Policy Overview


Affiliate Auction Overview


Affiliates are independent business people who use Bargain-Bids as the venue for posting their auctions online. Affiliates are responsible for all aspects of their business:

  • Clearly informing all interested parties (consignors, bidders, vendors, etc.) that they are operating as an independent auction company and are not operating as an agent of Bargain-Bids.
  • Knowing and complying with all local/state/federal laws pertaining to their business, as well as the assets being sold.
  • Maintaining and insuring their auction site.
  • Securing their supply lines and developing thorough consignment contracts that detail the requirements and expectations that Bargain-Bids and the affiliate has of the seller.
  • Producing accurate and straightforward descriptions/pictures/terms and conditions.
  • Overseeing all aspects of the operation on inspection and removal days.
  • Developing a reliable communication system to ensure interested parties (and Bargain-Bids) receive timely responses to all questions/issues/problems.
  • Resolving all issues/problems related to their auctions in a timely, professional, and courteous manner.
  • Distributing the auction proceeds in an accurate and timely manner to their consigners, the State of Florida, Bargain-Bids, etc.

Integrity


Bargain-Bids future success is contingent upon maintaining a reputation for conducting online auctions in an honest, transparent, user oriented manner. Good reputations are built over time, one transaction at a time. However, damaging a good reputation isn't nearly as difficult or time consuming.

Bargain-Bids and Affiliates need to be vigilant about protecting and monitoring this critical asset, as it directly impacts everyone's bottom line. Affiliates are responsible for developing and following business practices that reflect well on Bargain-Bids reputation. Similarly, affiliates are encouraged to keep Bargain-Bids apprised of any issues they become aware of that could have a detrimental impact.

Bargain-Bids does not get involved in the details of the business operations of our affiliates. However, if an affiliate’s integrity is in question (usually due to repeated problems with buyers, failure to follow the full disclosure requirements, not paying their consignors), Bargain-Bids will very quickly terminate the affiliate relationship.


Exclusive Online Auction Site


Affiliates must agree to post their online auctions exclusively on Bargain-Bids. Affiliates cannot post auctions on any other online auction site, with the exception of eBay. It is acceptable for an affiliate to list/advertise their Bargain-Bids auctions or items in other locations (Craigslist, affiliate's own website, print advertising, etc.) with the stipulation that the listing/advertisement directs the interested party to Bargain-Bids for information.

Assets posted on Bargain-Bids cannot be for sale, or be sold, except on Bargain-Bids, for the duration of the auction. This statement must appear in the affiliate's consignment agreement with their seller.


Affiliate/Seller Bidding


Affiliates are prohibited from bidding on their own auctions. Affiliate consignment contracts must clearly state "Sellers are prohibited from bidding on their own assets." Affiliates are responsible for the actions of their consignors and could incur penalty fees for consignor behavior that negatively impacts Bargain-Bids.

Affiliates are responsible for monitoring their auctions and contacting Bargain-Bids immediately if they see any suspicious bidding activity or obvious bidding errors.

Bargain-Bids prefers that affiliates do not bid on other affiliate auctions, but does not prohibit it. However, if a dispute develops between two affiliates due to the purchase of an asset, Bargain-Bids will not get involved. It is expected that all the rules and policies are being followed and that the two affiliates will resolve all issues between themselves.


Consignment Contracts


Affiliates are required to have a written contract with every consignor to ensure that they operate within Bargain-Bids parameters. Affiliates are responsible for the actions of their consignors and contracts are crucial for affiliate protection and holding sellers accountable. Bargain-Bids has certain stipulations that must be included in the consignment contract or agreement:

