closed 2017 MS70 $1 Dragon & Phoenix, 1 oz silver, Perth Mint.

[Lindeman]

I know we don't run many auctions on the Forum, but I am going to try a few, starting with this brand new NGC MS70 "perfect grade" Dragon & Phoenix silver $1 from the Perth Mint. First coin of a new series, with a low bullion mintage maximum of 50,000 announced.  This coin is from the Early Releases, with the exclusive special NGC label. 

Terms of the auction are as follows. 

Starts now, ends 5pm Saturday January 14th (tomorrow) UK time. 

Bids will be open and posted directly (not by PMs). 

Starting price is £40.  Bidding must be in £1 increments (i.e. To beat a £40 bid you cannot bid £40.01 or £40.99, you must bid £41 or higher in whole £).  

To give everyone a fair chance to bid if there is bidding late in the auction, if a bid (one or more) is received in the last 5 minutes of the auction (from 4:55-5:00pm) then the closing time will be 5:05pm.  The highest bid received before that deadline win will the item (not necessarily the last person to bid), and that winner will be stated by me in a post. Thanks to those Forum members who have helped me with advice on how to set this up! 

The winning bidder can either accept the shipping terms proposed by me as a default (see below), or contact me for any other arrangements: 

For UK buyers, an extra £3 for First Class Signed For delivery. For EU buyers, an extra £5 for standard international mailing.  

Payment will be be UK bank transfer or PayPal Friends & Family. 

Happy bidding ! I will probably run a few auctions in parallel, but with different end times... 

Lindeman 

[Danny-boy]

£40

[Lindeman]

Thanks @Danny-boy! 

[fehk2001]

£41

[Lindeman]

Thanks @fehk2001! Hotting up now?

[Quicksilver]

£42


Sent from my iPhone using Tapatalk

[fehk2001]

43

[Danny-boy]

44

[Lindeman]

45 minutes left to bid - with Danny in the lead so far, at £44 - a bargain! 

Lindeman. 

[Agpanda]

45

[Danny-boy]

46

[Quicksilver]

47

[Lindeman]

Extended for 5 minutes.  

[Agpanda]

50

[Quicksilver]

53

[Lindeman]

Sold to Bosse for £50! 

Thanks for the bids guys. Hope you like the format. 

[fehk2001]

6 minutes ago, Lindeman said:

Sold to Bosse for £50! 

Thanks for the bids guys. Hope you like the format. 

I think quicksilver should be the winner ? 

Boss bid at 5pm then there should be another 5 mins on top hence 5.05pm

[Quicksilver]

Can you clarify how this was worked out ? my bid of 47 was at 16.59 outbid at 17.01 then i placed a higher bid of £53 at 17.04

So not sure how this works as i was the highest bid before and after the deadline ?

 

To give everyone a fair chance to bid if there is bidding late in the auction, if a bid (one or more) is received in the last 5 minutes of the auction (from 4:55-5:00pm) then the closing time will be 5:05pm.  The highest bid received before that deadline win will the item (not necessarily the last person to bid),

[Agpanda]

No problem from me, Looks like Quicksilver won fair

[Lindeman]

Thanks guys - and I will try to clarify. As there was a bid in the last 5 minutes (from 4:55-5pm) I extended it by 5 minutes, as I stated in the first posting. On my timing at the end of 5.05 I only saw the bid for £50 from Bosse, so I declared him the winner. Only after that (on my iPad ) did I see the bid from Quicksilver. 

As this is the first time I have tried this format I accept that it's not simple (I am learning!) - and I will contact you both to resolve it. In retrospect I should have waited another 30 seconds....

 

 

[sovereignsteve]

The way the format usually works is that if a bid is received in the final 5 minutes, the auction is extended by a further 5 minutes, from the time of that bid. This is then repeated until at least 5 minutes have elapsed since the last bid.

It may seem fiddly but it makes sure everyone has a chance to view the last bid and increase their's if they want to.

Doing it the way you did allowed last second "sniping" just before the 5.05 declared finish. No different from how the situation would have been if you hadn't extended by 5 mins.

eg

Auction finish 5pm

bid received at 4.58   finish time extended to 5.03

bid received at 5.02   finish time extended to 5.07

no more bids, therefore auction closes at 5.07

 

If it seems a bit congested and difficult to decide the exact timing of bids and finish time, why not call it 10 mins instead of 5?

[Lindeman]

I know, I know...and I have learned from the experience (and all of everyone's constructive comments) on how it should be done. You are right Steve - maybe a couple of extensions are better than one, but that leads to the question of whether a third is necessary if another late bid comes in. Maybe I have learned to just offer items as "for sale" with a fixed price?? and forget the auction format (stick to eBay for that)   

I am happy to report that both Bosse and Quicksilver will both receive a nice MS70 Dragon & Phoenix - so all ended well. 

Lindeman 

[sovereignsteve]

Oh I don't know, I thought it was quite fun watching, shame it wasn't something I was interested in.

Auctions should definitely be saved for potentially popular items though.

Don't give up

[Quicksilver]

Received the Dragon and Phoenix today thanks.

[Lindeman]

Glad you like it @Quicksilver - may turn out  a good  coin if the series develops and takes off. 

@Bosse68 - yours is in the mail to Sweden also. Thanks for participating.  

Steve - I will see about posting something "popular " for you next time : maybe a nice juicy shiledback sovereign???! There is always the reverse format that @HelpingHands ran - which I rather enjoyed. Congrats to @woody65! 

Lindeman