The currency of the auction is the Swiss Franc (CHF)


Participation in any NUMISOR S.A. auction means accep-tance in full of the following conditions as well as any rights and obligations arising there from. These same conditions also apply to all transactions in auction lots taking place outside the realm of the auctions. NUMISOR S.A., organ-iser of the auctions, acts as an agent only and is not liable in any way whatsoever for any default(s) of purchaser(s) and/or vendor(s).

1. The auction lots are offered
1.1 As presented in the relative auction catalogue and/or through the NUMISOR S.A. website. Lots are meticulously described and estimated with the greatest care, however without responsibility. Photographs count as part of the description with regard to the edges, fields, colour/tone and any damage or other visible attributes. The descrip-tions of the lots mention if the items are graded by a rec-ognised grading authority, and give an indication of the grade.
1.2 As viewed in person: before and during auction sales, persons or their agents may examine lots at our offices or at the auction location, and must confirm their auction invitation before viewing. Persons or their agents attending a Live Room auction by invitation and/or who have viewed lots before an auction are understood to have examined all lots which they purchase and accept them as they are at the moment of the knocking-down and not necessarily as described.

2. Auction bids
2.1 The auction bid steps for all auctions are as follows: (some auctions may be in other currencies than Swiss Francs)

Chf 50 – 100 Chf 5 Chf 2,000 – 5,000 Chf 200
Chf 100–200 Chf 10 Chf 5,000– 10,000 Chf 500
Chf 200-500 Chf 20 Chf 10,000–20,000 Chf 1,000
Chf 500–1,000 Chf 50 Chf 20,000- 50,000 Chf 2,000
Chf 1,000–2,000 Chf 100 Chf 50,000-100,000 Chf 5,000
Bids between these steps will be adjusted accordingly to the next highest bid step. The bidder is bound by his offer until a higher bid has been validly accepted.
2.2 NUMISOR S.A. has full discretion to refuse any bid-ding, to divide any lot or lots, to combine any two or more lots and to withdraw any lot or lots from the sale without in any case giving any reason. NUMISOR S.A. may also bid on behalf of vendors in cases where reserve prices have been fixed. In these cases, the vendor is treated as a buyer and the auctioneer shall bid on his behalf up to reserve prices. If the reserve price fixed by the vendor is not reached, the auctioneer passes to the next lot by a simple knock of the hammer.
2.3 Bid orders are only accepted from registered clients of NUMISOR S.A. and/or its associated companies. Live Room bidders must confirm their invitation prior to obtain-ing a bidding number.
2.4 Bid orders received by NUMISOR S.A. including via its website before the relative auctions, have priority over room bids in the case of Live Room auctions. Clients giving bidding instructions to NUMISOR S.A. may make alternative offers and/or limit the total of their expenditure in advance. Bids marked "BUY" are considered as up to ten times the quoted estimate price where such exists. Bids made in other currencies than the advertised currency of the auction will be converted into that currency at the market rate of the day of receipt by NUMISOR S.A. Bids are standing and hold good for at least 60 days from the auction period. NUMISOR S.A. reserves the right to in-voice bidders up to the end of the 60-day period, payment being due immediately.

3. The auction
3.1 Unless explicitly stated otherwise, the currency of the auction is the Swiss Franc. Attendance at the Live Room auction is reserved for invited clients and/or their agents.
3.2 Prerogatives of NUMISOR S.A.: NUMISOR S.A. may withdraw, group differently, divide or refuse to knock down any lot. NUMISOR S.A. reserves the right to refuse any bid orders and/or for Live Room auctions, refuse admittance to the auction room, at its discretion, to anybody whomso-ever. NUMISOR S.A. cannot be held responsible for any physical accident that may occur on the premises where auctions take place. In the case a bone fide offer for the entire collection presented in this catalogue is received at least two weeks before the auction date, and would be accepted by the vendor and the auctioneer, it may be withdrawn from sale and the auction offer cancelled.
3.3 Bidders' representatives and auction agents: any per-son bidding for the account of a third party is fully liable for any obligation arising from such bidding. This responsibility is notably applicable for the verification of the condition and for the payment of purchased lots.
3.4 Winning Bids: each lot is sold on behalf of the respec-tive owner to the highest bidder who becomes the buyer at one bid step over the next highest bid step; this is the knock-down price. In addition to the knock-down price, the buyer pays an all-in fee of 15% to cover commission, charges and expenses including lotting fees, insurance, packing, export formalities etc. whether all incurred in particular cases or not. Cost of postage or shipping for all lots is additional and will be invoiced separate from the buyer all-in fee. On the knock of the hammer, liability for the lots passes to the bidder whose bids have been ac-cepted. Ownership will only pass to the buyer when the total sale price (knock-down price plus all fees including postage or shipping) have been paid in full.
VAT (Sales Tax) - Buyers domiciled outside of Switzerland are not liable for this tax once the goods are duly exported from Switzerland. NUMISOR S.A. are pleased to arrange this export; alternatively, clients may make their own arrangements and furnish NUMISOR S.A. with proof of export, stamped by Swiss customs. Any purchases by buyers who wish to keep their purchases in Switzerland will be liable to VAT at 8% of the purchase price for non-gold coins. Buyers are aware, and accept full responsibility for the payment of any import duties or VAT, and obtaining of any import licenses, that may be required in their coun-try of domicile
3.5 Payment: Sale price plus commission and postage or shipping (if any) are due for immediate payment as in-voiced against delivery of the lots. Payment in other cur-rencies is accepted at the rates of exchange, applicable to the transaction amount, of the day as quoted by a major Swiss bank. Payment by PayPal is accepted but bidders may be requested to contribute to charges beyond those of a normal bank charge. The bidders who are successful with whom it has been expressly agreed that they pay after the sale under special conditions, are due to pay the sale price and the commission according to those terms. In these cases, NUMISOR S.A. keeps the relevant lots which are delivered to the buyers on full settlement of their ac-count. Delivery of the purchased lots by post, courier or any other means if instructed by the buyer including cost of normal transit insurance cover is at the expense of the buyer. Title or ownership of the purchased lots, delivered or not, remains with the auctioneer on behalf of the seller until payment has been made in full.
3.6 Special extended payment facility: NUMISOR S.A. may offer a special extended payment facility for buyers. In these cases, the buyer may choose to pay a minimum of 25% of the total invoice immediately, and the balance over a maximum period of 6 months, paying an equal instal-ment at the end of each month. Interest plus charges of 1% is debited to the buyer's account at the end of each month from the auction date. When the special extended payment facility has been granted, the buyer understands that any claims regarding his purchases must be made within 30 days of the auction sale date, even though the lots may be held by NUMISOR S.A. awaiting full settle-ment of the account. Until delivery, all lots may be exam-ined by their respective buyers at the offices of NUMISOR S.A.
3.7 Pledge: until full settlement of the account, the buyer grants to NUMISOR S.A. a pledge on any and all proper-ties held by NUMISOR S.A., acquired prior to, during and/or after any auction. This pledge secures the repay-ment of any amount due in principal, interests, commis-sions, costs and other possible fees. NUMISOR S.A. is entitled, but not obliged, to realise freely the pledge assets without further formalities and without previous notice if the buyer is in default with the payment of his debts or with the fulfilment of any other obligation hereunder. For this pur-pose, NUMISOR S.A. is not bound to comply with the formalities of the Federal Law dealing with actions for debt and bankruptcy proceedings; in addition, NUMISOR S.A. may choose to institute or go on with the usual proceed-ings without having before-hand sold the pledged goods and without having moreover given them up.

