Did you know that the phrase "penny auction" first entered into the American lexicon during the Great Depression? The original American penny auction was devised by farmers as a way to band together and purchase foreclosed farms for pennies at bank auctions. The farms were then turned back over to the original owners.
Since then the modern form of the Penny Auction evolved in Eastern and then Western Europe as an online auction where bidders pay per bid and auction increments increase by $0.01 with the winner being the last one to place a bid. In 2009 the Penny Auction craze took hold in the US.
Welcome to the world of Penny Auctions!
Stay tuned for more funny penny auction historical facts!
