SOLD
650,000.00USDto floor+ buyer's premium
This item SOLD at 2006 Apr 24 @ 11:58UTC-05:00 : EST/CDT
Did you win this lot?
A full invoice should be emailed to the winner by the auctioneer within a day or two.
<B>1849-C<G$1> Open Wreath AU58 PCGS.</B></I> It is with great pleasure that Heritage has been selected to auction this famous rarity, an issue that is by far the rarest coin struck in the Charlotte Mint. The 1849-C Open Wreath is truly the "King of Southern Gold Coins" and is without peer in this category. In terms of rarity, few major variety coins can boast a surviving known population of just 5 pieces. Of this tiny group, two examples have been sold in the past four years at auction; the finest is the recently reported NGC MS63 Prooflike example that was sold by David Lawrence Rare Coins in their Richmond I Auction in July of 2004 for $690,000. It was later sold by Heritage Rare Coin Galleries/Steve Contursi for a sum that is reportedly close to $1 million. This coin was apparently purchased privately over the counter some decades ago by a New York gold specialty firm and placed in a major collection where it remained quietly tucked away and unreported until widely publicized in the Richmond I Auction. The other recent appearance is an NGC Fine 15 coin that we sold in our 2003 FUN Auction for $97,750.<BR> This particular coin displays the diagnostic weakness on the obverse star on the left side of the rim across from Liberty's nose. The obverse appears slightly concave, and the portrait has a medallic quality that gives a three-dimensional appearance to Liberty's head. The obverse dentils are slightly weak on the left, a common occurrence on early Charlotte Mint gold dollars. On the reverse the strike is not as sharp as that seen on the obverse, with some softness found on the 84 in the date, not unexpected as these digits are directly opposite Liberty's head. Importantly, the C mintmark is sharp, as are the leaves, legend, and denomination.<BR> Breen and Winter note several diagnostic features that are present on all known examples of this issue. The weak star opposite Liberty's nose has a short right point, the leaf below the 1 in the date is hollow, and the leaf below the 9 shows a partially detached tip. (These last two features are likely caused by die polishing to prepare the dies for the initial coinage). The ribbons are also incomplete and there is a tiny die file mark above RI in AMERICA, again diagnostic features seen on all known examples. The color ranges from the usual bright yellow-gold with a dash of the greenish cast seen on most Charlotte gold of the period. Examination of the surfaces shows virtually no evidence of circulation and the trace of wear is limited to the highest design elements. The coin has a pleasing appearance and were this a more common gold dollar most collectors would find its charming color, luster, and surfaces perfectly suited to their tastes.<BR> How did the gold dollar come about? Originally proposed by Alexander Hamilton in 1791, the gold dollar was an integral part of his coinage scheme. However, the silver dollar ended up being the coin of choice for the initial American coinage starting in 1794. Because market conditions were always changing between the relative value of gold and silver, the silver dollar ceased coinage in 1803 (although a few more were reportedly coined until 1805, but these are believed to be dated 1803).<BR> The discovery of gold in Rutherford County, North Carolina induced Christoph Bechtler to begin coinage of a gold dollar in 1831, as the remoteness of the North Carolina mines precluded safe shipment to Philadelphia of gold bullion for coinage. Recall that the Philadelphia Mint was the only operational Federal Mint at that time. Curiously too, is the fact that Bechtler's mine was one of the most productive and richest gold mines in America at that time. Bechtler did what any true American would do, he coined his own gold into dollars and other denominations which were widely accepted in that region. This competition did not go unnoticed by the Philadelphia Mint. By 1835, plans were hatched to open new federal branch mints in both Charlotte, North Carolina and Dahlonega, Georgia, both of which came to pass in 1838.<BR> When Christian Gobrecht joined the Philadelphia Mint in 1835 as Assistant Engraver to the ailing Engraver William Kneass (who soon died from complications of a stroke), Gobrecht designed his own version of a gold dollar. This design was struck in pattern form in March 1836 and they are listed as Judd-67 through Judd-71. These patterns were most likely struck on the older manual screw coining press, although it is not entirely out of the question that these pattern gold dollars may have been struck on the new steam press installed in March 1836. Medals commemorating the first coinage from the steam press were coined by the Mint and dated March 23, 1836. It is believed that these gold dollar patterns were struck on or before March 14, 1836 as one was sent in a letter so dated from Mint Director Robert Patterson to Secretary of the Treasury Levi Woodbury on that date (Breen and also Pollock).<BR> A new coinage bill was sent through Congress for approval that included the new gold dollar denomination in late 1836; however, when the bill was passed with modifications, the authorization for a gold dollar had been removed. This bill became law on January 18, 1837. Apparently Mint Director Patterson adamantly opposed a gold dollar coin, and used his considerable political clout to have this clause removed from the revised coinage bill of 1837. When the House Ways and Means Committee again proposed to make gold dollars in 1844, Patterson responded that they would be easily counterfeited and went so far as to have silver planchet patterns made from Gobrecht's original 1836 pattern gold dollar dies, and have the gold plated. Patterson won again, and the gold dollar proposal was again shelved. However, the tide of history was about to turn against Patterson.