Can someone please explain why the bidding is so high on this coin?

Can someone please explain to me why the bidding is so high on this coin on TT tonight? Is it possible that people think it is a 70 in a 69 holder?

http://www.teletrade.com/coins/lot.asp?auction=2885&lot=1962

Thanks,

TC

 

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Somebody's got more dollars than SENSE.

 

Maybe some bidder is confused thinking it's the 1995-W, mintage 30,125. Red Book $4500. :goofer:

 

Gotta have 2 confused bidders to drive up an auction (assuming no ringers in the crowd).

 

But there's only 3900+ graded by PCGS. Imagine what each of the 40 PR70's are worth.

 

I doubt it would upgrade to a 70. I can't imagine someone bidding like that on this coin.

 

Do not confuse bidding with actual bidders as far as Teletrade is concerned.

Teletrade has hidden reserves and the "system" bids the coin to the seller's reserve, making it appear as if there are bidders when there really are no live bids.

In my opinion, it's a slimy practice intended to trick noobs.

I'll wager the coin goes unsold, and the auction will annotate it as such the day after the auction closes.

 

Except for Tuesday's... when TT host "No Reserve" auctions.

 

I understand the concept of a reserve but still cannot understand why the "system" bid so high so early. I cannot imagine that the seller's reverse was this high. Maybe the seller had second thoughts. I do agree that it will go unsold. TC

 

While Mike (Leadfoot) is correct that the "bids" may just be running it up to the reserve and not represent actual bids, David Lawrence's system is also a bit confusing to the unitiated. A David Lawrence auction will typically show "2 bids" and indicate that the reserve will be met on the next bid. I suppose at least on DL you know what the reserve is, whereas you don't know for sure on Teletrade.

Simple solution of course is only bid what you are willing to pay for the coin.

As for the coin in question here, my guess is the consignor accidentally entered the wrong "reserve" when he inserted his pre-auction bid. I doubt it is deceitful on the seller's part since he will have to pay Teletrade a 5% buyback fee.

 

Actually, a seller's reserve usually never shows up in one single amount but the Teletrade software will bid it up to that amount. So, if a coin starts low and ends up high, there's a very good possibility that it didn't sell which means the seller had a big reserve set on it.

 

Update: It did not sell. Mike you were correct. Good call! TC

 

Thanks for the information. I suspect that takes me out of any Teletrade bid. I don't go for misleading bidding info. Faking bidders is just wrong.