  • The affiliate must clearly state the seller is entering into a contract with the affiliate who is operating as an independent business, who has chosen to use Bargain-Bids.com as the venue for presenting their auction to the public. Bargain-Bids is not a party to this agreement.
  • The seller understands once the consignment agreement is signed, the assets listed cannot be available for sale or be sold, except through Bargain-Bids.com.
  • The seller understands their assets cannot be removed from the auction after the auction is published on Bargain-Bids website.
  • The seller understands the assets will sell to the high bidder unless the high bid fails to reach the reserve amount agreed to between the affiliate and the seller at the time the agreement was signed.
  • As Is Where Is – only applies if the asset description and pictures were accurately described and any issues affecting the material functioning of the asset and the assets aesthetics were fully disclosed.
  • Owner/seller understands that they are prohibited from bidding on their own assets. If the owner/seller does place any bids on their assets, the specific asset or the entire auction may be terminated immediately. The owner/seller will be banned from selling on Bargain-Bids. If the owner/seller ends up being the winning bidder on any of their own assets, they will be responsible for paying a 10% penalty to Bargain-Bids.
  • Reserves must be disclosed and programmed into the auction software prior to the auction being published. Once an auction is published on Bargain-Bids.com, the assets will sell to the highest bidder, unless reserve information was disclosed prior to the auction being published.
  • Any item resulting in a “no sale” due to an unmet reserve, cannot be re-posted on Bargain-Bids unless it is posted without reserve, or the new reserve is well below the last “real” bid.

Online Credit Card Payments


Affiliates must give bidders the option to pay online for auction invoices below the credit card maximum set by the affiliate (Bargain-Bids recommends a credit card max of $5,000 unless otherwise specified by your credit card processor). The online payment option will not appear for winning bidder invoices exceeding the designated amount.

Online payment can and should be turned off for assets that are restricted by your merchant service provider (firearms, weapons, ammunition, foreign currency, etc.) Please check with your merchant provider for more information.


Please see the site terms regarding Credit Cards:


Due to the expense in running credit cards for low value invoices, the minimum credit card transaction will be $5.00

Credit card payments are not accepted for more than $5,000 unless otherwise stated in the auction terms. In the event an affiliate chooses to accept a credit card for a transaction over $5,000.00 the affiliate may, at their discretion, charge a fee to cover the added credit card expense.


No Sale Fees


Bargain-Bids reserves the right to charge a no sale fee for lots posted in an auction that don’t sell because they failed to meet the reserve. Bargain-Bids interest is in selling assets. There is very little patience for sellers who wish to find out what their asset could sell for at auction. Affiliates who abuse the use of reserves, either by accepting unrealistic reserves or posting everything with a reserve, are at risk for being charged a no sale fee.


Inspection and Removal Days


When scheduling the inspection and removal days/times for an auction, it is important to consider the number of lots on the auction as well as the convenience of the bidder.

Each auction must have at least one inspection day where interested bidders are allowed, at no expense, to inspect the actual lot they may wish to bid on. The bidders need to actually be able to see and touch the items included in the lot. Affiliates need to make the inspection process as simple and hassle-free for the bidders as possible. An exception to this is if the affiliate is selling a brand new factory sealed item and is willing to allow the winning bidder to open the carton during removal and refuse the item if it is not as described.


Endorsement Claims


Bargain-Bids neither endorses nor promotes wholesalers, or any vendors, we use now or have used in the past to Bargain-Bids affiliates. Unfortunately there will be, and have been, people/companies that use Bargain-Bids name when making a sales pitch to affiliates in an effort to increase their credibility. Do not construe "Bargain-Bids is one of my customers", to mean Bargain-Bids endorses my product/service. The risks/rewards associated with any purchase/service needs to be weighed by each affiliate on its own merits.

Please contact us to verify any claims being made about Bargain-Bids.


ON HOLD Status


Placing affiliates ON HOLD is the tool Bargain-Bids uses whenever there are compliance concerns or questions relating to the affiliate's business practices. During the time the affiliate is ON HOLD, no further auctions can be posted. Once the issue is satisfactorily resolved, the affiliate can resume posting auctions.

Examples of conduct that could result in an affiliate being placed ON HOLD:

  • Failure to pay consignors in a timely manner - 2 weeks from the close of the auction is the recommended settlement time.
  • Failure to close out invoices in a timely manner – invoices should be closed within 10 days of the close of the auction.
  • Failure to submit documentation/payments to Bargain-Bids in a timely manner.

Affiliate Terminations


The relationship between Bargain-Bids and an affiliate is completely at will. Either party may terminate the relationship at any time for any reason. All paperwork/payments for completed auctions are due and payable immediately upon termination.


