<< <i> Ok - no more guesses. Deadline has passed. I'm a bit surprised at how many people didn't pay attention to the bidding increments. Since I said it was an exact guess contest, that would be a very important aspect. Only a few of the guesses are "on increment" which means they are "live" for anything but a random bid. >>
Oh that is silly. Had you offered a 100 oz silver bar I think everyone would have paid much more attention to the exact bidding increments or the possibilty of a cut bid.
<< <i>Ok - no more guesses. Deadline has passed. I'm a bit surprised at how many people didn't pay attention to the bidding increments. Since I said it was an exact guess contest, that would be a very important aspect. Only a few of the guesses are "on increment" which means they are "live" for anything but a random bid. >>
If it would make you feel better you can edit my $3,925,000 guess to $3,965,625 as an "exact" split bid plus the 17.5% juice...Not that I would actually win with my ultra low guess anyway
I wish someone was live-tweeting the auction. That would be an interesting addition on the big coins!
John Brush President of David Lawrence Rare Coins www.davidlawrence.com email: John@davidlawrence.com 2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
Yes Ankur...that beats the 1933 Saint auction in 2002.
John Brush President of David Lawrence Rare Coins www.davidlawrence.com email: John@davidlawrence.com 2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
As a coinsolation prize, Will you send the coin to the top 3 runners up to examine, photograph, and send back, so they can find out where the money they missed is located on the coin?
<< <i>My guess of $8,510,000 wasn't that far off after all great coin!!! >>
That was a great guess and I almost commented on it. If you add the juice to it, it is infintesimally below $10M and that would have been the biggest mistake bid in my numismatic career.
<< <i>TDN - Congrats! Just one question, though. If someone had guessed 8.525, would you have tweaked your bid to avoid losing the 10 ounces of silver? >>
lol - heck no!
I had this bid in mind for months. I kept repeating it to Laura. "do NOT forget the extra $25k!!!"
After he paid 10 million I feel like we should all send Bruce 10 ounces of silver. That's going to leave a hole in the checkbook
Congrat's to Legend. Amongst my favorite people in the business.
MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Guess that means I'm 'off increment' - whatever that means. >>
In the real world you can not outbid someone by .01¢ like you can on e-bay. You have to step to the plate and go the whole increment (or cut-bid which is explained in the other thread). And at Stack's >$1mil is $100k increments.
Also to note, TDN has now broken the bid increment page as when I just checked it, it ends at $9,999,999,999.99
<< <i>Guess that means I'm 'off increment' - whatever that means. >>
In the real world you can not outbid someone by .01¢ like you can on e-bay. You have to step to the plate and go the whole increment (or cut-bid which is explained in the other thread). And at Stack's >$1mil is $100k increments.
Also to note, TDN has now broken the bid increment page as when I just checked it, it ends at $9,999,999,999.99 >>
Not really true. The auctioneer at their own discretion can accept or deny any bid they choose. In most cases they won't accept silly increments like 1c. But on a $10 MILL coin with $500K increments they might be willing to accept $25K increments as that's real money. They can allow as many cut bids from the same bidder or none. In most auctions the house won't accept a 2nd cut bid as it slows the process down and might also reduce the hammer prices if bidders get frustrated with cut bidders. On this particular coin I think all the rules of cut bids and increments were out the window as they wanted the best price for the coin, period. They aren't usually so accomodating on much cheaper coins. I've seen auctioneers deny cut bidders re-entry. But it still comes down to the auctioneer and what they feel is best for the situation. The official bid increment for under $10 MILL is $500K. Obviously in this case they accepted an increment 1/20th of that amount ($8.525 MILL). In the official bidding "rules"of S-B, it's quite clear there are few, hard and fast, "can't be broken" rules. The bid increment on this lot ended way short of $10 MILL bid, so the standard bidding increments were in play. The buyer's fee doesn't count towards the bidding increments. Here's a good opportunity to ask TDN who really pays the Buyer's Fee? Did that extra $1.49 MILL come out of Legend's or Cardinal's/S-B's pocket? Pretty stiff entry fee of $1-1/2 MILL to bid....
Auction companies regularly accept odd increment bids when they are AT LEAST a full increment. And nobody could possibly claim that $3,025,000 wasn't at least a full increment.
With regard to the buyers fee - it was irrelevant. If there had been no buyers fee, the bid would have been $10M. If there had been a 100% buyers fee, the bid would have been $5M.
The only thing wrong with the stupid 17.5% is it's too hard to figure on the fly - I hope they hurry up and go to 20%
You know that $500k sounded really familiar but when I just looked I saw $100k and now I'm all confused... So I went and double checked and sure enough, there are two pages each w/different increments.
