(U.S. Coins) Catalog - Stack's Bowers

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Terms & Conditions1. Auction Basics. This is a public auction sale (“Auction Sale”) conducted bybonded auctioneers, Stack’s Bowers Galleries or Stack’s Bowers and Ponterio(hereinafter referred to as “Auctioneer” and at times as “Stack’s Bowers”). Biddingin this Auction Sale constitutes acceptance by you (“Bidder”) of all the Terms ofSale stated herein. Bidders may include consignors who may bid and purchaselots in the Auction Sale consigned by the consignor or by other consignors pursuantto their consignment agreement with Stack’s Bowers (“Consignor” or “Consignors”).A Consignor that bids on their own lots in the Auction Sale may pay adifferent fee than the Buyer’s Premium charged to all other Buyers. Stack’s Bowersreserves the right to include in any auction sale its own material as well as materialfrom affiliated or related companies, principals, officers or employees. Stack’sBowers may have direct or indirect interests in any of the lots in the auction andmay collect commissions. THE TWO PRECEEDING SENTENCES SHALL BEDEEMED A PART OF THE DESCRIPTION OF ALL LOTS CONTAINED IN THECATALOG. Where the Consignor has re-purchased a lot and the lot is either returnedto the Consignor or otherwise dealt with or disposed of in accordance withthe Consignor’s direction, or pursuant to contractual agreement, Stack’s Bowersreserves the right to so note in the prices realized or to omit a price from theprices realized. Stack’s Bowers and its affiliates may bid for their own account atany auction. Stack’s Bowers and its affiliates may have information about any lotthat is not known publicly, and Stack’s Bowers and its affiliates reserves the rightto use such information, in a manner determined solely by them and for theirbenefit, without disclosing such information in the catalog, catalog descriptionor at the auction. Bidder acknowledges and agrees that Stack’s Bowers and its affiliatesmay not be required to pay a Buyer’s Premium, or other charges that otherBidders may be required to pay and may have access to information concerningthe lots that is not otherwise available to the public. Any claimed conflict of interestor claimed competitive advantage resulting therefrom is expressly waivedby all participants in the Auction Sale. Lots may carry a Reserve. A Reserve is aconfidential price or bid below which the Auctioneer will not sell an item or willre-purchase on behalf of the Consignor or for Stack’s Bowers. The Buyer is theBidder who makes the highest bid accepted by the Auctioneer, and includes theprincipal of any Bidder acting as an agent.2. Descriptions and Grading. Bidder acknowledges that grading of most coinsin this Auction have been determined by independent grading services, andthose that are not may be graded by Stack’s Bowers. Grading of rare coins issubjective and may differ among independent grading services and among numismatists,even though grading has a material effect on the value of the coins.Stack’s Bowers is not responsible for the grades assigned by independent gradingservices, and makes no warranty or representation regarding such grades. Bidderfurther acknowledges and agrees that grades assigned by Stack’s Bowers and lotdescriptions are based solely upon an examination of the coins and are intendedto note any perceived characteristics. However, coin grading and descriptions aresubjective. Stack’s Bowers does not warrant the accuracy of such grading or descriptions.All photographs in this catalog are of the actual items being sold butmay not be the actual size or to scale.3. The Bidding Process. The Auctioneer shall have the right to open or acceptthe bidding on any lot by placing a bid on behalf of the Consignor or his or heragent, a Bidder by mail, telephone, internet or telefax; or any other participant inthe Auction Sale. Bids must be for an entire lot and each lot constitutes a separatesale. No lot will be broken up unless otherwise permitted by the Auctioneer. Lotswill be sold in their numbered sequence unless Auctioneer directs otherwise. Allmaterial shall be sold in separate lots to the highest Bidder as determined by theAuctioneer. Auctioneer shall have the right in its sole and absolute discretion toaccept or decline any bid, challenge any bid or bidding increment, to reduce anymail bid received, adjudicate all bidding disputes and to determine the prevailingbid. The Auctioneer shall have the right, but not the obligation, to rescind theacceptance of any bid and place the lot(s) for Auction Sale again. Auctioneer’sdecision on all bidding disputes shall be binding and final. For the mail and internetBidder’s protection, no “unlimited” or “buy” bids will be accepted. Whenidentical bids are received for a lot, preference is given to the first bid received asdetermined by the Auctioneer. A mail bid will take precedence over an identicalfloor bid; a floor bidder and telephone bidder must bid higher than the highest548mail bid to be awarded any lot. Bids will not be accepted from persons undereighteen (18) years of age without a parent’s written consent which acknowledgesthe Terms and Conditions of Auction Sale herein and agrees to be bound therebyon behalf of the underage Bidder. The auction sale is complete when the Auctioneerso announces by the fall of the hammer or in any other customary manner.THIS IS NOT AN APPROVAL SALE. Bidders who physically attend the Auctionsale, either personally or through an agent (“Floor Bidders”) should carefullyexamine all lots which they are interested in purchasing. Bidders who bidby telephone, either personally or through an agent, receive a similar benefitas Floor Bidders in being able to actively participate in the live Auction Sale(i.e.,“Telephone Bidders”). Except as otherwise expressly provided in these Termsand Conditions of Auction Sale, NO PURCHASED ITEMS MAY BE RETURNEDFOR ANY REASON. All prospective Bidders who examine the lot(s) prior to theAuction Sale personally assume all responsibility for any damage that Biddercauses to the lot(s). Stack’s Bowers shall have sole discretion in determining thevalue of the damage caused, which shall be promptly paid by such Bidder.STACK’S BOWERS IS NOT RESPONSIBLE FOR ANY ERRORS IN BIDDING. AllBidders should make certain to bid on the correct lot and that the bid is the bidintended. Once the hammer has fallen and the Auctioneer has announced theBuyer, the Buyer is unconditionally bound to pay for the lot, even if the Buyermade a mistake. Stack’s Bowers reserves the right to withdraw any lot at any time,even after the hammer has fallen, until the Buyer has taken physical possession ofthe lot. No participant in the Auction Sale shall have a right to claim any damages,including consequential damages if a lot is withdrawn, even if the withdrawaloccurs after the Auction Sale.4. Bidder Registration Required. All persons seeking to bid must have a catalogand register to bid at the auction by completing and signing a registration card orbid sheet. By submitting a bid, the Bidder acknowledges that Bidder has read theTerms and Conditions of Auction Sale, the descriptions for the lot(s) on whichthey have bid, and that they agree to be bound by these Terms and Conditions ofAuction Sale. This agreement shall be deemed to have been made and entered inCalifornia. The Bidder acknowledges that the invoice describing a lot by numberincorporates the catalog and Terms and Conditions of Auction Sale.5. Buyer’s Premiums. A Buyer’s Premium of seventeen and one-half percent (171/2%) (minimum $15) will be added to all purchases of individual lots (except forreacquisitions by Consignors), regardless of affiliation with any group or organization,and will be based upon the total amount of the final bid. A reacquisitioncharge may apply to Consignors pursuant to a separate agreement, which maybe higher or lower than the Buyer’s Premium. Payment is due immediately uponthe fall of the auctioneer’s hammer. Payment is delinquent and in default if notreceived in full, in good funds, within fourteen (14) calendar days of the AuctionSale (the “Default Date”), without exception, time being of the essence. Unlessotherwise agreed in writing prior to the Auction Sale, all auction sales are payablestrictly in immediately available good U.S. funds, through a bank in the UnitedStates. On any cash transaction or series of transactions exceeding $10,000,Treasury Form 8300 will be filed. Contact Stack’s Bowers for wiring instructionsbefore sending a wire. We accept payment by Visa, MasterCard, AmericanExpress or Discover for invoices up to $2,500. We regret we cannot acceptpayment by credit card for invoices over $2,500 for purchases auctioned byStack’s Bowers. Stack’s Bowers reserves the right not to release lots for whichgood funds have not yet been received. On any past due accounts, Stack’s Bowersreserves the right, without notice, to extend credit and impose carrying charges(as described below). Buyers agree to pay reasonable attorney’s fees and cost incurredto collect past due accounts. Buyers personally and unconditionally guaranteepayment in full of all amounts owed to Stack’s Bowers. Any person submittingbids on behalf of a corporation or other entity, by making such bid, agrees tobe personally liable for the payment of the purchase price and any related chargesand the performance of all Buyer obligations under these Terms and Conditionsof Auction Sale and Stack’s Bowers reserves the right to require a written guaranteeof such payments and obligations. Bidders who have not established creditwith Stack’s Bowers must furnish satisfactory credit references and/or deposit atleast twenty-five percent (25%) of their total bids for that Auction Sale session(s)
