DealDash, Inc. Helping you navigate the penny auction world. Participants buy tickets, which they then use to bid on items. This is a type of website where anyone can bid on a product and each bid increases the price by one cent. The company has been sued under allegations that it is a form of illegal gambling and that its advertising is misleading. If you are organising a penny auction it is your responsibility to ensure you are compliant with the law. Avvo has 97% of all lawyers in the US. Pennyauction. The more tickets they purchase to “bid” on a certain item, the higher the chances are that their ticket will be pulled in the raffle for that item. 01 (dubbed the “penny auction”) will encourage early and frequent bidding by shoppers hoping to snag a deal, and they’ll stay engaged. . Verified Rights Owner (VeRO) Program. When time expires, the last participant to have placed a bid wins the item and also pays the final bid price, which is purportedly significantly lower. Penny auctions are they legal on MainKeys. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury. VIEW all alternatives. Similarly, the old halfpenny and the half-crown were not converted in the UK either, having been withdrawn previously. Here’s why: One in four people who reported losing money to fraud since 2021 said it started on social media. Pennyauction. Helping you navigate the penny auction world. Vickrey auction. The more tickets you buy, the better your chances of winning. The cent, the United States of America one-cent coin (symbol: ¢), often called the "penny", is a unit of currency equaling one one-hundredth of a United States of America dollar. com. A 1964D penny can be worth from $2 to nearly $5,000. In 1971, a new penny would have been worth 9. Operating Status Active. Uncirculated examples have sold for between $30,000 and $75,000, with most specimens selling for around $50,000. Google’s Play Store shows similar results, where the majority of the 37,000 reviewers left us a 5 star review. 1. Of course, if you are an avid gambler and have money to spare, Penny Auction sites can be an exciting game to play. Bid on online auctions and save. It should be legal to run a penny auction site, but they should be regulated and should have a way to prove. SkoreIt. com Visitor Pressed Penny Auctions Page Where to Buy Pressed Penny Supplies, Holders, 2x2's, Books? Oded Paz Paz Coins & Collectibles (Oded Paz, a fellow TEC Member, offers 2x2 holders - 2x2's,The "retail value" of some items offered on penny-auction sites was found to be much higher than the price the item was selling for on retail sites. Bid-Ninja BidBuddy ® places penny auction bids automatically for you. “DealDash’s penny auctions are perverse lotteries in which U. For example, you might write, “1909 wheat penny with no mint mark. In this type of auction there is a fee in order to bid, and it’s often a penny or sometimes up to a dollar. Want a quote from this business? Get a Quote. 1-800-872-6467 Ext. history — the Farmer's Holiday Association. At the time of writing 81% of reviews have rated us at 5 stars. Note the coin’s condition. A typical bid costs 50-cents to a dollar and the site keeps your money. Flea Market. It has a dark coloring on the reverse and a small scratch on the president’s cheek. If in doubt, you should seek legal advice. “You’ll need to spend $50 to. Product: Illustrated Dust Bowl maps. This is like the old trick of auctioning off a $20 note with the twist that the two highest bidders must both pay even if they end up losing. Here’s how penny auction sites typically work: Before you can begin bidding, you have to register and buy a package of “bids,” ranging from 50 cents to $1 per bid (the bid prices vary from. In recent years, the world of e-commerce has witnessed a surge in innovative business models. (Noun) All products start their bids at £0. The settlement. Does the vary name of this legal form of gambling have a potential to damage the real auction industry? The auction method of marketing means selling to the highest bidder. This auction is suitable for government contracts, service contracts, work to be awarded to lower bidders. Penny Auctions vs. TIME 9:00am - 2:00pm. 1982 Penny Value Chart (Rarest & Most Valuable Sold For $18,000) By James Wilson February 13, 2023 November 8, 2023. Hangman nooses served as a warning to squirrely bidders. Below is a small (but growing) list of discounts that will help you save. When you enter other nations, beware — coin elongating may not be legal in certain circumstances. Whether you're looking for old coins, gold coins, or rare currencies, you'll find diverse options in our online coin auctions. The only known 1943-dated Lincoln cent mistakenly struck at the Denver Mint on a bronze planchet has been sold for a record $1. Online Only Auction, Exira IA 11/25/23 @ 2PM Ends 11/25/2023. com) 339 points by tonteldoos on Aug 22, 2016 | hide | past | web | favorite | 159 comments: tominous on Aug 22, 2016. 50 on a PS5 penny auction with 2 minutes left. Was probably a PS5 NFT. . 