Just paid a $1200 "Stupid Tax", but probably made a consignor very happy.

UtahCoin · April 8, 2015 11:36PM

I use a spreadsheet when I'm bidding on large auction lots to keep track of my cost of individual coins. Somewhere during cutting and pasting I was a line off.... As a result, I paid $1621 for 2 rolls of proof 1960 Washington quarters... I'm sure the consignor is scratching his head wondering what rare variety he missed.

CaptHenway · April 8, 2015 11:38PM

Oops!

There was an underbidder?

AUandAG · April 8, 2015 11:42PM

Well, if you find 8 DDR's, get them graded at 66 or higher, you'll return a slight profit, maybe.

bob

rhedden · April 8, 2015 11:47PM

CaptHenway · April 8, 2015 11:52PM

The 1915 Lincoln cent has long been overpriced for its rarity because at some auction in the mid-20th century two different bidders lost their place and thought they were bidding on the previous lot, a 1914-D. The resultant price got factored into the pricing guide figures and caused people to think they were worth more than they should be.

BustCuds · April 8, 2015 11:53PM

joebb21 · April 9, 2015 12:39AM

<< Oops!

There was an underbidder? >>

x2?

lordmarcovan · April 9, 2015 12:41AM

<< The 1915 Lincoln cent has long been overpriced for its rarity because at some auction in the mid-20th century two different bidders lost their place and thought they were bidding on the previous lot, a 1914-D. The resultant price got factored into the pricing guide figures and caused people to think they were worth more than they should be. >>

That's an interesting anecdote I'd never heard before.

PS (@UtahCoin)- now you're due a nice cherrypick, which will even things out. Just wait for it!

BryceM · April 9, 2015 12:45AM

You're going about this all wrong.

You're supposed to come here and unleash a tirade about how the seller is a big jerk for not canceling your bid, how the whole system is rigged, and how the universe owes you significant compensation for your mistake.

Let's not depart from time-honored traditions!

PollywogRancher · April 9, 2015 12:54AM

Yeah, like there really was an underbidder. Hosing, plain and simple.

TwoSides2aCoin · April 9, 2015 1:11AM

Let's play "Guess the Grade". One coin at a time. SHOW ME.

JustMe2 · April 9, 2015 1:28AM

Find the under bidder and see if they still want them

shorecoll · April 9, 2015 1:31AM

I'm impressed you outed yourself like that, you are a better man than I Gunga Din!

There's an example of a rare book that everyone knew a certain bidder "had to have" and 3 other people ran him up at auction, and that inflated price/rarity has stuck for 30+ years.

roadrunner · April 9, 2015 2:04AM

<< Oops!

There was an underbidder? >>

Sure. Either the "house" or the potted plant in the back corner. Been there done that with a top 5 auction house a couple years back. My mail bid was 3X what the item was worth and I ended paying just one increment under my maximum bid. I have much deeper respect for "Mr. Plant" than ever before.

guitarwes · April 9, 2015 2:14AM

Just $20.25 per coin. Hey, they're 25¢ face value, so REALLY it's just $20/coin. Figure in the silver value and you're set when silver gets above ~ $115/oz.

CaptHenway · April 9, 2015 2:38AM

<< 

<< Oops!

There was an underbidder? >>

Sure. Either the "house" or the potted plant in the back corner. Been there done that with a top 5 auction house a couple years back. My mail bid was 3X what the item was worth and I ended paying just one increment under my maximum bid. I have much deeper respect for "Mr. Plant" than ever before. >>

"Mr. Plamt" has deep stomata!

DIMEMAN · April 9, 2015 3:18AM

I'm confused here. First - how do you bid from a spreadsheet!!!???

And Second - why can't you explain what happened and cancel the bid????

UtahCoin · April 9, 2015 3:33AM

<< I'm confused here. First - how do you bid from a spreadsheet!!!???

And Second - why can't you explain what happened and cancel the bid???? >>

I use an Exel spreadsheet to calculate my bid taking in consideration buyer fees, shipping etc.

