I thought it was gonna be a shootout.........and it was!

jmski52 · February 23, 2008 11:13AM

I was toying with 22 OBW rolls of 1964-D dimes on ebay and put in a test bid. A few minutes later, I noticed that board member nycounsel had become the high bidder on all 22 rolls.

I decided try for a deal and bid on 10 rolls, not really expecting much. As the auction came to a close, my number was still good, until the last few seconds.

Somebody bid $150.00 per roll, and somebody else did the same thing, winning 21 rolls at that price! The rolls ought to be worth around $68.00 more or less at today's silver prices. How could this happen? Did two bidders actually bid $150.00 a roll in order for all 22 rolls to sell at this price?

rgCoinGuy · February 23, 2008 11:15AM

I believe on Ebay on dutch auctions, you can put how many of the items you are bidding on, so if someone bid for 21 rolls at 150 bucks out of 22 rolls, they won 21 rolls for 150 buck each if noone else had a higher bid on any of the 21.

21Walker · February 23, 2008 11:16AM

jmski42, Count your blessings and you can still count your money in the morning with your cuppa java..........Rick

jmski52 · February 23, 2008 11:16AM

They wouldn't have won them at $150.00 unless someone else bid that much too, right?

jmski42, Count your blessings and you can still count your money in the morning with your cuppa java..........Rick

I was in the process of upping my bid to protect my 10 rolls, and for a brief moment, I thought that I had entered the wrong amount, and was on the hook for $150.00/roll x 22 rolls. And the auction was ending! Talk about panic.

rgCoinGuy · February 23, 2008 11:17AM

If you link to the auction, someone will be able to explain what happened with the bidding history, I know Russ is good at figuring that out!

jmski52 · February 23, 2008 11:20AM

linkaroo

Things seem to have become crazy out there. Just last night, a roll of Proof 1964 Kennedys closed for $350.00. They don't sell for that.

coindeuce · February 23, 2008 11:33AM

I get the sense that you'll see those rolls back on eBay shortly. I have to believe that the high bidder thought they were buying 22 rolls for a total of $150! Look at the bid retractions. One bidder placed a $999.99 bid before the retraction. That would have meant either one roll at 1K or, well you get the idea.

rgCoinGuy · February 23, 2008 11:34AM

Here's the key part to what happened according to ebays dutch auction rules.

"Winning bidders will pay a price equal to the lowest winning bid. Winning bids are selected in order of bid price per item. For example, a bid for 5 units at $12 per unit is ranked above a bid for 10 units at $11 per unit. If two bids have the same price per item, the earlier bid is given priority. If the only bidder in a Multiple Item Auction bids on the full quantity the seller is offering at an amount over the opening bid, that seller will be the winning bidder for all items at the price bid per item."

So if the guy wanting all 22 put in a crazy bid of 150 bucks, and one guy put in a bid of 175 bucks, the 22 auction bidder would have won 21 auctions at the lowest bid (150), and the high bidder at 175 bucks also got his one auction at 150. At least thats my understanding.

Edited to add, all it took was one nut (or shill- and I have no reason to believe it is a shill bid, just saying) to bid over the "safe" bid the 22 item bidder thought they put in to get maximum dollars out of 21 of the 22 auctions.

jonathanb · February 23, 2008 11:40AM

<< <i>They wouldn't have won them at $150.00 unless someone else bid that much too, right? >>

Wrong. The rules for Dutch auctions are different. You're stuck with your bid, even if nobody else bids anything at all. I learned my lesson once, and got off cheap, considering.

coindeuce · February 23, 2008 11:44AM

rgCoinGuy- so then by your explanation the bidder of $150/22 actually gets them for one increment over the next highest bid for all 22, which in this case was $60. Correct?

ttown · February 23, 2008 11:50AM

Those two will be paying $150 per roll period.

rgCoinGuy · February 23, 2008 11:52AM

<< <i>rgCoinGuy- so then by your explanation the bidder of $150/22 actually gets them for one increment over the next highest bid for all 22, which in this case was $60. Correct? >>

No, the 22 roll guy put in a bid of 150, the guy who won one bid over 150, therefore the lowest bid for 22 rolls was 150. The guy who won one got it for 150, and the guy who won 21 rolls, also got it for 150, lowest bid on all 22 rolls. Like the post above, dutch auctions are different, it is the lowest bid that wins, but there were evidently 23 bids at or over 150.

coindeuce · February 23, 2008 12:44PM

OUCH! $3150 for about $1100 silver melt

I thought it was gonna be a shootout.........and it was!

Comments

Leave a Comment