The chip will sell for the lowest posted bid (or the minimum) no matter at what level the bid is at.

EXAMPLE: I currently have three ivory poker chips on eBay at Dutch, for $149.99 each. Travis placed a bid for $165 (I guess because I'm a wonderful guy <g>) hoping that nobody will bid above the $165.00 taking what's left -- if there are not any bids above Travis' -- he wins a chip. Ebay really does not explain their Dutch Auctions too well.

JB