A method of conducting an on-line auction comprises selecting a product with a reserve price set by the seller which is less or more than one dollar. Starting the auction by placing product and reserve price on the web, accepting bids that are in increments of dollar amounts or in pennies and providing a count down time period during which bidding continues until the reserve price is reached or the count down clock reaches zero. If the reserve price is reached before count down to zero is reached, bidding is restricted only to prior bidders and continues without new bidders up to the end of the count down time period at which time the highest bidder wins. If the reserve price is not met before the count down time ends, the bidders get their bids back.
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