merena, B&M has had my coins since April and I have no clue when they will go to auction. >>



Don't you agree to consign to a specific auction? Why would anyone send them coins to just do with as they wish? Perhaps you could request them back under the pretense of failure to perform. >>



Perhaps some didn't meet their reserve and TT tried again in a subsequent auction. >>



I was referring to the coins he sent to B & M and and not to TT.

BAJJERFAN

I think its a lot harder to get screwed thru these PayPal chargeback kind of schemes thru TT than thru eBay. TT collects your money so if the buyer tries to pull a fast one and gets away with it TT eats it do they not. On the Bay you have to list all 20 items, deal with 20 sellers and hope none of them screw you or try to screw you.

19Lyds

<< <i>boy i am sorry to hear that. i could under stand 30 days . at most 7 day return and 3 weeks to cut your check.
i have bought 6 lincoln proofs in the last 60 days and i pay the same day. i normaly recive the coin with in 10 days
so there realy no reason to go pass the 30days to get payed. >>


As a buyer, my experience is exactly the same. One time, I had forgotten about an auction win but was reminded within 2 days that I needed to pay up, which I did. BTW, their policy is: "Any payment not mailed to Teletrade within two business days of the auction, as indicated by the bidder's postmark, is deemed to be late."

10 Years ago, I think I could go along with 35 to 37 days but this is the electronic age folks. Payment by check is the oddity and even then funds transfers occur on a nightly basis.

Yep, Teletrade does do a 'volume' business as I visit their site at least once a day but, once a coin sells, the check/payment clears and the return time frame elapses (7 days), then I'd appreciate my check. Any games played by buyers needs to be worked out by Teletrade and not necessarily their consigners.

nicetoning42107

<< <i>I think its a lot harder to get screwed thru these PayPal chargeback kind of schemes thru TT than thru eBay. TT collects your money so if the buyer tries to pull a fast one and gets away with it TT eats it do they not. On the Bay you have to list all 20 items, deal with 20 sellers and hope none of them screw you or try to screw you. >>



Exactly!

Also, payment is faster from Teletrade IF you are a continuous consignor (helping the big guy but giving the little guy scraps). If Consignment package 1 has just sold and you have Consignment package 2 and it's still in the works(has arrived at TT but they haven't scheduled it for an auction). . .TT will mail you the check for Consignment 1 because Consignment 2 can be like a collateral should anyone return anything from Consignment 1. I can see checks as soon as 1 month sometimes. 1 week to ship it there. 2 to 3 weeks to schedule it and have it come down, 1 week for payment (if I already sent them another consignment within this month).

19Lyds

<< <i>. .TT will mail you the check for Consignment 1 because Consignment 2 can be like a collateral should anyone return anything from Consignment 1. >>



I would certainly hope that Teletrade isn't using Consignment 2 as 'collateral' against non-payment for Consignment 1!

Why should YOU as a seller be held responsible for payment from folks that bid on your items?

wondercoin

Teletrade's settlement date on sold coins is the fastest in the industry as far as I know - 37 days as opposed to 45 days for Heritage, Superior, Bowers, ANR/Stacks, etc. Plain and simple.

Now, if it took months and months to sell a coin at a given price - well, that is another story; a story about what those specific coins are worth or not worth. Certainly not a story about Teletrade.

Wondercoin

a039

<< <i>

<< <i>Teletrade has been ten times more professional than Bowers & Merena, B&M has had my coins since April and I have no clue when they will go to auction. >>



Don't you agree to consign to a specific auction? Why would anyone send them coins to just do with as they wish? Perhaps you could request them back under the pretense of failure to perform. >>



Yes, then they lost them. Then sent one to teletrade in error, now wont return my phone calls(Scott Reiter)

WinPitcher

Typical of BM.


Steve

packers88

The bottom line is teletrade has a good concept where they take possession of the coins so the buyers have confidence, but what the coin world needs is an auction outlet that can get your coins up for bidding within 2 or 3 days after receiving them. Get you your money within 3 weeks at the most. Most importantly get you a price equal or better than ebay prices. IF someone can accomplish this I bet they would have a 100 million dollar a year business if marketed properly.

Bochiman

<< <i>The bottom line is teletrade has a good concept where they take possession of the coins so the buyers have confidence, but what the coin world needs is an auction outlet that can get your coins up for bidding within 2 or 3 days after receiving them. Get you your money within 3 weeks at the most. Most importantly get you a price equal or better than ebay prices. IF someone can accomplish this I bet they would have a 100 million dollar a year business if marketed properly. >>





Unrealistic.

If some auction house has to catalog, take pictures, store, track, receive (not all in that order) a coin in order to get it up online for bidding....add to that time to put the coin up for people to see ahead of the auction and get interest in it.....well, that would be at least a week, imho.

Then, one has to account for people that pay late, shipping time, potential returns, etc. That can easily take a few weeks. What is the return period for most? 3 days? 7 days? 14 days? I honestly don't know, but I know on ebay it generally is 3-7 days. Add a week for payment and clearing. Add a week to get to someone (more or less...depending on shipping method...registered can take awhile if the value warrants it). Another week as potential return period. Another week for it to come back.

I can easily see 3 weeks or so if it sold (to close out any return period) and if it didn't, or gets returned, it can last a bit longer.

All that said, 30+ days after an item gets sold is a bit of time. 21 days I could see. But again, I am not in that business so there could be more I am missing.

Boom

Just a few years back, Teletrade was the Bomb!

I acquired many PQ coins from them that went into my Registry Set.

It's just not the same anymore.

BTW, a lot of people have me sell their coins and they get their money a heck of a lot faster - GUARANTEED!

