Important Auction Information
Cash and Check Discount
There is a built in 3% discount for payment by check, cash or wire. If you choose to use your credit card the 3% discount will not be available and will be reflected on your invoice.
Sales Tax
Buyers will be charged all applicable sales tax, including Buyers who pick up at this Auction or shipments to Buyers without a valid Resale Certificate (which has been provided to the Auctioneer prior to the auction). Please note, this is not, and is not intended to be, a complete description of applicable sales tax laws in all jurisdictions. In the event any applicable sales tax is not paid by Buyer that should have been paid, even if no such tax was not collected by Kagin’s Inc. (of Kagin’s Auctions) by mistake, error, negligence or gross negligence, Buyer nonetheless remains fully liable for and agrees to promptly pay such taxes on demand, together with any interest or penalty that may be assessed by the taxing authority.
The Importance of a No Reserve Auction
For most numismatists, collecting is a passion. It is challenging, fun and educational. Making a profit is usually not our primary incentive. But, of course almost all of us want to do financially well for our families if not ourselves. After all, this can be an expensive hobby. Getting the most for your collection is certainly a factor in determining which firm you will work with to market and sell your collection.
Today most auction houses (not just in numismatics) are willing to protect their consignors’ lots by placing a minimum reserve on selected items so those lots will not sell for what they believe to be “too little”. This is especially true for coin dealers whose primary focus is to make a profit or at least to avoid losing money on a coin or bank note. This is perfectly reasonable. By setting a reserve, the consignor is not gambling that the item will go for too little or that he would have to buy it back and in doing so, not having access to the coin and even having to pay a fee to compensate the auction house.
The down side of reserves, however, is that a consignor often ends up not selling a number of coins and has to go through the time and trouble of attempting to sell it again. And for the professional, besides the buy-back costs mentioned above, there is also the taint of owning a coin with a no sale auction record. We have noticed a number of lots being reserved in auctions today which is also frustrating to potential buyers. Collectors and dealers alike want to know that they at least “have a shot” at buying a lot cheap. Why waste hours looking through scores, if not hundreds of lots if you can’t get a bargain?
Kagin’s has chosen to make their sales, totally unreserved. We want to encourage everyone to participate knowing everything will sell. Consignors are not barred from bidding successfully on their material (see #3 in “Terms and Conditions”). Many lots, especially ones that have not been on the market for some time, will bring much more than our estimates. But that is why auctions are often the best way to sell special and rare coins—they can often bring record prices!
An Explanation About Our Estimates
Kagin’s has had a long tradition for providing most lots with estimates of values as a way of educating and assisting collectors. We recognize that in these days of values being readily available electronically through PCGS CoinFacts, NGC Explorer (both of which we have linked to all appropriates lots) accessing relatively updated values is far easier electronically than 75 years ago. But we also are sensitive to these sites’ limitations, viz: many potential bidders simply do not use the internet to, or may not even have access to this information. Also most of us realize that coins are not fungible widgets and that each coin is different with varying degrees of originality, luster, eye appeal, etc. so one value does not fit all.
Our estimates provide a range of what we believe to be low wholesale (what most would believe to be a bargain price) to fair retail. THEY ARE NOT MEANT TO BE FINITE RANGES NOR LIMIT YOUR BIDDING. Since our sales are unreserved it is entirely possible to pick up a “screaming deal” below our low estimates. (Bidding will start at 5% above the second highest mail/electronic bid prior to the live auction. In the case of no bids we will not start at $1 when a coin is worth $10,000 but at a bid which will not unreasonably slow the sale while ensuring 100% sell through).
Conversely, the higher estimate may be perceived to be too low by those who have been looking for decades for a particular item or variety to complete a set (and there are many in this sale). This is especially true for a unique piece or one that has not been available for sale for decades and may not be available again in one’s lifetime. How does one put a value on that opportunity?
We also want to encourage bidders to use professional numismatists who specialize in representing bidders (a list can be found on the Professional Numismatists Guild PNGDealers.org and perhaps on the ANA websites money.org) who will also advise you what to pay for a particular item based on your particular circumstances. Kagin’s own numismatists, David McCarthy, Meredith Hilton and Dr. Donald Kagin, will also provide this service.
