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INTRODUCTIONThe following is the preface page by Charles “Chas” Nissen as used in the text volume of his book that accompanies thephotographic plates, giving a great insight as to how and why this greatly used piece of literature, probably the mostwidely used piece of GB literature came to be published back in May 1922 some eighty-two years after the One PennyBlack was first printed.From my youth up, the “Penny Black” postage stamp of Great Britain has with me always been a favourite subject forstudy. It was issued on the 1st May, 1840, to be used for prepayment of postage five days later: the very first to be printed,the “Mother of Postage Stamps” possesses a beauty and dignity not surpassed, and rarely equalled, by anyone of hernumerous descendants.During the last twenty-five years, persistent hunting, coupled with a certain amount of luck, has enabled me to handle, andfrequently acquire, large numbers of the “Penny Black”, good bad and indifferent, according to the manner of their earlyseverance from the sheet and their subsequent course of existence. Collectors, desirous of parting with their “Blacks”, haveknowing my predilection for the stamp, brought their dusky treasures to me; and, for a similar reason, I have generally hadthe first refusal of any highly specialised accumulation of the stamp, which it’s owner had made his mind to dispose of. Imention this, not in any boasting spirit, but merely to give some indication of the vast numbers of the “Penny Black”necessary to afford a reasonable hope of selecting two hundred and forty sets of eleven stamps each – all of each eleven atfirst sight exactly similar to one another, and yet so differing in the minute details of certain portions of the design thatthey could be separated from each other.Now the specialist comes into his own, for, without the pairs, strips and blocks which he has steadily accumulated, theselection of the right stamp from each batch of eleven, so that they might all be brought together in one large sheet of twohundred and forty, would have been impossible.Ten or twelve years ago, working with the optimistic zeal of the comparatively ignorant searcher after truth, I determinedto try my hand at building up – or “plating”, as it is more generally termed – the eleven plates of 240 each, a grand total of2,640 stamps. Prodigious! And even that expressive word does not sufficiently indicate the task of hunting throughhundreds, or even thousands of similar stamps, in order to fill, perhaps, one space on an otherwise completed sheet.With me, the labour – and I use that word intentionally – has been one of love, and the task has given me very many hoursof most pleasurable, if difficult occupation.My work is now concluded. I do not say “completed” for it may well be that some of my readers will find some slips anderrors; but their criticisms will be welcomed and given every consideration – in fact criticism is invited.First and foremost, I thank Mr. Bertram McGowan for his help in checking the 2,880 plated stamps as photographed, andin describing the position of the corner-letters, which I subsequently checked; and I much appreciate the willingness withwhich he came forward.To the following philatelists also my thanks are due, for the loan of stamps and for suggestions:- Mr. G. Alston, Mr H.C.V.Adams, Mr E.D. Bacon, M.V.O, Mr. R.F. Bayford, K.C., Mr Percy C. Bishop, and Mr. L.A. Burd.My readers will find in the “preliminary” text some excellent reprodutions of re-entries, Double Letters etc. These arefrom drawings specially made, originally for the British Philatelist and incidentally for this work, by Mr. J. Seymour, towhose skill my appreciative thanks are recorded.It seems hardly necessary to state that I have consulted , and derived help from, not only the leading philatelic journals andthe numerous excellent articles contributed from time to time to the British Philatelist, but also the various works on thepostal issues of Great Britain, especially “Wright and Creeke” and Mr. E.D. Bacon’s magnum opus on the line-engravedissues.Lastly, my thanks are given to my friend, Mr. A.B. Creeke, for correcting the proofs and seeing my work successfully“through the press” an undertaking which calls for skilled and careful application, and is far from being so easy as it mayappear to a non-journalistic reader.May 1922.Charles Nissen

THE CHARTWELL COLLECTION - 1840 ONE PENNY BLACKS FROM THE ORIGINAL NISSEN RECONSTRUCTIONSTERMS FOR SALE BY TENDER OF THE CHARTWELL COLLECTION OF THE NISSENRECONSTRUCTIONS OF THE ONE PENNY BLACKOffers are invited above the published starting price of £150,000 and are subject to the usual buyer’s premium of20% + V.A.T and postal charges where applicable.Offers must be submitted in a sealed envelope marked Nissen reconstructions tender offer on the outside, for theattention of Guy Croton in the Stamp Department where each envelope will be time and date stamped asreceived. In the event of two equal bids being received the lot will be awarded to the first received.In addition Clients who are unknown to us must also provide bank and trade references.All bids received will be kept sealed until they are all opened at 6.00 p.m. on the 3 December 2012.The winning bid will be published immediately on the Spink website (www.spink.com) to provide transparency toall bidders.Delivery of the collection will follow receipt of payment in full and must be made within 7 days (10 December).Monday 3 December 2012THE NISSEN PLATE RECONSTRUCTION1001 There are, in effect, twelve different plates of the Penny Black. The huge popularityof specialised collections relies on the ease of identifying stamps from these differentplates. There are several publications to assist plating, however, Charles Nissen, incollaboration with Bertram McGowan, produced by far the most widely usedphotographic plating guide. This was first published in 1922 and this iconic workremains a firm favorite with collectors of Penny Blacks to this day. It is quiteremarkable that the original stamps from this seminal work are still together. Thestamps have been remounted and housed in a Philatelic album. A few of the originalstamps have been changed for better examples as the collection has been developed.The objective of the original reconstruction was to assist easy identification betweenthe twelve plates, so there was no restriction in using 1841 stamps to fill the gaps.Naturally most of these were from plate 11. All of the Penny Reds have beenremoved from the original reconstruction and a start has been made to fill themissing gaps with Penny Blacks. All of the Penny Red stamps from plate 11 areincluded in a reconstructed sheet which is included with the collection. There aretwelve gaps where Penny Blacks were originally used and these remain in the mainreconstruction. The album includes 2,706 Penny Blacks, of which 76 are plate 11(one with red Maltese Cross). The stamps were originally selected for the clarity ofthe check letters, so the quality does vary; however, the majority are fine to very fine.A few coloured crosses have been noted as well as some exceptionally fine examples.Offered with this collection are also reconstructed sheets of 1841 2d. plates 3 and 4plus 1d. Stars perf.16 on blued paper. and of course the original two volume platingguide comprising text and photographs of the whole collection, a valuable piece of Starting Pricephilatelic literature in its own right Here is an opportunity to acquire an importantand iconic piece of philatelic history. £150,000www.spink.com

