I placed a bounty on a question of mine, and got no answers. Instead of the bounty going away when it expired, it's still hanging out there. I don't need the rep back, I just want to create another bounty and can't.
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Since the 23rd June 2011 all bounties have a 24 hour grace period after the usual 7 days, in which the person offering the bounty can award it. At the end of this 24 hour grace period the bounty will be automatically awarded or discarded following the previous rules.
See this answer by Jeff Atwood, specifically the edit:
due to a lot of
whiningvalued community feedback on this issue, I decided it can't hurt to extend the auto-award period 24 hours past the true end of the bounty. So, the question will stop being a bounty question at the original scheduled time but the auto-accept calculations will always occur 24 hours after that.
All that said, I don't know if it preventing you from placing another bounty within the 24hr grace period is intentional or a bug.