Terms of Sale

1. Auction Basics. This is a public auction sale conducted by California
bonded auctioneers, Stephen Album Rare Coins Inc. (hereinafter referred
to as "Auctioneer"). Bidding in this Auction constitutes acceptance by
you (the "Bidder") of all the Terms of Sale stated herein. Bidders may
include consignors who may bid and purchase lots in the Auction
consigned by the consignor or by other consignors pursuant to their
consignment agreement. The Auctioneer reserves the right to include in
any auction sale its own material. Bidder acknowledges and agrees that
the Auctioneer may not be required to pay a Buyer's Premium, or other
charges that other Bidders may be required to pay and may have access
to information concerning the lots that is not otherwise available to the
public. Any claimed conflict of interest or claimed competitive advantage
resulting there from is expressly waived by all participants in the Auction.
Lots may carry a Reserve. A Reserve is a confidential price or bid below
which the Auctioneer will not sell an item or will re-purchase on behalf of
the Consignor or for Stephen Album Rare Coins Inc. The Buyer is the
Bidder who makes the highest bid accepted by the Auctioneer, and
includes the principal of any Bidder acting as an agent.
2. Descriptions and Grading. Grading of rare coins is subjective and may
differ among independent grading services and among numismatists,
even though grading has a material effect on the value of the coins.
Stephen Album Rare Coins Inc. is not responsible for the grades assigned
by independent grading services, and makes no warranty or
representation regarding such grades. Bidder further acknowledges and
agrees that grades assigned by Stephen Album Rare Coins Inc. and lot
descriptions are based solely upon an examination of the coins and are
intended to note any perceived characteristics. Stephen Album Rare
Coins Inc. does not warrant the accuracy of such grading or descriptions.
All photographs in this catalog are of the actual items being sold but may
not be the actual size or to scale.
3. The Bidding Process. The Auctioneer shall have the right to open or
accept the bidding on any lot by placing a bid on behalf of the Consignor
or their agent, a Bidder by mail, telephone, internet or fax, or any other
participant in the Auction. Bids must be for an entire lot and each lot
constitutes a separate sale. No lot will be broken up unless otherwise
permitted by the Auctioneer. Lots will be sold in their numbered
sequence unless Auctioneer directs otherwise. All material shall be sold
in separate lots to the highest Bidder as determined by the Auctioneer.
Auctioneer shall have the right in his or her sole and absolute discretion
to accept or decline any bid, challenge any bid or bidding increment, to
reduce any mail bid received, adjudicate all bidding disputes and to
determine the prevailing bid. The Auctioneer shall have the right, but not
the obligation, to rescind the acceptance of any bid and place the lot(s)
for Auction again. Auctioneer's decision on all bidding disputes shall be
binding and final. For the mail and internet Bidder's protection, no
"unlimited" or "buy" bids will be accepted. When identical bids are
received for a lot, preference is given to the first bid received as
determined by the Auctioneer. A mail bid will take precedence over an
identical floor bid; a Floor Bidder and Telephone Bidder must bid higher
than the highest mail bid or pre-sale internet bid to be awarded any lot.
Bids will not be accepted from persons under eighteen (18) years of age
without a parent's written consent which acknowledges the Terms of
Sale herein and agrees to be bound thereby on behalf of the underage
Bidder. The auction sale is complete when the Auctioneer so announces
Absentee bids may be placed by fax, mail, email, or by telephone. Online
bidding is also available on www.iCollector.com. Follow the link on our
website, www.stevealbum.com in order to bid online. Your bids will be
treated as a maximum bid. The winning bid will be one increment above
the next highest bidder, or at the starting bid.
Stephen Album Rare Coins Inc. is not responsible for any errors in
bidding. All Bidders should make certain to bid on the correct lot and
that the bid is the bid intended. Once the hammer has fallen and the
Auctioneer has announced the Buyer, the Buyer is unconditionally bound
to pay for the lot, even if the Buyer made a mistake. Stephen Album Rare
Coins Inc. reserves the right to withdraw any lot at any time, even after
the hammer has fallen, until the Buyer has taken physical possession of
the lot. No participant in the Auction shall have a right to claim any
damages, including consequential damages if a lot is withdrawn, even if
the withdrawal occurs after the Auction.