December 3, 2012 - LONDONPage 5

www.spink.comTHE CHARTWELL COLLECTION - 1840 ONE PENNY BLACKS FROM THE ORIGINAL NISSEN RECONSTRUCTIONS






































TheCHARTWELLCollectionof GB Line-Engraved Essays, ProofsStamps and Covers - Part IV12 December 2012 • London

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –NAME ______________________________________________________ADDRESS____________________________________________________________________________________________________________________________________________________________________________POSTCODE___________________________________________________SALE TITLE DATE CODE NAME SALE NO.The Chartwell Collection - 1840 One Wednesday 3 December 2012 NISSEN 12052Penny Blacks from the Original Nissen at 6.00 p.m.Reconstructions for Sale by TenderI request Spink, without legal obligations of any kind on its part, to bid on the following Lot up to the price given below.I understand that if my bid is successful the Purchase Price payable will be the sum of the final bid and a premium as a percentage of the final bid (together with any VATchargeable). The Rate of Premium is 20% of the final hammer price of the lot.All bids shall be treated as offers made on the Terms and Conditions for Buyers printed in the catalogue. I also understand that Spink provides the service of executingbids on behalf of clients for the convenience of clients and that Spink will not be held responsible for failing to execute bids. If identical commission bids are received forthe same Lot, the commission bid received first by Spink will take precedence. Please note that you will not be notified if there are higher written bids received.BIDDERS PLEASE NOTE OUR EXTENSION CLAUSES IN OUR TERMS AND CONDITIONS FOR BUYERSPLEASE PRINT CLEARLY IN BLOCK LETTERS AND ENSURE THAT BIDS ARE IN STERLINGTEL. HOME ______________________________________________ TEL. OFFICE ____________________________________________FAX ____________________________________________________ E-MAIL ________________________________________________SIGNATURE _______________________________________________ VAT NUMBER ___________________________________________Please indicate the type of card: VISA VISA DEBIT MASTERCARD SWITCH AMERICAN EXPRESSPAYMENT MADE BY MASTERCARD OR VISA ARE SUBJECT TO A 2% SURCHARGE AND AMERICAN EXPRESS 4%CARD NO: START DATE: ISSUE NO: SECURITY CODE:SIGNATURE EXPIRY DATE NAME (ON CREDIT CARD)Please charge all purchases to my card69 Southampton Row, Bloomsbury,London WC1B 4ETtel: +44 (0)20 7563 4034fax: +44 (0)20 7563 4037email: auctionteam@spink.comWRITTEN TENDER FORMLot 1001, The Nissen Plate ReconstructionTender offer of £......................................TheCHARTWELLCollectionof 1840 One Penny Blacks from theOriginal Nissen Reconstructionsfor Sale by Tender3 December 2012 • LondonDo not charge my card. I will arrange to send payment. (Spink will only charge your card should you default on the payment terms agreed)Please hold my purchased lots for collection Continued ...

DATESALE NO.Monday 3 December 2012 12052at 6.00 p.m.TERMS FOR SALE BY TENDER OF THE CHARTWELL COLLECTION OF THE NISSENRECONSTRUCTIONS OF THE ONE PENNY BLACKOffers are invited above the published starting price of £150,000 and are subject to the usual buyer’s premium of20% + V.A.T and postal charges where applicable.Offers must be submitted in a sealed envelope marked Nissen reconstructions tender offer on the outside, for theattention of Guy Croton in the Stamp Department where each envelope will be time and date stamped as received.In the event of two equal bids being received the lot will be awarded to the first received.In addition Clients who are unknown to us must also provide bank and trade references.All bids received will be kept sealed until they are all opened at 6.00 p.m. on the 3 December 2012.The winning bid will be published immediately on the Spink website (www.spink.com) to provide transparency toall bidders.Delivery of the collection will follow receipt of payment in full and must be made within 7 days (10 December).BIDDING INCREMENTSBidding generally opens below the low estimate and advances in the following orderalthough the auctioneer may vary the bidding increments during the course of theauction. The normal bidding increments are:Up to £100 by £5£100 to £300 by £10£300 to £600 £320-£350-£380-£400 etc.£600 to £1,000 by £50£1,000 to £3,000 by £100£3,000 to £6,000 £3,200-£3,500-£3,800-£4,000 etc.£6,000 to £20,000 by £500£20,000 and up Auctioneer’s discretionVAT is chargeable on the hammerand the premium of daggered (†) and(Ω) lots at the standard rate (currently20%), and on lots marked (x) at thereduced rate (currently 5% on thehammer and 20% on the premium).VAT on Margin Scheme lots is payableat 20% on the premium only.REFERENCES REQUIRED FOR CLIENTS NOT YET KNOWN TO SPINKTRADE REFERENCESBANK REFERENCES_____________________________________________________________________________________________________________________________________________________________________________________________

