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on 11-12-2012 02:34 PM
The seller has no preset price minimum for the auction. In other words the highest bid at the end wins
on 11-12-2012 02:36 PM
It means the seller has not place a certain amount that must be met by bidders.
The opening bid is acceptable - buyer does not have to "nibble" to try and find the "Reserve" price.
The A to Z Help Index located on lower right side of Site Map - (bottom of this page) contains all eBay policy and procedure. Click "R" for Reserve Listings. Tells ya all about it.
on 11-12-2012 03:33 PM
In an auction with a reserve the seller sets an additional minimum bid (above the starting bid) below which the bid will be accepted and posted but the auction cannot be won. Some sellers think that a low start bid with a reserve encourages bidders to bid more (I don't agree with them, but they are willing to pay eBay a minimum of $2.00 to do it).
A seller will put "no reserve" in the title to catch the potential bidders who are tired of clicking on low priced listings and only then finding out that there is an unmet reserve on the auction and so the item cannot be had for that low (the search results for an active auction does not contain the "reserve not met" infomation so you have to click through to the item to find that out).