The key to sell an item for the highest possible price is to get at least two bidders interested in your item so it gets their competitive juices flowing.

If you start it at $50 and there are two people willing to buy it for $50, the first one to place a bid will generally win (no competition).

If you start it at a dollar, multiple bidders will bid thinking they're getting a real deal... eventually, the bidding will go higher than any single bidder would have normally bid.

A reserve eliminates a percentage of the bidders, but protects the seller.

A seller who has done their homework and purchased a desireable item below market value will generally do better if they start the bid at $1 and let the buyer's compete.

I will always ask a seller what the reserve is... I've only been told NO once out of well over one-hundred requests. It allows me to know if it's within the highest price I'd be willing to buy the item for... if it is, I'll wait until the last 5 minutes to bid (so as to not disclose the reserve price) and I will then bid my maximum bid. If I bid too early, I risk getting my competitive juices flowing and may bid higher than I would have been willing to bid.

If I place a reserve on an item, I will also place a Buy-It-Now on the same item. Everytime, the items have sold, and not once has anyone requested the reserve price for an item I've listed. (As a matter of fact, the last three items I did this with, the bidders chose to bid and forgo the Buy-It-Now price... the three items had a Buy-It-Now price of $1,200 and the auctions ended at $1,372).

Those silly Americans with their expendable income! Who knows... maybe one day chips from Casinos will be collectable! No... No one's that Crazy!