The auction is conducted on behalf and for the account of the appropriate proprietors of the goods and is subject to the federal Auction Regulation (Versteigerungsordnung, BGBl I 1976, 1346) published in the Federal Law Gazette Vol. I, 1976, 1346 and the relevant provisions for factors in accordance with the German Civil Code (BGB) and Commercial Code (HGB). Payment of the hammer-price has to be made in cash and in Euro. The submission of an offer implies the express acknowledgement of these Terms and Conditions of Auction; the same applies to the submission of an offer in writing.

The hammer-price is exclusive of applicable German VAT according to the prevailing VAT - legislation and represents the basis for calculating the surcharge of 15 percent payable by the puchaser. The total price so calculated (hammer-price plus surcharge) is subject to the VAT (value added tax = Mehrwertsteuer) which is payable additionally.

Purchasers from abroad will be charged a surcharge of 15 per cent net on the hammer-price, provided the export of the coins is undertaken by the auctioneer. Buyers in European Community (EEC) countries (other than Germany) will be charged Value Added Tax at the rates prevailing in Germany.

Dealers from EEC countries (other than Germany) will receive goods free of tax upon presentation of their VAT I.D. number, and upon fulfillment of the other conditions set forth in Paragraph 4, Nr. 1 b, and Paragraph 6 a of the German Turnover Tax Law. Buyers from other countries are not charged Value Added Tax. Delivery will be made against payment in Euro with no bank charges to the auctioneer.

Unless mutually agreed otherwise, payment of the auction bill from purchasers present at the auction is due immediately. From puchaser who have submitted a bid in writing, payment is due within 20 days after receipt of the goods. Defaulted payments shall bear an interest charge of 1% per month in the amount in default.

Should payment to the auctioneer not be made immediately or should the acceptance of the awarded item be refused, such item shall not be handed over to the purchaser. Instead the purchaser shall forfeit all right and title in and to such item from the award and the item may again be put to auction at this buyer's cost. In this event the buyer shall be liable for any shortfall, while he shall have no right or claim towards any excess proceeds.

An item will be knocked down after the highest bid has been called three times. The award shall be a binding commitment and liability on the part of the bidder to take acceptance and delivery of the item or items so awarded. In the event of any dispute with regard to the award the lot will be put up again for bidding. The auctioneer reserves the right to combine or to seperate lots. Lots will not be called out of sequence. Access to the auction will only be permitted to interested persons who are in possession of the catalogue.

The minimum rates of increase for the bidding procedure are:

for minimum offers : minimum increase rate
up to EUR 100,- : 5,- EUR
up to EUR 300,- : 10,- EUR
up to EUR 1.000,- : 20,- EUR
up to EUR 2.000,- : 50,- EUR
up to EUR 5.000,- : 100,- EUR
up to EUR 10.000,- : 200,- EUR
up to EUR 20.000,- : 500,- EUR
above EUR 20.000,- : 1.000,- EUR

Orders submitted in writing will be carried out diligently and without charge of an extra commission. Orders from collectors unknown to the auctioneer can only be accepted and carried out if a deposit or references to the satisfaction of the auctioneer are given. Written bids should be submitted early. If necessary, the auctioneer is allowed to increase the bids by 3-5%. Should several bids be obtained in writing bidding the same price or prices for a given lot, the bid first received by the auctioneer shall be given the award. Unlimited bids shall not oblige the auctioneer to consider, accept or carry out such order.

Shipment (by mail or otherwise) of the goods shall be for the sole cost and risk of the purchaser or receipient, resp. The auctioned goods remain the sole and exclusiv property of the vendor until full payment and settlement of any and all dues and claims in connection with the auction. In the event the purchaser is a merchant (in the sense of the German commercial laws) Osnabrück shall be the agreed and exclusive place of jurisdiction. The competence of the District Court (Amtsgericht) of Osnabrück is agreed in respect of summary proceedings for the collection of defaulted payments (Mahnverfahren) as well as in any and all other cases. Should the purchaser not be a merchant Osnabrück shall be the place of jurisdiction with the District Court of Osnabrück"s competence, if only the auctioneer has his ordinary legal domicil in the Federal Republic of Germany or if claims are made by way of summary proceedings of collection (Mahnverfahren) or if the defendant has moved his ordinary legal domicil outside the jurisdiction of the Federal Republic of Germany or if the legal domicil of the defendant is unknown to the auctioneer at the time of filing a suit. To the exclusion of any other legislation German law, as in force at the time, shall be applied for the settlement of any and all legal or judicial matters.

The specifications and descriptions in the catalogue have been prepared diligently and in good faith do, however, not constitute the acceptance by the auctioneer of any warranty or liability in respect of defect in material or title. The state of preservation of items is strictly assessed in accordance with the grades accepted by the German coin trade and only represents an individual and personal assessment. Purchasers present at the auction acquire items strictly on the basis of "as is where is" and "as inspected".

In view of the opportunity of prior inspection to ascertain the state and condition of the auction lots, complaints and objections made after the sale will only be considered, if by obvious error or mistake loop or traces or moutings, traces of trimmings or settings, or the plugging of a hole (eyelet) have remained unnoticed. If and when auctioned in lots, the quantities of individual pieces given, only represent an approximate figure. An error in the allocation of individual pieces to a certain lot cannot be excluded. Such lots are, therefore, excluded from any complaintes or objections after the lot is knocked down. In the event of disputes or complaints as to the quality of an item the auctioneer may call upon a generally sworn expert of the trade, which the auctioneer may choose at his sole discretin, for assessment an the rendering of a decision as to the justification of such dis-pute or complaint. The costs of such expert shall be borne by the party loosing the dispute according to the expert's decision. Complaints or objections, if justified, will only be considered if made and received by the auctioneer within 8 days after the auction or after receipt of the lots, respectively.

The authenticity of the coins is warranted. Warranted up to the total purchase price. The prices set out in the catalogue are estimates only, which may be exceeded or undercut. Orders for less than 80 per cent of the estimated price cannot be accepted.

Purchasers from abroad will have to observe all apllicable laws and regulations in respect of foreign exchange, customs duties and taxation of their country. The auctioneer will only discharge such formalities, which have to be observed, in the Federal Republic of Germany in connection with the export of the purchased item(s).

Unless stipulated otherwise herein, the general rules regulations for auctions applicable in Germany shall govern any transaction in respect of the auction; German Law shall also be applicable in relation to purchasers from abroad. Only the German text has legal force.

Shipment to foreign countries and shipment of books we charge upon expenses.

The prices realized will be published in the form of a list immediately after the auction.

THE AUCTIONEERS

FRITZ RUDOLF KÜNKER
ARNE KIRSCH
OLIVER KÖPP
DR. ANDREAS KAISER