4 Quibids, 5 BidCactus, 6 BeeZid 7 and BidFun 8 are only a few examples. HDTV’s. The final buyer would then return the property to the destitute farmer. FARM FORECLOSURESDuring the Great Depression, farm foreclosures became a disturbingly routine feature of rural life. Our strong Penny Auction Software framework is used by the largest penny auctions in the industry. JEL: D11, D44, C73 Keywords: penny auctions, Internet auctions, bid fees, gambling 1 Introduction A typical penny auction sells a new brand-name gadget at a starting price of zero dollars, and sets a timer at one minute. S. Defining the goal and project objective of your online auction website will help professionals understand the expectations of your business website. A bidding fee auction, also called a penny auction, is a type of all-pay auction in which all participants must pay a non-refundable fee to place each small incremental bid. 98 you bid if you stopped. Features such as its condition, grade, and patina make it a highly sought-after piece by coin collectors. Publish Your App On Google Play. Best Penny Auction Sites 2022 Click to see a list of Defunct Penny Auction Websites Shelter-In-Place with Penny Auctions March 28, 2020 - 5:08 pm QuiBids App Stats Online at Bid-Ninja March 17, 2020 - 1:46 pmReadySetAuction. Attendees can bid on auction items and prizes with these tickets. 00: 0 $2,500. In 1971, a new penny would have been worth 9. Penny auctions are legal, but so are slot machines. But they have loyal adherents, vocal critics and pretty much fly under any regulatory radar. After your home is sold, you will also need to instruct a solicitor for the conveyancing of the property, which can cost anywhere from £450 to £750. After that, you have to buy a "bid package. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). In penny auctions, bids go up a penny at a time—at least at face value. In an online penny auction, participants purchase bids for a fee, with each bid placed on a particular item increasing the price of. Helping you navigate the penny auction world. com. 00. A company can make any claims they want, so it is a great idea to check what their customers have to say. Smart bidding saves money. Most bidding sites require a membership and fee to participate. You may have heard us say when you’re shopping online, check things out before checkout. 31, 2012 /PRNewswire/ -- Penny auction websites continued to gain momentum in 2012, so the Penny Auction List went a step further to help consumers win more often and save more. Legal Name Graham Penny Auctions Ltd. . Auction software is a tool that enables a seller to vend products via auction on the internet. Penny auction at foreclosed Michigan farm (1936) At penny auctions farmers would conspire to offer low bids, resulting in a low return to the creditor. eBay Money Back Guarantee. Financing approval may require pledge of collateral as security. com visitors' pressed penny auctions page. Are penny auctions patented? Lawyer directory. Penny auctions are auctions in which agents pay to bid and the value of the item decreases after each bid. 00. Every auction starts at a price of zero so let's say it cost 50 cents to bid on a $25 gift card and final auction price is $1. Zeekler Penny Auctions How Penny Auctions Work: Penny Auctions are a new and innovative approach to the auction pace. The winning bidder is the bidder whoever is the last to bid when the timer counts down to 0 seconds. Cash Penny Auctions. Penny auction site. , world, and ancient coins, and no two identical coins are posted in the same auction, which means less competition. including tax foreclosures, sheriff’s sales and federal forfeiture auctions. Wow. Helping you navigate the penny auction world. A ‘penny auction’ (the popular name for bidding fee auction) is an online shopping method where everyone taking part pays a small, non-refundable fee eachCiting witness testimony, defense attorneys for Daniel Penny asked a New York judge to dismiss the case against the former marine accused of killing a homeless street artist on a New York City subway. co. Gambling is illegal because there are statutes against them. Since 2009, we have been the best place to learn about penny auctions. Burks and his conspirators induced more than 900,000 victims – including over 1,500 victims in the Charlotte area – to invest in their fraudulent scheme, by falsely representing that Zeekler was generating massive retail profits from its penny auctions, and that the public could share in such profits through investment in ZeekRewards. The experts have defined the step-by-step process to develop a profit-driven penny auction website. ] twenty-five cents if the denomination is one cent. Opening your auction at $0. Brown 1959 No Mint mark MS 65 Lincoln penny that was paid $1,880 in 2017 at Heritage. Service 111. Reverse auction. So the item sold for less than retail, but you still spent $200. Bids. Doctoral Degree. Penny auctions seem also to have been creating an industry of their own. Start the Bidding at a Penny. 