Teletrade Max Bids
wondercoin
Posts: 16,987 ✭✭✭✭✭
In a recent Teletrade auction, in the final half hour, I placed -2- "max bids" totalling more than $17,000 (with buyers fee). I won the (2) coins for less than $7,000 (with buyers fee). Since we often hear the reports of the opposite when it happens, I thought I would at least mention this situation and, once again, report that IMHO, Teletrade max bids appear totally safe to place on coins.
Wondercoin
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
0
Comments
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
The name is LEE!
Where are the pics????
I've also recently won a couple just under my max bid so I trust that part of Teletrade at least.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
WS
<< <i>Question. Unfortunately, if the seller has a reserve of say $1000, and the coin has only been bid up to $500, and you come along with a max bid of $2500....Do you automatically become top bidder at the reserve of $1000? or not until the coin is slowly bid up to the $1000 reserve. I know this is hard to determine since the reserves are kept hidden, but you would notice the jump and taking the top bid spot.
WS >>
The are no reserves on Teletrade. There are seller buy-back bids. Yes, I know that they do the same thing. But, they work slightly differently. The next time bids are totaled for that lot you would become the high bidder at 1050 dollars--one bid increment above the seller's high bid.
Edit to change increment level.
Wondercoin
When the house owns the coins, then imo those are reserves....in essence, a minimum fixed price auction where one gets to pay more
than the asking price.
Wondercoin, sounds like you hit something that was indeed not house owned and the buy backs were either set way too low or forgotten about. It happens. I've picked out things at time at 30-50% under wholesale levels. But that happens relatively infrequently.
roadrunner
Wondercoin
than the asking price."
Wether the house owns the coin or not ; it is a coin that is up for auction and if the sellers buy back bid is exceeded ( if there is a max.)
then the high bidder wins the coin . Initial ownership of the lot for sale has nothing to do with who buys it
Is there an award like the "You Suck" award, but just the opposite? In other words, when things go really bad for you!
Wondercoin
<< <i>Before I describe my "key" purchase, I just want to know...
Is there an award like the "You Suck" award, but just the opposite? In other words, when things go really bad for you!
Wondercoin >>
uh oh!!!
not sure of the other award, but maybe "That Sucks!" would be appropriate???
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>Before I describe my "key" purchase, I just want to know...
Is there an award like the "You Suck" award, but just the opposite? In other words, when things go really bad for you!
Wondercoin >>
I propose a "You Hosed" award.
I bought a 2000 $100 Platinum (PCGS-MS70) for about $5,500 with buyers fee off Teletrade - a coin that was easily worth IMHO $15,000 - $20,000 (I bid about $14,000 for it using "max bid"). This is a pop 1/0 coin and there were only -4- $100 MS coins between 1997-2002 that ever graded MS70 at PCGS. When I received the coin, the coin was clearly not MS70 quality (a true "mechanical error" in my view) But, instead of simply returning the coin to Teletrade and leaving it out there for the next collector to end up with (as has been the case with other modern and classic coins to be sure), or even worse - selling it (which is often done), I contacted DH over at PCGS and within a day, not only was the coin pulled from the PCGS database, but the original consignor to Teletrade agreed to change the coin to the proper grade holder (I know first hand this consignor meant no harm as he also spoke with me on the phone after PCGS contacted him to advise him of the situation and he explained his circumstances in consigning the coin to Teletrade). Ian at Teletrade acted great in waiving all fees in connection with the auction and assisting in any way possible. DH also created an investigation into how the mechanical error took place in order to avoid something like that from happening again. Good karma all around.
Had the coin been properly graded, I would have had a super valuable MS70 platinum coin for "peanuts" - a huge score. So, "that sucks". But, now the pop is back down to -3- MS70 $100 coins from 1997-2002 and PCGS continues to set the standard on the quality of these very scarce MS early date Platinum coins.
Wondercoin
But great to hear that everyone seemed to do the right thing here
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
he didnt slab it himself?. its pcgs's fault and they need to make good for it. ( which you think they did)
also why would teletrade be contacted? once again. pcgs made a mistake. you now have the coin. Its between you and them.
I must be missing something
-joe
<< <i>doesnt pcgs have a buy back guarantee? which means they should have bought the coin from you and you make $10,000.... why should the cosigner be contacted?
he didnt slab it himself?. its pcgs's fault and they need to make good for it. ( which you think they did)
also why would teletrade be contacted? once again. pcgs made a mistake. you now have the coin. Its between you and them.
I must be missing something
-joe >>
Obvious mechanical errors are not covered under the PCGS price guarantee.
<< <i>
Obvious mechanical errors are not covered under the PCGS price guarantee. >>
But apparently it wasn't that obvious to Teletrade when they cataloged it and not obvious to the OP when the max bid was placed. Had all of the parties not been so friendly about resolving the issue, the OP would have been stuck with trying to get PCGS to cover this under their guarantee, right??
That's the scary thing about the grade guarantee and the mechanical error exception. If I send in a nice MS66RD Lincoln that has turned RB that I want to send in under the guranteee, what prevents them from telling me that it was just a mechanical error on the label and someone typed a "D" instead of a "B" by accident.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>
That's the scary thing about the grade guarantee and the mechanical error exception. If I send in a nice MS66RD Lincoln that has turned RB that I want to send in under the guranteee, what prevents them from telling me that it was just a mechanical error on the label and someone typed a "D" instead of a "B" by accident. >>
Mostly just the good name and reputation of the individual TPG.
Edit to add: Actually, in this case the coin would probably be listed properly in the database as whatever it was graded regardless of what the label said.
.... then the high bidder wins the coin. Initial ownership of the lot for sale has nothing to do with who buys it
I disagree. Intial ownership by the house pretty much ensures that maybe only a newb will end up with the lots that carry high reserves as no intelligent collector or investor will jump on those unless they are hidden varieties, etc. Initial ownership certainly has something to do as to what price you will ultimately pay for the coin. If the house owns the coin you can be sure the reserve will be set at close to retail if not higher to snag a foolish or carried away bidder. Sometimes it's as simple as forgetting to factor in the 15%. Do you want to participate in an auction where reserves on house coins are set too high? Their only downside is having to list the coin again. Even if it gets bought and returned they make money on the return fees.
roadrunner
<< <i>
<< <i>
Obvious mechanical errors are not covered under the PCGS price guarantee. >>
But apparently it wasn't that obvious to Teletrade when they cataloged it and not obvious to the OP when the max bid was placed. Had all of the parties not been so friendly about resolving the issue, the OP would have been stuck with trying to get PCGS to cover this under their guarantee, right??
That's the scary thing about the grade guarantee and the mechanical error exception. If I send in a nice MS66RD Lincoln that has turned RB that I want to send in under the guranteee, what prevents them from telling me that it was just a mechanical error on the label and someone typed a "D" instead of a "B" by accident. >>
I think it should be noted that not many folks are as qualified as Mitch to recognize a real 70 vs. a 69. The owner and or Teletrade may not have realized the error until Mitch got PCGS to officially state this.
<< <i>If a coin is owned by Teletrade (or their parent company), they should forego the 15% commission, imo. The sale of their coin is their profit. >>
<< <i>No doubt! It's similar to a TPG employee selling coins. >>
Why do people get so "up in arms" about Teletrade selling house coins? (Not only in this thread but time after time whenever a Teletrade thread is started.)
ALL auction houses consign coins that either they or one of their principals own. None of these companies--including Teletrade-- attempt to hide the fact. It is listed in each of their individual TOSs.