Bidding on teletrade

MSD61 · February 18, 2004 1:34AM

this may sound really stupid but, I have never took part in a teletrade auction. When can one place his bid on auction day? Anytime or after the auction begins?

Thanks,
ME

Dave99B · February 18, 2004 2:34AM

12:00 - 7:00 PST (yes, after the auction begins).

Their stuff is a little crappy --- be prepared to return a lot of material.

Dave

Colorfulcoins · February 18, 2004 6:40AM

And keep in mind that sellers can bid on their own material........

MrEureka · February 18, 2004 7:21AM

And keep in mind that sellers can bid on their own material.......

What makes you think that??? Sellers can RESERVE their own material. They CANNOT bid on their own material.

MacCrimmon · February 18, 2004 7:29AM

<< <i>They CANNOT bid on their own material. >>

Yes, they can. But, if they are the high bidder they pay both commissions.

dougwtx · February 18, 2004 7:32AM

You can bid almost anytime. You are allowed to place maximum bids in future auctions. Their online bidding is nowhere near as fast as eBay. I can place a bid during a live auction and it won't show up in my tracking for quite awhile.

Doug

MrEureka · February 18, 2004 7:34AM

Yes, they can. But, if they are the high bidder they pay both commissions.

Maybe they can, but why would they do that instead of reserving the coin and avoiding the commission? Besides, it's not like a public auction where a consignor can watch the bidders and try to goose an overexcited floor bidder. As far as I can tell, there's just no REASON to bid on your own coins in Teletrade. Or am I missing something?

ARCO · February 18, 2004 8:31AM

I watch Teletrade auctions every week for the Barber halves and have seen a very funny occurrance. the coin shows a high price that it sold for, then three or four weeks later the same coin is up for sale again?

Are those coins returned, or are they shill bid by Teletrade, not sold for the amount desired and recycled through again? Seems that there are many coins like that.

Case in Point is a nice looking VF30 1913-D Barber Half for an upcoming auction. It was listed about one month ago, and I wanted to buy it but missed the bidding. Looking at the prices realized I was amazed for how high it sold, and now it is up for auction again. Ditto for the 1912 in AU that is relisted.

Tyler

sinin1 · February 18, 2004 8:42AM

frequently the coins are returned

some buyers get a MS64 and think it should be a MS65 but it may be closer to a MS63, so back it goes and recycles through the sale again

Dave99B · February 18, 2004 9:03AM

I bought and returned the VF30 1913-D Tyler is referring to. Ugly coin; hairlined to beat H*E*L*L ! I also returned the XF45 1912. Same story.

Way to go ANACS.

Stay away from those beasts..!

The only coin I kept from that Feb 2nd auction...

Dave

Casey · February 18, 2004 2:25PM

I too have not had a good experience with Teletrade. I just won my first auction last week for an 1892 Barber dime PCGS XF45 and it looks like its been cleaned!!! I thought it can't be since it's in a PCGS holder and I set it aside for a few days because I was too busy to deal with it. Now the return period has passed (by a few days) and I took it to my local coin club tonight and others also think its cleaned. Now I guess I have to deal with PCGS.

I thought I read that Telegrade's return policy is 7 days from the date it shipped. Having a holiday weekend did not help my cause.

What's the procedure for contacting PCGS for a possible problem coin?

Casey

Boom · February 18, 2004 2:37PM

I have bid successfully on MANY PCGS Washington Quarters as well as some from across the street. I find Hollie Hughes, customer service and everyone involved-including their items above board. I have made many an outstanding purchase as proven by viewing the current 13th ranked set (by .01 pt)-very soon to be # 12. No problems whatsoever except coins mislabeled because of mechanical malfunction, here at home!

To answer the poster's question, once you have logged in and have a Teletrade User ID you may place max bids on several auctions way in advance.

Bidding on teletrade

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