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1970-S Proof rainbow pennies on Teletrade

csanotescsanotes Posts: 469 ✭✭✭✭
in U.S. Coin Forum
Hi all-Just wondering why I see in almost every auction on Teletrade duplicates of rainbow concentric toned 1970-S cents? Do they keep on recycling the same old coins in successive auctions or is there a glut of them on the market? Now that I think of it I don't think I've looked at any quantity of said proof sets at shows or retail stores. They seem cool and it always has made me wonder.

Chance favors the prepared mind.

Comments

  • stinkinlincolnstinkinlincoln Posts: 2,733 ✭
    Yea, TT like to relist all their coins for what seems like an endless time period.


    Ive seen afew of them for what seems like months.
  • csanotescsanotes Posts: 469 ✭✭✭✭
    It reminds me every time of when your with someone who is no doubt lost and you keep on passing the same building..."I KNOW we've been here before, what's going on?" is all I was thinking..
    You cleared up a bit of longstanding head-scratching on my part. ty

    Chance favors the prepared mind.

  • DHeathDHeath Posts: 8,472 ✭✭✭
    Something in the packaging causes 1970 proof sets to bullseye, particularly the cent. They are quite common. Many are very attractive. The ring on the other coins in the set is light blue and opaque.
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor
  • sinin1sinin1 Posts: 7,500 ✭
    many have sold - the mint packaging caused this toning type


    just like the 1994 SMS nickel with a yellow reverse
  • BillJonesBillJones Posts: 34,239 ✭✭✭✭✭


    << <i>Something in the packaging causes 1970 proof sets to bullseye, particularly the cent. They are quite common. Many are very attractive. The ring on the other coins in the set is light blue and opaque. >>



    Yes, ditto.

    A lot of 1970-S Proof sets, especially the cents, toned in the mint case. And no I don't find a great many of them to be really attractive IMO. To me it's usually a negative.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • nicetoning42107nicetoning42107 Posts: 1,162


    << <i>Something in the packaging causes 1970 proof sets to bullseye, particularly the cent. They are quite common. Many are very attractive. The ring on the other coins in the set is light blue and opaque. >>



    Yes, this is part of it. Coupled with the fact that same particular ones keep showing up on TT and this combination makes it seem like they are in every auction.

    A lie told often enough becomes the truth. ~Vladimir Lenin
  • YaHaYaHa Posts: 4,220 ✭
    TT allows sellers to list their coins up to 3 auctions.. I had a chat with Ian at a coin show in Baltimore once and he told me plain and simple.. If your coin doesn't sell the first time, we charge a fee for business purposes, the 2nd and 3rd auctions are a courtesy by TT for a chance to sell your coins. After the 3rd auction has ended and you don't sell, you must pay the fee that is owe by us as your listing agent and if you don't the coin is ours.. So, I think many people are upside down on certain coins and this is why TT has a targeted price to get their monies and also let the seller off of the hook, though with warnings or termination of seller rights.

    I hope this helps.. I am not a employee of TT and am no way promoting this auction house, just trying to help out members/bidders than seem TT has something fishy going on..

    Oh one more thing, some people have sent in coins for TT to get them slabbed for them and thus thought the coins would be a real high grade, but TT charges the seller a additional fee for grading and then sellers fee, so maybe that is why many coins are on the site for a longtime. image
  • RedTigerRedTiger Posts: 5,608 ✭


    << <i>TT allows sellers to list their coins up to 3 auctions.. ... After the 3rd auction has ended and you don't sell, you must pay the fee that is owe by us as your listing agent and if you don't the coin is ours [Teletrade's]..

    >>



    What does a person think happens to all the coins that get repo'ed? My guess is that becomes part of the block of house owned coins that seem to get listed until eternity at no charge to the seller, because the seller is the house. The house can't repo their own coins, and don't seem to have a better outlet to clear these coins from their system. Too bad, they won't let them go with no reserve, true auction or bunch them up in bulk lots where the fees would be more reasonable. Nothing "fishy" going on at all, just observations and likely scenarios.
    Investment blog: gold, stocks and more
  • sinin1sinin1 Posts: 7,500 ✭
    how can they be upside down on a coin at TT?


    maybe 1 coin but hard on sellers account for long


    seller has 5% reserve fee with $5 minimum



    raw submissions may do it - $9+2/coin for raw submission ($15 for variety)


    if seller sent in slabbed coins, someone already paid for slabbing

    so these proof cents that have been going for $60-$100, by themselves would be difficult to be upsode down on

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