Thanks, Heritage, I Think posted by Electric Peak Collection

[CSJournals-migration]

Flirting with disaster

 

Six plus years ago, I decided to give my son a numismatic gift as a high school graduation present. He was born in 1990, so I though an 1890 cent though dollar Philadelphia mint set, in about MS64, would be nice. In the two and a half years before his graduation I was able to get all but the half dollar.

 

In the four years since, I have not been able to find a suitable coin to fill that slot. Last week, Heritage had an MS63 that looked okay. I decided to get this over with, even if I had to pay what seems like too much. I entered what I thought was a fair bid. It exceeded the reserve by 33%. But just before the end of internet pre-sale bidding, someone out-bid me. Even without that, I was planning to watch live on-line and bid higher if necessary.

 

On my way to work on the Tuesday before the auction, I gave my wife the heads-up that I would be up late that Thursday night for that purpose. In the conversation, I mentioned that one has to be careful, because the current bid request can update quickly due to activity at the live event. It is possible that in the time between committing your finger to click for a particular bid amount, that the bid request increases, and you end up clicking for an amount higher than you expected or wanted to bid. Unfortunately, that is not the only danger...

 

As Thursday night turned to Friday morning on the east coast, I waited. Finally, the lot came up. When it opened, I immediately clicked the Cut Bid button. No joy. Then, with the bit at $1500, and asking for $1600, I clicked the Bid button. Nothing happened for a second or two, until the lot was closed with the $1500 bid winning. What the heck? They say they will wait three seconds, and reopen a lot if necessary to recognize a live internet bid. So I missed out yet again.

 

What came next was worse. The next lot opened, and the system informed me that it accepted a bid from me! I did not even know what the next lot was! But there I was, "winner" of a lot for $3250 plus BP! It was not just a higher bid than expected, but a higher lot number, despite the fact that the Bid button text did not update to that next lot until a few seconds after I clicked.

 

First thing Friday morning, I called Heritage to ask them to rectify the situation. I can deal with losing the lot I wanted. But getting a lot on which I did not bid, and that I do not want, is not acceptable. The guy with whom I spoke asked me to send an explanation by email, which I did, and said he would research the situation, talk with his supervisor, and get back to me. Monday morning I called again. He said pretty much the same thing. I waited patiently.

 

When I read my email at the start of the day this past Friday, what did I find? An email from Heritage late Thursday afternoon saying the lot has been shipped! I had not paid for it! Needless to say, I called again, and spoke with another person. She was going to speak with the supervisor and get back to me.

 

Finally, late that afternoon, I got the call. Heritage would grant me a "one-time courtesy" and not try to make me pay for that coin. For that I am thankful. But I think their live bidding system, as good as it is, needs some additional protections built in.

 

See more journals by Electric Peak Collection

[Six Mile Rick]

Electric Peak,

I had the same situation happen to me 3 years ago. Of course I was granted and warned that I had 1 chance to dismiss the purchase and any others would be processed through my account.

Since then I have kept from live bidding as there are too many chances of this recurring again. They acted as if it was my problem and not theirs. That is too risky when you are bidding in the middle of an expensive cluster of coins.

I did speed things up when I called my internet provider headquarters and explained the situation. They notified my local provider and I got a new router which speed up the send bid timing.

 

Try getting a new router and you will be surprised on the better speed and less misses.

 

Later---Rick

[mkman123]

What was the 3k coin?

[Ultra Cameo Collection]

Holy cow that stinks! I would be furious if that happened to me. They would try to get the money but if they would not grant me the one time retraction, I just would have sent the coin back and told them off. If you no longer own the coin then they don't have any legal way to make you pay.

 

I'm soooo glad that did not happen to me on that Thursday coin auction.

[Walkerfan]

Wow--that was an interesting story.

 

I'm glad that it all worked out for you and you certainly did the right thing.

 

But it does make you think and causes one to be more than a little leery.

[TD Henson]

 

Phew! What a bad experience. I think I'll refrain from live bidding, never tried it and now probably never will, especially since two of you guys have had the same experience.

 

Thanks for sharing and as always I appreciate your thorough explanations, as it helps us all be more educated.

 

Sorry you missed out on the coin you were looking for...

 

Todd

[tejas1836]

Phew! What a bad experience. I think I'll refrain from live bidding, never tried it and now probably never will, especially since two of you guys have had the same experience.

 

Thanks for sharing and as always I appreciate your thorough explanations, as it helps us all be more educated.

 

Sorry you missed out on the coin you were looking for...

 

Todd

 

You can add me to the list. It happened to me a few years ago on a $200 Morgan. I thought I had won it and then realized I had won the next lot. (a $400 coin).

 

When I hit the bid button, the coin I wanted and had been tracking was still up on the screen. Heritage checked into it when I called. They called me back and said I wouldn't have to buy the coin . They were very nice and said this sometimes happened on the online live bidding.

 

I haven't bid live since.

[jayman1970]

I have thought about live bidding,but after reading these posts I dont think I will be trying anytime soon.Thanks for the information!!!!!

 

 

Jason

[Kenneth F]

Wow, that was a close one. I find it odd that you got an email saying something from Heritage was shipped and you didnt even pay for it... I pay for my items the night the auction ends and I dont get a shipping status for atleast a week.. then another 2-3 weeks later I get my stuff..

 

[Ultra Cameo Collection]

Heritage will ship a coin out before you pay if you have proven you pay on time or you spend a certain amount. I think its something that is earned over time.