4. Buyer’s Premiums and Payments. A Buyer's Premium of twenty
percent (20.0%) will be added to the hammer price for each lot to all
successful bids. Accepted payments are by Visa, MasterCard, American
Express, PayPal, cash, cashier's check, money order, approved personal
check or bank wire transfer. If the purchaser pays by credit card
(including credit-debit cards) or by PayPal, an additional service fee of
four percent (4.0%) will be added. This service fee will apply to the
hammer price, buyer’s premium, shipping, and sales tax. A reacquisition
charge may apply to Consignors pursuant to a separate agreement, which
may be higher or lower than the Buyer's Premium. Payment is delinquent
and in default if not received in full, in good funds, within fourteen (14)
calendar days of the Auction (the "Default Date"), without exception,
time being of the essence, unless otherwise agreed in writing prior to the
Auction. Any bidder who does not pay within the standard deadline of
fourteen (14) calendar days, regardless of any approval of alternative
payment arrangements, may be considered a negligent payer and may be
subject to increased scrutiny and additional requirements in order to
participate in future auctions. If a credit card is provided before the sale,
Stephen Album Rare Coins reserves the right to charge your credit card
for the total of your auction purchases if payment has not been received
within the fourteen (14) calendar days deadline. All auction sales are
payable strictly in immediately available good U.S. funds, through a bank
in the United States. Personal checks must clear our bank before lots are
delivered. Bounced or returned checks are subject to a $35 fee.
Payments by PayPal are restricted to a maximum of $5,000 per client.
Payments by credit card are restricted to a maximum of $10,000 per
invoice. If a credit card has been used to pay for one invoice from the
auction, it may not be used to pay for another invoice in the auction,
regardless of the total amount of either invoice. We reserve the right to
modify these payment limits, and we reserve the right to refuse payment
by credit card or PayPal at our discretion, in which case a bank wire,
check, or cash equivalent will be required.
Please contact Stephen Album Rare Coins Inc. for wiring instructions.
Please inform us after bank wire has been sent. Please be advised that
payments coming by wire transfer usually only take a few days to arrive,
but in rare cases they can take up to a few weeks to arrive due to US
government regulating, resulting in a delay of shipment of your lots. Lots
will not be shipped until your full payment has arrived in our bank
account. There is a $15 fee for all bank wire transfers.
Stephen Album Rare Coins Inc. reserves the right not to release lots for
which funds have not yet been received in full. On any past due accounts,
Stephen Album Rare Coins Inc. reserves the right, without notice, to
extend credit and impose carrying charges of 1% per month. Buyers agree
to pay reasonable attorney's fees and cost incurred to collect past due
accounts. Buyers personally and unconditionally guarantee payment in
full of all amounts owed to Stephen Album Rare Coins Inc. Any person
submitting bids on behalf of a corporation or other entity, by making such
bid, agrees to be personally liable for the payment of the purchase price
and any related charges and the performance of all Buyer obligations
under these Terms of Sale and Stephen Album Rare Coins Inc. reserves
the right to require a written guarantee of such payments and
Lots are not available for pickup during the auction. Lots may be available
for on-site pickup on the Monday following the sale if a formal request
for pickup is provided by the Buyer before the auction, during the
auction, or within 1 hour of the close of the final lot on the final day of
the auction. We reserve the right to refuse this request for pickup, at our
discretion. For on-site pickup, we will only accept cash or a bank transfer.
If paying by bank transfer, the funds must reach our account before we
will allow you to collect your lots.
