PLEASE NOTE: You must request a bid limit when you register. If you would like to have a large bid limit, you must provide adequate references, or you must have previously established strong credit history with our company. Late registration may result in delayed approval.

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 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 it.
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 seventeen and one-half percent (17.5%) 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 three percent (3.0%) 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. 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 rece
ived 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.

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 obligations.
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 funds.
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 or by FedEx
and will include insurance on all shipments up to $20,000. Buyers will
be billed additional insurance charges on a shipment or combined
shipments valued at above $20,000 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.
6. 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 the 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.
7. 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 or the coin is not authentic,
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 whatsoever.
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 buying for investment purposes 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.
8. 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:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER
FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN
BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR."
9. 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.
10. 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.
11. 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.
12. 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.