<BR> Gold was discovered in California in 1848, and by 1849 large quantities were being shipped to the Eastern mints for coinage. Silver coins were in great demand, and they <I>increased</B></I> in value when compared to gold because of the flood of gold coming from California. Representative James Iver McKay from North Carolina introduced a bill on January 25, 1849 to authorize coinage of a gold dollar. It was later amended to include a twenty dollar gold coin. Patterson again opposed this legislation. At that time, America had suffered from high unemployment, a lack of silver coins in circulation, and abundant wildcat banknote scrip, often of little value and accepted at a discount to face value at best. Congress had to do something, and they did. Congress passed McKay's coinage bill and it became law on March 3, 1849.<BR> Mint Engraver James Barton Longacre designed the new gold dollar in early 1849. The initial design had the reverse wreath top ends well apart from the large 1 in the denomination, and these became known as the "Open Wreath" variety. As the Philadelphia Mint was in charge of producing dies, each of the branch mints wereË
Auction Location:
Cobb Galleria Centre, Room 104, Two Galleria Pkwy., Atlanta, Georgia, United States
Previewing Details:
Wednesday, April 5........................9 am-7 pm et<BR>
Thursday, April 6.............................8 am-7 pm et<BR>
Friday, April 7.....................................8 am-7 pm et<BR>
Saturday, April 8..............................8 am-12 pm et<BR>
(Sat. viewing for OnLine Session only)
See terms and conditions
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
20% |
Additional Fees:
Shipping Details:
<a href="http://www.heritagegalleries.com/common/shipping.php" target="_new">Complete shipping costs here</a>
Payment Details:
No Info Available
Accepted Payment Methods:
- Money Order/Bank Draft
- Check/Cheque
TERMS and CONDITIONS of AUCTION
AUCTIONEER AND AUCTION:
1. This Auction is presented by Heritage Numismatic Auctions, Inc.; or its subsidiary Currency
Auctions of America, Inc.; or their affiliate, Heritage Auctions, Inc. d/b/a Heritage Auction
Galleries, Heritage Art Auctions, Heritage Fine & Decorative Arts Auctions, Heritage Comics
Auctions, Heritage-Slater Americana, Heritage Vintage Movie Posters, or Heritage Sports
Collectibles Auctions, as identified with the applicable licensing information on the title page
of the catalog or on the Internet site (the "Auctioneer"). The Auction is conducted under these
Terms and Conditions of Auction and applicable state and local law.
BUYER'S PREMIUM:
2. On bids placed through Heritage, a Buyer's Premium of fifteen percent (15%) for Heritage
Numismatic Auctions Inc, Heritage-CAA, Heritage Comics Auctions and Heritage Movie Posters
or nineteen and one-half percent (19.5%) for Heritage Sports Collectibles, Heritage Music
& Entertainment Memorabilia, Heritage Art Auctions and Heritage Americana of the hammer
price will be added to the successful bid. If the bid is placed through eBay Live a Buyer's
Premium equal to the normal Buyer's Premium plus an additional five percent (5%) of the
hammer price will be added to the successful bid up to a maximum Buyer's Premium of Twenty
Two and one-half percent (22.5%). There is a minimum Buyer's Premium of $9.00 per lot.
AUCTION VENUES:
3. Exclusively Internet, Continuous Internet, Internet Currency, Amazing Comics Auctions,
Amazing Sports Auctions, and Online Session are Auctions conducted on the Internet. Signature
Auctions accept bids on the Internet first, followed by a floor bidding session; bids may be placed
prior to the floor bidding session by Internet, telephone, fax, or mail.
BIDDERS:
4. Any person participating or registering for the Auction agrees to be bound by and accepts these
Terms and Conditions of Auction ("Bidder(s)").
5. All Bidders must meet Auctioneer's qualifications to bid. Any Bidder who is not a customer in
good standing of the Auctioneer may be disqualified at Auctioneer's sole option and will not be
awarded lots. Such a determination may be made by Auctioneer in its sole and unlimited discretion,
at any time prior to, during, or even after the close of the Auction.
6. If an entity places a bid, then the person executing the bid on behalf of the entity agrees to
personally guarantee payment for any successful bid.
7. Auctioneer reserves the right to exclude any person it deems in its sole opinion is disruptive to
the Auction or is otherwise commercially unsuitable.
8. CREDIT REFERENCES: Bidders who do not have established credit with the Auctioneer must
either furnish satisfactory credit information (including two collectibles-related business
references) well in advance of the Auction or supply valid credit card information. Bids placed
through our Interactive Internet program will only be accepted from pre-registered Bidders;
Bidders who are not members of HeritageAuctions.com or affiliates should pre-register at least
two business days before the first session to allow adequate time to contact references.
BIDDING OPTIONS:
9. Bids may be placed for a Signature Auction as set forth in the printed catalog section entitled
"Choose your bidding method." For Exclusively Internet, Continuous Internet, Internet Currency,
Amazing Comics Auctions, Amazing Sports Auctions, and Online Session auctions, see the alternatives
shown on each website. Review at HeritageAuctions.com/common/howtobid.php.