165. A bank can issue a notice to the borrower about its intention to sell a mortgaged property and issue a public notice about the proposed auction simultaneously. "Commissioner. You may want to think twice before tossing out your loose change — one of your pennies could be worth $7,000. 7 Million. “You’re not going to win anything with those free bids,” Bernstein said. With our secure and convenient payment gateways, you can easily. So, to keep it simple, if a bid costs, say, $1 a time, a package of 100 bid credits will set you back $100 and each time you bid and up the auction price by a penny, it costs you $1. JACUSTOMER-wzp44tou- : A bidding fee auction, also called a penny auction, is a type of all-pay auction in which all participants must pay a non-refundable fee to place a small incremental bid. High(Bid) Time(Left) 17210407. “It may cost $25-30 to not win the bidding on a $100 item,” he said. If the person that loses the bid still has to pay, both/all participants have an incentive to keep playing even past the value of the item. Our primary goal is to sort and list the top online penny auctions into categories to help you find the best online penny auction site that is safe, trusted, honest and offers a fair bidding experience. info for $50. e. Look over both sides of the coin. Usually it costs one dollar to place a bid -- sometimes this is obfuscated by making you purchase bids (or bidding credits) before you participate. 1 Answer. Between 1929 and 1933, a third of all American farmers lost their farms in the worst disaster to hit American agriculture. g. Here’s how penny auction sites typically work: Before you can begin bidding, you have to register and buy a package of “bids,” ranging from 50 cents to $1 per bid (the bid prices vary from. Most of the auction software is offered as a computer/mobile application and web service (SaaS), as well. Literally, $0. In 2021 eBay will no longer allow the sale or purc. Madbid provides an online platform where registered users can participate in online to bid for, and win, goods. com. Penny Auctions . ★ All our items are brand new and boxed. The auction will start from a specific price, and users place bids to lower the bid price. Box 726. I was at the end of a professional trip to the USA as a particle physicist, and I had tacked on a few days holiday at the end of the trip before I flew home. a polymer frame with a matte stainless steel slide. 00. Each time thy bid they are charged a fee for the software. The sale must begin at the time stated in the notice of sale, but no later than three hours after the time scheduled on the notice of sale. 3. " On. 25 = $2,500. QuiBids is an online auction site that launched in October of 2009. According a whois lookup of the domain it is owned by a Kaleem Ullah of 386 Deansgate Flat-52, Manchester, UK. . Insert Your Auction Website URL. " For example, you could purchase 50 bids for $50. Harris Teeter: 5% off every Thursday. Both the highest (A) and the second highest (B) bidders need to pay in the end, but only one of them wins a dollar. Penny auctions Pharmaceuticals wholesale for card-not-present transactions Search engine optimization Telemedicine Tobacco for card-not-present transactions. com , a Robinson-based Internet penny auction site waging an advertising blitz on local air waves and a guerilla-marketing campaign with bumper stickers on light poles Penny Auctions have gained a lot of momentum as a form of online entertainment. After all, it takes 100 bids for the price to even break a dollar. . Penny auction sites are skyrocketing into the peripheral sites of digital users left and right. Penny Auctions Fight Foreclosures during the Depression. 329 Oxen Ct, Hartsel, CO 80449 Ends 11/29/2023. Bukh Law Firm, PLLC has provided legal representation to clients in shill bidding cases on the federal and state level. But they have loyal adherents, vocal critics and pretty much fly under any regulatory radar. But what truly defines a penny auction is that each bid placed costs the bidder a small fee. David R. Bid-Ninja Analytics delivers vital information through your web browser to help you bid smarter, which in turn will allow you to win more Dealdash & Quibids penny auctions while spending less money buying bids. Penny auction site. You usually have to collect items in person. – Early innovator in the penny auction space. The Penny Auctions during the Great Depression were where farmers got together, preformed satanic rituals, and then got really drunk. com is an American online retailer headquartered in Oklahoma City, Oklahoma, United States. When the buyer pays for a bid and makes a low bid, those participating in a penny auction scam will enter false (shill) bids to continue driving the price of the item higher and higher. Select a reasonable minimum price for. Our innovative service was created to help you sell your gun the easy way. A penny auction on GunBroker is a type of online auction where participants place small increments of bids on firearms and accessories listed for sale. In other words, bidding