Absolute Auctions


In order to advertise an auction as ‘Absolute’ or ‘No Reserve’, the following criteria must be met:

  • The opening bid is $1.
  • The intent is to transfer ownership to the high bidder, regardless of the high bid amount.
  • The assets are free of liens or other encumbrances, or a financially responsible party signs a binding commitment to guarantee all liens will be satisfied regardless of the high bid amount.

Assets cannot be pulled from absolute auctions once the auction is published.


Buyer's Premium

Bargain-Bids charges a Buyer's Premium on every item sold and paid for based on the following schedule:

BID PRICE BUYER'S PREMIUM AFFILIATE RETAINS PER ITEM BP CAP
0-$5000+ 10% 0% $1000

Bargain-Bids receives 10% of the buyer’s premium on every item sold with a cap of $1,000/item. BP is automatically generated on each bidder invoice and is collected by the affiliate and submitted to Bargain-Bids.

Condition and Discolusure


Full Disclosure Requirement


Full disclosure is required on every lot sold. Lots must be described factually, noting all known issues affecting the primary function of the item or appearance. It is assumed lots published on Bargain-Bids are complete, undamaged and in good working order. If a lot does not meet this criteria, the affiliate is required to fully disclose detailed information about the specific lot being sold.
  • List of missing parts
  • Asset damage
  • Malfunctions preventing the asset from operating as intended
  • Any information that would affect the bidder’s ability to accurately determine asset value.

The term ‘As is, Where Is’ only becomes relevant on items with descriptions/pictures that fully disclose everything material regarding the item. Items with descriptions lacking material information are at risk of being refused by the winning bidder. These "mis-described" items often become No Sales without penalty to the winning bidder.

Affiliates will not be an “expert” on every item they sell and consequently will be reliant on their consignors for the accuracy of the item descriptions. Bargain-Bids strongly suggests that affiliates include in their consignment contracts that consignors will be paid for their sold assets two weeks after the auction closes. This allows time for the buyer to contact the affiliate if the item is not as it was described. In these cases it is the responsibility of the affiliate to work with both the buyer and the seller to come to a satisfactory resolution on the item price/sale.

AS IS WHERE IS, does not apply if the lot description/pictures fail to disclose the actual condition of the asset being sold --- even if the true condition of the asset was unknown to the affiliate.

Below is a list of lot categories, the attributes of each category and the information that must be disclosed if the attribute is true of the lot being sold. Affiliates DO NOT have to include category labels in their lot descriptions.

Lot

Category
Category Attributes

(if true, see Disclosure Requirements)
Lot Description

Disclosure Requirements
Used - An item that has been "owned" (Includes floor models & returns)
- May show cosmetic wear
- May be missing a few easily replaceable parts (found in any hardware store)
- May need minor repairs to be fully operational (i.e., easily replaceable parts and < 15 min. to repair.)
- Describe wear; Show photo of wear
- Include a detailed list of missing parts
- Describe needed repairs
For Parts
or
Not Working
or
Untested
- Missing essential components
- Major service/repair required
- Defective in ways that render the asset difficult to use
- Asset Condition Unknown
- Include 'Parts Lot' in the description
- Include 'Parts Lot' in the description
- Detail defect(s) and how it affects the way the asset functions
- Include 'This lot has not been tested' in the description

New
To List an item as New, all of the following must be true!

- Brand new, unused, unopened, undamaged, original wrapping, manufacturer's warranty still applies.

AS IS WHERE IS is nullified when a lot is described as New.

- Stock photos may be used for New lots.
- Indicate a stock photo has been used in the description.
- A photo of the actual lot being sold must be included in the lot photos.

Auction Reserve Policy


Reserves


Selling with reserves is discouraged. Bargain-Bids believes placing reserves on items is counterproductive to achieving the highest prices, as a large percentage of bidders refuse to bid on items with a reserve. That being said, Bargain-Bids does allow affiliates to post items with reserves as long as the reserve amounts are extremely reasonable (50% of value or less) and the number of items with reserves is kept to a minimum.

The reserve amount for each item must be entered prior to the auction being published. Reserves cannot be added after an auction is online.

