I've heard this from a couple of people since launch, but haven't tried it for myself.
"[i]Appearantly[/i]", if you turn in enough tokens to level a vendor, you can claim the engram at a higher power level by letting it sit. It may go up or down every 30 minutes or so.
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I think this only works if you are 300. When 300, engram's can drop between 295-300, so if you have one sitting at 297, and dont pick it up, cone back and inspect, and it's 300, then all engram's will be 300 for that 30 minute window. So if you keep a large stack of tokens, wait for the 300 engram, then turn them all in right away, everything you get within that window will be 300. Planetary token engram's refresh every 30 minutes, in the tower it refreshes every 4 hours. Read this in a tutorial, have not tried it myself so I may be misinformed.
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I tried this on a couple of the vendors and it did not work. The game has inconsistencies where exploits work for some gamers but not for others. BTW as I recall the wait time on the Vanguard is 4 hours instead of 30 minutes like the others.
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I turned in a bunch of titan tokens to Sloan an got celestial nighthawk.
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If you preview the engram and watch the stock will change every couple of minutes so some of those engrams may have the possibility of dropping at a higher light level. My fiance will sit in the menu for Banshee until the Manannan scout rifle is a possible loot drop then he'll claim the engram (so I know the stock changes but he's in the 300s so I dunno about the level changing).