a penny actually costs you at least 55 cents. The process—usually achieved with a combination of intimidation, threats, and physical force—effectively circumvents foreclosure by. To some, a penny auction is a way to gain an unbeatable deal, after sufferring numerous minor losses. com with a "Buy It Now" option. As the above analysis demonstrates, penny auctions do not violate existing gambling laws, do not rely on gamblers to generate high revenues, and are predominantly skill‐ based. QuiBids prides itself in being the beacon of moral and ethical business practices in its industry and defines success through the. 45 AUTOMATIC CALIBER - . Take a clear photo of both sides of the coin and send it to coin collector groups online by searching The American Numismatic Society’s Coin Club Directory or by joining the NGC Collector’s Society if you can’t bring it to a dealer in person. 2 QuiBids’ Penny Auction Rules Penny auctions start at an initial price of $0. 6 farthings (making a farthing slightly more than 0. Martin's Auction Service. 01 = $1. So, when you come across a penny auction site and check out the ended auctions, and see and end price of $5. 10 to $1 each, depending on promotions, offers, and the bidding site, and are nonrefundable at the end of the auction. Even keep track of your coin. S. I just spent 10 minutes watching the bidding price of a pair or Ray Ban’s go up by $1, 1 cent at a time. NFTs have been predominantly used for digital art, collectibles. 👨Penny Auction (PRO version): In Penny auction, the user needs to buy credits/bids. According to their terms & conditions it’s owned by Kalgra Holdings Ltd, a business registered in Canada. New and gently used items. 5. [1] There are numerous penny auction models, and not all penny auctions utilize the same business model. The online U. A Guide to the important penny auction info you should know before placing your 1st bid!Get Started Today. com is a penny auction site whose URL has been registered for over 6 years. These bid fees are not returned to the losing bidders, thus penny auctions are often considered a form of all-pay auction [3]. Earlier this summer, the governor's Office of Consumer Protection entered a settlement with penny auction company Wavee, in part because it did not have an auctioneer's license. Which, I think was really the point. Similarly, the old halfpenny and the half-crown were not converted in the UK either, having been withdrawn previously. In fact, bidders also pay a small non-refundable fee to place bids. Dionne Cordell-Whitney / April 17, 2017. Reverse Auction: A reverse auction is a type of auction in which sellers bid for the prices at which they are willing to sell their goods and services. It advertises the price products are. Hundreds of Complaints Filed with the FTC– As it stands today, the FTC has received roughly 350 filed complaints from consumers this year about the penny. Pallet Racking including (6) uprights that are 10. But what truly defines a penny auction is that each bid placed costs the bidder a small fee. Online auctions can last longer so more time and effort is necessary if you want to win and especially if you wish to emerge victorious time and again. The requirements for a local auctioneer's license vary from town to town and I do not see this information posted about Tenafly, NJ. Updated for 2022. The winner of the auction pays $750 plus however many bids the person placed on the phone. Today we can see scores of sites are working as penny auction sites. Development of a. A bidding fee auction, also called a penny auction, is a type of all-pay auction in which all participants must pay a non-refundable fee to place each small incremental bid. Grant Pstikyan filed the complaint against DealDash in Thursday with a federal. S. Locate and compare Lawyers in Penny BC, Yellow Pages Local Listings. A penny auction is a collective action taken during the auction of a foreclosed property to force the sale of the property at a low price, with the intent of then returning the property to its previous owner. Non-Fungible Tokens (NFTs): NFTs have experienced a surge in popularity, providing the ownership and trading of unique digital assets. This paper characterizes all symmetric Markov-perfect equilibria of penny auctions and studies penny auctions’ properties. Bidding tool for Quibids & Dealdash. MINNEAPOLIS (CN) — The penny auction site DealDash made hundreds of thousands of dollars selling phony name-brand products, according to a class action from a Californian who says he lost thousands of dollars to the scam. Today's Paper. penny auction rate. You may remember, Beezid is the company that paid Lindsey Lohan over $25,000 and $10,000 in Beezid credits for an 11-second video while the actress was on house arrest! Beezid was one of the largest penny auction sites in its heyday. Thus, if penny auctions are deemed as ‘lotteries’, they will automatically comprise unlawful and prohibited ones; no lottery operating license is issued to a person other than a non-commercial society, a local authority or a person acting as a lottery manager on their behalf. Can I legally offer a house for sale in Florida with a Penny Auction? In this scenario interested individuals will bid on the house. 