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Help With Bidding On Heritage

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Author Previous TopicReplies: 5 / Views: 1,062Next Topic  
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USArmyParatrooper's Avatar
United States
1283 Posts
 Posted 03/24/2007  10:07 pm Show Profile   Bookmark this topic Add USArmyParatrooper to your friends list Get a Link to this Message Number of Subscribers
I want to bid on an AU 1885 3CN I found on Heritage. Have any of you ever bid on an online Heritage auction?

My understanding after reading it is your bid ends up X 1.15 Buyers Premium, then a floor auction takes place, and if your bid is the highest you win the coin.

Can anyone elaborate on this? I have a couple of questions. First, how do I know if I won the coin? I have a brand new Heritage account, so will they take my bid seriously? After winning the coin, can I just pay with a Visa?

Here's a link to the coin in question. Please let me know any advise or information you think I will need.

PS: Please don't bid against me!

http://coins.ha.com/common/view_ite...&Lot_No=7145
Edited by USArmyParatrooper
03/24/2007 10:09 pm
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docsfishn's Avatar
United States
1031 Posts
 Posted 03/24/2007  10:35 pm  Show Profile   Bookmark this reply Add docsfishn to your friends list Get a Link to this Reply
This is the Heritage Buyer's Premium. It states: (A "Buyer's Premium" is charged in addition to the successful bid according to the rate defined in our terms and conditions.) It's a sweet coin, however it will cost you extra according to their defined terms. Good luck.
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Jaobler's Avatar
United States
6384 Posts
 Posted 03/24/2007  11:54 pm  Show Profile   Bookmark this reply Add Jaobler to your friends list Get a Link to this Reply
Hello Paratrooper,
Some of my best coins came from Heritage auctions. As I recall I had to send them a 25% cash deposit the first time I bid in order to establish my credibility with them. That deposit of course would have been refunded if I didn't win anything. You should give them a call to check whether that would be necessary. They're easy to talk to, so don't hesitate.
It's very easy to monitor your bids using the Heritage website and they will send you an email notification soon after the auction to notify you if you win. Just keep in mind that your total cost for a lot will include the 15% premium, plus shipping. Also, they'll charge sales tax if you live in Texas or California (although CA is tax-exempt if your winning bid is over $1000). Keep these rules in mind when deciding how much to bid, and good luck!
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USArmyParatrooper's Avatar
United States
1283 Posts
 Posted 03/24/2007  11:57 pm  Show Profile   Bookmark this reply Add USArmyParatrooper to your friends list Get a Link to this Reply
Jaobler, thanks that helps. I am in California, and it says:

"Applicable state sales tax on Signature Auctions ONLY if held in CA"
http://coins.ha.com/common/auction/salesTax.php

This auction is in TX. So can I assume no sales tax?
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Jaobler's Avatar
United States
6384 Posts
 Posted 03/25/2007  12:59 am  Show Profile   Bookmark this reply Add Jaobler to your friends list Get a Link to this Reply
I'm also in CA and Heritage charged CA sales tax for every auction in which I won a lot, including their Signature and "internet only" auctions, except in cases when I spent over $1000. You should definitely check with them to confirm their policy. If you win that 1885 AU 3-cent coin you will probably spend over $1000 so tax should not be an issue this time. If you get that coin for under $1000 it would probably be a bargain even with tax!
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snowman's Avatar
United States
1840 Posts
 Posted 03/25/2007  10:01 am  Show Profile   Bookmark this reply Add snowman to your friends list Get a Link to this Reply
The final price of the coin, including buyers premium is given next to the current minimum bid (using a 1.15 multiplier would be correct). I've never had Heritage ask for a deposit, but I've never won anything over $200 and always use my credit card to pay. After you win an auction you can check the status on-line, and they usually send me notification by mail as well. I've always been satisfied with my Heritage purchases, just know that coins typically don't go cheap. Most auctions that I've bid on have sold higher than wholesale cost.
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