How To Retract Your Bid During A Coin Auction
Retracting a bid during a coin auction can be an ugly thing especially if you do so after a heated competition with other bidders. However, there are times when things really get out of hand and there is nothing you can do but retract your bid. To avoid a backlash from the auctioneer or the seller when you retract your bid during a coin auction, here are some tips for you.
Give An Honest Explanation For Your Failure To Honor Your Bid
If you must retract your bid, you should at least be honest with your reasons for doing so. Note that most auctioneers will not honor your retraction if the only reason that you will give him or her is that you have changed your mind. You simply can't just change your mind after you outbid everyone else. The rules of most coin auctions state that once the auctioneer close the bidding by banging his or her gavel that means that you are stuck with your bid. Unless there are certain drastic changes in your financial circumstances or something really terrible happens to you or your family making it utterly impossible for you to honor your bid, auctioneers do not really take a retraction kindly. However, if you do have a very valid explanation for your retraction, most auctioneers will allow you to retract your bid without reprisals.
Communicate Your Retraction At The Earliest Time Possible
You must make your retraction in a timely manner and preferably while the coin auction is still in progress. Retracting your bid while the coin auction is still in progress will give the auctioneer the chance to put the coin back into the auction and attract other bidders. Never wait a long time before you tell the auctioneer about your situation because that will only attract reprisals. You don't really want to be booted out or banned from the auction house. If you are a coin collector, being banned from the coin auction houses can be very bad for you. Always remember that these coin auction houses are your best source of rare coins so if you want to enlarge your collection of rare coins, you should be nice to the people at the coin auction house.
Retracting Your Bid Online
Most bidding sites will ask you for your credit card number before you can start bidding which makes it even more difficult for you to retract your bid. However, the good news is that most online coin auction companies give their clients at least twelve hours to retract their bids. To avoid penalties, make your bid retraction within the given period.