An asset listed with a reserve that is not met may be relisted with a reserve one time. Items that fail to meet the reserve after the second time can only be posted again without reserve.

Bargain-Bids starting bid price is fixed at $1.00. In certain situations, starting bid prices of $1000.00 may be used, however any starting bid over $1.00 is considered a reserve and has the same detrimental impact to the auction process.


Reserve Policy


Bargain-Bids strongly discourages placing reserves on auction lots. An item with a stated reserve frequently has the effect of drawing fewer bidders and consequently getting lower prices. Bargain-Bids goal is to sell items at the highest price possible; reserves have proven to be detrimental to achieving this goal.

That being said, it is recognized that occasionally a seller will require that a reserve be placed on one of their assets. This should be the exception and not the rule. Items likely to sell for under $2,000 should never have a reserve placed on them. All reserves must be reasonable (50% of value); meaning the likelihood of the reserve being met by independent bidders is high. If the seller has unreasonable expectations of the price required, affiliates should decline the item and not include it on the auction.

The minimum reserve for lots listed on Bargain-Bids.com is $100.

If an affiliate uses Bargain-Bids as their Dealer of Record and agrees to a titled/registered asset with a reserve for consignment, the affiliate will be charged a No Sale Doc Admin fee for each vehicle that fails to sell because the reserve was not met.

An asset that doesn't sell because the reserve was not met, can be relisted with a reserve one more time. If the asset fails to meet the reserve the second time, the asset cannot be relisted again on an auction unless the seller agrees to sell without reserve and commits to selling the asset to the high bidder, regardless of the high bid amount.

Bargain-Bids reserves the right to charge no sale fees for lots that fail to sell due to the reserve not being met.


Lot Photos

Bargain-Bids full disclosure policy requires affiliates to provide lot descriptions and pictures that accurately reflect the condition of the asset being sold. Consequently, the only time it is appropriate to include a stock photo as a lot photo is when the lot is New (defined below):

A lot can only be described as New if it is unused, unopened, undamaged, and is in its original factory sealed packaging. The original manufacturer’s warranty must still apply.

There is one possible exception to the above stock photo policy. If an auction lot doesn’t meet the criteria to be described as New, and it comes disassembled in a box, a stock photo may be used if the item is either too large or too complicated to assemble for a lot photo. However, if a stock photo is used, it is the affiliate’s responsibility to make it extremely clear to bidders that a stock photo has been used and must specifically state how the actual item differs from the stock description/photos, i.e., list missing pieces, describe and photograph any damage or repairs required. Please see the Condition & Disclosure Policy for an explanation of lot conditions and criteria.

IMPORTANT: Stock photos are protected by copyright laws. Every stock photo appearing on Bargain-Bids.com must be properly licensed and the license agreement must specifically provide legal protection against copyright infringement claims. Affiliates are responsible for ensuring they are licensed to use every stock photo appearing in one of their auctions.


Additional Photo Requirements When Stock Photos are Used

Whenever a stock photo is used for an auction lot, pictures of the actual item being sold must also be included in the lot photos. While a picture of the item being sold won’t be a compelling picture to look at, it does provide bidders with a visual of the condition of the packaging and gives them a good idea what to expect on removal day if they are the winning bidder.


Lot Description Requirements when Stock Photos are Used

Whenever a stock photo is used for an auction lot, the lot description must specifically include the following information:

  • Lot Condition – using the terms in the Condition Disclosure Policy.
  • Does the lot require assembly?
  • A list of missing parts.
  • Defects affecting the way the item is intended to function.

AS IS WHERE IS does not apply to lots missing any of the above information.


Motor Vehicles


Vehicles sold in Florida


Bargain-Bids does not have a Florida Auto Dealer's License. All vehicles sold in Florida that are required to have a title or a registration card, must be sold by a licensed auto dealer. Affiliates who have a Florida dealer's license can act as their own Dealer of Record (DOR). Affiliates who do not have a Florida auto dealer's license cannot use Bargain-Bids online auction platform to sell motor vehicles.