10. Presentment of Bids: Non-Internet bids (including but not limited to podium, fax, phone and
mail bids) are treated similar to floor bids in that they must be on-increment or at a half increment
(called a cut bid). Any podium, fax, phone, or mail bids that do not conform to a full or half
increment will be rounded up or down to the nearest full or half increment and will be considered
your high bid.
11. Auctioneer's Execution of Certain Bids. Auctioneer cannot be responsible for your errors in bidding,
so carefully check that each bid is entered correctly. When identical mail or FAX bids are
submitted, preference is given to the first received. To ensure the greatest accuracy, your written
bids should be entered on the standard printed bid sheet and be received at Auctioneer's place
of business at least two business days before the Auction start. Auctioneer is not responsible for
executing mail bids or FAX bids received on or after the day the first lot is sold, nor Internet bids
submitted after the published closing time; nor is Auctioneer responsible for proper execution of
bids submitted by telephone, mail, FAX, e-mail, Internet, or in person once the Auction begins.
Internet bids may not be withdrawn until your written request is received and acknowledged
by Auctioneer (FAX: 214-443-8425); such requests must state the reason, and may constitute
grounds for withdrawal of bidding privileges. Lots won by mail Bidders will not be delivered at
the Auction unless prearranged in advance. The decision of the Auctioneer and declaration of
the winning Bidder is final.
12. Caveat as to Bids. Bid increments (over the current bid level) determine the lowest amount you
may bid on a particular lot. Bids greater than one increment over the current bid can be any whole
dollar amount. It is possible under several circumstances for winning bids to be between increments,
sometimes only $1 above the previous increment. Please see: "How can I lose by less than
an increment?" on our website.
13. Bidding Increments: The following chart governs current bidding increments.
Current Bid Bid Increment
< $10 . . . . . . . . . . . . . . . . . . . . . . . . . . . $1
$10 - $29 . . . . . . . . . . . . . . . . . . . . . . . . $2
$30 - $59 . . . . . . . . . . . . . . . . . . . . . . . . $3
$60 - $99 . . . . . . . . . . . . . . . . . . . . . . . . $5
$100 - $199 . . . . . . . . . . . . . . . . . . . . . $10
$200 - $299 . . . . . . . . . . . . . . . . . . . . . $20
$300 - $499 . . . . . . . . . . . . . . . . . . . . . $25
$500 - $999 . . . . . . . . . . . . . . . . . . . . . $50
$1,000 - $1,999. . . . . . . . . . . . . . . . . $100
$2,000 - $2,999. . . . . . . . . . . . . . . . . $200
Current Bid Bid Increment
$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 - $249,999 . . . . . . . . . $10,000
$250,000 - $499,999 . . . . . . . . . $25,000
$500,000 - $1,499,999 . . . . . . . . $50,000
> $1,500,000 . . . . . . . . . . . . . . $100,000
CONDUCTING THE AUCTION:
14. Notice of the consignor's liberty to place reserve bids on his lots in the Auction is hereby made
in accordance with Article 2 of the Texas Uniform Commercial Code. A reserve is an amount
below which the lot will not sell. THE CONSIGNOR OF PROPERTY MAY PLACE WRITTEN
RESERVE BIDS ON HIS LOTS IN ADVANCE OF THE AUCTION; ON SUCH LOTS, IF THE
HAMMER PRICE DOES NOT MEET THE RESERVE, THE CONSIGNOR MAY PAY A REDUCED
COMMISSION ON THOSE LOTS. Reserves are generally posted online about 3 days prior to
the Auction closing on Internet-Only Auctions, and 7 days prior to the Auction on Signature
Auctions. Any successful bid placed by a consignor on his consigned lot on the Auction floor or
by telephone during the live session, or after the reserves for an Auction have been posted, will
be considered an unqualified bid, and in such instances the consignor agrees to pay full Buyer's
Premium and Seller's Commissions on any lot so repurchased.
15. The highest qualified Bidder shall be the buyer. In the event of any dispute between floor Bidders
at a Signature Auction, Auctioneer may at his sole discretion reoffer the lot. Auctioneer's decision
shall be final and binding upon all Bidders.
16. Auctioneer reserves the right to refuse to honor any bid or to limit the amount of any bid which,
in his sole discretion, is not submitted in "Good Faith," or is not supported by satisfactory credit,
numismatic references, or otherwise. A bid is considered not made in "Good Faith" when an
insolvent or irresponsible person, or a person under the age of eighteen makes it. Regardless of
the disclosure of his identity, any bid by a consignor or his agent on a lot consigned by him is
deemed to be made in "Good Faith".
17. All items are to be purchased per lot as numerically indicated and no lots will be broken.
Auctioneer reserves the right to withdraw, prior to the close, any lots from the Auction.
18. Bids will be accepted in whole dollar amounts only. No "buy" or "unlimited" bids will be
accepted. Bidders will be awarded lots at approximately the increment of the next highest bid.
