Holiday weekend coin thoughts

Hey gang, my mind is already made up here, but I would like to hear your thoughts.

I posted a few Ebay auctions last Sunday forgetting this was a holiday weekend. 3 substantial coins I could easily take a bath on as all started @ .99 no reserve.

I am going to pull them at the 13 hour point if the bids don't move into safe territory.

Is this considered unethical or rather a form of insurance?

Let it rip, I can take it:whistle:

 

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Jack that would depend on who you are? Buyer or seller? I learned this lesson about a year ago. If you have serious doubts that your coins will not net a reasonable amount (safe territory) I would pull them in the 13th hour. Knowing now what I wish I knew then.

 

I don't really see the problem here. Nobody wants to sell a coin for $.99 with free shipping. Why lose money if you can avoid it. I think we've all put something on ebay that didn't sell and either pulled it and lost the fees, or sold it at a loss. I have no problem with making that decision. As a buyer, if I wanted one of your coins I'd put the minimum bid in or put he max I'd pay.

I think I'll check out your coins.

Bruce

 

Hey Jack what is your user name on the bay? Seems to be a lot of traffic here today.

 

I certainly wouldn't hold it against you. Holiday weekends are pretty risky for sellers, imo.

 

That's a tough one, though I think it's better to pull a coin, rather than get shill bidders to bid it up (not saying at all that you'd ever do this, but that is what some sellers do to make sure their coin doesn't sell too low). I don't sell on Ebay, but I do buy. And if I were to sell, I'd probably set reserves, but as a buyer, I don't like bidding on auctions with a reserve.

I also have a sniper program that automatically does my bidding since I don't have time to watch my auctions, so Jack if you pull your auctions, you won't know what you really could have sold it for since most serious bidders do wait until the last minute to bid. My program waits until 4 seconds before the end of the auction to place a bid. So though I don't think it's unethical to pull your coin, I do think it's a gamble either way. Pull it and lose your listing fees never knowing whether you would have made some money on the final sale. Let it ride and you may lose, or you may make a good chunk from all the last minute bidding. Final decision probably depends on how much money you think you'd lose by letting it ride.

 

I'm going to yank them now. I wont risk it. Re start them tommorow night again.

 

I think Charmy is right on.

I understand about forgetting that the next weekend is a holiday when listing. I did that more than once. The first time I took a bath, the next time I got about what I expected. It all depends on what you are selling.

With the down economy maybe more folks will be home this weekend surfing rather than taking vacations elsewhere.

 

Ending them now is certainly better, than what other sellers might do. So as a buyer I hate to see this happen, but would prefer this winning an item and the seller not sending for the simple fact they did not get what they wanted.

 

I forgot it was a holiday weekend too when i listed my coins that are up right now. Of course, I started them all at prices that I would be ok selling them at (effectively setting a reserve price).

If the items already have bids, I wouldn't pull them... no telling who really wants those coins and/or how high they'll get bid up in the last seconds. Might really upset some potential buyers by pulling items they have placed bids on. If they had zero bids, then no problem to pull them (even though you'll likely upset the watchers too, but they should have bid).

 

Then again Jack, as you know, the last one to two hours are usually the most active.

 

I haven't sold coins on ebay for several years but I purchase coins there almost every week. If I were bidding on your NR auction and you pulled it, I'd be hacked. You would earn a place on my "excluded sellers" list. The way that ebay works, a buyer may very well have placed a reasonable bid on your items but without a minimum it just sits.

Just my personal feelings. I do understand you wanting to protect yourself.

 

I don't think it makes much of a difference now days. Many are staying home due to the economy and one thing you do when home is the computer. I used to think a Holiday ment people did things they wouldn't normally do and all together. Those are sort of old fashioned ideas I'm starting to think. I go to coin shows 2 to 4 times a Month. I used to be afraid to go on a Holiday thinking it would be a ghost place. Oddly enough on Holidays, they are more crowded than a regular day. In fact I've been to Coin Shows on Almost every possilbe Holiday and never empty. So not sure about ebay but if anything like a coin show, the turnout might be even better this weekend.

 

A lot of good points there Carl.

Plus, I assume that the listings have been up all week. As long as someone saw it at some point during the week, they'll buy it if they really want it regardless of which day it ends.

I can't even count the number of times that I've stumbled across coins that I saw were ending when I was either going to be away from my computer out of town or at work and unable to bid. But the ones I really wanted I just placed my highest bid and hoped for the best. If you're selling something that someone needs or really wants, the bids should be there no matter when the ending date.

 

Jack I say pull them , I myself listed 3 silver dollars and a set of the LP1 rolls from the US mint and a error buffalo nickel. No bids on the buffalo. $95.00 on the LP1's and the two key silver dollars I'm taking a bath. I did pull a 1934 S peace AU58 do to the fact it had a .99 bid. I don't expect to sell these coins for more than they are worth however I/m not giving them away to bottom feededs . And Yes the holiday week end is a problem. I thought about that when i listed the coins as well as back to school and the economy. Mine run until Weds but if they are not within at lease break even the rest of the morgans will be pulled.:thumb:

 

Mike, I have to differ with you a little on this, since the majority of bidding is done at the very tail end of an auction. No matter how badly they want the item, many of your more serious or serial bidders will either use a sniper program or wait until the last second to bid so as to get the best value they can. Not saying don't pull it, I'm just saying that you won't know whether it would have sold for a good price if you pull it early.

 

I would say if you are going to pull them, the earlier the better.

 

Charmy, I don't think we differ at all, maybe I just didn't fully explain my thoughts above. I agree 100%, if I'm going to around/awake at closing time, I'm waiting until the last 30-45 seconds to put my bid in if possible to try to get a deal (assuming there is already at least one bid at that time - if zero bids I'll start w/ one low bid to try to keep the seller from pulling the auction).

However, if I'm not going to be around/awake at the auction close, and I really want the coin, I'm putting in a big bid early on and then hoping I end up the winner. I was just saying that if someone really wants a coin bad enough, they'll bid on it whether or not they'll be around for that last minute frenzy. Those who don't do that apparently really don't want the coin that much in the first place.

On another note, I just went to go check how my auctions are going now that I hit the last 24 hours and I saw that on one item the darn seller retracted their bid (it was the only bid)... that is so frustrating since I was counting on that one being sold all week...

Anyways, still not sure why even list on eBay for a .99 cent no reserve auction if you're not willing to sell at that price?? It's not that much more to start the auction at a price you're willing to sell at or to use a reserve. Unless you're selling 100+ coins I guess, then the difference could add up.

 

When I did sell on ebay, I had coins double to triple the bids in the last few min. I had two people get into a bid war and I sold 5000 wheats for .07 a peice. so you never know whats going to happen..but I have not sold since the fee's went high...Im on my own with a website the AJ got me started with!!!!

 

I yanked all but the BIN's

Reason for the thread was a post on the PCGS forum about people ( buyers ) getting P'd off when this happens. I have 100% 5 star FB and want to keep it that way.

Oh well. I'll prolly just relist tommorow evening.