Got Burned By Teletrade Last Night - Read On ...

[jgrinz]

As some of you know I am going under the knife soon. In case there is unexpected extended down time from my regualar job ( Self Employed ) I figure I would get some inventory to sell on Ebay ( Before the BOYCOTT of course ) .

 

I spent around $460 dollars on stuff, some nice coins, but more bottom fishing than anything, things that I thought I could make my 15-20% on. You know keep the houshold cash flow going.

 

I got my Bill this morning including $16 shipping

... $660 ...

Quite a bit MORE than the expected 12-15% which I usually pay.

 

I am paying over 40% buyers fee on the coin purchases I made last night.

 

Does anyone understand WHY!!!

 

I figured it out this AM ... and If you dont know I will tell you later on !

 

HINT _ Its in the Buyers fee section ...

 

 

 

[xJack]

Without reading the fine print or knowing what dollar level you were bidding, I'd say it's because the minimum BP is $8.

[okbustchaser]

No fine print at all. It quite clearly spells out your buyer fees per coin and delivery charges.

 

Don't buy cheap coins on Teletrade. The $8.00 per coin minimum buyer's fee will eat you alive.

 

By the way, what 21 coins did you buy?

[jgrinz]

Yeah ... Is this $8 something new Or lets say with in the last year or so

Because I had done this before and didnt remember getting porked ... but I had not bought there in a while at this volume ..

 

BUT yes that is it .... arghhhhhhhhhhhhhhhhhhhhhhhhhhhh

 

 

[jgrinz]

Don't buy cheap coins on Teletrade. The $8.00 per coin minimum buyer's fee will eat you alive.

 

By the way, what 21 coins did you buy?

 

Here is one - How did this NOT get a CAM OR UCAM - Already On the BAY as you can see

 

[okbustchaser]

First, I want to appologize for the bluntness of my reply. Looking at it in black and white I could have been a little more tactfull.

 

As for the minimum per coin fee they have to the best of my knowledge always had on. Even back in the dark ages of telephone only bidding it was IIRC $3.50.

 

Your half dollar does look like it ought to be a CAM. May be that it got the star instead of the CAM.

 

[CHABSENTIA]

I thought the minimum Buyers fee on Teletrade was $12.00.I haven't bought on Teletrade for at least three months because of excessive overbidding on areas I have been looking in the Morgan Dollars.

 

A few weeks ago there was a Morgan MS64 hat had been getting $90.00 in previous auctions and somebody had obtained the last one at $240.00

 

Another was $562.00 that was worth maybe $150.00,Somebody is buying up Hot 50 Morgans in ANACS holders. They are mostly AU50 and AU53 and AU58.

 

 

I know it was a Buyers fee of 12% with a $12.00 minimum as I always factored it in the price and figured it would no break even until $100.00. I won a coin on there several months ago for $100.00 My bill was $112.00 plus shipping. The cheapest I could have found it elsewhere was $145.00.

 

 

If somebody wins 6 bids each at $100.00 then it will cost them $672.00 plus shipping as they would have been hit for $12.00 a total of 6 times.

 

Recently I got an EMail from Teletrade that if I spent at least $1000.00 that I would get a 10% discount. so if a person bought 10 items for $100.00 then that would work out to $120.00 in Buyers commissions but with the 10% discount then you would be getting $100.00 back.I am pretty sure it was 10% over $1000.00 in purchases.

 

 

Like other places , you just have to know the terms and bid accordingly.

[cpm9ball]

Don't buy cheap coins on Teletrade. The $8.00 per coin minimum buyer's fee will eat you alive.

 

By the way, what 21 coins did you buy?

 

Here is one - How did this NOT get a CAM OR UCAM - Already On the BAY as you can see

 

 

Did you read Michael's recent thread about the NGC "Star" designation?

 

Chris

[jgrinz]

There minimum is $8 per lot or %12 percent

 

I bought around 15 coins for $9 dollars do the math

 

 

[jgrinz]

No Link me thread please

 

[jackson64]

I believe that they felt the obverse was cam but the reverse just missed..this is one of the things they give *'s for...

[CHABSENTIA]

Then they knocked down the minimum to $8.00 and kept the 12%. I hadn't purchased anything for a few months possibly even three and the minimum then was 12.00.

[carson city]

Teletrade is not for everyone !

[Houston Investor]

Any bidding you do on Teletrade you need to do your math homework and add the buyers fee to your bid to make sure thats what you really want to pay before bidding. Their minimum buyers fee is $8 - so any coin you bid less than $67 you will pay more than 12% as a buyers fee. Very basic.

 

Expect coins to get really bid up in the last 15 minutes of the auction. If a coin has a CDN bid of $200, a Teletrade Bid of $180 has a good chance to win it, a bid of $200 has a really good chance to win it. What your going to find is that guy who won it at $180 probably put a max bid in before the auction started giving any other bidders a choice of either not getting the item or paying above CDN Bid. Unfortunately, one can not use a tool like Auction Sniper in Teletrade auctions. Another thing I have found is lets say a coin has a CDN Bid of $700 but is sitting there at TTR at $450 - you bid $475, someone else bids it to $500 - if it stays there for sometime then maybe you have just one bidder to beat. What you don't know is if he put a max bid in and how much. Bid $625 in the last few minutes of the auction, max bid, and you might just not only beat him, but win the coin below bid!

 

The Teletrade Arena is not for everyone - it takes doing you homework way before the auction starts and then having a backup plan if the items you targeted got bid up beyond what you are willing to pay. You don't want to pay too much or buy crummy low end coins. Look at the image carefully. I have seen people paying much more for certain mods on TTR than what they could purchase from an ebay dealer with BIN simply because of the juice (12 % commission).

 

Recent TTR purchases (and I had to pay well over CDN Bid to get them):

 

[CHABSENTIA]

This is true. As I mentioned earlier I have seen such coins as a 1880 S Morgan in a NGC MS65 Holder going for a bid of over $300.00. This is a common date Morgan that I have seem elswhere with a maximum bid of $145.00 and usually lower.

 

Even with a 12% buyers Premium this is unrealistic. What makes it even more absurd is that in most cases Teletrade provides the previous three or four closings on the coin and people seem to ignore it.

 

 

You are correct in that you have to do your Homework. I look at the items at least a day before the Teletrade auction and if there is anything interesting then I check it a few hours after the auction starts and I may make a bid taking into account any premiums and its value.

 

About an hour before the close of the auction I will check it and if the Bid is too high then I will just walk away.

 

[Houston Investor]

Was that MS 65 1880-S Dollar one of those rainbow toned dollars - they go nuts for that stuff at TTR.

[CHABSENTIA]

No it wasn't rainbow toned etc. I mentioned earlier that there was also a common date Morgan in MS64 that normally went for about $90.00 with Buyers Premium that sold for $220.00.

 

These are not usual situations but seem to be happening at least two or three times each auction. I can only answer for the Morgans for the most part so it may be happening in other aand I don;reas.

 

 

I checked the Silver Eagles a few times and there were a few over bids in that area but not 2- 21/2 times as in the Morgan Examples.

 

Another area and I don;t know if it is the same person but somebody is constantly bidding for the Hot 50 Morgans in ANACS Holders,In this case they are all in the AU55 and AU 53 area. I don't know if this is to "crack" them out and hope for a better grade etc.