Vehicles sold outside the State of Florida


Affiliates selling titled/registered assets at auctions outside Florida are required to know and abide by the laws of that State and follow the format required in the document entitled 'Affiliate DOR and Out of State Affiliates'.


Motor Vehicle Tire Policy


To include motor vehicle tires as an auction lot, the manufacture date of the tire must be within the previous 5 years. The manufacture date of the tires must be stated in the lot description.

The reason for this policy is the tire industry says the serviceable life of a tire varies between 5 and 10 years. However, auto repair shops often refuse to put tires on a vehicle if the tire was manufactured more than 5 years ago.


Bargain-Bids Requirements for titled/registered assets:


  1. Vehicles (DMV) sold on auctions located in the State of Florida, must be sold through an Auto Dealer --- affiliates conducting auctions outside the State of Florida are responsible for knowing and following the vehicle laws applicable to the auction location. Removal for titled/registered assets must be between Monday through Saturday. No Sunday removals.
  2. Bargain-Bids must have a copy of the current dealer's license for the Dealer of Record for any auction located in Florida. It is the responsibility of the affiliate to ensure Bargain-Bids receives an updated copy of the license upon license renewal.
  3. Vehicles cannot be posted on Bargain-Bids until the affiliate has a clear title in hand. Do not post a titled/registered asset based on a promise that the required documents are forthcoming.
  4. Lots should be photographed to give bidders all the visual information available - in addition to the basic pictures showing the item, specific pictures should be taken of anything a bidder may not expect, i.e., dents, broken or missing parts, discolorations, etc.
  5. The description includes all the information required for the type of vehicle being sold (see Information Requirements below), as well as fully disclosing any information relevant to the bidder's ability to assess accurate value, i.e., issues relating to the material functioning of the vehicle or its aesthetics.
  6. Item descriptions that fail to provide information vital to the bidder's ability to assess value, are considered to be mis-descriptions. Affiliates cannot hold bidders accountable for purchasing assets that were mis-described.
  7. Titled/registered assets must be listed within the first 25 lots of the auction.
  8. There must be at least one business day between the auction close date and the first removal date when Bargain-Bids is providing dealer services.
  9. Detailed transfer fees (FL) and/or any other fees (out of State auctions) the bidder will be subject to paying at the time they take possession of the vehicle from the affiliate, must be listed in the 'Fees and Taxes' section of the item description.
  10. The name and license number of the dealer responsible for transferring ownership of t/r assets must be listed in the terms and conditions for every auction.
  11. Document Administration Fees cannot exceed $79 for any vehicle posted on Bargain-Bids.
  12. If the T/R asset has a reserve, the reserve amount must be entered on the Lot page prior to the auction being published. Reserves cannot be added after an auction 'goes live'. Failure to enter a reserve prior to publishing, means the vehicle will be sold to the highest bidder at the close of the auction.
  13. Affiliates should make sure they are collecting at least a $79 upfront fee from their seller for every t/r vehicle they agree to sell with a reserve. See Reserve Policy(Insert hyper link)
  14. An asset listed with a reserve that is not met may be relisted with a reserve one time. Items that fail to meet the reserve after the second time can only be posted again without reserve.
  15. It is the affiliate's responsibility to manage their sellers, this includes ensuring their consignment agreement stipulates the seller is prohibited from placing bids on their own assets.
  16. Affiliates are responsible for monitoring their active auctions and notifying Bargain-Bids ASAP if they suspect fraudulent/shill bids are being placed.
  17. If a title is marked salvage or prior salvage, this information must be stated in the description.
  18. If a titled/registered asset is being relisted, all titled/registration paperwork along with a new consignment sheet must be resubmitted.