No additional commission is charged for executing bids. Off-increment bids may be accepted by
the Auctioneer at Signature Auctions.
19. Auctioneer reserves the right to rescind the sale in the event of nonpayment, breach of a warranty,
disputed ownership, auctioneer's clerical error or omission in exercising bids and reserves,
or otherwise.
20. Outage Policy: Auctioneer occasionally experiences Internet and/or Server outages during which
Bidders cannot participate or place bids. If such outage occurs, we may at our discretion extend
bidding for the auction up to 24 hours. At our discretion, Auctioneer may consider two outages
that occur very closely to one another to be one outage when extending such Auction. This policy
applies only to widespread outages and not to isolated problems that occur in various parts of
the country from time to time.
21. Scheduled Downtime: Auctioneer periodically schedules system downtime for maintenance and
other purposes; this scheduled downtime is not covered by the Outage Policy.
22. The Auctioneer or its affiliates may consign items to be sold in the Auction, and may bid on
those lots or any other lots. Auctioneer or affiliates expressly reserve the right to modify any
such reserve bids on these items or any others at any time prior to the live auction or the online
closing based upon data made known to the Auctioneer or its affiliates. The Auctioneer may
extend advances, guarantees, or loans to certain consignors, and may extend financing or other
credits at varying rates to certain Bidders in the auction.
23. The Auctioneer has the right to sell certain items after the close of the sale. Items sold by
Auctioneer post sale shall be considered sold during the auction and all these Terms and
Conditions shall apply to such sales including but not limited to the payment of the buyer's fee,
return rights and disclaimers.
PAYMENT:
24. All sales are strictly for cash in United States dollars. Cash includes: U.S. currency, bank wire,
cashier checks, travelers checks, and bank money orders, all subject to reporting requirements.
Credit Card (Visa or Master Card only) and PayPal payments may be accepted up to $10,000
from non-dealers at the sole discretion of the auctioneer, subject to the following limitations:
a) sales are only to the cardholder, b) purchases are shipped to the cardholder's registered and
verified address, c) Auctioneer may pre-approve the cardholder's credit line, d) a credit card
transaction may not be used in conjunction with any other financing or extended terms offered
by the Auctioneer, and must transact immediately upon invoice presentation, e) rights of return
are governed by these Terms and Conditions, which supersede those conditions promulgated by
the card issuer, f) floor Bidders must present their card. Personal or corporate checks may be
subject to clearing before delivery of the purchases.
25. Payment is due upon closing of the Auction session, or upon presentment of an invoice.
Auctioneer reserves the right to void an invoice if payment in full of the invoice is not received
within 7 days after the close of the Auction.
26. Lots delivered in the States of Texas, California, or other states where the Auction may be held,
are subject to all applicable state and local taxes, unless appropriate permits are on file with us.
Bidder agrees to pay Auctioneer the actual amount of tax due in the event that sales tax is not
properly collected due to: 1) an expired, inaccurate, inappropriate tax certificate or declaration,
2) an incorrect interpretation of the applicable statute, 3) or any other reason.. Lots from different
Auctions may not be aggregated for sales tax purposes.
27. In the event that a Bidder's payment is dishonored upon presentment(s), Bidder shall pay the
maximum statutory processing fee set by applicable state law.
28. If the Auction invoice(s) submitted by Auctioneer is not paid in full when due, the unpaid
balance will bear interest at the highest rate permitted by law from the date of invoice until
paid. If the Auctioneer refers the invoice(s) to an attorney for collection, the buyer agrees to
pay attorney's fees, court costs, and other collection costs incurred by Auctioneer. If Auctioneer
assigns collection to its in-house legal staff, such attorney's time expended on the matter shall
be compensated at a rate comparable to the hourly rate of independent attorneys.
29. In the event a successful Bidder fails to pay all amounts due, Auctioneer reserves the right to
resell the merchandise, and such Bidder agrees to pay for the reasonable costs of resale, including
a 10% seller's commission, and also to pay any difference between the resale price and the
price of the previously successful bid.
30. Auctioneer reserves the right to require payment in full in good funds before delivery of the
merchandise to the buyer.
31. Auctioneer shall have a lien against the merchandise purchased by the buyer to secure payment
of the Auction invoice. Auctioneer is further granted a lien and the right to retain possession of
any other property of the buyer then held by the Auctioneer or its affiliates to secure payment
of any Auction invoice or any other amounts due the Auctioneer from the buyer. With respect to
these lien rights, Auctioneer shall have all the rights of a secured creditor under Article 9 of the
Texas Uniform Commercial Code. In addition, with respect to payment of the Auction invoice(s),
the buyer waives any and all rights of offset he might otherwise have against the Auctioneer and
the consignor of the merchandise included on the invoice.
32. If a Bidder owes Auctioneer or its affiliates on any account, Auctioneer and its affiliates shall have
the right to offset such unpaid account by any credit balance due Bidder, and it may secure by
possessory lien any unpaid amount by any of the Bidder's property in their possession.