7 million by Legend Numismatics of Lincroft, New Jersey. Win Now Or Get A Refund!09/29/08 Ebay's HKDLLOVE reports that there are 15 or more new coins at Hong Kong Disneyland. When the auction expires, the last person to have placed a bid wins the item and also pays the final bid price, which is supposedly much lower than the. The Legalities of Penny Auction Sites At present the operation of a penny auction website in the United States is legal. Overview. The New York Times called Swoopo’s bidding auctions, “devilish” noting how the process allows for a business school professor to sell a $20 bill to educated college students and make $50 in bids. Penny Auctions are gambling sites, but they are not illegal. and 4:00 p. In the simplest form of this dynamic auction, players repeatedly choose to pay a non-refundable –xed bid cost ($0. Gold and Silver. 00). In January 2023, one of these rare "doubled die" pennies from a 1958 batch sold for a record $1. 136 million through an auction held by GreatCollections Coin Auctions, the official auctioneer of. Hangman nooses served as a warning to squirrely bidders. Executive summary. Vickrey auction. Penny Auctions have gained a lot of momentum as a form of online entertainment. Generally for an activity to be considered gambling as a matter of law, three elements must be present: consideration, chance and prize. 75 in my empirical dataset) to become the leader in the auction, and win a good if no other player chooses to bid within a short period of. What are the legal aspects of a penny auction? Some beat up these programmes, claiming it is a fraud way to scam people on the web. 2016 “Paralympic Team”: In 2016. In a penny auction players pay a fee to place small bids on items they want. Licensing and Legal Compliance:. Hundreds of thousands of farm-owning families had their hard-earned land seized from under them. 1302. Bidding & buying help. Some farmers in Madison County, Nebraska, took matters into their own. Without full, clear and conspicuous disclosures, a penny auction site. If chance, then penny auctions likely would be illegal gambling and/or illegal lotteries. Only 30 after sending a notice to the defaulting. Penny Auctions Penny auctions during The Great Depression was an institutional event. You think it looks good so they have you sign up and charge you $150. A Chinese Auction or Penny Social is an event where auctions and raffles are mixed together. 01. Most free penny auction bid programs are designed to draw back bidders, the same way that casinos do to draw back whales. observe “the number of penny auction websites increased 15,000% in less than five years”. The auction starts. When the clock finally makes it to zero, you win. 50 for the phone. The. penny auction in English dictionary. S. Sure the winner of the auction scored a bargain, but the true winner was Beezid. Penny auction. Startup costs for an online auction business range from $2,000 to $5,000. Pleasant River Community Hall 4882 Hwy 208 Pleasant River NS. If you are ever in Victoria, British Columbia, please drop in and visit us. At present the operation of a penny auction website in the United States is legal. So, if people keep bidding, the. Cash management bills aren't auctioned according to a schedule. Therefore, a price floor is the lowest legal price a good, service, or commodity can sell. It will help you save time for arranging live, online, mobile, and silent fundraising auctions. One of the largest. Publix: 5% off every Wednesday (select locations) Bi-Lo: 5% off every Wednesday. You may remember, Beezid is the company that paid Lindsey Lohan over $25,000 and $10,000 in Beezid credits for an 11-second video while the actress was on house arrest! Beezid was one of the largest. Some exceptions to this definition exist and are described in the section about different types. The discussion has key implications on the scope of consumer protection law as sale by auctions are, for example, excluded. If you were in the market for a ring that would ordinarily cost $1,000, but only had to pay $50 for it, you might consider that a good deal. Join our Penny Auction Forum today! Email; Unfortunately, not only do we have to watch for penny auction sites committing fraud (shill bidding, bots, not shipping, etc. Are bidding sites legit? Bidding sites are legitimate as long as they operate within regulatory guidelines. 3208 posts · Joined 2011. Headquarters Regions Europe, Middle East, and Africa (EMEA) Founded Date 2006. Penny auctions are popular because the final price paid for products tends to be very low. In fact, bidders also pay a small non-refundable fee to place bids. . Look up coin prices and values to see how much your collection is worth. Skip to content. com. So you could buy $200 worth of points to bid on something that costs $100 and win it for $50. Since 2009, we have been the best place to learn about penny auctions. Penny Pinchers Auctions. 