The following information is required to be within the description of each titled or registered asset (by vehicle type)

Vehicles - Cars/Trucks/Motorcycles/Mopeds/Motorized Bicycles

  • Year
  • Make
  • Model
  • Indicated miles
  • VIN Number
  • Plate Number (If Applicable)
  • Gross Vehicle Weight (for trailers and vehicles over one ton)
  • Engine number (motorcycles)

Trailers/Semis & Fish House Trailers

  • Year
  • Make
  • Model
  • Plate Number
  • Permanent Registration Number
  • VIN Number (Some smaller trailers do not have VIN Numbers)

Boats

  • Year
  • Make
  • Model
  • Hull ID/Serial Number (Some older boats do not have a hull ID number)
  • Boat Length
  • Registration Number

ATV's

  • Year
  • Make
  • Model
  • VIN/Serial Number
  • CC's
  • Registration Number (Only if available)
  • Dry Weight
  • Measurement from outside tire rim to outside tire rim

Mini Bikes/Dirt Bikes

  • Year
  • Make
  • Model
  • VIN/Serial Number
  • CC's
  • Horsepower
  • Registration Number (Only if available)

Jet Skis

  • Year
  • Make
  • Model
  • Hull ID/Serial Number
  • Length
  • Registration Number

Firearms Policy

Selling firearms requires a Federal Firearms License. While federal and state regulations allow the sale of guns without an FFL in certain circumstances, Bargain-Bids does not recognize these exceptions. Any gun sold on Bargain-Bids must be sold through a licensed firearms dealer (FFL). It is the responsibility of the affiliate to make sure the FFL they are using for their gun sales has an active Federal Firearms License. The FFL dealer must be identified by name and license number in the terms and conditions of the auction that contains the consigned firearms.

Bargain-Bids does not have a FFL and will not act as dealer for an affiliate. In the event a seller insists on a reserve, they will require a NICS on themselves in order to retrieve the firearm. The $25.00 NICS/Transfer fee will not be waived.

Any questions on the firearms policy should be directed to Bargain-Bids.

Real Estate


Real Estate Auctions


Affiliates may post Real Estate Auctions on Bargain-Bids. Bargain-Bids role in real estate auctions is nothing more than the website used to post the auction. The only fees Bargain-Bids receives for real estate auctions is a $100 posting fee, which is due prior to the auction appearing on the website. Real Estate Auctions can be listed for a maximum of 4 weeks. The affiliate is responsible for ensuring compliance with all federal/state/local laws pertaining to the sale of real estate — this is a highly regulated industry and will require involvement by licensed real estate professionals.


Real Estate Policy


Affiliates can post Real Estate Auctions on Bargain-Bids.com. Bargain-Bids serves as the venue only for real estate auctions. Bargain-Bids has no further involvement in the transaction.

  • The affiliate has complete responsibility for knowing and ensuring compliance with all Local/State and Federal laws relating to the sale of the property. Real estate sales is a highly regulated industry; unless the affiliate is a licensed real estate broker, Bargain-Bids strongly recommends the affiliate seek the counsel of a licensed real estate professional prior to finalizing any agreements with the property owner.
  • The affiliate must include a disclaimer in all contracts and agreements with third parties, i.e., the buyer, the seller, the broker, the closing agent, etc., stating that Bargain-Bids is not a party to the transaction and has no involvement in the auction beyond being the venue used to present it to the public.
  • Real Estate can be posted for a maximum of 4 weeks.
  • Bargain-Bids charges a $100 Non-Refundable Posting Fee for each property posted on the website. This posting fee must be paid prior to the auction being posted. Bargain-Bids will be collecting 1.5% buyer's premium for real estate auctions. If the property sells, the posting fee will be deducted from the BP Bargain-Bids collects.

The process for getting real estate auctions posted is:

  1. Get your auction all set to go in DRAFT status.
  2. Please make sure that your lot description and auction terms state that the BP Cap of $1000.00 DOES NOT apply to REAL ESTATE AUCTIONS.
  3. Email support@Bargain-Bids.com with the Auction ID, BP %, and bid increments that you want on that auction, starting at $100,000.00 and above.
  4. Bargain-Bids will adjust the auction type to make sure the BP amount being charged is correct.
  5. Bargain-Bids will invoice for the $100.00 posting fee and once it is paid, will publish your auction.

If you have any questions regarding this policy, please contact support@Bargain-Bids.com.


