SOLD
425.00USD+ (85.00) buyer's premium + applicable fees & taxes.
This item SOLD at 2021 May 17 @ 11:26UTC-7 : PDT/MST
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MICRONESIA: gau shell money, 77cm, shell necklace from Yap Island, 30" long string with whales tooth, graduated beads from 1/4" to 5/8" in diameter, a very old example, ex Charles Opitz Collection. There are four other types of currency on Yap Island. First there is "Mmbul" which is a length of lava-lava, the cloth used for loincloths, three or four feet long and two feet wide, wrapped up in a Betel nut sheath. Then there is "Gau" or "Gaw", a necklace of shells, up to 10 feet in length. The shells come from Canet, an island near Ponape, from Ponape itself and from Euripik. Since these come from a distance, Gau is worth more than Mmbul. "Yar" is money made of large shells about eight inches wide, pierced and tied on a coconut rope. Finally, "Reng" is the name of money made of turmeric, which is ground and mixed with water and the paste shaped into a ball, typically used for tribal ceremonies. Acording to Opitz, only 6 examples of 'gau' were left on Yap as of 1998.
Auction Location:
PO Box 7386, Santa Rosa, California, 95407, United States
Previewing Details:
Lots may be viewed in our office in Santa Rosa, California (by appointment only), subject to our scheduling availability.
California sales tax of 9.0% will apply to all deliveries inside California which total under $1,500 unless your valid resale card is on file with our accounting department.
Taxes:
| Tax | Rate | Desc. |
| CA |
9% |
California Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
20% |
Additional Fees:
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TERMS OF SALE
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acceptance by you (the "Bidder") of all the Terms of Sale stated
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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
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accounts, Stephen Album Rare Coins Inc. reserves the right, without
notice, to extend credit and impose carrying charges of 1% per month.
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performance of all Buyer obligations under these Terms of Sale and
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Rare Coins Inc. may, in its sole and absolute discretion, require before
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applied to purchases. Any remaining deposits will be promptly
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packaging arrangements. Due to the fragile nature of some lots,
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Delivery outside the USA will be by USPS registered mail or by FedEx
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investigation is complete. If the Buyer opts for another form of
shipment other than the above, items will be shipped at their risk and
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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
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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.