PRIVATE TREATY SALESPenny Black, Plate 1b. Mint Block of 18.Sold through Private Treaty by Spink.If you are interested in selling your entire collectionor single rare items, contact our specialists todayfor more information on the advantage of Private Treaty SalesTel: +44 (0)20 7563 4000 Fax: +44 (0)20 7563 4066 Email: info@spink.com69 Southampton Row, Bloomsbury, London WC1B 4ETWWW.SPINK.COM

to registerTheCHARTWELLTheCHARTWELLCollectionSoftbound or Hardbound Catalogue CopiesCollectionof British Empirem to registerTheCHARTWELLCollectionof Line EngravedPart ITheCHARTWELLCollectionof Surface Printed IssuesregisterCHARTWELLTheCollectionof King Edward VII Essays, Proofsand Issued StampsTheCHARTWELLCollectionof Line-EngravedPart II16 February 2012 • LondonTheCHARTWELLCollectionof King George Vincluding Seahorses28 June 2011 • London3 May 2012 • London29 June 2011 • LondonTheCHARTWELLCollectionof Line-EngravedPart IIIde N5 July 2012 • LondonSPINK LONDON ■ The Chartwell Collection ■ 12 September 2012 • London ■ VOL. 812-13 October 2011 • LondonlSPINK LONDON ■ The Chartwell Collection ■ 12 December 2012 • LondonTheCHARTWELLCollection6 December 2011 • Londonof King Edward VIII, King George VIand Queen Elizabeth II12 September 2012 • LondonCHARTWELL12 December 2012 • LondonTheCollectionof Line-EngravedPart IVSPINK LONDON ■ The Chartwell Collection ■ 16 February 2012 • London ■ VOL. 5May 2012 • London ■ VOL. 6To order softbound or hardbound copiesEmail catalogues@spink.comTel: +44 (0)20 7563 4108Softbound copies £25 each (full set £100 + shipping charge)Hardbound copies £50 each (full set £450 + shipping charge)RAPHS BOOKS WINES

SPINK “ON THE GO” TECHNOLOGYSpink are pleased to provide our clients withexciting mobile technology which allows you totake Spink with you no matter where on the globeyou may be. The Spink iPhone/iPad application,which is available free of charge from the iTunesstore, is simple to download! Once installed theprogramme will download the latest auctioncatalogue instantly upon opening the application!We do hope you find these tools useful! Should youhave any further questions or suggestions on howwe can improve our technology in an effort to assistour clients, please contact Berdia Qamarauli, Headof IT at Spink on bqamarauli@spink.com.What you can expect from the Spink app:Download auction catalogues straight to yourdevice, which are then viewable while online oroffline.Search all available lots in sales.View lots individually and zoom in on importantitem details.Share images, lots or entire auction catalogueswith friends via email, Twitter or Facebook.Email the Spink Concierge directly from yourdevice to leave bids or receive a quick reply to anyquery you may have.WWW.SPINK.COM

TERMS AND CONDITIONS FOR BUYERSThese conditions set out the terms on which we (Spink and Son Limited of 69 Southampton Row, Bloomsbury London WC1B 4ET (company no. 04369748)) contractwith you (Buyer) either as agent on behalf of the Seller or as principal if we are the Seller. You should read these conditions carefully.1 DEFINITIONSThe following definitions in this condition apply in these conditions.Auctioneers’ Margin Scheme means a VAT margin scheme as defined by HM Revenue & Customs;Buyer’s Premiummeans the charge payable by you as a percentage of the Hammer Price, at the rates set out in clause 5.1 below;Certificate of Authenticity means a certificate issued by an Expert Committee confirming the authenticity of a Lot;Expert Committee means a committee of experts to whom a Lot may be sent for an extension in accordance with clause 3.4.3;Forgerymeans a Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as toauthorship, origin, age, period, culture or source where the correct description as to such matters is not reflected by the descriptionin the catalogue and which at the date of the auction had a value materially less than it would have had if it had been in accordancewith the description in the catalogue. Accordingly, no Lot shall be capable of being a Forgery by reason of any damage and/orrestoration work of any kind (including re-enamelling);Hammer PriceLotReserveSellerSpink GroupVATVAT Symbolsmeans the amount of the highest bid accepted by the auctioneer in relation to a Lot;means any item deposited with us for sale at auction and, in particular, the item or items described against any Lot number in anycatalogue;the amount below which we agree with the Seller that the Lot cannot be sold;means the owner of the Lot being sold by us;Spink and Son Limited, our subsidiaries and associated companies.value added tax chargeable under VAT and any similar replacement or additional tax; andmeans the symbols detailing the VAT status of the Lot details of which are set out at the back of the catalogue.2 SPINK’S ROLE AS AGENT2.1 All sales undertaken by us either at auction or privately are undertakeneither as agent on behalf of the Seller or from time to time, as principalif we are the owner of the Lot. Please note that even if we are