33. Title shall not pass to the successful Bidder until all invoices are paid in full. It is the responsibility
of the buyer to provide adequate insurance coverage for the items once they have been
delivered.
RETURN POLICIES:
34. A MEMORABILIA lot (Autographs, Sports Collectibles, or Music, Entertainment, Political,
Americana and/or Pop Culture memorabilia): The Auction is not on approval. When the lot
is accompanied by a Certificate of Authenticity (or its equivalent) from an independent third
party authentication provider, buyer has no right of return. Under extremely limited circumstances
not including authenticity (e.g. gross cataloging error), a purchaser who did not bid
from the floor may request Auctioneer to evaluate voiding a sale; such request must be made
in writing detailing the alleged gross error, and submission of the lot to Auctioneer must be
pre-approved by Auctioneer. A bidder must notify the appropriate department head (check the
inside front cover of the catalog or our website for a listing of department heads) in writing of
the purchaser's request and such notice must be mailed within three (3) days of the mail bidder's
receipt of the lot. Any lot that is to be evaluated for return must be received in our offices within
30 days after Auction. AFTER THAT 30 DAY PERIOD, NO LOT MAY BE RETURNED FOR ANY
REASONS. Lots returned must be in the same condition as when sold and must include the
Certificate of Authenticity, if any. No lots purchased by floor bidders may be returned (including
those bidders acting as agents for others). Late remittance for purchases may be considered just
cause to revoke all return privileges.
35. COINS, CURRENCY, COMICS AND SPORTSCARDS Signature Auctions: The Auction is not on
approval. No certified material may be returned because of possible differences of opinion with
respect to the grade offered by any third-party organization, dealer, or service. No guarantee
of grade is offered for uncertified Property sold and subsequently submitted to a third-party
grading service. There are absolutely no exceptions to this policy. Under extremely limited
circumstances, (e.g. gross cataloging error) a purchaser, who did not bid from the floor, may
request Auctioneer to evaluate voiding a sale; such request must be made in writing detailing
the alleged gross error, and submission of the lot to the Auctioneer must be pre-approved by the
Auctioneer; bidder must notify Ron Brackemyre, (ext. 312) in writing of the such request and
such notice must be mailed within three (3) days of the mail bidder's receipt of the lot. Any lot
that is to be evaluated must be in our offices within 30 days after Auction. Grading or method
of manufacture do not qualify for this evaluation process nor do such complaints constitute a
basis to challenge the authenticity of a lot. AFTER THAT 30-DAY PERIOD, NO LOTS MAY BE
RETURNED FOR REASONS OTHER THAN AUTHENTICITY. Lots returned must be housed
intact in the original holder. No lots purchased by floor Bidders may be returned (including
those Bidders acting as agents for others). Late remittance for purchases may be considered just
cause to revoke all return privileges.
36. Exclusively Internet, Internet Currency, Amazing Comics Auctions, Amazing Sports Auctions,
Continuous Internet and Online Session auctions: THREE (3) DAY RETURN POLICY. All lots
(Exception: Third party graded notes are not returnable for any reason whatsoever) paid for
within seven days of the Auction closing are sold with a three (3) day return privilege. You may
return lots under the following conditions: Within three days of receipt of the lot, you must
first notify Auctioneer by contacting Customer Service by phone (1-800-872-6467) or e-mail
(Bid@HeritageAuctions.com), and immediately mail the lot(s) fully insured to the attention of
Returns, Heritage, 3500 Maple Avenue, 17th Floor, Dallas TX 75219-3941. Lots must be housed
intact in their original holder and condition. You are responsible for the insured, safe delivery
of any lots. A non-negotiable return fee of 5% of the purchase price ($10 per lot minimum) will
be deducted from the refund for each returned lot or billed directly. Postage and handling fees
are not refunded. After the three-day period (from receipt), no items may be returned for any
reason. Late remittance for purchases revokes all Return-Restock privileges.
37. All Bidders who have inspected the lots prior to the auction will not be granted any return
privileges, except for reasons of authenticity.
DELIVERY; SHIPPING AND HANDLING CHARGES:
38. Postage, handling and insurance charges will be added to invoices. Please either refer to
Auctioneer's website HeritageAuctions.com for the latest charges or call Auctioneer.
39. Auctioneer is unable to combine purchases from other auctions or Heritage Rare Coin Galleries
into one package for shipping purposes. Successful overseas Bidders shall provide written shipping
instructions, including specified customs declarations, to the Auctioneer for any lots to be
delivered outside of the United States. NOTE: Declaration value shall be the item(s) hammer
price together with its buyer's premium.
40. All shipping charges will be borne by the successful Bidder. Due to the nature of some items sold,
it shall be the responsibility for the successful bidder to arrange pick-up and shipping through
third parties, as to such items Auctioneer shall have no liability. Any risk of loss during shipment
will be borne by the buyer following Auctioneer's delivery to the designated common carrier,
regardless of domestic or foreign shipment. Any request for shipping verification for undelivered
packages must be made within 30 days of shipment by Auctioneer.