<< <i>Text With regard to the buyers fee - it was irrelevant. If there had been no buyers fee, the bid would have been $10M. If there had been a 100% buyers fee, the bid would have been $5M. The only thing wrong with the stupid 17.5% is it's too hard to figure on the fly - I hope they hurry up and go to 20% >>
<< <i>Final hammer was $8,525,000. The contest was for an exact guess. No winners this time - but I'm sure I can find another contest to hold. >>
You're not going to give the 10 ounces of silver to the closest guess? I think that's unbelievably shabby and will cost you more good will than the silver is worth.
I was under the mistaken impression that the closest guess would win as well. Didn't guess myself, but who ended up being the closest to the final amount?
<< <i>Final hammer was $8,525,000. The contest was for an exact guess. No winners this time - but I'm sure I can find another contest to hold. >>
You're not going to give the 10 ounces of silver to the closest guess? I think that's unbelievably shabby and will cost you more good will than the silver is worth. >>
Unbelievably shabby? Nah. Believably shabby? Perhaps. But then again I always thought the person making the contest got to clearly state the rules and then it was up to those wishing to participate to abide by them - not make up their own.
But I'll tell you what - since nobody won by the rules, if it makes YOUR conscience feel better, I'll let the closest guess decide if They think it's appropriate that I should donate the equivalent to a charity or not.
<< <i>Final hammer was $8,525,000. The contest was for an exact guess. No winners this time - but I'm sure I can find another contest to hold. >>
You're not going to give the 10 ounces of silver to the closest guess? I think that's unbelievably shabby and will cost you more good will than the silver is worth. >>
Unbelievably shabby? Nah. Believably shabby? Perhaps. But then again I always thought the person making the contest got to clearly state the rules and then it was up to those wishing to participate to abide by them - not make up their own.
But I'll tell you what - since nobody won by the rules, if it makes YOUR conscience feel better, I'll let the closest guess decide if I should donate the equivalent to a charity or not. >>
Comments
<< <i> Ok - no more guesses. Deadline has passed. I'm a bit surprised at how many people didn't pay attention to the bidding increments. Since I said it was an exact guess contest, that would be a very important aspect. Only a few of the guesses are "on increment" which means they are "live" for anything but a random bid. >>
Oh that is silly. Had you offered a 100 oz silver bar I think everyone would have paid much more attention to the exact bidding increments or the possibilty of a cut bid.
But you only offered a measly 10 oz silver bar.
<< <i>Ok - no more guesses. Deadline has passed. I'm a bit surprised at how many people didn't pay attention to the bidding increments. Since I said it was an exact guess contest, that would be a very important aspect. Only a few of the guesses are "on increment" which means they are "live" for anything but a random bid. >>
If it would make you feel better you can edit my $3,925,000 guess to $3,965,625 as an "exact" split bid plus the 17.5% juice...Not that I would actually win with my ultra low guess anyway
Including the juice.
At least that is all that I am bidding!
BHNC #203
President of David Lawrence Rare Coins www.davidlawrence.com
email: John@davidlawrence.com
2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
I'm sweating bullets on that buck.
Is that a new record?
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
President of David Lawrence Rare Coins www.davidlawrence.com
email: John@davidlawrence.com
2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
Not really looking for much these days but if I were, it might be a toner.
Liberty: Parent of Science & Industry
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
Coin Club Benefit auctions ..... View the Lots
I was just happy my guess of $8.21M hammer was close to the $8.525M actual hammer price.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Anyway, congrats to the new owner.
<< <i>My guess of $8,510,000 wasn't that far off after all great coin!!! >>
That was a great guess and I almost commented on it. If you add the juice to it, it is infintesimally below $10M and that would have been the biggest mistake bid in my numismatic career.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Disappointed that TDN is using the "exact guess" escape clause
<< <i>My guess was $8,815,700 hammer (10.1794M all in).
Disappointed that TDN is using the "exact guess" escape clause
I think your all in calculation is off
<< <i>TDN - Congrats! Just one question, though. If someone had guessed 8.525, would you have tweaked your bid to avoid losing the 10 ounces of silver? >>
lol - heck no!
I had this bid in mind for months. I kept repeating it to Laura. "do NOT forget the extra $25k!!!"
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Congrat's to Legend. Amongst my favorite people in the business.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Got any consolation prizes ?
``https://ebay.us/m/KxolR5
Congratulations on a fine coin!