01. The 1982 penny is a unique and fascinating coin that is valued by numismatists. 00 or more, and you still may not win. Remember the wry wisdom of experienced auction players: “The winner of an auction is the one who pays more than anyone else thinks something is worth. March 12, 2012, 9:57 AM. Publix: 5% off every Wednesday (select locations) Bi-Lo: 5% off every Wednesday. Scams are common in this industry,. Our attorneys are involved with precedent-setting litigation in the gaming law field. of the penny auction format and high revenues are inconsistent with rational risk-neutral participants. In fact these bidding fee auctions may be. The FTC enters complaints into. view all. To spread the word about a product or service and raise its profile. To "win" a product, shoppers must first buy a bundle of 10 to 700 bids for 60 cents to $1 each. Bidding on products online can be a great way to get a discount you wouldn't find in-store. Covering entertainment auction site news, finding and highlighting the good, along with uncovering and educating consumers of the dangers of bad penny auction sites. 1747 posts · Joined 2016. The closest analog to penny auctions in economic theory is the „all pay auction‟. Introduction. At-a-glance. . Penny Auctions are in the nickel-and-dime section of the internet-commerce department store. In an online penny auction, participants purchase bids for a fee, with each bid placed on a particular item increasing the price of the item by a small increment (e. This paper studies penny auctions, a novel auction format in which every bid increases the price by a small amount, but placing a bid is costly. 00. ), we also have to be on the look out for dishonest bidders that are bidding in teams and colluding by telling bidders to not bid against them out of “respect,” this is indeed coconspiring to win auctions and defraud businesses. ,/P> Instead, you have to buy bids. In the event a. apkAuction fraud is defined by the Internet Crime Complaint Center as “fraud attributable to the misrepresentation of a product advertised for sale through an Internet auction site or the non- delivery of products purchased through an Internet auction site. Those who have been doing this for a while have more than one strategy. 76 sold at auction for $7. The willingness to win one dollar for a few cents drives participants to raise the stakes. Even when selling cash, the seller may obtain revenue that is much higher or lower than its nominal value, and losers in an auction. GovDeals' online marketplace provides services to government, educational, and related entities for the sale of surplus assets to the public. Josh, Though the FTC issued an alert clarifying how penny auctions work, and highlighting some of the warning signs that consumers should. Item. Swoopo and Eunibids are among the most. 这种竞拍模式的名称与思想与美元竞拍（dollar auction）极为相似，拍卖结构也与传统英式拍卖的结构相似。但与两者最大的不同在于该模式中每一次的竞价要求竞拍者支付一定的费用，而美元拍卖中只是最终出价最高的两位竞拍者支付出价格，英式拍卖更是最终出价者支付。Since 2009, we have been the best place to learn about penny auctions. Become an expert. For specific dates, see our Tentative Auction Schedule, which shows auction dates months in advance, or. Bidding is the system eBay is known for and it can be risky to use if you’re not used to it. The auctioneer-of-record is principally responsible for the conduct of the auctions of the auction company in accordance with this act. Penny auction sites are active in the region and should be stopped before they mushroom and take advantage of an online audience that is experiencing e-commerce for the first time. The final buyer would then return the property to the destitute farmer. That means that $50 worth of bids were placed on a $25 gift card in which there is only one winner so everyone else that place a bid loses. Our store location is 10409 Main St. Covering entertainment auction site news, finding and highlighting the good, along with uncovering and educating consumers of the dangers of bad penny auction sites. A reverse auction (also known as buyer-determined auction or procurement auction) is a type of auction in which the traditional roles of buyer and seller are reversed. read moreAn entrepreneur in northwest Harris County is offering a 2,300-square-foot home for pennies on the dollar in an attempt to show that the penny auction idea is a legitimate vehicle for a profitable. Yes, penny auction sites are profitable, as it helps businesses to generate revenue through transaction fee, subscription fee, and leasing ad space. You may want to think twice before tossing out your loose change — one of your pennies could be worth $7,000. In those 10 minutes, bidders collectively lost $60. The Better Business Bureau warns consumers, "although not all sites are scams, some are being. Konkel* I. At the end of the auction, the emcee will draw a random ticket from each basket, and the winners will be. Owners of. Join us for the Penny Auction on Saturday, June 4th from 9am to 2pm at the New Elm Church Hall.