Terms & Conditions (cont.)or such other amount as Stack’s Bowers may, in its sole and absolute discretionrequire before any bids from such Bidder will be accepted. Deposits submittedwill be applied to purchases. Any remaining deposits will be promptly refunded,upon clearance of funds. It is the Buyer’s responsibility to contact Stack’s Bowersafter the sale to make shipping and packaging arrangements. Due to the fragilenature of some lots, Stack’s Bowers may elect not to assume responsibility forshipping or packing, or may charge additional shipping and handling. Lots indicatedas being “framed” are shipped at Buyer’s risk. All taxes, postage, shipping,if applicable, handling, insurance costs, the Buyer’s Premium, and any other feesrequired by law to be charged or collected will be added to the invoice for anylots invoiced to Buyer. All lots will be shipped FOB Destination, freight prepaidand charged back. Title and risk of loss pass to the Buyer at the destination upontender of delivery. Acceptance of delivery constitutes acceptance of the purchasedlots. Inspection of the purchased lots is not required for acceptance. Any and allclaims based upon Buyer’s failure to receive a purchased lot, Buyer’s receipt of alot in damaged condition, or otherwise related to delivery, must be received inwriting by Stack’s Bowers no later than the earlier of forty-five (45) days afterpayment, or the date of the Auction Sale (the “Outside Claim Date”). As Buyersmay not receive notification of shipment, it is Buyer’s responsibility to keep trackof the Outside Claim Date and make timely notification of any such claim. Thefailure to make a timely claim, time being of the essence, shall constitute a waiverof any such claim.Buyers will be charged all applicable sales tax, including Buyers who pick upat this Auction or shipments to Buyers in California and New York withouta valid Resale Certificate which has been provided to the Auctioneer priorto the auction. Please note that the purchase of any coin or bullion lot(s)with a price, including the Buyer’s Premium, in excess of: (i) One ThousandDollars ($1,000), for auctions held in Maryland, are exempt from Marylandsales tax, (ii) One Thousand Dollars ($1,000), for auctions held in Louisiana,are exempt from Louisiana sales tax, and (iii) One Thousand Five HundredDollars ($1,500) are exempt from California sales tax. These exemptions donot apply purchases of currency. Purchases of coins and currency are exemptfrom sales tax in Illinois. Purchases of coins and currency are exempt fromsales tax in Pennsylvania. On any tax not paid by Buyer that should have beenpaid, even if not collected by Stack’s Bowers by mistake, error, negligence or grossnegligence, Buyer remains liable for and agrees to promptly pay the same on demandtogether with any interest or penalty that may be assessed.6. Financial Responsibility. In the event any applicable conditions of theseTerms and Conditions of Auction Sale herein are not complied with by a Buyeror if the Buyer fails to make payment in full by the Default Date, Stack’s Bowersreserves the right, in its sole discretion, in addition to all other remedies whichit may have at law or in equity, to: (a) rescind the sale of that lot or any other lotor lots sold to the defaulting Buyer, retaining all payments made by Buyer as liquidateddamages, it being recognized that actual damages may be speculative ordifficult to compute, or (b) resell a portion or all of the lots held by Stack’s Bowers,in a commercially reasonable manner, which may include a public or private sale,in a quantity sufficient in the opinion of Stack’s Bowers to satisfy the indebtedness,plus all accrued charges, and Stack’s Bowers may charge a seller’s commissionthat is commercially reasonable. More than one such sale may take place atthe option of Stack’s Bowers. If Stack’s Bowers resells the lots, Buyer agrees to payfor the reasonable cost of such sale, together with any incidental costs of sale,including reasonable attorney’s fees and costs, cataloguing and any other reasonablecharges. Notice of the sale shall be by U.S.P.S. Certified Mail, Return ReceiptRequested to the address utilized on the Bid Sheet, Auction Consignment andSecurity Agreement or other last known address by Stack’s Bowers. The proceedsshall be applied first to the satisfaction of any damages occasioned by Buyer’sbreach, then to any other