I made an early bid a few days ago and was watching this item. It had a BIN price of $36 which I was hoping to capture for less. I just now looked at it and it has now dropped the BIN because someone bid $36.55 on it. Why wouldn't they just buy it for the $36? They actually had a max bid which exceed the BIN. http://www.ebay.com/itm/Great-Britain-1935-Silver-Jubilee-Crown-/321102289718#ht_1812wt_1129
Because when someone bids (above the reserve when applicable) on an item with a BIN and bidding, the BIN goes away and it is open for general bidding. That is the way it has always worked on eBay.
Didn't think about that. Might have removed it after he/she saw some activity. Oh well, not going to get in a bidding war on this one. $36 is about right for the grade and it looks like it might have been cleaned. There will be another.
Doesn't the first bid, no matter how much, remove the BIN option? Edit: Just found this on eBay: "The Buy It Now price is available until someone bids on the item or the reserve price is met."
Yes it does 1 bid removes the BIN opt. thus on an item like this I would just bite the bullet and BIN than chance loosing it to a bid higher if I truly wanted the item.
I believe that's correct Rick... so after the first bid is placed, anyone looking at the auction for the first time has no idea what the original BIN price was.
I would say yes... they didn't know what they were doing, they probably bid on the item without looking close enough at the numbers.
There's 6 bids on this coin... again, the first bid of $24 removed the BIN. The other bidders came in after the fact. This is the way eBay works, and all future bidders would never know there was a BIN.
No, it's not. Once a bid is entered, the BIN option disappears. If you didn't see the item before the first bid, you don't know there was a BIN option.
Things happen. I spotted a 1917 Type 1 quarter that was listed with a BIN of $31, and looked to be in VF-EF condition. By the time I got done checking closing prices for similar coins (just a few minutes later), the seller had removed the BIN option. It ended up getting around $50.
You used to be able to set a reserve with the BIN or Auction option that would keep the BIN in play even if there were bids that didn't reach the reserve. People would use that because there were some people out there who got their jollys running around bidding a dollar on "BIN or Auction" items just to knock out the BIN's.
Learn something new every day. Guess I should wait and bid at last moment. I was not aware that a bid would remove the BIN. I just invited others to bump the price.
Last time I bid on an item that was also a BIN was about 2-3 months ago, and I clearly remember the BIN remained after my bid. My bid was close to the BIN, so I got the message "Your bid is close to BIN, maybe you should just buy it now". Guess this is new, got to keep this in mind for the future.
Well Taxi, apparently the BIN does remain in certain categories. Here's eBay's explanation: √ The Buy It Now price is available until someone bids on the item or the reserve price is met. When the Buy It Now option disappears, the auction proceeds normally. In a few categories, the Buy It Now option may continue to be available after the first bid for a limited time.
