1 cent auctions were when digital downloads were offered on ebay. You can still do those through the classified section of ebay, I believe.
If you have gift cards that you can use online you can sell those. Sell a $5 card for $4.50 or something. Just scratch the number off on back and give it to them after they have paid. Only sell to people with 10+positive feedback though. It is easy to do charge backs, which stinks for honest sellers.