5. Credit. Bidders who have not established credit with Stephen Album
Rare Coins Inc. must furnish satisfactory credit references and/or deposit
at least twenty-five percent (25%) of their total bids for that Auction
session(s) or such other amount as Stephen Album Rare Coins Inc. may,
in its sole and absolute discretion, require before any bids from such
Bidder will be accepted. Deposits submitted will be applied to purchases.
Any remaining deposits will be promptly refunded, upon clearance of
6. Shipping and Insurance. It is the Buyer’s responsibility to contact
Stephen Album Rare Coins Inc. after the sale to make shipping and
packaging arrangements. Due to the fragile nature of some lots, Stephen
Album Rare Coins Inc. may elect not to assume responsibility for shipping
or packing, or may charge additional shipping and handling. All state
taxes, postage, shipping, handling, insurance costs, the Buyer's Premium,
and any other fees required by law to be charged or collected will be
added to the invoice for any lots invoiced to Buyer. Title and risk of loss
pass to the Buyer at the destination upon tender of delivery. Acceptance
of delivery constitutes acceptance of the purchased lots. Inspection of
the purchased lots is not required for acceptance. Any and all claims
based upon Buyer's failure to receive a purchased lot, Buyer's receipt of
a lot in damaged condition, or otherwise related to delivery, must be
received in writing by Stephen Album Rare Coins Inc. no later than thirty
(30) days after payment. The failure to make a timely claim, time being of
the essence, shall constitute a waiver of any such claim.
Delivery outside the USA will be by USPS registered mail, express mail or
by FedEx and will include insurance on all shipments up to $50,000.
Buyers will be billed additional insurance charges on a shipment or
combined shipments valued at above $50,000. Any claims of loss or
damage will only be paid by Stephen Album Rare Coins Inc. only after the
insurers’ investigation is complete. If the Buyer opts for another form of
shipment other than the above, items will be shipped at their risk and
they will assume all risk due to theft, damage or loss. A Buyer opt out of
the Stephen Album Rare Coins Inc. standard shipping listed above must
be in received in writing before shipment will be made.
Stephen Album Rare Coins Inc. cannot accept any responsibility
whatsoever for customs duties charged by the country of destination or
seizure of items by customs, domestic or foreign.
Buyers will be charged all applicable sales tax, including Buyers who pick
up at this Auction or shipments to Buyers in California without a valid
Resale Certificate which has been provided to the Auctioneer. Please
note that the purchase of any coin or bullion lot(s) with a price, including
the Buyer's Premium, in excess of One Thousand Five Hundred Dollars
($1,500) are exempt from California sales tax. On any tax not paid by
Buyer that should have been paid, even if not collected by Stephen
Album Rare Coins Inc. by mistake, error, negligence or gross negligence,
Buyer remains liable for and agrees to promptly pay the same on
demand together with any interest or penalty that may be assessed.
7. Financial Responsibility. In the event any applicable conditions of
these Terms of Sale herein are not complied with by a Buyer or if the
Buyer fails to make payment in full by the Default Date, Stephen Album
Rare Coins Inc. reserves the right, in its sole discretion, in addition to all
other remedies which it may have at law or in equity, to: (a) rescind the
sale of that lot or any other lot or lots sold to the defaulting Buyer,
retaining all payments made by Buyer as liquidated damages, it being
recognized that actual damages may be speculative or difficult to
compute, or (b) resell a portion or all of the lots held by Stephen Album
Rare Coins Inc., in a commercially reasonable manner, which may include
a public or private sale, in a quantity sufficient in the opinion of Stephen
Album Rare Coins Inc. to satisfy the indebtedness, plus all accrued
charges, and Stephen Album Rare Coins Inc. may charge a seller’s
commission that is commercially reasonable. More than one such sale
may take place at the option of Stephen Album Rare Coins Inc. If the
Auctioneer resells the lots, Buyer agrees to pay for the reasonable cost of
such sale, together with any incidental costs of sale, including reasonable
attorney's fees and costs, cataloguing and any other reasonable charges.
