They are a last resort when you buy coins from them !

I have been dealing with teletrade for over 15 years and every single coin I bought from them, I will lose money when I sell any of them.

Teletrade has made a decision that, they just crippled themselves and its their own fault.

Lets face facts, teletrade is a last resort auction house. They really didn't know how to run their auction. If you seen a coin you really wanted and you call them, they couldn't tell you what a coins reserve was. What insufficiently_thoughtful_person made this rule up.

Next is even stupider. If a coin sold at 200.00, the next auction the same exact same coin would start at 180.00 or 200.00. Good luck with trying to get a descent deal on a coin. Because the buyers fees were 15% on top of the high starting price.

Then I loved the Tuesdays no reserve auction. This was the junk that they couldn't sell had no reserve but the starting price was 3.00 plus the buyers fee and shipping. so the minimum coin fee plus shipping was 10.00.. Most of the coins that was on there wasn't even worth that.

Another tactic to keep business they would offer " No Sellers Fees " in hopes to attract sellers to consign to their auction. But with their high starting prices, very few people would consign to them. How in the hell are you suppose to make your 15% when a coin doesn't sell.

When you click a coin on their site, it has a starting bid of 200.00 and next bid is 200.00, which means the coins has a starting reserve of 200.00. with no bids, Good luck with trying to get a good deal.

If a coin didn't sell, and you called teletrade to offer the seller a reasonable price ,the people who answered the phone would either say, It has to run through 3 auctions, or the seller doesn't take offers on coins. I can see they were motivated to make that 15%. Greed is their worst enemy !

As a last resort the offered a crazy Gold rewards program. For every dollar you spent you got 1 point for FREE coin stuff. This Doesn't include the 15% buyers premium or shipping. It was actual money only on the coin. So if you spent 6500.00 on coin you got a free NGC ms65 Morgan Dollar, "their Choice of Course" The average price of that coin was about 120.00 value. Just the buyers fees of 6500.00 is 975.00.

Now the gold rewards program is no longer available.

Now instead of having 4 auctions a week, Now they have 1 auction that runs for a week long. Here's the best news, Not only do they have the expensive starting prices, They added a whopping 17% as their new buyers fees. Now I personally don't mind a 17% buyers fee in the coins start at 1.00 with no reserve like 95% of heritages coins. 90% of the coins on teletrade has a high starting prices of you can just say the word "reserve".

I feel the finally condemned themselves!

Any thoughts on is from other collectors society members?

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