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Teletrade

BIGAL2749BIGAL2749 Posts: 742 ✭✭✭✭

Do many members recall dealing with the Teletrade Monday night telephone auctions in the early 90's?

That was pre Ebay and pre-online auctions where bidding was done on the phone frantically punching telephone keys against live bidders.

Major difference was no online viewing but descriptions in the weekly cheap paper catalogue pf just slabbed coins from the 3 TPG at the time. There was a return privilege but with a 5% fee. I do recall losing over $400 on returning a few coins from one of their auctions. I hear Great Collections has the same 5% return fee.

I never liked paying a fee to return a coin but understood why it was needed in Teletrade's business model and felt it was a small fee to get out of a coin that I didn't like in hand.

I'm sure the ebay sellers on the forum would like such a system and know sellers can do the same since ebay will let you charge a restocking fee. BUT ebay buyers are a different breed in the first place, would easily resist buying (like sellers who will not returns) and after all of that can easily shirt the fee and return shipping anytime they want.

I bring up the topic since in a different thread I started I mention buying in the early 90's and starting to think of some of the great coins I picked up at the time and also recall some of the regrets on many that I returned.
In those days a Au58 had to be a slider not just majority of luster present and I viewed weak strikes as wear in many cases and MS 65s had to look like the 66-67 of today.

If the market is just merely going through a slump that will change in the future, collectors would do well to add some coins even if they have to stretch somewhat since what happened in the mid 90 as what occurred in the early 80's prices will seem like bargains as soon as the market improves. In a slump dealers only want to pick coins that will sell. Aren't they buying CAC coins to sell?

Comments

  • CameonutCameonut Posts: 7,250 ✭✭✭✭✭

    "Welcome to Teletrade - enter your ID Code"

    I remember those phone auctions well and frantically punching in lot numbers as the end neared. Also looked forward to the newspaper-like flyers that came in the mail.

    In those days the descriptions were all you got - no photos at all. But once you got the hang of the specific words they used in the descriptions, it was much easier to snag great coins.

    I bought many coins from them in those days - and they became the cornerstone of my cameo collection.

    I also hope the market improves - although I am buying a little, I am trying hard to thin the herd.

    “In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson

    My digital cameo album 1950-64 Cameos - take a look!

  • logger7logger7 Posts: 8,017 ✭✭✭✭✭

    TT had an excellent system, great buy/sell percentages in my opinion, very hobby friendly, it is amazing TT made any money as I knew dealers who used them to get coins graded cheap and then worked out even better deals than their published rates. Standards are tougher with CAC but a lot more coins have been graded since the 90s. On returns you have to look at both sides of the equation, the dealer sells a coin he set his heart on talks to his friends about how he did, and then gets an unpleasant surprise later when the return happens. HA and other auctions try to avoid people returning items, and GC only lets you do it once in a while and wants good reason.

  • gripgrip Posts: 9,962 ✭✭✭✭✭

    Most of my better coins came from TT . Not that far back more
    around 2004.

  • DIMEMANDIMEMAN Posts: 22,403 ✭✭✭✭✭

    Yes, I remember the good ole days.

  • MWallaceMWallace Posts: 3,832 ✭✭✭✭✭

    I remember receiving VHS tapes from Teletrade of the coins up for auction. Does anyone else remember that? Unfortunately, and stupidly, I eventually threw those tapes away. :#:#:#

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I have a couple of Teletrade coins.. bought on the secondary market....actually did not realize it until Russ pointed out the marker.... Cheers, RickO

  • TONEDDOLLARSTONEDDOLLARS Posts: 2,928 ✭✭✭✭

    @MWallace said:
    I remember receiving VHS tapes from Teletrade of the coins up for auction. Does anyone else remember that? Unfortunately, and stupidly, I eventually threw those tapes away. :#:#:#

    I was just going to add the video tape part myself. That would be the very first auctions. They mailed out VHS tapes of all the coins in the auction

  • oih82w8oih82w8 Posts: 11,867 ✭✭✭✭✭

    Missed TT in it's entirety.

    oih82w8 = Oh I Hate To Wait _defectus patientia_aka...Dr. Defecto - Curator of RMO's

    BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug...
  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭

    I kinda remember their telephone auction sales pamphlets where a pull-out in the centerfold of CoinWorld?

    i don''t remember if I ever bid sight unseen with them back then?

    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭

    Sounds as bad most of the spam I get each week.