Notice of the sale shall be by U.S.P.S. Certified Mail, Return Receipt
Requested to the address utilized on the Bid Sheet, Auction Consignment
and Security Agreement or other last known address by Stephen Album
Rare Coins Inc. The proceeds shall be applied first to the satisfaction of
any damages occasioned by Buyer's breach, then to any other
indebtedness owed to Stephen Album Rare Coins Inc., including without
limitation, commissions, handling charges, carrying charges, the
expenses of both sales, reasonable attorneys' fees, costs, collection
agency fees and costs and any other costs or expenses incurred. Buyer
shall also be liable to Stephen Album Rare Coins Inc. for any deficiency if
the proceeds of such sale or sales are insufficient to cover such amounts.
Buyer grants to Stephen Album Rare Coins Inc., or assignees, the right to
offset any sums due, or fund to be due to Stephen Album Rare Coins Inc.,
and to make such offset from any past, current, or future consignment,
or purchases that are in the possession or control of the Auctioneer or
from any sums due to Buyer by Stephen Album Rare Coins Inc., its
affiliates and assignees. In addition, defaulting Buyers will be deemed to
have granted to Stephen Album Rare Coins Inc., or its assignees, a
security interest in: (x) the purchased lots and their proceeds, and (y)
such sums or other items and their proceeds, in the possession of
Stephen Album Rare Coins Inc., its affiliates or assignees, to secure all
indebtedness due to Stephen Album Rare Coins Inc., plus all accrued
expenses, carrying charges, attorney fees, and costs, until the
indebtedness is paid in full. Buyer grants Stephen Album Rare Coins Inc.
the right to file a UCC-1 financing statement for such items, and to assign
such interest to any affiliated or related company or any third party
deemed appropriate by Stephen Album Rare Coins Inc. If the auction
invoice is not paid for in full by the Default Date, a carrying charge of one
percent (1%) per month may be imposed on the unpaid amount until it is
paid in full. In the event this interest rate exceeds interest permitted by
law, the same shall be adjusted to the maximum rate permitted by law,
and any amount paid in excess thereof shall be allocated to principal.
Buyer agrees to pay all reasonable attorney's fees, court costs and other
collection costs incurred by Stephen Album Rare Coins Inc. or any
affiliated or related company to collect past due invoices or to interpret
or enforce the terms hereof or in any action or proceeding arising out of
or related to the Auction. Stephen Album Rare Coins Inc. reserves the
right to assign its interest to any third party. To the extent that the Buyer
for any lot consists of more than one person or entity, each such person
or entity is jointly and severally liable for all obligations of the Buyer,
regardless of the title or capacity of such person or entity. Stephen
Album Rare Coins Inc. shall have all the rights of a secured party under
the California Uniform Commercial Code and all rights of the consignor
to collect amounts due from the Buyer, whether at law or equity.
8. Disclaimer and Warranties.
a) Coins listed in this catalog graded by PCGS, NGC or ANACS cachet or
any other third party grading service or examined by the buyer
prior to the auction sale may not be returned for any reason
whatsoever by any Buyer, except for claims related to authenticity.
b) For non-certified coins that have not been examined by the Buyer
prior to the Auction: if it is determined in a review by the
Auctioneer that there is a material error in the catalog description
of a non-certified coin, such lot may be returned, provided written
notice is received by the Auctioneer no later than seventy-two (72)
hours of delivery of the lots in question, and such lots are returned
and received by Stephen Album Rare Coins Inc., in their original,
containers, no later than fourteen (14) calendar days after delivery,
in the same condition 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 be housed in their original container. Late remittance or
removal of any item from its original container, or altering a coin
constitutes just cause for revocation of all return privileges except
for items proven not genuine.
d) Group lots are SOLD AS IS. We will not accept returns on group
lots. Please examine group lots carefully before bidding.
e) Grading or condition of rare coins may have a material effect on the
value of the item(s) purchased, and the opinion of others (including
independent grading services) may differ with the independent
grading services opinion or interpretation of the Auctioneer.
