I didn't exactly cancel my bid, but the bottom line was the same. It was my first time seriously looking on Heritage. I clicked on an item expecting to have no problems since I was SURE that I would have to confirm a bid. Nope. That one click was a bid! Since I was sure that the problem was me and not Heritage, I thought "bite the bullet and pay". It was a $1000+ US pattern. I passed all the pertinent info over the phone to a woman at Heritage, then when finished I mentioned I had accidentally made an error by bidding. She let me off the hook! I guess after giving her all the info and not complaining she figured I truly had made an error. BIG plus for Heritage on my scorecard. They are understanding. The other plus from this event was that I bought the Judd pattern guide. One more resource for my library.
Never cancelled a bid, but I did bid the wrong prices on two auctions I was looking at(at the same time in two browsers). I put in several hundred more than I was willing to spend on one coin - I was lucky nobody bid me up and I got the coin at what I think is a reasonable price. Only once have I had to call them and as Kanga explained they were very nice and helped me out.
Auctions and Bids Some auction companies have more customer friendly options than others. If upon receipt of the coin you don't like it because the description was inadequate, you should have the right to return it, as with Teletrade, and pay a small restocking fee. Specific problems with coins should be described. Jim Fehr said in his Ellesmere newsletters that he would never keep a coin he did not like. There are many elements to whether a coin is desirable in a collection--strike for type or year, condition, toning or originality, and so forth. Auction companies are trying to make the most money they can--the word "auction" means increase. I have been on both sides of the auction equation, no one wants to lose money. There is a huge difference between a PQ rarity in the condition census in the six figures and a run of the mill collectable coin you can find at any show. To pull a bid on a $20k coin within a few days of a Signiture auction, is much different than trying to cancel a bid on a common collectable coin in the hundreds, before the active bidding begins.
