That moment when....
LincolnCentMan
Posts: 5,347 ✭✭✭✭
….you realize you just beat someone else's, "There's no way in …. that someone will outbid me," bid...…..
Mine. :-)
Does anyone else have any similar wins? Pictures, please.
David
18
Comments
That's a nice looking coin.
Great transactions with oih82w8, JasonGaming, Moose1913.
Nice!
Nice.
Bid on this one after placing bid, then hoping someone would outbid me. NOT!
That coin has some spectacular looking fields!
In honor of the memory of Cpl. Michael E. Thompson
That is one cool blue cent. Was it tough to put a valuation in mind for bidding? I can’t find a lot of reference for it at that level.
"Today the crumbs, tomorrow the
loaf. Perhaps someday the whole damn boulangerie." - fictional Jack Rackham
Congrats on a beautiful coin! That looks super clean!
This actual reminds me very much of a similar thread also trending right now, but in a different situation (condition rarity vs. widget?).
This is why you don't place a skyhigh bid - somebody else might do the same thing
_ That is one cool blue cent. Was it tough to put a valuation in mind for bidding? I can’t find a lot of reference for it at that level._
I usually ignore RB prices since browns often bring more than them. This coin sat at $550 for most of the auction. I figured it’d go for about $800 and resolved to bid well above that to insure the win. Then, two minutes before the auction ended, I decided someone else would do the same thing. So I redid my bid higher. Actually, I barely beat them. There were two other bidders over $1000... I watched their snipes hit.
David
This isn't the same scenario as what you have written for your lovely Lincoln cent, but I won a terrific coin one time at a traditional auction house that utilized an oddball auction method and I always wondered if the person who was winning the lot prior to me was vexed as to how they lost the lot. Yes, I realize that wasn't clear at all, so I will explain.
About 20-years ago one of the well-established auction houses, a name we are all familiar with, decided to experiment with a new format whereby anyone who bid on a lot prior to the close of the auction would be allowed to bid again on that same lot after the auction closed. So, if you bid on your 1928-D Lincoln cent while the auction was live and then it ended with you being the winner, you could still lose the coin to one of the other bidders on the lot. The catch was that you had to bid on that lot prior to the "first" official closing time, you had only one additional hour to place any higher bids after the official closing time and any lot that went a full ten-minutes within this additional hour without any new bids would permanently close.
I placed tons of very low bids in that auction so that I might be able to come back after the "close" and win a coin or two. After the first "close" I waited nearly ten-minutes before placing my additional bids. I waited this long so that others who might have bid on these coins might have lost track of time or may have forgotten the new, quirky rules. I then placed an aggressive bid on a really cool coin and won it, but only after waiting an additional agonizing ten-minutes to see if someone else would swoop in.
If I recall correctly, we had a few threads on these boards with folks wondering what the heck was going on with the auction after it had ended because they did not win coins that they thought were already closed. Also, I spoke with several dealer on the bourse who were wondering the same things. It is likely the auction house received quite a bit of negative blowback and this auction method was "retired" very quickly after its debut. Regardless, below is the coin and I still own it after approximately two-decades
In honor of the memory of Cpl. Michael E. Thompson
This is why you don't place a skyhigh bid - somebody else might do the same thing
Although I have not read this thread, I would point out a few things.
I am always willing to pay my max bid or I wouldn't bid it. Even if it's sky high, I'll pay it once I've resolved to own a coin. However, I cant recall a time where I bid "too high" where the coin was not a conditional rarity that I wanted for my set.
There were actually two bidders that were really close to beating me. The higher of the two was within two bid increments. So though my bid may have seemed high to me at the time, it barely beat what would have been the winning bid if I had not bid.
On conditional rarities, it is often the case that the first such coin sold in public record auction will set the market tone for pricing of that coin. Take for instance the 23-S in 65BN. I looked for one in PCGS 65BN diligently for over 15 years. When a third example was made it hit ebay. At the time the PCGS price guide was $1500. The moment I saw that coin, I resolved that my search had ended. I calculated my bills, subtracted that from the amount I had in the bank, subtracted another $1000 as a buffer, and that was my bid. The hammer on it was about $3200. I can assure you, they weren't even in the running to win that auction. Now the PCGS price guide reflects the coin has a value of $3000. I'm not saying that PCGS will move the price guide on the 28-D based on this auction, but the PCGS price guide isn't very accurate on brown pop-tops anyway. At any rate, the coin has a pricing history of one auction now.
David
Edited to add.... that 46-S quarter is awesome! Thanks for the story. I seem to remember that happening, though it didn't affect any auctions I'd bid on. As I recall, the auction house in question charged Texas residents tax on orders under $1000. At the time, I rarely had over $1000 to spend.
When I used to bid on ebay coin auctions, if it was a coin I really wanted, I would submit a nuclear bid within five seconds of closing... always won and never really overpaid... well, a bit in some cases, but the nuclear level was never reached. Cheers, RickO
Yep...Mother nature just loves to play with copper.
I think about how boring gold would be without it.
My Saint Set