Terms of Sale

This is a public, mail bid, and Internet auction conducted by Classical Numismatic Group, LLC (CNG). Bidding in the auction constitutes acceptance of the following terms:

1. The property listed in this catalogue is offered for sale by CNG for itself and as agent for various owners and other consignors. We reserve the right to reject any bid, to determine the opening price, to set bidding increments, to vary the order of the auction, to reopen bidding in the case of a dispute, to withdraw any lot, to bid on behalf of CNG, to bid on behalf of the consignor, to permit the auctioneer to bid on his own behalf, and to permit the consignor to bid on his own lots. CNG may loan or advance money to consignors or prospective bidders, and may have an interest other than commission charges in any lot. CNG may bid on its own account as an “insider” with information not available to the public.

2. A buyer’s fee will be charged to all successful bidders as follows on the hammer price:
A. 22.5% for written, fax, email, telephone, and live internet bids.
B. 20% for floor bids placed in person at the auction and electronic bids placed directly on www.cngcoins.com. All written bids, email bids, non-live telephone bids, live internet bid registrations, and live telephone bid registrations must be received before 5PM Eastern time on the day before the auction begins. CNG reserves the right to change the format of www.cngcoins.com at any time.

3. All coins are guaranteed genuine. Attribution, date, condition, and other descriptions are the opinion of the cataloguer, and no warranty is expressed or implied. Please note that an auction sale is not an approval sale. Lots examined prior to the sale and lots purchased by floor bidders (including bidders executing commission bids on behalf of other parties) may not be returned for any reason except lack of authenticity. All claims of misdescription and all claims of return, except claims regarding authenticity, must be made within 5 days of receipt of material. Any claim of lack of authenticity must be made in writing by the original purchaser immediately after discovery that an item is not authentic, and upon making such a claim the original purchaser must immediately return the lot to CNG in the same condition as at the time of the auction. Coins that have been encapsulated (“slabbed”) by a grading and/or authentication service may not be returned for any reason, including authenticity, if they have been removed from the encapsulation (“slab”). If payment is made by credit card, rights of return are governed by these Auction Terms which supersede any rights of return promulgated by the card issuer. Estimates are intended as a guide only and not as a statement of opinion of value.

4. Invoices are due and payable immediately upon receipt. Interest and late fees of 2.0% per month, or at the highest rate permitted by law, whichever is less, from the date of the auction, shall be payable on invoices not settled within 30 days of the auction date. Payment may be made by check or bank wire. Credit cards (Visa or MasterCard) will be accepted; credit card payments will not be accepted more than 14 days after the sale date. Payment by credit card for printed sale auctions will be charged a 2.5% handling fee. Payment by check must be made in either US dollars ($) drawn on a US bank or British sterling (£) drawn on a British bank. All successful bidders outside North America and the United Kingdom will be charged an additional $20 fee for bank charges that are the result of international wire transfer fees; this fee will be deducted for credit card or check payment as described above. CNG may reduce or compromise any charge or fee at its discretion.

5. Bidders not known to us must provide us with satisfactory credit references or pay a deposit as determined at CNG’s discretion before bidding. Minors are not permitted to bid without written consent of a parent guaranteeing payment. CNG may require payment in full from any bidder prior to delivery of lots. Title does not pass until lots are paid in full. Upon receipt of lots, the buyer assumes full responsibility for loss or damage. Delivery to the buyer’s address of record shall constitute receipt by the buyer regardless of the identity of the person accepting delivery.

6. Estimates are in U.S. dollars ($US) and bids must be in even dollar ($) amounts. CNG will execute mail bids on behalf of mail bidders. Subject to reserves and opening prices, mail bids will be executed at one bidding increment (approximately 10%) over the next highest bid. In the case of identical bids, the earliest bid wins. A mail bid has priority over an identical floor bid. Bid by lot number. No lots will be broken. Bidders are responsible for errors in bidding. Check your bid sheet carefully.

7. All lots are subject to reserve unless otherwise indicated. However, no reserve will be higher than the estimate, and ordinarily lots are reserved at 60% of estimate.

8. Bidders personally guarantee payment for their successful bids, including bidders executing commission bids from other parties and bidders representing corporations or other entities. Buyers accepting commission bids from other parties do so at their own risk and remain responsible for payment under these Auction Terms.

9. At the conclusion of bidding for each lot, the sale contract is concluded and the successful bidder becomes liable for immediate payment under these Auction Terms. In the event a successful bidder fails to make full payment within 30 days of the auction date, CNG reserves the right either: (a) to require payment as provided under these Auction Terms; or (b) to deem the sale incomplete and to re-auction the material, in which case the successful bidder agrees to pay for the reasonable cost of such a sale and also to pay any shortfall between the re-auction price and the successful bidder’s purchase price. CNG reserves all rights that it is entitled to under the Pennsylvania Uniform Commercial Code, including the right to offset any sums due from a successful bidder against any future consignment or purchase or monies or goods in possession of CNG.

10. Sales tax, postage, handling and insurance are the responsibility of the buyer and are added to all invoices where appropriate. For buyers in the European Union, CNG may import lots into the United Kingdom prior to shipment and charge buyers the import Value Added Tax. On any tax not paid by the purchaser which should have been paid, even if not invoiced by CNG, the purchaser agrees to pay the same on demand together with any interest or penalty that may be assessed. It is the responsibility of the buyer to comply with foreign customs and other regulations.

11. Prices realized are published after the sale and are mailed with CNG’s next publication. Prices realized are also posted after the sale on CNG’s web site: www.cngcoins.com

12. Bidders hereby waive any claim for incidental, consequential or exemplary damages arising from this auction. The sole remedy that any participant in the auction shall have for any claim or controversy arising out of the auction shall be a refund, without interest, of all or part of the purchase price paid by the participant.

13. All rights granted by CNG or otherwise available to bidders and purchasers, under these Auction Terms or otherwise, are personal and may not be assigned or transferred to any other person or entity, whether by operation of law or otherwise. No third party may rely on any benefit or right conferred by these Auction Terms. Bidders acting as agents must disclose the agency in writing to CNG prior to the auction; otherwise rights are limited to the agent and are not transferable to the undisclosed principal.

14. Any dispute regarding this auction shall be governed by the laws of Pennsylvania and shall be adjudicated only by the Lancaster County Court of Common Pleas or the U.S. District Court for the Eastern District of Pennsylvania; all bidders submit themselves to the personal jurisdiction of these courts for this purpose, consent to service of process by registered or certified mail, and waive any contrary provisions of Articles 14 or 15 of the French Civil Code and any similar provisions in any jurisdiction. All bidders consent to the confidentiality of consignors’ identities and waive any right to require disclosure of the name of the consignor or owner of any auction lot, whether such right is based on New York GOL §5-701(a) or any other provision in any jurisdiction. In any dispute regarding this auction, the prevailing party shall be entitled to recover its reasonable costs and attorney fees.