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How much do you bid for one pound?

A bidding war

Jeff  Male  East Sussex 1-Jun-2019 17:56 Message #4741109
I was reminded of this bidding war by some posts in thread "It's a bargain".

There are various methods of organising auctions. Some methods are much more profitable than others.

Imagine that I have an ordinary genuine £1 coin that I want to sell, and I think that I can get more than £1 for it.

I will invite bids for it. The bids are binding, and must be sensible - I will disqualify any bids that are made just to muck up the auction. At least the first 2 bids must each be less than 90p.

The highest bid gets the £1. But in this special type of auction, the 2nd highest bidder must also pay what he/she bid, even though he/she doesn't get the £1.

I will start the bidding at 10 pence. Who will bid more than 10p for my £1?
NotHermit  Male  Derbyshire 1-Jun-2019 22:47 Message #4741115
20 pence
NotHermit  Male  Derbyshire 2-Jun-2019 02:19 Message #4741122
Have I won yet?
Jeff  Male  East Sussex 2-Jun-2019 14:36 Message #4741154
The auction isn't over yet.

If nobody outbids you, then you have won my £1 for the sum of 20p.
(There are no extra fees.)
tumbleweed  Male  Gloucestershire 2-Jun-2019 14:50 Message #4741156
The small print seems too small to see...The end of the auction could be in 100 years time...also the 'special' rules that the 2nd highest pays anyway means that if you top the highest bid by 1p for instance, then close the auction, you will get the 2nd highest amount...Do you run any of the phone scams?

ps...At least it made me think of a subject for another thread though...

pps..If it's the pound coin that Princess Diana had on her on that fateful day...when she met James Hewitt ( not sure if it was still pound notes back in those days ), and then that coin was the one that went on the space trip to Mars and back, and then climbed Everest...I may put in a bid..
NotHermit  Male  Derbyshire 2-Jun-2019 16:25 Message #4741167
I am still top bidder.
Just had an email off
He has got negative feedback, so watch out.
Jeff  Male  East Sussex 3-Jun-2019 11:31 Message #4741219
There is no small print =- not even on the nice bright shiny £1 coin that I'm offering for less than £1.

I promise not to make any more bids. So I cannot do as you suggest.

The auction won't last 100 years. But maybe I should go into partnership with Dave Asprey to live to 180 (Google it). A Men's Health article of 17-Jan-17 includes "He says he made $6 million when he was 26, and lost it all by 28. He also says he raised his IQ by 20 points and lost 100 pounds ... the Bulletproof founder and prolific biohacker shares his personal tips for losing weight, increasing intelligence, and sleeping better—and explains how he intends to double his lifespan. ... Asprey has a goal of living to age 180, and has built a $500,000 biohacking lab at his home."

I have repeatedly advised people to inform Action Fraud Phishing about phone scams. And that isn't to decrease competition with my own phone scam - oops, what a giveaway!

It might be the £1 coin that had all the adventures that you want. (The pound note was printed until 1984 and I think that Diana's affair with James Hewitt probably started well after that). (I remember about 50 years ago an essay being set on "A Day in the Life of a Penny".) Even if it didn't have those adventures, you could still bid for it and maybe win it for less than £1.

I am not offering anything on eBay or similar.

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