BTT/BTU Wrong Paper Errors (Discussion)

News: Welcome to the Canadian Paper Money Forum.

The note had a bid for 5 000 C$ at the end of the auction, but the reserve hasn't been met...I'm wondering which price the seller had put for the reserve...?

Personally i can't imagine someone paying that much for this note. I've seen a much cooler  error note on an auction site.

i think the seller might be a little greedy, anybody know the saying:

Bulls run and pigs get slaughter!

Deficit

The note had a bid for 5 000 C$ at the end of the auction, but the reserve hasn't been met...I'm wondering which price the seller had put for the reserve...?

was the bid from a newbie???

on eBay, bidder identities are concealed, but the bidder only had a feedback rating of roughly 14.

.

I know the bidder.  He's just bidding on it because there's a reserve price set at something greater than $5,000 - with a "reserve not met" at $5,000, the bidder does not win the item anyways.   He just wants to make the seller think it's worth so much, when in fact, $5,000 is WAY over the top.    The seller is the guy who originally found that note at the casino and the person who reported it to the Asian media in Toronto. 

If the seller lowers the reserve to $5000, does the bidder have to reconfirm or does he automatically become a winning bidder?

Auctions over. No sale. Notes would have to be re-listed and here we go again....

I think it was a slow night in the printing room and someone grabbed some $20 paper and said "Hey, watch this...."....

 

If the seller lowers the reserve to $5000, does the bidder have to reconfirm or does he automatically become a winning bidder?

Once the seller states a reserve price when he submits his auction listing, the seller cannot change his reserve price while the auction is currently listed.   The only way the seller can change their reserve price is to cancel the auction, and relist the item with a lower reserve price. 

That's not true.  When you list an item as a BUY NOW with Reserve price and no one places a bid or offer, a seller can lower the price or lower the reserve price.  I also remember that I was able to lower the Buy now and Reserve Prices, even if there was an offer price from the buyer.   I don't recall if the seller can increase the Buy Now price when a buyer already placed an offer price.  I will try to see if I can find the requirement from Ebay.  Anyways, this is a Newbie with 0 feedback seller who is selling a $5000.00 error note.  I don't want to risk my money and I may fear of not receiving the note.

Good Luck & Happy hunting.

Jarod

Hi Jarod,

The seller's auction wasn't it a BUY IT NOW.   It was a straight auction with a starting bid of $5,000 Canadian.  If no one bids on the auction, the seller has the option to change his auction listings and reserve price (if applicable).   

Once a bidder bids on an auction, nothing... including the reserve price can be changed.  You can add more discription, but you can not modify the existing description, price, and end date of the listing. 

Here's more info on the reserve price:
http://pages.ebay.ca/help/buy/reserve-price.html

Hi Jarod,

The seller's auction wasn't it a BUY IT NOW.   It was a straight auction with a starting bid of $5,000 Canadian.  If no one bids on the auction, the seller has the option to change his auction listings and reserve price (if applicable).   

Once a bidder bids on an auction, nothing... including the reserve price can be changed.  You can add more discription, but you can not modify the existing description, price, and end date of the listing. 

Here's more info on the reserve price:
http://pages.ebay.ca/help/buy/reserve-price.html

The reserve price can be lowered to meet the high bidder's bid.  At least in the past I have seen this happen where a bid at a certain price did not meet the reserve and the seller lowered the price so the same bidder was the high bidder without rebidding with the reserve met at the same price. This was back in the days when all the bids with the identities were shown so it was easy to see if someone had rebid and if it was the same individual. In either event if someone place a token bid on something thinking they are not obligated, the reserve can always be lowered to execute their bid in which case then they are obligated theoretically.

You cannot raise the price though once a bid has been placed. Maybe that is what you are thinking of in terms of no changes. However, I have not followed this for a while so I do not know if the rules have changed.

Deja Vu........

I will say they are good photo's showing the errors......

The reserve price can be lowered to meet the high bidder's bid.  At least in the past I have seen this happen where a bid at a certain price did not meet the reserve and the seller lowered the price so the same bidder was the high bidder without rebidding with the reserve met at the same price. This was back in the days when all the bids with the identities were shown so it was easy to see if someone had rebid and if it was the same individual. In either event if someone place a token bid on something thinking they are not obligated, the reserve can always be lowered to execute their bid in which case then they are obligated theoretically.

You cannot raise the price though once a bid has been placed. Maybe that is what you are thinking of in terms of no changes. However, I have not followed this for a while so I do not know if the rules have changed.

I've found the link which describes "Lowering Reserve Prices".

http://pages.ebay.ca/help/sell/lowering-reserve.html

It states:

You may lower the reserve price on an item in any category as many times as you like, as long as the reserve price has not been met and there are at least 12 hours left on the listing. When a reserve price has been lowered, all bidders are automatically notified by email.

If you lower the reserve below the high bidder's maximum bid, the high bidder's maximum bid will be lowered to $1.00 below the new reserve price. The new reserve price will be revealed to the high bidder by email. This lets high bidders confirm they are still interested in the item.

When you lower the reserve price eBay lowers the maximum (proxy) bid. When the maximum bid is lowered:

A bidder must bid again to meet the new reserve price.

eBay lowers the maximum (proxy) bid 1.00 below the new reserve price.

A bidder must bid again to confirm interest in the item because the high bidder may have bid on another item when that bidder did not initially meet the reserve price.

The high bidder is not bound to purchase the item; the high bidder must either bid again at or above the new reserve price.

(in any event, my buddy would have never have won the item, because had the seller lowered the reserve price to $5,000, my buddy's bid would be automatically changed by eBAy to $4,999 (still below the reserve price). 

I am just curious if anyone knows how many of these errors have now been found.