acting asagent on behalf of the Seller rather than as principal, we may have afinancial interest in the Lot.2.2 The contract for the sale of the Lot will be between you and the Seller.3 BEFORE THE SALE3.1 Examination of goodsYou are strongly advised to examine personally any goods in which youare interested, before the auction takes place. Condition reports areusually available on request. We provide no guarantee to you otherthan in relation to Forgeries, as set out in clause 5.13 of these Termsand Conditions.3.2 Catalogue descriptions3.2.1 Statements by us in the catalogue or condition report, or madeorally or in writing elsewhere, regarding the authorship, origin,date, age, size, medium, attribution, genuineness, provenance,condition or estimated selling price of any Lot are merelystatements of opinion, and are not to be relied on as statements ofdefinitive fact. Catalogue illustrations are for guidance only, andshould not be relied on either to determine the tone or colour ofany item or to reveal imperfections. Estimates of the selling priceshould not be relied on as a statement that this price is either theprice at which the Lot will sell or its value for any other purpose.3.2.2 Many items are of an age or nature which precludes their beingin perfect condition and some descriptions in the catalogue or givenby way of condition report make reference to damage and/orrestoration. We provide this information for guidance only and theabsence of such a reference does not imply that an item is free fromdefects or restoration nor does a reference to particular defectsimply the absence of any others.3.2.3 Other than as set out in clause 5.13, and in the absence of fraud,neither the Seller nor we, nor any of our employees or agents, areresponsible for the correctness of any statement as to theauthorship, origin, date, age, attribution, genuineness orprovenance of any Lot nor for any other errors of description or forany faults or defects in any Lot.3.3 Your ResponsibilityYou are responsible for satisfying yourself as to the condition of thegoods and the matters referred to in the catalogue description.3.4 Extensions – Stamps only3.4.1 If you wish to obtain an expert opinion or Certificate ofAuthenticity on any Lot (other than a mixed Lot or Lot containingundescribed stamps) you must notify us in writing not less thanforty-eight hours before the time fixed for the commencement of4 AT THE SALEthe first session of the sale. If accepted by us, such request shall havethe same effect as notice of an intention to question thegenuineness or description of the Lot for the purposes of clause5.13 (Refund in the case of Forgery) of these Terms andConditions and the provisions of clause 5.13 (Refund in the case ofForgery) shall apply accordingly.3.4.2 Notice of a request for an expert opinion or Certificate ofAuthenticity must give the reason why such opinion is required andspecify the identity of your proposed expert which will be subjectto agreement by us. We reserve the right, at our discretion, torefuse a request for an expert opinion or Certificate of Authenticityincluding (without limitation) where the proposed expert is notknown to us.3.4.3 If we accept a request for an expert opinion or Certificate ofAuthenticity we will submit the Lot to the Expert Committee. Youacknowledge and accept that the length of time taken by an ExpertCommittee to reach an opinion will vary depending on thecircumstances and in any event is beyond our control.3.4.4 We will not normally accept a request for an extension onaccount of condition. Any Lot described in the catalogue as havingfaults or defects may not be returned even if an expert opinion orCertificate of Authenticity cites other faults or defects not includedin the catalogue description, other than in the case of a Forgery.3.4.5 Should Spink accept a request for an extension under theforegoing provisions of this paragraph, the fact may be stated by theAuctioneer from the rostrum prior to the sale of the Lot.3.4.6 It should be noted that any stamp accompanied by a Certificateof Authenticity is sold on the basis of that Certificate only and noton the basis of any other description or warranty as to authenticity.No request for an extension will be accepted on such a stamp andthe return of such a stamp will not be accepted.4.1 Refusal of admissionOur sales usually take place on our own premises or premises overwhich we have control for the sale, and we have the right, exercisableat our complete discretion, to refuse admission to the premises orattendance at an auction.4.2 Registration before biddingYou must complete and sign a registration form and provideidentification before making a bid at auction. Please be aware that weusually require buyers to undergo a credit check.Some lots may be designated, prior to the auction, as “Premium Lots”,which means a deposit may be required before placing a bid on theitem for sale. Information will be posted on our website in such anevent.Spink Uni (07/11) (20)