Current Terms and Conditions of Auction
1. Auction Company. This public auction is being presented by Kagin’s Auctions, a division of Kagin’s, Inc. (“KA”)
2. Binding Effect of Terms and Conditions. These Terms and Conditions are legally binding on anyone that registers to bid, or actually does bid, at a KA auction. They define the relationship between bidders and KA before, during and after the auction, and limit KA’s liability to bidders.
3. Consignors and Reserves. The catalog contains descriptions of property belonging to many persons known as consignors. KA is not required to divulge to prospective bidders the identity of any consignor, except as provided by these Terms and Conditions. KA’s relationship with a consignor is governed by a separate Consignment Contract, the terms of which KA is not required to disclose to prospective bidders. The Consignment Contract may permit a consignor to bid on his or her own lots and pay commissions if successful. If a consignor bids from the floor for his or her own lots, KA may so note to all present. KA reserves the right to omit from its published prices realized the purchase prices of items re-purchased by their consignor(s).
4. Who Can and Cannot Bid. Persons may bid at a KA auction in person, by an agent or employee, by telephone of fax, or by mail, provided that they obtain a catalog and complete either a registration card (if bidding in person) or the bid sheet contained in the catalog (if bidding by other method). KA reserves the right to reject bids from any person in its sole discretion. In particular, KA will not accept bids from corporate bidders unless an officer, director or principal of the corporation agrees in writing to personally guarantee payment. Likewise, bids will be accepted from persons under age 18 only if a parent or legal guardian agrees in writing to accept these Terms and Conditions and be responsible for any purchases by the bidder. In addition, KA may require bidders without established credit with KA to furnish satisfactory credit references or deposit such amount as KA may require in its sole and absolute discretion before bidding. Such deposits will be applied to purchases and unused portions returned after the auction. Finally, for the protection of mail bidders no “unlimited” or “buy” bids will be accepted.
5. Conflicts of Interest. KA, its principals, and affiliated or related companies and their employees, officers or principals may either consign to, or bid at, an KA auction and pay commissions. In addition, these persons or entities may loan or advance funds to consignors and/or prospective bidders, and may thereby acquire interests in items sold at a KA auction. To the extent that actual or apparent conflicts of interest are created by such situations, bidders consent to such conflicts.
6. Disclaimer of Representations or Warranties from KA. The descriptions of items in this catalog are qualified statements of good faith opinion and not warranties. KA relies on the opinions of leading third party certification services, and supplies information relating to certified items only for the convenience of mail, telephone and fax bidders. Floor bidders are deemed to have viewed the lots they bid upon. The attributes of particular items may have a material impact on their value, and bidders assume all risk of differing opinions thereof. No employee or agent of KA is authorized to make any representations or warranties regarding the characteristics of items sold by KA or the correctness of catalog descriptions, and KA DISCLAIMS ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS OR CONDITION OF ITEMS BEING SOLD.
7. Title. KA relies on representations and warranties from its consignors that the consignors own the items consigned and are legally entitled to sell those items. Bidders are entitled to rely on those same representations and warranties in making their purchases, but are encouraged to make their own investigations in case of doubt.
8. Viewing. KA allows potential bidders to examine items to be auctioned during general viewing periods or, at KA’s discretion, by special appointment. KA encourages floor bidders to examine items before bidding on them.
9. Bidding at Auction. The auction shall take place at the time and place set forth in this catalog, or at some other time and place as KA may, in its sole discretion, determine. The auctioneer will offer lots in number sequence within each auction session, subject to KA’s right to withdraw any lot at any time. Only entire lots will be offered unless the auctioneer directs otherwise. Bidding will open at an amount set by the auctioneer in his or her sole discretion (including by reducing a mail bid to a level the auctioneer deems appropriate), and will continue at such increments as the auctioneer directs until the auctioneer declares the lot sold. The auctioneer may accept or decline any bid in his sole discretion, and where more than one identical bid is received for an item, the auctioneer may prefer the first bid received and may prefer a mail bid over an identical floor bid. In case of any disputes regarding the existence or amount of bids the auctioneer may rescind the sale of that lot and re-sell it, or otherwise direct disposition of the lot in his sole discretion. In all cases, the auctioneer’s decision shall be final. KA IS NOT RESPONSIBLE FOR ERRORS IN BIDDING, and mistaken bids will not justify rescission of a sale.