Auctioneer shall not be bound by any prior, or subsequent opinion,
determination or certification by any independent grading service.
f) All oral and written statements made by Stephen Album Rare Coins
Inc. and its employees (including affiliated and related companies)
are statements of opinion only, and are not warranties or
representations of any kind, unless stated as a specific written
warranty, and no employee or agent of Stephen Album Rare Coins
Inc. has authority to vary or alter these Terms and Conditions of
Auction. Any alteration shall be effective only if in writing and
signed by an officer of Stephen Album Rare Coins Inc. authorized to
do so. Stephen Album Rare Coins Inc. reserves the right to vary or
alter the Terms of Sale, either generally or with respect to specific
persons or circumstances, in its sole discretion. Any variation or
alteration shall be effective only if in writing and signed by an
officer of Stephen Album Rare Coins Inc. authorized to do so.
g) Bidders shall have no recourse against the Consignor for any reason
h) Bidder acknowledges that the coin market is speculative,
unregulated and volatile, and that coin prices may rise or fall over
time. Stephen Album Rare Coins Inc. does not guarantee that any
customer will be able to sell for a profit in the future.
i) Bidder acknowledges and agrees that neither Stephen Album Rare
Coins Inc., nor its employees, affiliates, agents, third-party
providers or consignors warrant that auctions will be unimpaired,
uninterrupted or error free and accordingly shall not be held liable
for such events.
9. Waiver and Release. Bidder, for himself, his heirs, agents, successors
and assignees, generally and specifically waives and releases, and forever
discharges Stephen Album Rare Coins Inc., and its respective affiliates,
parents, shareholders, agents, subsidiaries, employees, members of their
respective boards of directors, and each of them, and their respective
successors and assignees from any and all claims, rights, demands and
causes of actions and suits, of whatever kind or nature, including but not
limited to claims based upon Auctioneer’s negligence, whether in law or
equity, whether known or unknown, suspected or unsuspected (a
"Claim"), which Bidder may assert with respect to and/or arising out of,
or in connection with any challenge to the title to or authenticity of any
goods purchased, the sale itself, any lot bid upon or consigned, and/or
the auction, except where such Claim is otherwise expressly authorized
in these Terms of Sale. It is the intention of Bidder that this waiver and
release shall be effective as a bar to each and every Claim that may arise
hereunder or be related to the Auction, and Bidder hereby knowingly
and voluntarily waives any and all rights and benefits otherwise
conferred upon him by the provisions of Section 1542 of the California
Civil Code, which reads in full as follows:
10. Disputes. If a dispute arises concerning ownership of a lot or
concerning proceeds of any sale, Stephen Album Rare Coins Inc. reserves
the right to commence a statutory inter-pleader proceeding at the
expense of the Consignor and Buyer and any other applicable party, and
in such event shall be entitled to its reasonable attorneys' fees and costs.
Stephen Album Rare Coins Inc. reserves the right to cancel or postpone
the Auction or any session thereof for any reason whatsoever. No Bidder
shall have any claim as a result thereof, including for incidental or
consequential damages. Neither Stephen Album Rare Coins Inc. nor any
affiliated or related company shall be responsible for incidental or
consequential damages arising out of any failure of the Terms of Sale,
the auction or the conduct thereof and in no event shall such liability
exceed the purchase price, premium, or fees paid. Rights granted to
Bidders under the within Terms and Conditions of Auction are personal
and apply only to the Bidder who initially purchases the lot(s) from
Stephen Album Rare Coins Inc.. The rights may not be assigned or
transferred to any other person or entity, whether by sale of the lot(s),
operation of law or otherwise. Any attempt to assign or transfer any such
rights shall be absolutely void and unenforceable. No third party may rely
on any benefit or right conferred by these Terms and Conditions.
