How does the Harlan Berk bid or buy sell work? I was looking at the terms and conditions and it say something about 10% increments are added to acceptable bids. What does that mean?
If you are referring to auction bids it means that if you bid X amount for a coin and it is an acceptable bid the next acceptable bid on that coin is 10% of the current high bid. For example if the current bid is $100.00 the bid increment at 10% would be $10.00 so the next minimum bid is $110.00.
Thanks...that makes more sense...I didn't think of the buy or bid sale as an auction but I guess that's what it is essentially.
I don't know the details of the particular HJB sale. However, a buy or bid sale normally means that you may either buy the coin at the listed estimate (& receive the coin immediately) or you may bid a lower amount (leaving the coin at auction) and take the risk of being out bid.
The 10% minimum is mainly to keep people from bidding a dollar or a cent over the standing bid just to see whether there is a higher bid in play. If you are willing to bid 10% more, perhaps you are serious.
