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Did you know you can't shill bid on Heritage??

LakesammmanLakesammman Posts: 17,378 ✭✭✭✭✭
in U.S. Coin Forum
Tried an experiment today bidding well below reserve just to see what would happen on a coin I consigned. I was blocked from bidding. I was impressed!

Only way would be to consign through some one else.....imageimage
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose.

Comments

  • TUMUSSTUMUSS Posts: 2,207 ✭
    That is GREAT to know!!! I always wondered.
  • jacktheknifejacktheknife Posts: 1,547 ✭


    At least they are trying. Obviously, a motivated individual could easily find a way around it though.
  • ToneloverTonelover Posts: 1,554 ✭
    Of course you can just have a friend bid on the coin. If you end up winning though it will cost you every penny of hammer plus 15% to get your own coin back. That could smart.
  • clackamasclackamas Posts: 5,615 ✭


    << <i>At least they are trying. Obviously, a motivated individual could easily find a way around it though. >>



    Do it in person.
  • Catch22Catch22 Posts: 1,086 ✭✭
    My first consignment to Heritage; I thought you placed reserves on your lots by bidding your reserve amount. Of course, I found out that you actually have to call them and have them place the reserves on the lots. I got the same message you did.

    I think they do that so they can talk you out of placing reserves or at least talk you into placing low reserves.


    When we are planning for posterity, we ought to remember that virtue is not hereditary.

    Thomas Paine
  • ERER Posts: 7,345 ✭
    On my consignment to Heritage, Larry Abbott sat down with me and went over all the fineprints, one of which I think forbids you to bid on your own coins.image
    BTW, isn 't it unethical to shill bid? I think it is.
  • LakesammmanLakesammman Posts: 17,378 ✭✭✭✭✭
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose.
  • LakesammmanLakesammman Posts: 17,378 ✭✭✭✭✭
    ER:

    I think it is too - just wanted to see what would happen with a $1 bid.

    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose.
  • lloydmincylloydmincy Posts: 1,861 ✭
    No real policing can be done. You can have a friend bid, and works the same way, if you really wanted to shill. I don't think it should be illegal, butr recently, some guys on EBAY got busted.

    There was an interesting thread about this recently, and I will post the title when I look it up. Again, it goes back to he fact that you can't get caught up in the hoopla about bidding, and you pick a level you would go to. if someone got "burned" from bidding too high, against either ONE bidder or TEN, then too bad. no one is making you bid higher!!!


    -----Lloyd

    The Accumulator - Dark Lloyd of the Sith

    image
  • lloydmincylloydmincy Posts: 1,861 ✭
    The other thread was titled:

    WOW! Shill bidders on eBay caught, and fined by the Attorney General
    The Accumulator - Dark Lloyd of the Sith

    image
  • morgannut2morgannut2 Posts: 4,293 ✭
    I don't understand the shill bids when it's simple to call them up and make a reserve bid. I had one bid ( I think) an increment below my reserve recently and they just "rolled" it over to the next auction. You have to be precise and they will even mail the reserves to you to make sure they're reasonable and what you want. Heritage is very professional IMO.
    morgannut2
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Teletrade used to allow shill bids, not sure if they still do. More than once I got caught trying to bump up some of my coins when I had forgotten to enter reserves before bidding started. In those cases I got my coin back plus a buyer's fee.....ouch.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • CoppernicusCoppernicus Posts: 1,764 ✭
    It seems to me that there is a disincentive to shill bid on Heritage because of the buyer's premium. However, on ebay the selling fees are much lower and therefore shill bidding is more likely to occur there.

    The more I think about shill bidding, the less it bothers me. The only one that is hurt by it is the bidder who chases the item beyond its fair market value.

    If I put a maximum bid in of say, $100 for something and a shill runs the price to $102.50, I only get hurt if I up my maximum bid. If it's not worth $105 to me, I don't bid and the shill "wins" - so what?

    Mike
    Coppernicus

    Lincoln Wheats (1909 - 1958) Basic Set - Always Interested in Upgrading!

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