4.3 Bidding as PrincipalWhen making a bid (whether such bids are made in person or byway of telephone bids operated by Spink, commission or online oremail bids), you will be deemed to be acting as principal and will beaccepting personal liability, unless it has been agreed in writing, at thetime of registration, that you are acting as agent on behalf of a thirdparty buyer acceptable to us.4.4 Commission BidsIf you give us instructions to bid on your behalf, by using the formprovided in our catalogues or via our website, we shall use reasonableendeavours to do so, provided these instructions are received not laterthan 24 hours before the auction. If we receive commission bids on aparticular Lot for identical amounts, and at auction these bids are thehighest bids for the Lot, it will be sold to the person whose bid wasreceived first. Commission bids are undertaken subject to othercommitments at the time of the sale, and the conduct of the auctionmay be such that we are unable to bid as requested. Since this isundertaken as a free service to prospective buyers on the terms stated,we cannot accept liability for failure to make a commission bid. Youshould therefore always attend personally if you wish to be certain ofbidding.4.5 On-line BiddingWe offer internet services as a convenience to our clients. We will notbe responsible for errors or failures to execute bids placed on theinternet, including, without limitation, errors or failures caused by (i) aloss of internet connection by either party for whatever reason; (ii) abreakdown or problems with the online bidding software and/or (iii)a breakdown or problems with your internet connection, computer orsystem. Execution of on-line internet bids is a free service undertakensubject to other commitments at the time of the auction and we do notaccept liability for failing to execute an online internet bid or for errorsor omissions in connection with this activity.4.6 Telephone BidsIf you make arrangements with us not less than 24 hours before thesale, we shall use reasonable endeavours to contact you to enable youto participate in bidding by telephone, but in no circumstances will webe liable to either the Seller or you as a result of failure to do so.4.7 Currency ConverterAt some auctions, a currency converter will be operated, based on theone month forward rates of exchange quoted to us by Barclays BankPlc or any other appropriate rate determined by us, at opening on thedate of the auction. Bidding will take place in a currency determined byus, which is usually sterling for auctions held in London. The currencyconverter is not always reliable, and errors may occur beyond ourcontrol either in the accuracy of the Lot number displayed on theconverter, or the foreign currency equivalent of sterling bids. We shallnot be liable to you for any loss suffered as a result of you following thecurrency converter.4.8 Video imagesAt some auctions there will be a video screen. Mistakes may occur in itsoperation, and we cannot be liable to you regarding either thecorrespondence of the image to the Lot being sold or the quality of theimage as a reproduction of the original.4.9 Bidding IncrementsBidding generally opens below the low estimate and advances in thefollowing order although the auctioneer may vary the biddingincrements during the course of the auction. The normal biddingincrements are:Up to £100 by £5£100 to £300 by £10£300 to £600 £320-£350-£380-£400 etc.£600 to £1,000 by £50£1,000 to £3,000 by £100£3,000 to £6,000 £3,200-£3,500-£3,800-£4,000 etc.£6,000 to £20,000 by £500£20,000 and up Auctioneer’s discretionBids of unusual amounts will be rounded down to the bid step belowand will not take precedence over a similar bid unless received first.4.10 Bidding by Spink4.10.1 We reserve the right to bid on Lots on the Seller’s behalf up tothe amount of the Reserve (if any), which will never be above thelow estimate printed in the auction catalogue.4.10.2 The Spink Group reserves the right to bid on and purchaseLots as principal.4.11 The Auctioneer’s DiscretionThe auctioneer has the right at his absolute discretion to refuse any bidto advance the bidding in such manner as he may decide to withdrawor divide any Lot, to combine any two or more Lots and, in the case oferror or dispute, to put an item up for bidding again.4.12 Successful BidSubject to the auctioneer’s discretion, the striking of his hammer marksthe acceptance of the highest bid, provided always that such bid ishigher than the Reserve (where applicable), and the conclusion of acontract for sale between you and the Seller.4.13 After Sale ArrangementsIf you enter into any private sale agreements for any Lot with the Sellerwithin 60 days of the auction, we, as exclusive agents of the Sellerreserve the right to charge you the applicable Buyer’s Premium inaccordance with these Terms and Conditions, and the Seller acommission in accordance with the terms of the Seller’s agreement.4.14 Return of LotIn the event that you have received a Lot and wish to return the Lotyou must notify us in writing within 7 days of receipt of the Lot, statingthe reason for the return. The Lot must then be returned to us within14 days of receipt, in the same condition as at the auction date. Anysuch request is subject to our sole discretion.5 AFTER THE AUCTION5.1 Buyer’s PremiumIn addition to the Hammer Price, you must pay us the Buyer’sPremium at a rate of 20% of the final Hammer Price of each Lot.5.2 Value Added TaxOther than in respect of Zero-rated Lots (o) (see VAT Symbols fordetails), VAT is payable on the Buyer’s Premium and on the HammerPrice, if the Lot has been marked with a sign to that effect in thecatalogue (see VAT Symbols for details).5.3 VAT RefundsGeneral5.3.1 As we remain liable to account for VAT on all Lots unless theyhave been exported outside the EU within 3 months of the date ofsale, you will generally be asked to deposit all amounts of VATinvoiced. However, if a Spink nominated shipper is instructed, thenany refundable VAT will not be collected. In all other cases creditswill be made when proof of export is provided. If you export theLot yourself you must obtain shipping documents from theShipping Department for which a charge of £50 will be made.5.3.2 If you export the Lot you must return the valid proof of exportcertificate to us within 3 months of the date of sale. If you fail toreturn the proof of export certificate to us within such period andyou have not already accounted to us for the VAT, you will beliable to us for the full amount of the VAT due on such Lot and weshall be entitled to invoice you for this sum.5.3.3 To apply for a refund of any VAT paid, the proof of exportcertificate must be sent to our Shipping Department clearly marked‘VAT Refund’ within 3 months of the date of sale. No payment willbe made where the total amount of VAT refundable is less than £50and Spink will charge £50 for each refund processed.VAT Refunds - Buyers from within the EU5.3.4 VAT refunds are available on the Hammer Price and Buyer’sPremium of Daggered (†) and Investment Gold (g) Lots. You mustcertify that you are registered for VAT in another EU country andthat the Lot is to be removed from the United Kingdom within 3months of the date of sale.5.3.5 Where an EU buyer purchases a Lot on which import VAT hasbeen charged, no refund of VAT is available from us. It may bepossible to apply directly for a refund on form VAT 65 toHM Revenue & Customs Overeseas Repayment Section,Londonderry.VAT Refunds – Buyers from outside the EU5.3.6 Where a Lot is included within the Auctioneers’ Margin Schemeand evidence of export from the EU is produced within 3 monthsof the date of sale, the VAT element included within the Buyer’sPremium may be refunded.5.3.7 Where the Lot is marked as a Daggered (†) or Investment Gold(g) Lot the VAT charged on the Hammer Price may be refundedwhere evidence of export from the EU is produced within 3months of the date of sale. A refund of VAT charged on the Buyer’sPremium can also be made on receipt of proof of business as acollectibles dealer.5.3.8 Where the Lot is marked as an Omega (Ω) Lot or an ImportVAT (x) Lot and evidence of export from the EU is producedwithin 3 months of the date of sale, the VAT charged on both theHammer Price and Buyer’s Premium may be refunded. Whererequired, we can advise you on how to export such Lots as a specificform of export evidence is required. Where we advise you on theexport of the Lots, please be aware that the ultimate responsibilityin respect of obtaining a valid proof of export certificate will lie withyou and we will not be responsible for your failure to obtain suchcertificate.Spink Uni (07/11) (20)

