Heritage's Halperin: "New Internet-Only Bullet Auctions Successful Beyond Our Most Optimistic Predictions"

Dallas, TX -- Beginning with their FUN 2002 Bullet, Heritage Numismatic Auctions made a number of important structural changes to a format that had remained unchanged since the first Bullet was held in December of 1989. Perhaps the most significant change was that Bullets would no longer be "live" auction events, with a real auctioneer selling lots; instead, the actual closing would take place on the Internet after lot viewing at the coin show. The results have been impressive by all measures.

"All of our important statistics," noted HNAI Director Bob Korver, "are showing significant increases. The growth in the size of our Bullet Auctions has been impressive: During 2001, our Bullet Sales averaged 1,400 lots; our January 2002 FUN and February 2002 Long Beach Bullet auctions averaged 1,800 lots; but our April Bullet (with viewing at the Central States show) contains more than 2,500 lots - our largest ever! The growth in the dollar volume of our Bullets has been equally impressive: During 2001, our Bullet Sales averaged $450,000 each; our January 2002 FUN and February 2002 Long Beach Bullet auctions averaged $568,000; with more than $1 million is consigned coins, our CSNS Bullet is on track to be our highest grossing Bullet ever. These results only bolster the importance of the Internet bidder to the future of the numismatic auction business - and to Heritage's leadership in cultivating this important source of demand on behalf of our consignors."

Continued Heritage Co-Chairman Jim Halperin: "Our new Internet-only Bullet auctions have been successful beyond our most optimistic predictions. We have seen tremendous growth in the number of bidders, the number of successful bidders, and especially the number of successful Internet bidders. We have seen growth in the number and percentage of lots sold. And despite the growth in the average value of lots, we still have plenty of coins for collectors of all budgets. We have also seen a big jump in the number of consignors participating, as word of the success of our new format spreads throughout the trade. Our CSNS Bullet contains such amazing coins as a Proof-64 High Relief Saint-Gaudens $20 - coins that were once considered only for our Signature Sales. You can be certain that records will be set in Columbus."

Among the Bullet changes that Heritage instituted in January:

• Even though coin show attendees can still examine the Bullet lots alongside the Signature lots, there is no longer a "live" Bullet sale; all "viewer" bids are entered into Heritage's exclusive Interactive Internet(tm) system, and the final bidding battles occur in cyber-space.
• The Bullet sales close Sunday evening at 10:00 p.m. Central Time, instead of the typical Saturday morning live sessions, so bidders have two extra days to research their desires and bid.
• Lots sold in the Bullet auctions (but NOT those sold in Signature Sales) offer a three-day return policy for Internet and mail bidders. Heritage has removed all the risk for the bidder who might not fully appreciate the coin received; the lot can be returned, no questions asked, by following a few simple rules with our 5% return fee (minimum $10)
• Heritage started Extended Bidding, an anti-sniping tool for experienced Internet bidders
• Heritage created a Hyper Bidding option, a sophisticated strategic tool for regular Internet bidders who don't mind the risk of jumping a bid to possibly scare-away less-experienced bidders.

"For details on our all new procedures and tools," concluded Korver, "please visit our Internet site, http://www.HeritageCoin.com. We noticed a jump in registrants on our website right after we implemented these changes, and we are now approaching our 50,000th member. All this demand is focused on our Internet auctions. Our free tools, like the Heritage Value Index and our Permanent Auction Archive, help Internet bidders successfully compete against the floor and mail bidders. Heritage has made the computer one of the most important tools in numismatics."

Heritage is currently accepting consignments for our June Bullet auction, with viewing at the Long Beach Coin Expo, through May 27. For more details, please contact Heritage's Consignment Hotline, 1-800-872-6467 Ext 222.

The Heritage name is recognized worldwide for bringing unparalleled value to every consignor and bidder. HeritageCoin.com is the Internet's most popular and highly trafficked rare coin site, with over 48,000 registered members. HeritageCoin.com is the only coin site chosen twice by Forbes Best of the Web (1999 and 2001) as one of the 250 best websites on the Internet, and also won the most recent Numismatic Literary Guild award for Best Numismatic Internet Site. Catalogs are now available. Call 800 US COINS (872-6467).