41. In the event an item is damaged either through handling or in transit, Auctioneer's maximum
liability shall be the amount of the successful bid including the Buyer's Premium. On the fall of
Auctioneer's hammer, Buyers of Fine Arts and Decorative Arts lots assumes full risk and responsibility
for lot, including shipment by common carrier, and must provide their own insurance
coverage for shipments.
CATALOGING, WARRANTIES AND DISCLAIMERS:
42. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO ANY
DESCRIPTION CONTAINED IN THIS AUCTION OR ANY SECOND OPINE. Any description of
the items or second opine contained in this auction is for the sole purpose of identifying the
items for those Bidders who do not have the opportunity to view the lots prior to bidding, and
no description of items has been made part of the basis of the bargain or has created any express
warranty that the goods would conform to any description made by Auctioneer.
43. Auctioneer is selling only such right or title to the items being sold as Auctioneer may have by
virtue of consignment agreements on the date of auction and disclaims any warranty of title to the
Property.
44. Translations of foreign language documents are provided as a convenience to interested parties.
Heritage makes no representation as to the accuracy of those translations and will not be held
responsible for errors in bidding arising from inaccuracies in translation.
45. In the event of an attribution error, Auctioneer may at its sole discretion, correct the error on the
Internet, or, if discovered at a later date, to refund the buyer's money without further obligation.
Under no circumstances shall the obligation of the Auctioneer to any Bidder be in excess of the
purchase price for any lot in dispute.
46. Auctioneer disclaims any warranty of merchantability or fitness for any particular purposes.
47. Auctioneer disclaims all liability for damages, consequential or otherwise, arising out of or in
connection with the sale of any property by Auctioneer to Bidder. No third party may rely on any
benefit of these Terms and Conditions and any rights, if any, established hereunder are personal
to the Bidder and may not be assigned. Any statement made by the Auctioneer is an opinion and
does not constitute a warranty or representation. No employee of Auctioneer may alter these
Terms and Conditions, and, unless signed by a principal of Auctioneer, any such alteration is null
and void.
48A. COINS – Coins sold referencing a third-party grading service are sold "as is" without any
express or implied warranty, except for a guarantee by Auctioneer that they are genuine. Certain
warranties may be available from the grading services and the Bidder is referred to them for
further details: ANACS, P.O. Box 182141, Columbus, Ohio 43218-2141; Numismatic Guaranty
Corporation (NGC), P.O. Box 4776, Sarasota, FL 34230; Professional Coin Grading Service
(PCGS), PO Box 9458, Newport Beach, CA 92658; and ICG, 7901 East Belleview Ave., Suite 50,
Englewood, CO 80111.
48B. CURRENCY – Notes sold referencing a third-party grading service are sold "as is" without any
express or implied warranty, except for a guarantee by Auctioneer that they are genuine. Grading,
condition or other attributes of any lot may have a material effect on its value, and the opinion
of others, including independent grading services such as PCGS Currency, PMG, and CGA may
differ with that of Auctioneer. Auctioneer shall not be bound by any prior or subsequent opinion,
determination, or certification by any independent grading service. Bidder specifically waives
any claim to right of return of any item because of the opinion, determination, or certification, or
lack thereof, by any independent grading service. Certain warranties may be available from the
grading services and the Bidder is referred to them for further details: Paper Money Guaranty
(PMG), PO Box 4711, Sarasota FL 34230; PCGS Currency, PO Box 9458, Newport Beach, CA
92658; Currency Grading & Authentication (CGA), PO Box 418, Three Bridges, NJ 08887.
48C. COMICS – Comic books sold referencing a third-party grading service are sold "as is" without
any express or implied warranty. Certain warranties may be available from the grading services
and the Bidder is referred to them for further details: Comics Guaranty Corporation (CGC), P.O.
Box 4738, Sarasota, FL 34230. Subject to sections 57 and 58, bidders who intend to challenge
authenticity or provenance of a lot must notify Auctioneer in writing within thirty (30) days of
the Auction's conclusion. Auctioneer's maximum liability shall not exceed the high bid on that
lot, which bid shall be deemed for all purposes the value of the lot. In the event Auctioneer cannot
deliver the lot or subsequently it is established that the lot lacks title, provenance, authenticity,
or other transfer or condition issue is claimed, Auctioneer's liability shall be limited to recission
of sale and refund of purchase price. After one year has elapsed, Auctioneer's maximum
liability shall be limited to any commissions and fees Auctioneer earned on that lot.
48D. SPORTSCARDS – Sportscards sold referencing a third-party grading service are sold "as is"
without any express or implied warranty. Certain warranties may be available from the grading
services and the Bidder is referred to them for further details: Professional Sports Authenticator
(PSA), P.O. Box 6180 Newport Beach, CA 92658; Sportscard Guaranty LLC (SGC) P.O. Box 6919
Parsippany, NJ 07054-6919; Global Authentication (GAI), P.O. Box 57042 Irvine, Ca. 92619;
Beckett Grading Service (BGS), 15850 Dallas Parkway, Dallas TX 75248.