5.4 Payment5.4.1 You must provide us with your full name and permanent addressand, if so requested, details of the bank from which any paymentsto us will be made. You must pay the full amount due (comprisingthe Hammer Price, the Buyer’s Premium and any applicable VAT)within seven days after the date of the sale. This applies even if youwish to export the Lot and an export licence is (or may be)required.5.4.2 You will not acquire title to the Lot until all amounts due to ushave been paid in full to us, even in circumstances where we havereleased the Lot to you.5.4.3 Payment should be made in sterling by one of the followingmethods:II(i) Direct bank transfer to our account details of which are setout on the invoice. All bank charges shall be met by you.Please ensure that your client number is noted on thei(ii)transfer.By cheque or bank draft made payable to Spink and Son Ltdand sent to Spink at 69 Southampton Row, Bloomsbury,London WC1B 4ET. Please note that the processing chargesfor payments made by cheques or bank drafts drawn on anon-U.K bank shall be met by you. Please ensure that theremittance slip printed at the bottom of the invoice isenclosed with your payment.(iii) By Visa or Mastercard. A charge of 2% will be applied.Payments exceeding £5,000 can normally only be made bythe card holder in person whilst on our premises.5.4.4 Payments should be made by the registered buyer and not bythird parties, unless it has been agreed at the time of registrationthat you are acting as an agent on behalf of a third party.5.5 InvoicesInvoices may consist of one or more pages and will show: Zero ratedLots (o); no symbol Lots sold under the Auctioneers’ Margin Scheme;Lots marked (g) special scheme Investment Gold; Daggered Lots (†),imported Lots marked (x) and (Ω), (e) Lots with Zero rated hammerfor EU VAT registered buyers.5.6 Collection of Purchases5.6.1 Unless we specifically agree to the contrary, we shall retain itemssold until all amounts due to us, or to the Spink Group, have beenpaid in full.5.6.2 Unless we notify you to the contrary, items retained by us willbe covered in accordance with our policy which is available forinspection at our offices from the date of sale for a period of sevendays or until the time of collection, whichever is sooner. After sevendays or from the time of collection, whichever is the earlier, the Lotwill be entirely at your risk.5.6.3 Our policy will not cover and we are unable to acceptresponsibility for damage caused by woodworm, changes inatmospheric conditions or acts of terrorism.5.7 NotificationWe are not able to notify successful bidders by telephone. WhileInvoices are sent out by mail after the auction we do not acceptresponsibility for notifying you of the result of your bid. You arerequested to contact us by telephone or in person as soon as possibleafter the auction to obtain details of the outcome of your bids to avoidincurring charges for late payment.5.8 Packing and handling5.8.1 We shall use all reasonable endeavours to take care whenhandling and packing a purchased Lot but remind you that afterseven days or from the time of collection, whichever is sooner, theLot is entirely at your risk. Our postage charges are set out at theback of the catalogue.5.8.2 It is the responsibility of the Buyer to be aware of any ImportDuties that may be incurred upon importation to the finaldestination. Spink will not accept return of any package in order toavoid these duties. The onus is also on the Buyer to be aware of anyCustoms import restrictions that prohibit the importation ofcertain collectibles. Spink will not accept return of the Lot(s) underthese circumstances. Spink will not accept responsibility for Lot(s)seized or destroyed by Customs.5.9 Recommended packers and shippersIf required our shipping department may arrange shipment as youragent. Although we may suggest carriers if specifically requested, oursuggestions are made on the basis of our general experience of suchparties in the past and we are not responsible to any person to whomwe have made a recommendation for the acts or omissions of the thirdparties concerned.5.10 Remedies for non-payment or failure to collect purchases5.10.1 If you fail to make payment within seven days of your stipulatedpayment date set out in your invoice, we shall be entitled to exerciseone or more of the following rights or remedies:5.10.1.1 to charge interest at the rate of 2% per month compoundinterest, calculated on a daily basis, from the date the fullamount is due;5.10.1.2 to set off against any amounts which the Spink Group mayowe you in any other transaction the outstanding amountremaining unpaid by you;5.10.1.3 we may keep hold of all or some of your Lots or otherproperty in the possession of the Spink Group until you havepaid all the amounts you owe us or the Spink Group, even if theunpaid amounts do not relate to those Lots or other property.Following fourteen days’ notice to you of the amountoutstanding and remaining unpaid, the Spink Group shall havethe right to arrange the sale of such Lots or other property. Weshall apply the proceeds in discharge of the amount outstandingto us or the Spink Group, and pay any balance to you;5.10.1.4 where several amounts are owed by you to the SpinkGroup in respect of different transactions, to apply any amountpaid to discharge any amount owed in respect of any particulartransaction, whether or not you so direct;5.10.1.5 to reject at any future auction any bids made by you or onyour behalf or obtain a deposit from you before accepting anybids.5.10.2 If you fail to make payment within thirty-five days, we shall inaddition be entitled:5.10.2.1 to cancel the sale of the Lot or any other item sold to youat the same or any other auction;5.10.2.2 to arrange a resale of the Lot, publicly or privately, and, ifthis results in a lower price being obtained, claim the balancefrom you together with all reasonable costs including a 20%seller’s commission, expenses, damages, legal fees, commissionsand premiums of whatever kind associated with both sales orotherwise, incurred in connection with your failure to makepayment; or5.10.2.3 take any other appropriate action as we deem fit.5.11 Failure to collectWhere purchases are not collected within seven days after the sale,whether or not payment has been made, you will be required to pay astorage charge of £2 per item per day plus any additional handling costthat may apply. You will not be entitled to collect the Lot until alloutstanding charges are met, together with payment of all otheramounts due to us.5.12 Export Licence5.12.1 If required we can, at our discretion, advise you on the detailedprovisions of the export licensing regulations. Where we advise youin relation to export licensing regulations the ultimate responsibilityin respect of any export will lie with you and we will not beresponsible for your failure to apply for any necessary licences.5.12.2 If the Lot is going to be hand carried by you, you may berequired to produce a valid export licence to us or sign a waiverdocument stating that a licence will be applied for.5.12.3 You should always check whether an export licence is requiredbefore exporting. Export licences are usually obtained within twoor three weeks but delays can occur.5.12.4 Unless otherwise agreed by us in writing, the fact that you wishto apply for an export licence does not affect your obligation tomake payment within seven days nor our right to charge interest onlate payment.5.12.5 If you request that we apply for an export licence on yourbehalf, we shall be entitled to recover from you our disbursementsand out of pocket expenses in relation to such application, togetherwith any relevant VAT.5.12.6 We will not be obliged to rescind a sale nor to refund anyinterest or other expenses incurred by you where payment is madeby you despite the fact that an export licence is required.5.13 Refund in the case of Forgery5.13.1 A sale will be cancelled, and the amount paid refunded to youif a Lot (other than a miscellaneous item not described in thecatalogue) sold by us proves to have been a Forgery. We shall nothowever be obliged to refund any amounts if either (a) thecatalogue description or saleroom notice at the auction datecorresponded to the generally accepted opinion of scholars orexperts at that time, or fairly indicated that there was a conflict ofopinions, or (b) it can be demonstrated that the Lot is a Forgeryonly by means of either a scientific process not generally acceptedfor use until after publication of the catalogue or a process which atthe date of the auction was unreasonably expensive or impracticableor likely to have caused damage to the Lot. Furthermore, youshould note that this refund can be obtained only if the followingconditions are met:5.13.1.1 you must notify us in writing, within seven days of thereceipt of the Lot(s), that in your view the Lot concerned is aForgery;5.13.1.2 you must then return the item to us within fourteen daysfrom receipt of the Lot(s), in the same condition as at theauction date; andSpink Uni (07/11) (20)