indebtedness owed to Stack’s Bowers, including withoutlimitation, commissions, handling charges, carrying charges, the expenses ofboth sales, reasonable attorneys’ fees, costs, collection agency fees and costs andany other costs or expenses incurred. Buyer shall also be liable to Stack’s Bowersfor any deficiency if the proceeds of such sale or sales are insufficient to coversuch amounts.Buyer grants to Stack’s Bowers, its affiliates and assignees, the right to offset anysums due, or found to be due to Stack’s Bowers, and to make such offset from anypast, current, or future consignment, or purchases that are in the possession orcontrol of Stack’s Bowers; or from any sums due to Buyer by Stack’s Bowers, itsaffiliates and assignees. In addition, defaulting Buyers will be deemed to havegranted to Stack’s Bowers, its affiliates and assignees, a security interest in: (x)the purchased lots and their proceeds, and (y) such sums or other items and theirproceeds, in the possession of Stack’s Bowers, its affiliates or assignees, to secureall indebtedness due to Stack’s Bowers and its affiliated companies, plus all accruedexpenses, carrying charges, attorney fees, and costs, until the indebtednessis paid in full. Buyer grants Stack’s Bowers the right to file a UCC-1 financingstatement for such items, and to assign such interest to any affiliated or relatedcompany or any third party deemed appropriate by Stack’s Bowers. If the auctioninvoice is not paid for in full by the Default Date, a carrying charge of one-andone-halfpercent (1-1/2%) per month may be imposed on the unpaid amountuntil it is paid in full. In the event this interest rate exceeds the interest permittedby law, the same shall be adjusted to the maximum rate permitted by law, andany amount paid in excess thereof shall be allocated to principal. Buyer agrees topay all reasonable attorney’s fees, court costs and other collection costs incurredby Stack’s Bowers or any affiliated or related company to collect past due invoicesor to interpret or enforce the terms hereof or in any action or proceeding arisingout of or related to the Auction Sale. Stack’s Bowers reserves the right to assign itsinterest to any third party. To the extent that the Buyer for any lot consists of morethan one person or entity, each such person or entity is jointly and severally liablefor all obligations of the Buyer, regardless of the title or capacity of such personor entity. Stack’s Bowers shall have all the rights of a secured party under theCalifornia Uniform Commercial Code and all rights of the consignor to collectamounts due from the Buyer, whether at law or equity.7. DISCLAIMER AND WARRANTIES. NO WARRANTY OF MERCHANT-ABILITY OR FITNESS FOR A PARTICULAR PURPOSE IS MADE OR IMPLIEDON ANY LOT. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, ISMADE WITH RESPECT TO ANY LOT EXCEPT FOR WARRANTY OF TITLE,AND IN THE CASE OF TITLE, AUCTIONEER IS SELLING ONLY THAT RIGHTOR TITLE TO THE LOT THAT THE CONSIGNOR MAY HAVE AS OF THE AUC-TION SALE DATE. ALL LOTS ARE SOLD “AS IS” AND WITH ALL FAULTS.PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATEDTO THE GRADING, QUALITY, DESCRIPTION, CONDITION, AUTHENTICITY,AND PROVENANCE OF A LOT.a. COINS LISTED IN THIS CATALOG GRADED BY PCGS, NGC OR ANACS CA-CHET, OR ANY OTHER THIRD PARTY GRADING SERVICE OR EXAMINEDBY THE BUYER PRIOR TO THE AUCTION SALE MAY NOT BE RETURNEDFOR ANY REASON WHATSOEVER BY ANY BUYER, EXCEPT FOR CLAIMSRELATED TO AUTHENTICITY.b. For non-certified coins that have not been examined by the Buyer prior tothe Auction Sale: if it is determined in a review by Stack’s Bowers that there is amaterial error in the catalog description of a non-certified coin or the coin is notauthentic, such lot may be returned, provided written notice is received by Stack’sBowers no later than seventy-two (72) hours of delivery of the lots in question,and such lots are returned and received by Stack’s Bowers, in their original, sealedcontainers, no later than fourteen (14) calendar days after delivery, in the samecondition the lot(s) were delivered to the Buyer, time being of the essence.c. If an item or items are returned pursuant to the terms herein, they must behoused in their original, sealed and unopened container.d. Late remittance or removal of any item from its original container, or alteringa coin constitutes just cause for revocation of all return privileges.549
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The November 2013Baltimore AuctionS
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Stack’s Bowers Galleries The Nove
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(U.S. Coins) Catalog - Stack's Bowers

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