,,..auction irregularities with Heritage....

Discussion in 'Coin Chat' started by princeofwaldo, Sep 10, 2014.

  1. medoraman

    medoraman Supporter! Supporter

    I know $25 is $25, (I am an accountant), but I would chalk it up to their systems not being properly updated. Are you happy with the coin at $375? If so, just assume an innocent error and sleep better. Its like I tell my wife, I intentionally forgive people and assume the best not for their sakes, but mine. Life is not worth getting twisted over for such small crap.
    mark_h, SPP Ottawa and princeofwaldo like this.
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  3. Peter T Davis

    Peter T Davis Hammer at the Ready Moderator

    FWIW, ten hours to update could either be slow or fast depending on how their systems are updated. Without some insight to their IT dept, it wouldn't make sense to draw any conclusions based upon that.
  4. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    I emailed them last night immediately after the auction closed and before posting this thread. I tried calling the number listed in the Live! session for after-hours technical problems (877-994-2437) and received a recorded message.
  5. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    I once Express mailed a hard-copy resume from Kansas City to Los Angeles and it arrived in less than 10 hours. If it takes 10 hours, then the application really isn't live like they claim it is.
  6. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    Another detail to this story, I logged in about a minute before the lot came up for bid. Pure luck that I saw it cross the block. I believe this was an internet only auction, so there would not have been any latent floor bids that could explain the discrepancy.
    Last edited: Sep 11, 2014
  7. rlm's cents

    rlm's cents Numismatist

    And what did they say when you called them?
  8. swhuck

    swhuck Junior Member

    Best Answer
    Here is what happened, princeofwaldo:

    You put in your bid of $375 against the reserve of $350 through regular Internet bidding a long time before the floor session started.

    Another bidder put a proxy bid of $375 in through Heritage Live a few hours before the live session. Heritage Live proxy bids are kept completely separate from the rest of our systems until the lot comes up for live bidding.

    The lot opened at $350. Heritage Live attempted to place the proxy bid of $375, but this bid was not accepted because your bid for the same amount was already there. This raised the bid amount to $375 with you winning. Nobody else placed bids, so you won at $375.

    The number of bidders is updated with bids placed through Heritage Live only after the session is over, so that is why you saw one bidder when the lot closed and two bidders later.

    Our logs show that we sent and you should have received high bidder notifications for this lot through Heritage Live at both $350 and $375 and a winning bidder notification through for $375. I don't know why you would have seen the item show as having sold for $350, although in theory Internet lag on your end might cause it.

    BTW, although the session is live, it was conducted through the Internet only. There is no floor session and thus no video record.

    Please contact me personally at stewarth@ha.com if you have any questions.
    non_cents, green18, geekpryde and 7 others like this.
  9. Inquisitive

    Inquisitive Starting 2 know something

    I've bought from Heritage many times without any problems. Good to see that their customer service is on the ball.
  10. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    Wow, is this thread a commentary on modern 2014 suspicion and cynicism, or what? Incredible.
    geekpryde, LostDutchman and JPeace$ like this.
  11. JPeace$

    JPeace$ Coinaholic

    I won many, many coins at Heritage Auctions and have nothing but for high regards for them.
    geekpryde likes this.
  12. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    I don't think suspicion and cynicism have anything to do with it. I was owed an explanation and I got one. You can be sure there wouldn't have been an issue had the lot been sold for 350 like their Live! platform said it was last night. Seems to me, that winning bidder notification should be delayed until the database reflects the correct number of bids received on the item, especially if Heritage is unable to display the actual bid being posted prior to indicating the lot has closed in the Live! auction.
    Last edited: Sep 11, 2014
  13. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    "bidder notification should be delayed until the database reflects the correct number of bids received on the item"

    I agree 100%, and I type as a first-time Stacks Bowers ANA catalog bidder, also in the online only category. But as also a state government employee, I know all too well that we are STILL TO THIS DAY in an era in which Internet connectivity applications tend to be more promise than delivery, even some time after roll-out. I don't have very high Internet app expectations, particularly on secondary data point accuracy. I used to, but it's gotten beaten out of me. And as you can see by my avatar, it was with an Ugly Stick, too.
    Last edited: Sep 11, 2014
    geekpryde likes this.
  14. Vegas Vic

    Vegas Vic Undermedicated psychiatric patient

    So are you here more personally or professionally?
  15. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    I guess what I'm suggesting is perhaps you need to put a little more faith, and if know for some, that's a doity woid, in people's widely held reputations, and a little less faith in data processing. Maybe? Please?
  16. swhuck

    swhuck Junior Member

    I hang out here from time to time. I'm a coin weenie like everyone else around here. :)
    geekpryde, LostDutchman and Vegas Vic like this.
  17. brg5658

    brg5658 Supporter! Supporter

    Glad it all worked out, and the explanation makes logical sense. Congrats on your newp @princeofwaldo
  18. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    Coin arrived, have a look. Worth nothing more than bullion, has a hit on the edge at 07:00 (reverse) that obliterates more than 50% of at least 2 maybe 3 reeds (one reed partially concealed by the mount). Wasn't evident in the two-dimensional photos in the auction, but it's the first thing you see when you look at the coin. Don't even need a loupe.

    Heritage had the following description in the auction: "An appealing specimen of this modern gold type, well above average the normally encountered preservation".

    So what is normal according to Heritage? Holes drilled through the thing??

    I'm out shipping and handling both ways, plus a "standard 5% restocking fee" according to Nylie Ridge in customer service with Heritage. That works out to almost $50 they clipped me for. Heritage should change their slogan to something a little more accurate. Something like, "Heritage Auctions, where our mistake is YOUR mistake".

    IMG_2883.JPG IMG_2884.JPG
  19. Vegas Vic

    Vegas Vic Undermedicated psychiatric patient

    Isn't the coin in a ngc holder? What is the grade on the holder?
  20. rlm's cents

    rlm's cents Numismatist

    It is a 64 by NGC. If you don't like their grade, take it up with NGC. Heritage did not grade it.
    geekpryde, medoraman and Inquisitive like this.
  21. micbraun

    micbraun coindiccted

    Isn't this too much drama for $25 and some minor rim issue...?
    JPeace$ likes this.
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