Freddie
<< <i>Guess that means I'm 'off increment' - whatever that means. >>
In the real world you can not outbid someone by .01¢ like you can on e-bay. You have to step to the plate and go the whole increment (or cut-bid which is explained in the other thread). And at Stack's >$1mil is $100k increments.
Also to note, TDN has now broken the bid increment page as when I just checked it, it ends at $9,999,999,999.99
<< <i>
<< <i>Guess that means I'm 'off increment' - whatever that means. >>
In the real world you can not outbid someone by .01¢ like you can on e-bay. You have to step to the plate and go the whole increment (or cut-bid which is explained in the other thread). And at Stack's >$1mil is $100k increments.
Also to note, TDN has now broken the bid increment page as when I just checked it, it ends at $9,999,999,999.99 >>
Not really true. The auctioneer at their own discretion can accept or deny any bid they choose. In most cases they won't accept silly increments like 1c. But on a $10 MILL coin with
$500K increments they might be willing to accept $25K increments as that's real money. They can allow as many cut bids from the same bidder or none. In most auctions the house
won't accept a 2nd cut bid as it slows the process down and might also reduce the hammer prices if bidders get frustrated with cut bidders. On this particular coin I think all the rules of
cut bids and increments were out the window as they wanted the best price for the coin, period. They aren't usually so accomodating on much cheaper coins. I've seen auctioneers
deny cut bidders re-entry. But it still comes down to the auctioneer and what they feel is best for the situation. The official bid increment for under $10 MILL is $500K. Obviously in this
case they accepted an increment 1/20th of that amount ($8.525 MILL). In the official bidding "rules"of S-B, it's quite clear there are few, hard and fast, "can't be broken" rules. The
bid increment on this lot ended way short of $10 MILL bid, so the standard bidding increments were in play. The buyer's fee doesn't count towards the bidding increments. Here's a good
opportunity to ask TDN who really pays the Buyer's Fee? Did that extra $1.49 MILL come out of Legend's or Cardinal's/S-B's pocket? Pretty stiff entry fee of $1-1/2 MILL to bid....
The only thing wrong with the stupid 17.5% is it's too hard to figure on the fly - I hope they hurry up and go to 20%
Increments as of July 12
January 2013 Americana Sale increments
None are applicable to me as I'm out waaaay before they start to skew. But interesting. Jeez $1,000,000 increments...
Edit for splellin
<< <i>Text With regard to the buyers fee - it was irrelevant. If there had been no buyers fee, the bid would have been $10M. If there had been a 100% buyers fee, the bid would have been $5M. The only thing wrong with the stupid 17.5% is it's too hard to figure on the fly - I hope they hurry up and go to 20% >>
Certainly you are joshing about the 20% ????????
Eric
Edit to agree with TDN again, and posts above % below - I meant 2.5%!
thanks for the shot!
<< <i>Final hammer was $8,525,000. The contest was for an exact guess. No winners this time - but I'm sure I can find another contest to hold. >>
You're not going to give the 10 ounces of silver to the closest guess? I think that's unbelievably shabby and will cost you more good will than the silver is worth.
So nobody won??
I was under the mistaken impression that the closest guess would win as well. Didn't guess myself, but who ended up being the closest to the final amount?
look forward to the next one.
Thank you TDN for this oppertunity
<< <i>
<< <i>Final hammer was $8,525,000. The contest was for an exact guess. No winners this time - but I'm sure I can find another contest to hold. >>
You're not going to give the 10 ounces of silver to the closest guess? I think that's unbelievably shabby and will cost you more good will than the silver is worth. >>
Unbelievably shabby? Nah. Believably shabby? Perhaps. But then again I always thought the person making the contest got to clearly state the rules and then it was up to those wishing to participate to abide by them - not make up their own.
But I'll tell you what - since nobody won by the rules, if it makes YOUR conscience feel better, I'll let the closest guess decide if They think it's appropriate that I should donate the equivalent to a charity or not.
<< <i>
<< <i>
<< <i>Final hammer was $8,525,000. The contest was for an exact guess. No winners this time - but I'm sure I can find another contest to hold. >>
You're not going to give the 10 ounces of silver to the closest guess? I think that's unbelievably shabby and will cost you more good will than the silver is worth. >>
Unbelievably shabby? Nah. Believably shabby? Perhaps. But then again I always thought the person making the contest got to clearly state the rules and then it was up to those wishing to participate to abide by them - not make up their own.
But I'll tell you what - since nobody won by the rules, if it makes YOUR conscience feel better, I'll let the closest guess decide if I should donate the equivalent to a charity or not. >>
How about a deserving Y/N?