I bought a $6 coin for $20.75 today

lkeigwin

I bid $6 for a run-of-the-mill Lincoln from Teletrade today. Just a lark. I figured I'd stick it in my album of XF/AU early Lincolns.

Just got the bill for $20.75. Man, I have to start paying better attention. LOL.

Subtotal 6.00
Buyer's Fee 8.00
Postage and handling 5.00
Tax (43 9.250) 1.75
Total 20.75

Lance.

AnkurJ

EEP!

MidLifeCrisis

Hope you really like it!

llafoe

ummm... Congratulations?

BAJJERFAN

<< <i>I bid $6 for a run-of-the-mill Lincoln from Teletrade today. Just a lark. I figured I'd stick it in my album of XF/AU early Lincolns.

Just got the bill for $20.75. Man, I have to start paying better attention. LOL.

Subtotal 6.00
Buyer's Fee 8.00
Postage and handling 5.00
Tax (43 9.250) 1.75
Total 20.75

Lance. >>



Yeah, that $8 minimum juice can bite ya in the ass.

Bochiman

Could have been worse.....could have been YOU who originally submitted it to PCGS (after paying $6 for it raw )

hammered54

excuse me for asking but why does a buyer pay a fee?

GoldenEyeNumismatics

<< <i>excuse me for asking but why does a buyer pay a fee? >>



The same reason a seller pays a fee. Teletrade is a business. Most people factor the buyer's fee into their bids.

AuroraBorealis

Youchers...

AB

hchcoin

Look at it this way - you spent $6 for the coin and $14.75 for an education on the bidding rules for Teletrade. Next time you won't make the same mistake.

Tdec1000

I did the same thing on a VG10 1917 P Lincoln in a PCGS holder that I thought was the DDO. Definetely was not the doubled die when it arrived. I paid 22+ after all the juice.

keyman64

BIG WINNER!

golfer72

I recently got a Morgan form Heritage for $110. Oh thats right the final price was $146 after all the add ons. . I think I am done with them.

BAJJERFAN

<< <i>excuse me for asking but why does a buyer pay a fee? >>



All of the auction venues [sans eBay] that I know of charge a 15% or more "buyer's premium". Apparently you don't do the auction thing.

ricko

That is why I do not frequent these auctions... Cheers, RickO

hammered54

<< <i>

<< <i>excuse me for asking but why does a buyer pay a fee? >>



All of the auction venues [sans eBay] that I know of charge a 15% or more "buyer's premium". Apparently you don't do the auction thing. >>



nope!.... kind'a reminds me of some other group of thugs.

Res

So how does that work - does the seller get a bill for $2.00, or is there a different juice calculation?

BAJJERFAN

<< <i>So how does that work - does the seller get a bill for $2.00, or is there a different juice calculation? >>



The seller gets the $6 hammer price less commission after it is a done deal, i.e. the coin won't be returned. The house gets the $8 or juice. There is no way the house could survive as a business on commission alone.

CaptHenway

<< <i>

<< <i>excuse me for asking but why does a buyer pay a fee? >>



The same reason a seller pays a fee. Teletrade is a business. Most people factor the buyer's fee into their bids. >>



Or not......

Shamika

<< <i>

<< <i>

<< <i>excuse me for asking but why does a buyer pay a fee? >>



All of the auction venues [sans eBay] that I know of charge a 15% or more "buyer's premium". Apparently you don't do the auction thing. >>



nope!.... kind'a reminds me of some other group of thugs. >>




I have the same thoughts from time to time. It seems like the only financial winners when it comes to coin sales are the auction houses. Much like Wall Street, money is to be made in both up and down markets.

CyStater

You learned the hard way about the minimum. I personally only use Teletrade to purchase coins that are at least in the $80 or higher range and my bids reflect the fact that I know I have to pay the buyer's fee. As long as you keep that in mind you can be successful. Last night I purchased two coins (I also try to purchase multiple coins in one auction when possible rather than one per auction to save on shipping) and was very satisfied with what I paid for each. I stay away from the ultra cheap stuff on there bc you can usually find it on BST, Ebay, or other areas.

RGJohn

<< <i>Look at it this way - you spent $6 for the coin and $14.75 for an education on the bidding rules for Teletrade. Next time you won't make the same mistake. >>



Agreed. Kollitch tuition runs $40K per year so really you got a deal.
Thanks for sharing the experience, I wouldn't have known either so you've saved me a few bucks and I thank you.

LindeDad

I almost forgot why I stopped going over there thanks for the reminder.

bsshog40

So if you were on Ebay, you would have paid 12.75. This includes your shipping and taxes. The buyer would've been responsible for any selling fees which ebay makes their money from their insertion and final value fees. But seeings how you dealt with heritage, you paid an additional 63% to purchase your coin for 12.75. That's pitiful!! As I see it!!

leothelyon

While I could have quoted a number of you, look at all the fees you didn't have to pay; gas, hotel, food, parking, hours on end searching to buy that coin for a measly extra few dollars.

Yes, I'm going to pay a little extra to tap on a few keys on my keyboard to land a coin I really want.


Leo


Edited to add;

mikeyg

Speaking about e bay...you must watch those auctions too.More than once I have seen a coin I wanted, was willing to bid a little high on it then looked at the shipping costs and found shipping put the coin way too high.