I didn't realize my mistake until I was entering the lots into inventory. These are special auctions from a large auction house and all sales are final at your maximum bid.

astrorat · April 9, 2015 4:09AM

<< I'm confused here. First - how do you bid from a spreadsheet!!!???

And Second - why can't you explain what happened and cancel the bid???? >>

I am more shocked there was an underbidder just below $1621.

johnny9434 · April 9, 2015 5:03AM

carp happens

CaptHenway · April 9, 2015 5:43AM

<< 

<< I'm confused here. First - how do you bid from a spreadsheet!!!???

And Second - why can't you explain what happened and cancel the bid???? >>

I am more shocked there was an underbidder just below $1621.

>>

Indeed. Care to tell us what auction house this was?

And on a separate note, is there an antithesis to the "You Suck" Award?

sparky64 · April 9, 2015 5:50AM

<< And on a separate note, is there an antithesis to the "You Suck" Award? >>

The "That Sucks" award??

SeattleSlammer · April 9, 2015 6:48AM

<< You're going about this all wrong.

You're supposed to come here and unleash a tirade about how the seller is a big jerk for not canceling your bid, how the whole system is rigged, and how the universe owes you significant compensation for your mistake.

Let's not depart from time-honored traditions! >>

But in all seriousness, you haven't tried contacting the seller to see if something can be done? It couldn't hurt if you're nice about it.

Icollecteverything · April 9, 2015 9:37AM

Years ago I won a lot of 4 Seated Halves in an auction by Bowers & Merena. I didn't realize I made an error in figuring my bid till it was all over. But I won the lot for around 60% of my bid which was still reasonable. There were also other times I won lots that were smaller amounts lower than my bid.

They were a class act.

291fifth · April 9, 2015 9:42AM

<< Oops!

There was an underbidder? >>

This is a very good question.

Wabbit2313 · April 9, 2015 10:09AM

It seems everyone is calling BS on this one. It seems unlikely two people would make such a crazy error at the same time.

howards · April 9, 2015 10:14AM

If that's the worst financial hosing you take in life, it's not that costly a lesson.

Hey, at least you got some coins. Guess what I got for my Washington Mutual stock? (I could list several other stocks as well in this category.)

DollarAfterDollar · April 9, 2015 10:20AM

Measure twice, cut once.

The purchase is automatically made at your max bid? Am I understanding that correctly?

UtahCoin · April 9, 2015 10:51AM

<< Measure twice, cut once.

The purchase is automatically made at your max bid? Am I understanding that correctly? >>

On rare occasions a certain large auction house has auctions for all the accumulated coins that do not merit inclusion in their regular auctions or auction catalogs. They might have 400-500 lots. Each individual lot may have just a few coins, or hundreds of coins. Here is a sample lot description;

Group of US Coins including (1) Lincoln Cent, (1) Shield Nickel,
(1) Liberty Head Nickel, (1) Jefferson Nickel, (2) Roosevelt
Dimes, (1) Standing Liberty Quarter, (2) Washington Quarters,
(1) Barber Half Dollar, (41) Franklin Half Dollars, (33) Kennedy
Half Dollars, (2) Columbian Half Dollar, (1) BTW Half Dollar, (1)
Washington Half Dollar, (10) Morgan Dollars, (7) SBA Dollars,
(10) Presidential Dollars, (1) Mexican Onza, and (1) Panama
Balboa.(Total: 117 coins)

Your bids must be in house before the close of the auction. The winning bidder wins the lot at his/her high bid, not an increment above the under bidder. In other words, if I place a $1000 bid on a particular lot, and the next highest bidder only bid $200, I win the lot at my bid of $1000.