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    edited January 2, 2017 3:38PM

    I did Teletrade heavily back in the 1988-1993 period. I was frequently in NY at Stacks during that period and would often look at the upcoming Teletrade lots for weeks/months ahead of time by stopping into their office. Since there were quite a few under-grades in those days it was a plus to get an early look. As far as returns, I sometimes sent them back with no return fees (just my own postage) if I felt the coins were not up to snuff. I recall in one instance was a Gem MS65 1853 A&R quarter going for around $20,000. I didn't like the coin when I got it and wasn't about to eat a $1,000 fee to send it back....the postage/insurance still ran $50 or so. Don't always assume that your competition is following the same rules you are. On any coins I viewed ahead of time in NYCity, I had no return priv.

    My best recollection of the TT days was an auction where they failed to list whether a grouping of 5 to 6 gem unc 2 cent pieces were Red or Red/Brown. It was sort of obvious from the description that they were RED. I bid on all of them but not strong enough. Ended up with 1 of them for $425....the others went for $450-$475. I was being too cheap. And yup, I got a MS65 RED sent to me worth around $900 at that time. Not all rosy stories so. One of my consignments to them had some very strange bidding during the 3 different auctions, costing me a few hundred bucks in buy back fees that defied logic. They also advertised that no coins were re-auctioned more than once or twice if they were returned by winning bidders (ie low end coins were sent back to consignors). I recall in particular an NGC MS68 1890 25c that I was the 2nd "winning" bidder on at around $6,000. That coin ended up having a dig in the right obverse field. At best it was MS66 worth $2K-$4K. I didn't pay any return fee on that one. And that coin went off 4 more times after I had "won" it. No doubt the other 3-4 winners were not happy with the same dig.

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • mrcommemmrcommem Posts: 1,152 ✭✭✭✭

    I bought quite a few coins from Teletrade from 1995 to 2002. They had a great selection of dates. You had to be careful of what you bid on, but if you didn't like it, it was not too much of a problem to return.

  • TopographicOceansTopographicOceans Posts: 6,535 ✭✭✭✭

    @baseball said:
    Toward the end, didn't they have online viewing? In any event, I think GC is pretty much what Teletrade use to be, .

    You are correct.

  • MICHAELDIXONMICHAELDIXON Posts: 6,373 ✭✭✭✭✭

    I remember buying and selling both sportscards and coins back in the early 90s through Teletrade.

    Spring National Battlefield Coin Show is April 12-13, 2024 at the Eisenhower Hotel in Gettysburg, PA. WWW.AmericasCoinShows.com
  • Cougar1978Cougar1978 Posts: 7,541 ✭✭✭✭✭

    Bought many coins from them and they were prevalent in my inventory at shows then.

    So Cali Area - Coins & Currency
  • Danye WestDanye West Posts: 193 ✭✭✭

    I like to wish I remember the good old teletrade days, but I wasn't really around then...
    It sounds like those were the times though.

    I could make a birth year registry set out of pocket change.
  • CocoinutCocoinut Posts: 2,505 ✭✭✭✭✭

    I bought many nice coins through TT in the '90's. As others have stated, you had to read the descriptions carefully. You never knew if you were bidding against a live bidder or a minimum level assigned by the consignor or TT. You might have believed you had the winning bid, only to call in 15 minutes after the auction ended to find that you were outbid. Sometimes the same coins would then appear in a later auction. Still, there were some very good deals.

    Jim

    Countdown to completion of my Mercury Set: 2 coins. My growing Lincoln Set: Finally completed!
  • gripgrip Posts: 9,962 ✭✭✭✭✭

    They sure had some good pictures for viewing.

  • dbtunrdbtunr Posts: 614 ✭✭✭

    TT still exists. It's just called GC now. Even Ian is there to help you out.

  • BIGAL2749BIGAL2749 Posts: 742 ✭✭✭✭

    @dbtunr said:
    TT still exists. It's just called GC now. Even Ian is there to help you out.

    I believe Great Collections bought TeleTrade

  • mannie graymannie gray Posts: 7,259 ✭✭✭✭✭

    @DIMEMAN said:
    Yes, I remember the good ole days.

    I loved TT. Many times an auction would consist of 10-25% of my coins which I had PC/NGC grade through them.
    Probably slabbed many thousands of coins through them.
    I used to travel around buying, do shows, etc., slab the raw coins I bought , and wait for the checks to come.
    Gosh, those were great times.
    I can remember slabbing countless doubled dies, RPMs, etc., many of which were unlisted at the time through ANACS/TT.
    Generic proof Jefferson DDRs, etc---anything that got a DDO or DDR or better yet DDO/DDR would be a money maker.
    I mean ANYTHING. And cameos.......I don't even want to start thinking about that.......
    My mistake was thinking that it would always be that way..... :/
    Fun times.