Coins, Currency & Precious Metals


Description Requirements for Coins/Currency/Precious Metals Sales


  • Type of coin/note/asset
  • Weight of precious metal in the item - required for every lot
  • Visible facts about the specific coin/note/asset - year the coin was minted; mint mark; Note #; Series #; and any other identifying marks
  • Provide bidders with the precious metal content (%) of any asset that includes the words gold/silver or any other precious metal in the item description. The metal percentage must immediately follow the type of precious metal, as an example: Silver (90%).
  • If the item description refers to the condition or grade of a coin, the coin must be encased (coins graded by top grading companies are encased in plastic) with the grade certification indicated above the coin. The pictures of these graded coins must clearly show the grade as well as the name of the company that graded the coin.

Selling coins/currency and precious metals can be profitable for affiliates who take the time to develop a working knowledge of these assets and are willing to take the time to research (the internet is a good resource) the value of these items prior to publishing an auction containing these assets.

Due to rampant fraud, scams and counterfeit products associated with the coins/ currency/precious metals industry, Bargain-Bids holds affiliates to a much higher standard when it comes to selling these items on Bargain-Bids.com. Affiliates are responsible for not only fully disclosing all material information about an asset, they are also responsible for verifying the information included in the item description. Verification requires the affiliate to independently research and guarantee the detail included in the lot description. The seller cannot be the verification source. Proof of authenticity or other claims made about an item in the description must be attached to the item description as a PDF.


AS IS WHERE IS does not apply for coins/precious metal sales.


Affiliates, who aren't interested in educating themselves on this topic or doing the required research on a consignor's coins/currency/precious metals, should not post these assets. Ignorance is not an acceptable excuse for failing to accurately identify and disclose details on coin/precious metal lots.

The following will provide additional details relating to sales of coin/currency/precious metal sales. This information is not intended to be all-inclusive; it is intended to provide affiliates with ideas, cautions and a basic framework for handling these types of auctions.


Prohibited on Bargain-Bids --- Coins/Currency/Precious Metal Items


The reason for prohibiting certain items from being sold on Bargain-Bids is to eliminate the negative repercussions that occur when bidders don't understand the value of the items they are bidding on. The ignorance level when it comes to precious metal values is high and widespread.

While it is tempting for affiliates to allow bidding to continue when the bids reach ridiculously high amounts for an item (exceeding item value by several multiples), it is a mistake to do so. Whenever affiliates recognize an inconsistency in the bidding on one of their coin/precious metal auctions, a red flag should go up and the affiliate should consider taking action. It is far better for an affiliate to halt an auction item due to a clear disconnect between the bid amount and the item value, than it is to suffer the damage to their reputation that will occur when bidders recognize the affiliate allowed the auction to continue knowing the bidder made a gross error in judgment (i.e., item value = $1; winning bid price = $36).

It's important to remember --- sellers come and go, an affiliate's reputation with bidders will decide the affiliate's future success.


Do Not Sell List - Coins/Currency/Precious Metals


  • .999 Silver Bars/slabs - less than 5 grams in the lot
  • German silver bars - Even though they say one troy ounce of silver they are plated copper.
  • Coins that state they are gold or silver plated
  • Gold flakes or foil
  • Gold Plated Currency
  • Coins stamped 'Copy'
  • Memorabilia coins unless the coin has a Certificate of Authenticity stating the metal content.
  • Coins that are gram bars.

Additional Information Relating to Coin/Currency/Precious Metals


A good Calculator to use to figure out the value of coins is: http://www.coinflation.com/coins/silver_coin_calculator.html


How to Identify Real Silver


Genuine silver jewelry or silverware will be stamped with the number 800 or 925 or a promise that the silver is sterling (ex. Ster, Sterling, Stg). If the silver does not have an identifying mark, below are a couple tests that may assist in determining real silver from fake silver.

  • Real silver coins emit a ringing sound, high pitched and bell-like, when tapped together. If you flip a 1932-1964 quarter (90% silver) and a post 1965 quarter (90% copper), you should hear the difference immediately.
  • Real silver melts ice. Place an ice cube on a block of silver or a silver coin and watch the ice cube melt faster than it would if it were merely left out at room temperature. Silver melts ice quickly because it has very high thermal conductivity.
  • Real silver isn't magnetic. On real silver, the magnet will make a slow descent down a silver bar. On non-silver materials, it will either stick to the top of the bar or slide down very quickly.

