Can you bid on your own coins?
Modwriter
Posts: 330 ✭✭✭
Ive been bidding and it has has crossed my mind. Ebay or Auction houses.
0
This discussion has been closed.
Comments
It depends on the auctioneer and state law. It is frowned upon, though, in all cases.
I don't think you can bid on your own coins. For one, if you're able to bid on anything means you have to be registered with the website and then be signed in to be able to make a bid. The website would know it's you and I'm sure they have algorithms to determine who is bidding.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
Be careful. If you bid on your own coin, you may win it and have to pay the eBay, PayPal, and sales tax fees.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
You try that at most reputable auction houses and you'll be banned forever and a day.
Member ANA, SPMC, SCNA, FUN, CONECA
What @PerryHall said.
For most of the people that do this (not me), they would typically have a representative/friend bid on their behalf so that they are not doing it directly.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Shill bidding..bad karma
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
True. May even have more than one "agent".
I have been told by my man at HA that it is forbidden to bid on your own consignment.
I just bid on a HA, I remember reading a disclaimer that said while this lot does not have a reserve, the consignor could still bid on the auction, but if they win they are responsible for all HA fees. I will have to see if I can find it.
Join the fight against Minnesota's unjust coin dealer tax law.
Or protecting your ass from poor representation like I did the last time a used one of the biggies.
Edit to add...I did buy back my coins, paid the fees, and sold them for more after paying the fees.
The major auction houses permit house bids if I'm not mistaken. It's legal in most states if disclosed ahead of time. Read the fine print when you first sign up.
You used to be able to with Teletrade / buybacks. One guy in coin club would send estate material he acquired to TTR raw coin service get it slabbed, bid up stuff he wanted back, sell at retail.
GC and eBay no. SB yes. HA I don’t know for sure but probably. Legend don’t know.
Karma is a bitch, and when she comes, she brings a hammer.
Just use a reserve. Bad form to shill your own stuff
Sure....but if one thinks their stuff might end up being shorted, perhaps for the lack of publicity, the lack of bidders, don't think one should just give his coins away....on the cheap?
I guess, this would be a good lesson for anyone who would want to have some control over what his/her coins go for with the auction house they're using. What a nightmare! lol
A few of us don't live in Alice's Wonderland. lol
Having the option, depends cost wise, using a reserve is good advice!
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Shill bidding is, IMO, unethical. If you want to sell your coin, list it retail or with a reserve you want to realize. Be honest. Cheers, RickO
Why not? it only promotes a higher fee for the house regardless of who ends up with the higher bid.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
When I was auction director, on more than one occasion, I had to dismiss someone permanently from consigning when they got caught shill bidding. Please don't do it.
On the web: http://www.earlyus.com
They don't care. My wife and I share devices and IP address, just different names on the accounts. I've had to do a hail Mary type situation in the past either due to buggy software or a dire mistake. I dont like doing it, but man if it saves me 26h on the phone with Ebay? Yep. Always easier to buyer requested cancel when the buyer is you. I'm not even sure if many of these extenuating circumstances exist anymore. I imagine many others list completely differently now too.
There's, I'm sure, some type of multiaccounting powerselling culture that embraces these types of things for fraud purposes and exploits. I can see someone trying to do this and having it go horribly wrong. What if you ever have to use it, and the listing you're trying to claw back is being bid on with moon money? Just wrack up PayPal return fees? Bad feedback?
I'd say reserve that kind of thing for when their terrible app deletes your description, mixes up the category, duplicates your first photo and deletes the other 11, and all the other big issues they rarely work on fixing.
... it's also easier to just cancel the auction.. all around, sounds like too much trouble. That time could be much better spent with much larger rewards.
Well there is a foolish one way market and a silly two way market. No. I can understand trying to protect one's ass...ets, but it is shill'ing ( shill bidding) It's not legal or lawful in my book. And from my perspective, not even 250 relatives can bid on my stuff through eBay because they (eBay) say it's shill bidding.
So with respect to a dirty market, I have little. (Respect, that is).
I think that depends on who the seller is. I caught 1 dead to rights and eBay would do nothing. We all know a few of the big sellers who sell crap that do it.
Are there any telltale signs of sellers who are doing this that people should look out for?
Successful BST transactions with: Cameonut, Rob41281
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
I have no idea. All I know is recent sales were not shown...only a 15-20 year old sale that was 25% of the recent sales...along with sh*tty pictures!
Sometimes they may bid on it too and then sell it as inventory.
Its fairly easy to see when someone is shill bidding. An auction has been up for 2 days with no bids then you bid. No less than 2 minutes later you get outbid... Usually it's a shill bidder trying to get you to pay more.
I want to believe in karma.
I want too very badly....but just can't.
Regardless of how it is done, shill bidding in one form or another has been around as long as auctions have existed.
And it always will be.
Because human beings are greedy.
As a participant in auctions, you just have to accept that fact and have a maximum number you are willing to pay for the item, no matter how that number "got there."
I wonder how many auction buyers are aware that they are bidding against the auction company that's selling the coins that they are bidding on. It sounds like unfair competition because the auction company doesn't have to pay themselves the buyer's fee.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I would recommend being prepared to pay the taxes and auction house fees in case someone 'drops' the lot on you using this method. Playing with fire unless one changed their mind about selling the coin at the last minute!
Shill bidding is a federal felony charge.
The Sherman Act criminalizes bid rigging, price fixing and collusion to keep bidding low or high.
Not 100% of the time but you can hedge you were in a shill bid situation when you get bid up and then get an email with second chance offer which just happens to be the last bid amount you made. I always email the seller and tell them we both know what is going on and I offer them my original bid
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
Pffft. Plenty of times we see the disclaimer at heritage that the consignor placed a late bid on this item and bought it back.
You just gotta pay the fees
I do look look at the auction numbers and when I see that group of numbers get a raise, I know that the consignee or consigner is bidding. I don't worry too much because I do a lot of researching, and planning and have a maximum bid. I write everything down with a pencil and when I get outbid at my max, it gets erased.
very risky, you can get banned if you get caught on e bay
ok
ok
okay
Settle down Azurescens. Smoke a joint.
@Azurescens Suggest that you clean up your prior posts in this thread unless you are trying to get yourself banned. I'd hate to lose you as a fellow forum member.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Got it thanks, please tell this person to stop having fantasies about me committing crimes and please have him stop following me around this board harassing me. Thank you.
It ain't me, bro. Had my nephew bid a coin and he has same last name. eBay took away my top rated seller status for almost 6 months and said it was due to shill bidding from the same ISP.