  • davewesendavewesen Posts: 5,759 ✭✭✭✭✭

    @BIGAL2749 said:

    @dbtunr said:
    TT still exists. It's just called GC now. Even Ian is there to help you out.

    I believe Great Collections bought TeleTrade

    Ian was running TT and left to start Great Collections.

    TT turned into StacksBowers, who has being working on computer upgrades for the last couple years. I think they have an internet auction every month or so. My understanding is that there were potential buyers for TT, but the owners did not want to let it go ...

  • logger7logger7 Posts: 8,017 ✭✭✭✭✭
    edited January 3, 2017 3:20PM

    @BIGAL2749 said:

    @dbtunr said:
    TT still exists. It's just called GC now. Even Ian is there to help you out.

    I believe Great Collections bought TeleTrade

    Actually GC outcompeted TT with much better customer service. I remember calling TT about a consignment and the customer service girl who was apparently hired based on her charm and "fashion model" look asked "why are you calling?"

  • Dave99BDave99B Posts: 8,331 ✭✭✭✭✭

    Teletrade was great, I loved their website format. I used to love Wednesday and Sunday evening when new auctions kicked off. Yes, they had a lot of generic material, but occasionally I could find a really nice nugget. Great Collections is nice as well...really hope they do well.

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • TommyTypeTommyType Posts: 4,586 ✭✭✭✭✭
    edited January 3, 2017 5:22PM

    I do recall that even when I had to think twice about what my own phone number was, I could still rattle off my TT user number, (8 digits?), in a blink of an eye. ;)

    Added: Probably only 6 digits....

    But thinking back to the original telephone system, it just seems terribly unwieldy now. I don't know how we made that work. And I was only interested in maybe 1 or 2 coins per auction! Some of you wheeler-dealers must have been mashing your dialers at a pretty good clip checking lots, and placing bids! ;)

    Easily distracted Type Collector
  • messydeskmessydesk Posts: 19,642 ✭✭✭✭✭

    @TommyType said:
    I do recall that even when I had to think twice about what my own phone number was, I could still rattle off my TT user number, (8 digits?), in a blink of an eye. ;)

    Added: Probably only 6 digits....

    6 digits. I still know mine.

  • georgiacop50georgiacop50 Posts: 2,909 ✭✭✭✭
    edited January 3, 2017 6:49PM

    @logger7 said:

    @BIGAL2749 said:

    @dbtunr said:
    TT still exists. It's just called GC now. Even Ian is there to help you out.

    I believe Great Collections bought TeleTrade

    Actually GC outcompeted TT with much better customer service. I remember calling TT about a consignment and the customer service girl who was apparently hired based on her charm and "fashion model" look asked "why are you calling?"

    That was at the very end days of Teletrade, after key personnel had jumped ship. Before the company was taken over by Spectrum and started to change drastically, Irma Kane was heading up Customer Service at TT she was absolutely top-notch! Bernard Rome was a great guy as well.

  • joebb21joebb21 Posts: 4,732 ✭✭✭✭✭

    I disliked teletrade as the potted plant was too aggressive for me to have much fun

    may the fonz be with you...always...
  • 10000lakes10000lakes Posts: 811 ✭✭✭✭

    @joebb21 said:
    I disliked teletrade as the potted plant was too aggressive for me to have much fun

    I hated the hidden reserves at Teletrade with the fake bidding increases during the first hours of the auction.
    Although I did figure out the pattern of what the reserve price might be based on the first price posted when the auction started. It was 7 bid increments below the reserve price, unless there was someone who bid on the lot before the auction started. So if the price went up 7 increments during the auction, it was most likely the hidden reserve and would likely be listed as not sold, unless someone else placed one more bid. Auctions that increased more than 7 increments during the running time, were going to sell. So if you liked that coin you needed to bid.

  • georgiacop50georgiacop50 Posts: 2,909 ✭✭✭✭

    BTW, the telephone bidding system brought TT some real headaches. I know of a guy that had a bone to grind with TT and

    one day TT accidently sent this guy an invoice that belonged to another bidder. The invoices had bidder ID codes on them.