Here are the Terms and Conditions;

1. A buyer’s premium equal to 19.5% (minimum $14 per lot) of the successful bid price will be added to each lot.
2. All lots will be sold to the highest bidder at their full bid price.
3. All sales are strictly for cash in United States dollars. Cash includes: U.S. currency, travelers checks, and bank money
orders – all subject to reporting requirements. Personal or corporate checks may be subject to clearing before delivery of
purchase. No credit cards will be accepted.
4. THERE WILL BE NO RETURNS FOR ANY REASON, INCLUDING: GRADING AND QUANTITY.
Descriptions are general guides only, and should not be relied upon for grading or quantity.
5. Shipping fees shall be actual costs plus insurance. Insurance is calculated as $4.00 or 1/2% of the invoice, whichever is
higher. Shipping will be invoiced separately.
6. The auctioneer reserves the right to withdraw any lot.
7. Regardless of any credit lines established, no lots will be released until XXX receives payment in full.
8. By placing a bid, a bidder accepts these terms and conditions, and agrees to be so bound.

AMRC · April 9, 2015 11:03AM

I know the pain. At a local auction, I bid on about 20 lots, and the only one I won was the one I counted the Half's as dollars when figuring out melt.....

It happens.

CoinJunkie · April 9, 2015 11:34AM

<< It seems everyone is calling BS on this one. >>

What part of:

"These are special auctions from a large auction house and all sales are final at your maximum bid."

was unclear?

CaptHenway · April 9, 2015 11:34AM

OK then, the auction house didn't do anything wrong.

Life happens.

TopographicOceans · April 9, 2015 11:46AM

I could see how you could hit something on that type of auction.
Hopefully your next win will allow you to repeal the Stupid Tax you paid on this one.

Wabbit2313 · April 9, 2015 12:43PM

I would find a new auction house.........STAT!

DollarAfterDollar · April 9, 2015 11:28PM

What part of:

"These are special auctions from a large auction house and all sales are final at your maximum bid."

was unclear?

I've never heard of that so............the whole idea was unclear.

Thanks for pitching in though.

Baley · April 10, 2015 12:23AM

so, what did you really intend to bid 1621 for?

and didn't the offset error affect other lots as well, maybe even all the lots after the error?

finally,not knowing how these work, don't you know what you're bidding on when you enter the bid?

most of us are unfamiliar with such a strange way of buying, and naturally have curiosity (since you brought it up)

Baley · April 10, 2015 12:24AM

also, did you get some offsetting "good deals" too?

UtahCoin · April 10, 2015 1:08AM

<< so, what did you really intend to bid 1621 for?

and didn't the offset error affect other lots as well, maybe even all the lots after the error?

finally,not knowing how these work, don't you know what you're bidding on when you enter the bid?

most of us are unfamiliar with such a strange way of buying, and naturally have curiosity (since you brought it up) >>

Three other lots were affected by my mistake, but my bids were to low.
My $1620 bid was meant for 10 rolls of 1957 Proof quarters.
Overall, I'm still way ahead of the game, but I'll still show a loss on this lot.

Wes

roadrunner · April 10, 2015 2:58AM

Even on junk mail bid sales over the years, the larger auction houses give the lot for just over the under bidder. This is a strange format for a higher end auction house. I still would have tried to approach them. If you're a steady customer they may not want to lose you. If it were me and they balked, I'd just go elsewhere. Rolls of proof 1957 quarters can be found elsewhere.

All of the big auction houses say that sales are final, etc. But, I'm aware of numerous exemptions they have all granted over the years when someone made an honest mistake....especially a longer term customer. And if the house owned that roll of quarters, they really shouldn't be rewarded 3X via a bidding error.

BIGAL2749 · April 11, 2015 1:16AM

<< Measure twice, cut once.

The purchase is automatically made at your max bid? Am I understanding that correctly? >>

Sounds like being a mail bidder at a Stacks Auction in the '90s

roadrunner · April 11, 2015 1:25AM

<< ....Sounds like being a mail bidder at a Stacks Auction in the '90s >>

They must have changed the rules. I must have viewed a dozen or two of their mail bid sales in the 1988-1990 period and won quite a few coins in every sale....usually under my max bid, and sometimes way under my max.

Just paid a $1200 "Stupid Tax", but probably made a consignor very happy.

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Just paid a $1200 &quot;Stupid Tax&quot;, but probably made a consignor very happy.

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Just paid a $1200 "Stupid Tax", but probably made a consignor very happy.