4. Guarantee
4.1 Extent of the guarantee: subject to paragraph 4.3 below, the authenticity of all numismatic items sold in the auction is guaranteed for a period of 30 days from the auction date, with the express exclusion of any other fault(s). Any reclamation regarding authenticity must come to the notice of NUMISOR S.A. on the delivery of the lots but at the latest within 30 days from that date. Before delivery, which may take place after the 30 day period, the lots purchased may be examined at the Geneva offices of NUMISOR S.A. The buyer whose reclamation is made after 30 days from the auction date loses all rights to the guarantee. Such reclamation will not be valid by NUMI-SOR S.A. if an extension of the period is required in order to substantiate the claim with an expert opinion, a request for such extension must be made to NUMISOR S.A. within 30 days of the auction date. No request for extension will be considered beyond this 30 days period. An extension will expire 3 months after the date of the auction; the results of the expertise for which an extension was agreed must come to the notice of NUMISOR S.A. within that period. No further extension of the period will be consid-ered without the express written agreement of NUMISOR S.A. Only claims, expertise results or other details which are made within the agreed periods will be valid.
4.2 NUMISOR SA uses a globally recognised grading system for raw or ungraded coins with the aim of determin-ing a market value. However, the grading by eye technique requires many years of expertise, and the final decision on the grade of the coin lays with the bidder, we grade con-servatively and where possible, NUMISOR SA uses a professional grading service to validate the grades. Note that not all raw coins we offer are suitable or acceptable for the professional grading services and are offered as seen or illustrated. In the case of a reclamation, NUMISOR S.A. reserves the right to request, at its own discretion, one or more further expertise(s). All expertise and relative charges accrue to the vendor's account in the case of a justified claim or to the buyer's account if the claim is not justified. In the case of a justified claim, the lot is taken back and the knock-down price plus the commission are refunded to the buyer. In the case of delayed payment due to expertise agreed by NUMISOR S.A., interest is charged at 50% of the standard rate for all cleared lots. If NUMI-SOR S.A. has not agreed, then full interest is due.
4.3 Exclusions: lots described as collections, selections, accumulations, and groups cannot be the subject of any claim. Claims concerning lots described as a set or groups of sets containing more than one coin, can only be consid-ered under the terms of paragraph 4.1 above if they relate to more than one third of the total value of the lot. Lots which have been examined by the buyer or his agent, lots described as having defects or faults cannot be subjected to a claim regarding defects or faults. Illustrated lots cannot be subjected to a claim because of edges, fields, col-our/tone and any damage or other visible faults.
4.4 Late Payment: if payment of the knock-down price plus commission due by the buyer is not made within 30 days of the date of the auction, NUMISOR S.A. reserves the right to cancel the sale and dispose of the lot(s) elsewhere and/or to make a recourse to any legal proceedings in order to obtain payment of the amounts due as well as for any incurred damages and losses and any legal expenses. A charge on overdue payment of at least 5% for the first month and 2% per month afterwards plus expenses in-curred is chargeable on any outstanding amount after 30 days of the date of the auction. The buyer who is in default in any way whatsoever has no right of claim under any circumstances.
4.5 Exceptionally, the knock-down price will be reduced to the lowest winning bid where it is shown that the exact same buyer has inadvertently increased the price by using more than one medium of bidding on the same lot.

5. Applicable law and jurisdiction
Unless otherwise stated, all auctions as well as any rights and obligations arising from them shall be governed exclu-sively by Swiss law. Any legal action or proceeding with respect to the auctions shall be submitted to the exclusive jurisdiction of the courts of Geneva, subject to appeal to the Swiss Federal Court in Lausanne. In every case, NUMISOR S.A. shall also be entitled, at its discretion, to sue any buyer in default at his place of residence; in such case, Swiss law shall remain applicable.

6. All Transactions:
These Conditions of Sale apply to all transactions of every kind, including those outside sales by auction, with NUMI-SOR S.A.