5.13.1.3 as soon as possible following return of the Lot, you mustproduce evidence satisfactory to us that the Lot is a Forgery andthat you are able to transfer good title to us, free from any thirdparty claims.5.13.2 In no circumstances shall we be required to pay you any morethan the amount paid by you for the Lot concerned and you shallhave no claim for interest.5.13.3 The benefit of this guarantee is not capable of beingtransferred, and is solely for the benefit of the person to whom theoriginal invoice was made out by us in respect of the Lot when soldand who, since the sale, has remained the owner of the Lot withoutdisposing of any interest in it to any third party.5.13.4 We shall be entitled to rely on any scientific or other process toestablish that the Lot is not a Forgery, whether or not such processwas used or in use at the date of the auction.6 LIABILITYNothing in these Terms and Conditions limits or excludes our liability for:6.1 death or personal injury resulting from negligence; or6.2 any damage or liability incurred by you as a result of our fraud orfraudulent misrepresentation.7 COPYRIGHT7.1 We shall have the right (on a non-exclusive basis) to photograph, videoor otherwise produce an image of the Lot. All rights in such an imagewill belong to us, and we shall have the right to use it in whatever waywe see fit.7.2 The copyright in all images, illustrations and written material relatingto a Lot is and shall remain at all times our property and we shall havethe right to use it in whatever way we see fit. You shall not use or allowanyone else to use such images, illustrations or written material withoutour prior written consent.8 VATYou shall give us all relevant information about your VAT status and that ofthe Lot to ensure that the correct information is printed in the catalogues.Once printed, the information cannot be changed. If we incur any unforeseencost or expense as a result of the information being incorrect, you willreimburse to us on demand the full amount incurred.9 NOTICESAll notices given under these Terms and Conditions may be served personally,sent by 1st class post, or faxed to the address given to the sender by the otherparty. Any notice sent by post will be deemed to have been received on thesecond working day after posting or, if the addressee is overseas, on the fifthworking day after posting. Any notice sent by fax or served personally will bedeemed to be delivered on the first working day following despatch.10 ADDITIONAL PROVISIONSThe following provisions of this clause 10 shall apply only if you are acting forthe purposes of your business.10.1 Limitation of LiabilitySubject to clause 6, we shall not be liable, whether in tort (includingfor negligence) or breach of statutory duty, contract, misrepresentationor otherwise for any:10.1.1 loss of profits, loss of business, depletion of goodwill and/orsimilar losses, loss of anticipated savings, loss of goods, loss ofcontract, loss of use, loss of corruption of data or information; or10.1.2 any special, indirect, consequential or pure economic loss,costs, damages, charges or expenses.10.2 SeverabilityIf any part of these Terms and Condition is found by any court to beinvalid, illegal or unenforceable, that part may be discounted and therest of the conditions shall continue to be valid and enforceable to thefullest extent permitted by law.10.3 Force majeureWe shall have no liability to you if we are prevented from, or delayedin performing, our obligations under these Terms and Conditions orfrom carrying on our business by acts, events, omissions or accidentsbeyond our reasonable control, including (without limitation) strikes,lock-outs or other industrial disputes (whether involving our workforceor the workforce of any other party), failure of a utility service ortransport network, act of God, war, riot, civil commotion, maliciousdamage, compliance with any law or governmental order, rule,regulation or direction, accident, breakdown of plant or machinery,fire, flood, storm or default of suppliers or subcontractors.10.4 Waiver10.4.1 A waiver of any right under these Terms and Conditions is onlyeffective if it is in writing and it applies only to the circumstancesfor which it is given. No failure or delay by a party in exercising anyright or remedy under these Terms and Conditions or by law shallconstitute a waiver of that (or any other) right or remedy, norpreclude or restrict its further exercise. No single or partial exerciseof such right or remedy shall preclude or restrict the further exerciseof that (or any other) right or remedy.10.4.2 Unless specifically provided otherwise, rights arising underthese Terms and Conditions are cumulative and do not excluderights provided by law.Spink Uni (07/11) (20)10.5 Law and Jurisdiction10.5.1 These Terms and Conditions and any dispute or claim arisingout of or in connection with them or their subject matter, shall begoverned by, and construed in accordance with, the law of Englandand Wales.10.5.2 The parties irrevocably agree that the courts of England andWales shall have exclusive jurisdiction to settle any dispute orclaim that arises out of, or in connection with, Terms andConditions or their subject matter.Postal ChargesPrices for books(items sent by this method are not covered by insurance)Weight UK EU Rest of the WorldUp to 1kg £8 for any weight £12 £15Up to 2kg £8 for any weight £18 £25Prices for all other items including postage and packagingInvoice Value UK EU Rest of the WorldUp to £1,500 £10 £15 £20Above £1,501 £20 £30 £40Shipments of more than 2kg or volumetric measurement of more than 2kg have tobe sent by courier. Certain countries may incur extra charge when courier servicesare required by our insurance policy. For lots sent by courier please contactAuctionteam@spink.com for calculation of any further relevant cost in addition tothe above charges.Value Added Tax (VAT)Charging of (VAT) at AuctionThe information shown on this page sets out the way in which Spink intends toaccount for VAT.i. Auctioneers’ Margin Scheme1. Where possible, we will offer Lots for sale under the Auctioneers’Margin Scheme. Such Lots can be identified by the absence of anysymbol next to the Lot number in the catalogue and will not besubject to VAT on the Hammer Price.ii.iii.iv.2. Where Lots are sold using the Auctioneers’ Margin Scheme to VAT–registered businesses, the VAT included within the Buyers’ Premiumis not recoverable as input tax. Upon request on sale day, we willissue invoices that show VAT separately on both the Hammer Priceand the Buyer’s Premium. This will enable VAT-registered businessesto recover the VAT charged as input tax, subject to the normal rulesfor recovering input tax.Zero-Rated LotsLimited Categories of goods, such as books, are Zero-rated (o) for VAT inthe United Kingdom. Such Lots are offered under the Auctioneers’ MarginScheme. In these circumstances no VAT element will be included withinthe Buyer’s Premium.Daggered LotsLots which are Daggered (†) in the catalogue are subject to VAT at 20%on both the Hammer Price and the Buyer’s Premium.Starred and Omega LotsLots which are marked (x) in the catalogue are subject to VAT at 5% onthe Hammer Price and 20% on the Buyer’s Premium which is shown asinclusive of VAT. Lots which bear the Omega symbol (Ω) are subject toVAT at 20% on the Hammer Price and on the Buyer’s Premium. Such Lotsbear VAT because the Lot is liable for VAT at this rate on importation intothe EU.v. Investment Gold LotsLots marked (g) in the catalogue are exempt from VAT on the HammerPrice and are subject to VAT at 20% on the Buyer’s Premium. A refund ofVAT charged on the Buyer’s Premium can also be made on receipt of proofof business as a collectibles dealer.vi.Imported LotsLots which are marked (x) and Lots which bear the Omega symbol (Ω)have VAT charged on the Hammer Price and Buyers’ Premium becausethey have been imported into the United Kingdom from outside the EU.In these cases we have used a temporary importation procedure, which ineffect means that the point of importation is deferred until the Lot has beensold. At this point the Buyer is treated as the importer and is liable to paythe import VAT due. We will collect the VAT from you and pay it to HMCustoms and Excise on your behalf.