48E. MEMORABILIA – Auctioneer does not warrant authenticity of a memorabilia lot (Autographs,
Sports Collectibles, or Music, Entertainment, Political, Americana and/or Pop Culture memorabilia),
when the lot is accompanied by a Certificate of Authenticity, or its equivalent, from
an independent third-party authentication provider. Bidder shall solely rely upon warranties
of the authentication provider issuing the Certificate or opinion. For information as to such
authentication provider's warranties the bidder is directed to: SCD Authentic, 4034 West
National Ave., Milwaukee, WI 53215 (800) 345-3168; JO Sports, Inc., P.O. Box 607 Brookhaven,
NY 11719 (631) 286-0970; PSA/DNA; 130 Brookshire Lane, Orwigsburg, Pa. 17961; Mike
Gutierrez Autographs, 8150 Raintree Drive Suite A, Scottsdale, AZ. 85260; or as otherwise noted
on the Certificate. Subject to sections 57 and 58, bidders who intend to challenge authenticity
or provenance of a lot must notify Auctioneer in writing within thirty (30) days of the Auction's
conclusion. Auctioneer's maximum liability shall not exceed the high bid on that lot, which bid
shall be deemed for all purposes the value of the lot. In the event Auctioneer cannot deliver the
lot or subsequently it is established that the lot lacks title, provenance, authenticity, or other
transfer or condition issue is claimed, Auctioneer's liability shall be limited to recission of sale
and refund of purchase price. After one year has elapsed, Auctioneer's maximum liability shall
be limited to any commissions and fees Auctioneer earned on that lot.
48F. FINE AND DECORATIVE ARTS – Auctioneer warrants bold-faced items in the descriptions,
which are otherwise provided for identification purposes only. Subject to sections 57 and
58, bidders who intend to challenge the bold-faced authenticity or provenance of a lot must
notify Auctioneer in writing within thirty (30) days of the Auction's conclusion. Auctioneer's
maximum liability shall not exceed the high bid on that lot, which bid shall be deemed for all
purposes the value of the lot. In the event Auctioneer cannot deliver the lot or subsequently it is
established that the lot lacks title, provenance, authenticity, or other transfer or condition issue
is claimed, Auctioneer's liability shall be limited to recission of sale and refund of purchase
price. After one year has elapsed, Auctioneer's maximum liability shall be limited to any commissions
and fees Auctioneer earned on that lot.
49. All non-certified coins, currency, and comics are guaranteed genuine, but are not guaranteed
as to grade, since grading is a matter of opinion, an art and not a science, and therefore the
opinion rendered by the Auctioneer or any third party grading service may not agree with the
opinion of others (including trained experts), and the same expert may not grade the same
item with the same grade at two different times. Auctioneer has graded the non-certified
numismatic items, in the Auctioneer's opinion, to their current interpretation of the American
Numismatic Association's standards as of the date the catalog was prepared. There is no guarantee
or warranty implied or expressed that the grading standards utilized by the Auctioneer
will meet the standards of ANACS, NGC, PCGS, ICG, CGC, CGA or any other grading service at
any time in the future.
50. Since we cannot examine encapsulated notes or comics, they are sold "as is" without our grading
opinion, and may not be returned for any reason. Auctioneer shall not be liable for any
patent or latent defect or controversy pertaining to or arising from any encapsulated collectible.
In any such instance, purchaser's remedy, if any, shall be solely against the service certifying the
collectible.
51. Due to changing grading standards over time, differing interpretations, and to possible mishandling
of items by subsequent owners, Auctioneer reserves the right to grade items differently
than shown on certificates from any grading service that accompany the items. Auctioneer also
Rev. 1_31_06
reserves the right to grade items differently than the grades shown in the catalog should such
items be reconsigned to any future auction.
52. Although consensus grading is employed by most grading services, it should be noted as aforesaid
that grading is not an exact science. In fact, it is entirely possible that if a lot is broken out
of a plastic holder and resubmitted to another grading service or even to the same service, the
lot could come back with a different grade assigned.
53. Certification does not guarantee protection against the normal risks associated with potentially
volatile markets. The degree of liquidity for certified coins and collectibles will vary according to
general market conditions and the particular lot involved. For some lots there may be no active
market at all at certain points in time.
RELEASE:
54. In consideration of participation in the auction and the placing of a bid, a Bidder expressly
releases Auctioneer, its officers, directors and employees, its affiliates, and its outside experts that
provide second opines from any and all claims, cause of action, chose of action, whether at law or
equity or any arbitration or mediation rights existing under the rules of any professional society
or affiliation based upon the assigned grade or a derivative theory, breach of warranty express or
implied, representation or other matter set forth within these Terms and Conditions of Auction
or otherwise, except as specifically declared herein; e.g., authenticity, typographical error, etc.,
and as to those matters, the rights and privileges conferred therein are strictly construed and
is the exclusive remedy. Purchaser, by non-compliance to its express terms of a granted remedy,
shall waive any claim against Auctioneer.