    So the disgruntled guy went to a Payphone (remember those?) and used this other fellows bidding ID number to bid up a

    whole slew of expensive coins to outrageous levels just for spite. I can't imagine what the poor fellow with the hi-jacked ID

    thought when he got 5 or 6 figure invoice for the coins he never even bid upon!

  • georgiacop50georgiacop50 Posts: 2,909 ✭✭✭✭

    Another story:
    Early on, TT would let their consignors send raw coins directly to the TPG's and then TT would deduct the grading fees from the auction proceeds.

    Well, another disgruntled Teletrader decided to send a whole bag of common circulated wheat cents to PCGS to be graded/auctioned at Teletrade.

    Of course the graded coins would only sell for a dollar or two at auction (if that much!) leaving Teletrade on the hook to pay PCGS like 98% of the grading fees which they were not able to collect from the scoundrel who sent the coins to PCGS.

    After that episode, TT quickly amended their terms to state that all raw coin submissions had to be sent to TT and approved by TT BEFORE going to the TPG's! No more submitting directly to the TPG's on Teletrades dime!

  • 10000lakes10000lakes Posts: 811 ✭✭✭✭

    @georgiacop50
    Interesting stories

  • koynekwestkoynekwest Posts: 10,048 ✭✭✭✭✭

    I didn't buy much in those early days but sold a ton of stuff there. In those days some pretty common doubled dies sold for amazingly high prices.

  • nankrautnankraut Posts: 4,565 ✭✭✭

    @MWallace said:
    I remember receiving VHS tapes from Teletrade of the coins up for auction. Does anyone else remember that? Unfortunately, and stupidly, I eventually threw those tapes away. :#:#:#

    I just discarded a bunch of the TT VHS tapes a couple years ago. I used to do quite a lot of transactions with them.

    I'm the Proud recipient of a genuine "you suck" award dated 1/24/05. I was accepted into the "Circle of Trust" on 3/9/09.
  • messydeskmessydesk Posts: 19,642 ✭✭✭✭✭

    Who can forget the consolation message at the end of the auction: "Better luck next time."

  • Al21Al21 Posts: 330 ✭✭✭

    How about the price guides that teletrade put out each year? And the slab boxes they sold.....I still have some. They hold all the different size slabs. I can still remember my log in code.......


    Successful BST transactions with WTCG, NH48400, evil empire,
    meltdown, timrutnat, bumanchu, 2ndCharter, rpw, AgBlox, indiananationals, yellowkid, RGJohn, fishteeth, rkfish, Ponyexpress8, kalshacon, Tdec1000, Coinlieutenant, SamByrd, Coppercolor
  • GRANDAMGRANDAM Posts: 8,353 ✭✭✭✭✭

    I still have their telephone number,,,,,,,,,,,

    GrandAm :)
  • logger7logger7 Posts: 8,017 ✭✭✭✭✭

    Company buyouts generally result in a lesser product, I have never seen a company bought out that kept a good mojo. Teletrade, Ellesmere, etc..

  • OKbustchaserOKbustchaser Posts: 5,438 ✭✭✭✭✭

    Congratulations, Bidder # XXXXXX. You won lot number YYYYYY for ZZZ.ZZ.

    Just because I'm old doesn't mean I don't love to look at a pretty bust.
  • logger7logger7 Posts: 8,017 ✭✭✭✭✭

    @messydesk said:
    Who can forget the consolation message at the end of the auction: "Better luck next time."

    Doesn't the Stephen Hawking have the same voice as the Teletrade guy?

  • gemtone65gemtone65 Posts: 901 ✭✭✭

    One of my more memorable numismatic experiences occurred with Teletrade. It involved a Sunday night auction that included an unusually high quality consignment of gem toned Morgan dollars, my specialty. I was very excited and logged in at the opening, even though the auction wouldn't actually close until many hours later. I placed initial bids on 7 coins, with my high prevailing bids this early being between $400-600. Even back then, around 2004 or so, these coins were worth $2000-3000 apiece.

    Sometime in the afternoon I became aware that the TT site had a technical problem, which prevented bidders who weren't already logged in from bidding. However, if you were already logged in, that wasn't a problem. As a result, my early prevailing high bids remained as winning bids throughout the day and through closing on every lot.

    I was apprehensive that TT would cancel the sale, but thankfully they did not. So, I wound up with 7 of the best buys I ever made, and still own every on of these coins.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I was selecting coins for my 'box of 50' yesterday and found one I have with their 'sticker' on it...it is a chop marked Trade Dollar.... nice one too.... Cheers, RickO

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