SALE CALENDAR 2012/2013STAMPS13/14 November The Morgan Collection of Australian Commonwealth London 1204614/15 November The Collector’s Series Sale London 1202015 November La Collection “Alienor” - Type “Blanc” de France London 1205115 November The Collector’s Series Sale New York 14127 November Great Britain - The “Fordwater” Collection London 1204912 December The Chartwell Collection - GB Line-Engraved Essays, Proofs, Stamps and Covers - Part IV London 1202113 January The Mizuhara Collection of Korean Stamps Hong Kong 1300813 January Fine Stamps and Covers of China and Hong Kong Hong Kong 1300923 January The “Lionheart” Collection of Great Britain and British Empire Specimen Stamps London 1301024 January The Collector’s Series Sale London 13011COINS12/13 November The Collector’s Series Sale New York 3154/5 December Ancient, British & Foreign Coins and Commemorative Medals London 1202712 January Banknotes, Bonds & Share Certificates and Fine Coins of China and Hong Kong Hong Kong 1300515/16 January The Collector’s Series Sale New York 31627 March Ancient, British & Foreign Coins and Commemorative Medals London 1301227 June Ancient, British & Foreign Coins and Commemorative Medals London 1301322 August Tibetan Coins from the Nick Rhodes Collection Hong Kong 1302024 September North East Indian Coins from the Nick Rhodes Collection London 13019BANKNOTES13 December World Banknotes London 1202414 December The David Kirch Collection of English Provincial Banknotes - Part II London 1205012 January Banknotes, Bonds & Share Certificates and Fine Coins of China and Hong Kong Hong Kong 1300515/16 January The Collector’s Series Sale New York 3169/10/11 April World Banknotes London 130041/2 October World Banknotes London 13018MEDALS22 November Orders, Decorations, Campaign Medals & Militaria London 1200425 April Orders, Decorations, Campaign Medals & Militaria London 1300125 July Orders, Decorations, Campaign Medals & Militaria London 1300221 November Orders, Decorations, Campaign Medals & Militaria London 13003BONDS AND SHARES29 November Bonds and Share Certificates of the World London 1201112 January Banknotes, Bonds & Share Certificates and Fine Coins of China and Hong Kong Hong Kong 1300515/16 January The Collector’s Series Sale New York 31617 May Bonds and Share Certificates of the World London 1301628 November Bonds and Share Certificates of the World London 13017AUTOGRAPHS15/16 January The Collector’s Series Sale New York 316WINES13 January An Evening of Exceptional Wines Hong Kong SFW02The above sale dates are subject to changeSpink offers the following services:– VALUATIONS FOR INSURANCE AND PROBATE FOR INDIVIDUAL ITEMS OR WHOLE COLLECTIONS –– SALES ON A COMMISSION BASIS EITHER OF INDIVIDUAL PIECES OR WHOLE COLLECTIONS –

•£25STAMPS COINS BANKNOTES MEDALS BONDS & SHARES AUTOGRAPHS BOOKS WINES69 Southampton Row Bloomsbury London WC1B 4ETwww.spink.com© Copyright 2012

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