10. Buyer’s Commission and Taxes. THE PURCHASE PRICE FOR ALL LOTS INCLUDES THE SUCCESSFUL BID PLUS A BUYER’S COMMISSION OF 23%, except as otherwise provided by written agreement between a bidder and KA. There is an automatic 3.0% discount from Buyer’s Commission when invoices are paid by cash or cash equivalent making Buyer’s Commission still only 20%. Otherwise, the standard 23% Buyer’s Commission applies. Bidders acknowledge that they are responsible for all sales, use or other taxes applicable to their purchases, and for any interest or penalty related to unpaid tax, regardless of whether KA collected such taxes at the time of purchase.
11. Payment, Risk of Loss and Remedies for Late Payment/Security Interest. After the auction, all successful purchasers will receive an invoice from KA detailing their purchases and the date payment is due. Title and risk of loss to goods passes when the purchase price is paid in full, and KA reserves the right to withhold delivery of lots until full payment is made in good funds. Payment is by cash, credit card, or Bitcoin payable through a U.S. bank only, unless otherwise agreed in writing between the buyer and KA. Purchasers agree that if payment is not made in full in accordance with the invoice terms, they will be liable to KA for interest on the unpaid balance at the rate of 1.5% per month (or the maximum rate permitted by law, whichever is lower), and for reimbursement of all collection costs incurred by KA (including the costs of engaging an attorney and pursuing legal proceedings). In addition to the foregoing, purchasers grant KA a security interest in any items purchased by them, to secure any outstanding indebtedness to KA (whether from purchase of the items themselves or other items), and agree to execute such documents as KA may deem needed to evidence this security interest. Purchasers agree that KA may exercise all the rights of a secured party, including the right to re-sell the collateral item(s) and apply the proceeds to purchaser’s debt and to reimbursing KA for costs related to the resale. Bitcoin purchases are accepted. However, there will be a 1% processing fee added to the full amount (hammer + buyer’s premium) of the purchase.
12. Limited Return Privilege. Items may not be returned for any reason if they have been certified by a third party certification service, if the purchaser is a dealer or has presented KA with a valid resale certificate, or if the purchaser viewed the item prior to the purchase. In all other cases, returns are accepted provided each of the following conditions is met: (1) the purchaser contends that the item is counterfeit, contains an altered date or mintmark, or contains undisclosed repairs; (2) the purchaser notifies KA in writing of his or her contention within five (5) days of receiving the item (if purchaser did not pay timely for the item, his or her return privilege is waived); and (3) the item is returned in its original, sealed and unopened container. Notwithstanding the above, coin returns are not accepted in cases involving cleaning, artificial toning, provenance or pedigree, or strike, or whether a coin is a proof.
13. No Rights for Subsequent Purchasers or Assignees. Only the actual purchaser of an item at a KA auction may claim any rights under these Terms and Conditions, and such rights may not be transferred or assigned to anyone else.
14. Disclaimer of Compensatory, Incidental or Consequential Damages. KA’s liability to purchasers for returned items, items to which title issues are raised, or in connection with any claim arising from the purchase of an item at a KA auction is limited to reimbursing the purchaser for the sums actually paid to KA for the item(s) (including buyer’s commission and taxes), and KA DISCLAIMS ANY LIABILITY FOR COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING FROM PURCHASE OF ANY ITEM AT A KA AUCTION.
15. California Law/Arbitration of All Disputes. These Terms and Conditions shall be construed and enforced in accordance with California law (excluding choice of law rules). Any claim or controversy arising out of or involving a KA auction or any provision of Terms and Conditions shall be resolved by arbitration in California through the Professional Numismatists Guild, with the prevailing party being entitled to an award of its attorney’s fees and costs. Judgment upon an arbitration award may be entered in any court of competent jurisdiction.