Bullion - Safe Coins to Sell


Bullion, usually minted by the US Mint. Other countries will also produce Bullion Coins. A few examples are.

  • U.S. Gold Eagles
  • Canadian Gold Maples
  • U.S. Silver Eagles
  • Canadian Silver Maples
  • South African Krugerrand
  • China Pandas

Precious Metal Content of Coins


Any coin except the Nickel and the penny that were produced before 1964 is considered Junk Silver. They are 90% silver. Kennedy half dollars from 1965-1970 are 50% silver

War Nickels are also silver and were produced from 1942-1945.


Proof sets from the US Mint


Every year the US mint will put out coin proof sets. Some are made of Silver and some are not. It is the responsibility of the affiliate to determine and disclose the silver content if selling these items.


Numismatic Coins


These are coins that have collectible value in excess of its metal content because it is historical or rare. Such as an 1880 CC Morgan silver dollar.

Be cautious when writing the descriptions for these coins. Don't include information about condition or grade for these coins, unless they were graded and encased by a reputable certified grading company.


Storage Unites

In order to conduct a storage unit auction like is seen on TV --- people placing bids on the contents of the unit based entirely on what can be seen from the doorway --- the following 3 criteria must be met:

  • The consigner must be the storage facility (it cannot be the owner of the unit contents)
  • The storage facility must have taken possession of the unit.
  • The storage facility must assure the unit has remained “untouched” since they took possession of the unit.

If these 3 criteria can’t be met, the traditional inspection rules will apply to the auction – the bidder must have easy access to see and touch the contents of each lot during the inspection.

**Due to copyright issues, don’t include references to “Storage Wars”, “Storage Hunters”, “Auction Hunters”, etc. in your auction titles or descriptions --- just say something like “as seen on TV”


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Restricted & Forbidden Items


Assets that are Restricted/Illegal to Sell


Affiliates are responsible for verifying the legality of all assets sold on their auctions - federal/state/local laws vary based on the location of the auction. Below are some examples (these are not comprehensive lists):

Illegal:

  • Drop down cribs
  • Migratory waterfowl mounts
  • Alcohol (collectible beer cans, decanters and bottles may be sold, however all need to be empty and descriptions must indicate that said items are empty)
  • Lawn Darts
  • USPS items
  • Items containing mercury (pendulum clocks, thermometers, etc.)

Restricted (requires a specific license):

  • Used mattresses
  • Firearms
  • Gambling devices (Bargain-Bids must have a copy of your Gaming License to list any sort of gambling device)
  • Livestock
  • Turtles- alive or taxidermy (contact DNR for license requirements)
  • Tires - motor vehicle tires with a mfg. date older than 5 years (five years is considered to be the serviceable life of a tire)

In addition to federal/state/local laws, Bargain-Bids has a list of "Do Not Sell" items:

  • Distasteful/Offensive Items
  • Nazi memorabilia (including any German WWII items)
  • Nudes, pornography or risqué items
  • Black Americana and other items related to ethnicity that bidders could find offensive.
  • Confederate Flags
  • Pets/Non-livestock animals
  • Certain Coins/Currency and Precious Metals (see Coins/Currency and Precious Metals Policy for detailed policies and info.)
  • German silver bars - Even though they say one troy ounce of silver they are plated copper
  • Coins that state they are gold or silver plated
  • Gold flakes or foil
  • Coins stamped 'Copy'
  • Memorabilia coins unless the coin has a Certificate of Authenticity stating the metal content
  • Coins that are gram bars

Counterfeits, unauthorized replicas, unauthorized items (such as counterfeit watches, handbags, or other accessories) or unauthorized copies (such as copies of software programs, video games, music albums, movies, television programs, or photographs) cannot be sold on Bargain-Bids.com. These fake items violate the original manufacturer’s trademark and other intellectual property rights. These items are illegal to own or sell.

Affiliates are responsible for ensuring the authenticity of the items they sell. If the authenticity of an item cannot be verified, the item cannot be included in an auction. It is not acceptable for affiliates to pass the verification of authenticity responsibility to bidders by including a statement in the auction description such as, ‘the authenticity of this item has not been verified”.