Couldn't resist - but it's True!

wondercoin

So, why 37 days to "settle" on a "sold" coin?

Day 1 - Coin Sells and Invoice goes out to winning bidder. Winning bidder has many options to pay, including mailing a check.
Day 8 or 9 - Check has not arrived at TT. A friendly reminder goes out to winning bidder.
Day 15 or 16 - Check has still not arrived at TT. A second reminder goes out to winning bidder.
Day 22 or 23 - TT takes a bit stronger action. Perhaps a phone call is made to inquire about the payment. Perhaps winning bidder says "the check is in the mail" or "oops I was on vacation and will mail it off today" or perhaps TT gets an answering machine stating "I am on vacation for another 5 days", etc.
Day 30 - Check does not arrive and TT calls again. Or, TT finds out that check has arrived but has bounced. Or, whatever - you fill in the blanks.
Day 37 - TT either pays off consignor on sale and takes it own chances on collecting this debt or sale is voided out (assuming it has not be voided out days or weeks earlier).

This is basically why a sale takes 37 days to clear. On top of that - during the 37 days, I have seen instances where the winning bidder has not paid for the coin, but is trying to sell his "purchase" at a profit on ebay (and if it fails to sell, on the 30th or 35th day, buyer comes up with a story on why he no longer wants the coin !! I believe TT will no longer stand for this - if you "peddle" the coin as your own (especially publicly) during this 37 days period, you own it.

Wondercoin

JustMakesCents

Just wanted to respond with my recent experience with Teletrade ...

I brought 40 coins with me to Baltimore to consign to Teletrade. This was my first experience using them as a seller. I sat down with Gil on Friday (Aug 1) and worked out the details of the seller's fees and buybacks. Gil was very pleasant to work with and made the whole process painless. The coins were shipped out the same day and showed up on their site on the following Friday (Aug 8). I placed a total of 11 buyback bids on the 40 coins. The auction closed last night (Aug 17) with 38 coins selling (including all 11 with buybacks). The other two never reached the opening bids that Teletrade established for them (I didn't realize this was going to happen) and will go back into auction on Sept 1. I expect to receive payment for the first 38 coins within 37 days.

All in all, a very pleasant experience - no photos to take, no ebay bidiots, no worrys about chargebacks, bad checks, paypal, packaging & shipping, registered mail, insurance, delivery confirmation, etc. I had done the pre-work to make sure I was consigning the right material to Teletrade. The coins sold for more than I estimated, more than what they had on Ebay, and the commision was similar to what the final value fees would have been on Ebay. I was only disappointed on the results of 2 coins.

Obviously, I will be doing more business with them. The biggest key was doing the work to make sure I was consigning the right items and having realistic expectations of sales amounts. In fact, I never even looked at how much I paid for each of the coins when determining reserves and sales estimates.

Jeff

jnd1955

well jeff maybe i bought one of your hehehe i just pick up a 63 proof lincoln pr69 dcam ,. i need it for my set. blew my whole month budget. well back to save.
i am be paying a little higher than e-bay somethimes but i dont have to worry with telletrade. i send pay-pal as soon as auction closes and within a week i have my coin. i have had to whate like this last one i got of the bay. seller held my money order for 10days before he shiped. said the bank put a hold on it. it was a wal-mart money order, heheheh
john

packers88

JustMakeCents, it sounds like you had a good experience, but again when I research realized prices it just seems that mostly what I see falls way short of ebay prices. For example, I just lrandomly ooked at a realized price for a 1882-s MS66 pcgs toned Morgan and a few days ago it went for $300 on Teletrade. NOw on August 17 an 1882-s ms66 pcgs toned Morgan went for $415. Again I would love to give Teletrade a try, but I like to get top dollar for anything I part with and at least from my research of realized prices I don't see how I could justify going with them. Again this is my research only and I guess if you do your own research and feel you can get better net prices from teletrade then of course go with them. Also for cash flow purposes and a sense of comfort I like to have my funds within a few days.

packers88

To clarify the $415 price was an ebay sale.

CarlWohlforth

<<Teletrade's settlement date on sold coins is the fastest in the industry as far as I know>>

Gee, some people who take eBay consignments will even advance you some money on anticipation of future sales. eBay could really kick some booty if they knew what to do. I personally could get a needed job there if I had all the answers for them. Hey! Maybe you call can give me the answers, I can get the job and make eBay the king on coins and then I can do some give aways to pay you all back! Naw, that sounds like real work.

wondercoin

Carl: As far as I know, TT happliy advances you money as well (at prevailing rates as course). Bottom line is consignments often take a good deal of time to close where the coins (or collectibles) are being marketed aggressively to achieve top dollar. For example, late last year, I got in a small consignment of vintage baseball cards (about $4,000-$5,000+) from an old friend. He told me he was in no rush to liquidate them - just sell them off on ebay whenever, however. I offered the consignment to a fellow board member who wanted to put the time in to do a great job on the sale of these cards for my friend. I received the final sums of money on the consignment just a couple weeks ago - something like 8 months later. But, he maxed out the cards and they sold for roughly $6,500+ or so. He managed to take in close to 50% more than if the cards had been sold off in 30-45 days. My friend couldn't have been happier. Raw information such as 8 months to close a sale on a consignment is meaningless information without also knowing just how good or bad the results were in that time.

Wondercoin

bushmaster8

OP= a most unfair sour grapes post.

Teletrade is one of the best bargains in Numismatics.

Mowgli

This may not be true BUT.....a lot of businesses play the float. Even companies that can pay right away will wait as many as 55 days to pay their bills. I do not know whether the auction houses do this on purpose or not but many businesses do.