I was right " I think this will be TELTRADES last year as an auction "

[Paul Kiraly 3]

so many people doubted me !

 

On 1-14-13 I wrote an article about this will be Teletrades last year.. I few people agreed with me and a lot of negative comments about the facts ! Well Teletrades people will have to go to stacks and bowers now ..

I guess I had to write this article to gloat a little !

 

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[mailman1959]

I should have asked you for last nights Mega Million numbers.....

[jackson64]

I was one of the rare few who also agreed with you. I also caught a lot of flack but it seemed obvious to me that when teletrade bumped to 17% buyer fee in addition with the overpriced shipping that modern's were going to be gone from their sales.

 

Who would sell/consign their modern coins--ie PF69UCAM or high MS at such a low cost that someone would actually buy them?

 

Example: and these numbers are made up but the point is valid--if someone was selling a $50 value PF70 2005 Nickel, penny or dime etal...then he would need a buyer to be willing to pay about $75 to get that coin in hand. That is not going to happen when bulk ebay dealers will sell those $50 FMV coins for $45 with free shipping and no buyers fees..

 

Then, after the moderns became a joke for buyers and sellers...the classic coins also suffered. I saw tons of "details graded" and "genuine" slabbed stuff...and many consignors were asking full retail prices for mass pop coins or problem coins--in other words, the inventory and selection at Teletrade had become recycled, overpriced when fees were factored ( because sellers didn't want to accept losing nearly 20% on the bids because buyers were factoring in those costs when bidding) and also an increasing percentage of low quality coins.

 

In summary--it was evident that Teletrade was not conducive for modern sellers and buyers to use and with fees that high for a weekly auction's offerings--only the desperate would consign their coins there...