DISPUTE RESOLUTION AND ARBITRATION PROVISION:
55. By placing a bid or otherwise participating in the auction, such person or entity accepts these
Terms and Conditions of Auction, and specifically agrees to the alternative dispute resolution
provided herein. Arbitration replaces the right to go to court, including the right to a jury trial.
56. Auctioneer in no event shall be responsible for consequential damages, incidental damages,
compensatory damages, or other damages arising from the auction of any lot. Auctioneer's
maximum liability shall not exceed the high bid on that lot, which bid shall be deemed for all
purposes the value of the lot. In the event that Auctioneer cannot deliver the lot or subsequently
it is established that the lot lacks title, provenance, authenticity, or other transfer or condition
issue is claimed, Auctioneer's liability shall be limited to recission of sale and refund of purchase
price. After one year has elapsed, Auctioneer's maximum liability shall be limited to any commissions
and fees Auctioneer earned on that lot.
57. Any claim as to provenance or authenticity must be first transmitted to Auctioneer by credible
and definitive evidence and there is no assurance after such presentment that Auctioneer will
validate the claim. Authentication is not an exact science and contrary opinions may not be
recognized by Auctioneer. Even if Auctioneer agrees with the contrary opinion of such authentication,
our liability for reimbursement for such service shall not exceed $500.
58. Provenance and authenticity are not guaranteed by the Auctioneer, but rather are guaranteed by
the consignor. Any action or claim shall include the consignor with Auctioneer acting as interpleador
or nominal party. While every effort is made to determine provenance and authenticity,
it is up to the Bidder to arrive at that conclusion prior to bidding.
59. If any dispute arises regarding payment, authenticity, grading, description, provenance, or
any other matter pertaining to the Auction, the Bidder or a participant in the Auction and/or
the Auctioneer agree that the dispute shall be submitted, if otherwise mutually unresolved,
to binding arbitration in accordance with the commercial rules of the American Arbitration
Association (A.A.A.). A.A.A. arbitration shall be conducted under the provisions of the Federal
Arbitration Act with locale in Dallas, Texas. Any claim made by a Bidder has to be presented
within one (1) year or it is barred. The prevailing party may be awarded his reasonable attorney's
fees and costs. An award granted in arbitration is enforceable in any court of competent
jurisdiction. No claims of any kind (except for reasons of authenticity) can be considered
after the settlements have been made with the consignors. Any dispute after the settlement
date is strictly between the Bidder and consignor without involvement or responsibility of
the Auctioneer. NOTE: Purchasers of rare coins or currency through Heritage have available
the option of arbitration by the Professional Numismatists Guild (PNG); if an election is not
made within ten (10) days of an unresolved dispute, Auctioneer may elect either PNG or A.A.A.
Arbitration.
60. In consideration of his participation in or application for the auction, a person or entity
(whether the successful Bidder, a Bidder, a purchaser and/or other Auction participant or
registrant) agrees that all disputes in any way relating to, arising under, connected with, or
incidental to these Terms and Conditions and purchases or default in payment thereof shall be
arbitrated pursuant to the arbitration provision. In the event that any matter including actions
to compel arbitration, construe the agreement, actions in aid or arbitration or otherwise needs
to be litigated, such litigation shall be exclusively in the Courts of the State of Texas, in Dallas
County, Texas, and if necessary the corresponding appellate courts. The successful Bidder,
purchaser, or Auction participant also expressly submits himself to the personal jurisdiction of
the State of Texas.
MISCELLANEOUS:
61. Agreements between Bidders and consignors to effectuate a non-sale of an item at Auction,
inhibit bidding on a consigned item to enter into a private sale agreement for said item, or to
utilize the Auctioneer's Auction to obtain sales for non-selling consigned items subsequent to
the auction, are strictly prohibited. If a subsequent sale of a previously consigned item occurs
in violation of this provision, Auctioneer reserves the right to charge Bidder the applicable
Buyer's Premium and consignor a Seller's Commission as determined for each auction venue
and by the terms of the seller's agreement.
62. Acceptance of these terms and conditions qualifies Bidder as a Heritage customer who has
consented to be contacted by Heritage in the future. In conformity with "do-not-call" regulations
promulgated by the Federal or State regulatory agencies, participation by the Bidder is affirmative
consent to being contacted at the phone number shown in his application and this consent shall
remain in effect until it is revoked in writing. Heritage may from time to time contact Bidder
concerning sale, purchase and auction opportunities available through Heritage and its affiliates
and subsidiaries.
63. Storage of purchased coins and currency: Purchasers are advised that certain types of plastic
may react with a coin's metal or transfer plasticizer to notes and may cause damage. Caution
should be used to avoid storage in materials that are not inert.
STATE NOTICES:
64. Notice as to an Auction Sale in California. Auctioneer has in compliance with Title 2.95 of the
California Civil Code as amended October 11, 1993 Sec. 1812.600, posted with the California
Secretary of State its bonds for it and its employees and the auction is being conducted in compliance
with Sec. 2338 of the Commercial Code and Sec. 535 of the Penal Code.