11. General Terms. These Terms and Conditions of Auction and the
auction shall be construed and enforced in accordance with, and
governed by, the laws of the State of California, regardless of the
location of the Auction. Any dispute arising out of or related to these
Terms of Sale, the Auction or any lot, with the sole exception of actions
by Stephen Album Rare Coins Inc. to collect amounts owed to it and
other damages, shall be submitted to binding arbitration pursuant to the
rules of the International Association of Professional Numismatists
(I.A.P.N.). Bidder acknowledges and agrees that the competent courts of
the State of California shall have exclusive jurisdiction, subject to the
requirement to arbitrate, over any dispute(s) arising hereunder,
regardless of any party's current or future residence or domicile. Bidder
further agrees that venue of the arbitration proceeding shall be in
Sonoma County, California; and any court proceeding shall be in the
Sonoma County Superior Court, in the State of California. Bidder agrees
that any arbitration or legal action with respect to this Auction is barred
unless commenced within one (1) year of the date of this Auction. These
Terms of Sale and the information on our website constitute the entire
agreement between the parties hereto on the subject matter hereof and
supersede all other agreements, understandings, warranties and
representations concerning the subject matter hereof. If any section of
these Terms of Auction or any term or provision of any section is held to
be invalid, void, or unenforceable by any court of competent jurisdiction,
the remaining sections or terms and provisions of a section shall
continue in full force and effect without being impaired or invalidated in
any way. Stephen Album Rare Coins Inc. may at its sole and absolute
discretion, make loans or advances to Consignors and/or Bidders.
12. Special Services. If you wish to limit your total expenditures, please
fill in the maximum amount you wish to spend on your bid sheet. This is
a personal service and a Stephen Album Rare Coins Inc. representative
will personally attend to your bid sheet by bidding from the auction
book, buying lots for your account until your authorized expenditure is
reached. While we will do our best in your behalf, due to the speed of
the auction sale and the sometimes crowded conditions, we cannot be
responsible for failure to execute such a bid properly.
13. Floor Bidding. We reserve the right to refuse to allow a person to
attend the live floor bidding session of the sale, and also reserve the right
to eject disruptive or non-compliant bidders from the floor session, at
the discretion of the auctioneer. Photography is prohibited for all
attendees. Smoking within the building is prohibited for all attendees.
Lot pickup for items won by bidders who bid live from the auction floor
will be allowed no sooner than 24 hours after the final lot is hammered
on the day that the lots were won. This pickup timeline may be altered at
the discretion of the auctioneer.
Stephen Album Rare Coins Inc. auctions are not approval sales. Bidding in
this auction sale constitutes unconditional acceptance by the Bidder of
the foregoing terms of sale.
From To Increment
$5 $99 $5
$100 $199 $10
$200 $299 $20
$300 $499 $25
$500 $999 $50
$1,000 $1,999 $100
$2,000 $2,999 $200
$3,000 $4,999 $250
$5,000 $9,999 $500
$10,000 $19,999 $1,000
$20,000 $29,999 $2,000
$30,000 $49,999 $2,500
$50,000 $99,999 $5,000
$100,000 $199,999 $10,000
$200,000 $299,999 $20,000
$300,000 $499,999 $25,000
$500,000 $999,999 $50,000
*One cut bid is allowed per lot (floor and phone bidders only).
Off-increment absentee bids will be rounded down to the nearest
increment. It will not be possible, for example, to snipe a lot with a
$301 bid if a bid of $300 has been placed by a prior bidder.
From To Price (USD)**
$1 $499 $5
$500 $999 $10
$1,000 $4,999 $20-50
$5,000 $9,999 $50-75
$10,000 $19,999 $75-150
$20,000 $50,000* $200+
From To Price (USD)**
$1 $4,999 $45-50***
$5,000 $9,999 $50 -100
$10,000 $19,999 $100 +
$20,000 $50,000* $200+
*Purchases over $50,000 will require multiple shipments.
Individual items over $50,000 will require additional insurance.
**Shipping rates fluctuate depending on value & location.
Heavy shipments are subject to rates higher than listed here.
***Low value shipments can be sent at your risk upon request.
The rates are generally for USPS. For FedEx it might cost more.