10456
1851 $50 LE Humbert Fifty Dollar, 887 Thous. 50 R
Currency:USD
Category:Coins & Paper Money / US Coins
Start Price:65,000.00 USD
Estimated At:1.00 - 1,000,000.00 USD
SOLD
210,000.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2005 Aug 08 @ 15:10UTC-8 : PST/AKDT
Did you win this lot?
A full invoice should be emailed to the winner by the auctioneer within a day or two.
<B>1851<$50 LE> Humbert Fifty Dollar, 887 Thous. 50 Rev.--ASSAYER Inverted--MS61 PCGS.</B></I> Kagin-4, Breen-7700, High R.5. This is an important example of California gold rush history that is always highly prized and desired by collectors. Although usually called a "slug," and occasionally a "quintuple eagle," the official name for these large gold pieces was "ingot." In his <I>Complete Encyclopedia,</B></I> Walter Breen recorded one additional name, "The Californian," while the <I>Guide Book</B></I> also suggested the "Five-Eagle" name for these pieces.<BR><BR> Senator William McKendree Gwin began service in Congress representing California as its first Senator in September 1850 alongside John Charles Fremont. Gwin worked closely with Senator Thomas Hart Benton, who coincidentally was Fremont's father-in-law, to pass a bill authorizing a branch mint in San Francisco. The bill met substantial opposition from those who were concerned that the California mint would create undesired competition for the other mints, including that in Philadelphia. Accordingly, on September 30, 1850, a bill was passed creating an assay office in California, sanctioned by Congress and serving as a branch of the United States Government. The United States Assay Office of Gold was authorized to produce ingots no smaller than $50 and no larger than $10,000.<BR><BR> Although they were not intended as money, it was a practical matter that these large gold pieces would actually circulate in California commerce. In fact, President Millard Fillmore anticipated such use and authorized the Collector of Customs to receive all issues of the new Assay Office in payment of tariffs, effectively declaring that the slugs were to be used as monetary issues of the United States.<BR><BR> The New York watchmaker, Augustus Humbert, arrived in San Francisco on January 30, 1851. In his possession were master dies bearing the design created by Charles Cushing Wright for the obverse, and by Humbert himself for the reverse. The first ingots were struck by Humbert the very next day, with full-scale production beginning two weeks later.<BR><BR> The obverse features the defiant eagle design below a scroll inscribed 887 THOUS with the fineness in incuse numerals. In the eagle's mouth is a ribbon inscribed LIBERTY. Previously, the scroll contained another fineness, 880. The legend UNITED STATES OF AMERICA around the outside is surrounded by a wide border on this massive octagonal gold coin. Below the eagle is are the raised letters D and C, preceded by another incuse 50 punched into the surface. The blank spaced were originally intended to allow for odd denominations rather than the usual 50 dollar denomination on all known examples. It is believed that the obverse design was prepared by the artist Charles Cushing Wright. On the reverse is the famous engine-turned design with an incuse 50 at the center. This figure on the reverse is inverted in relationship to the vertical or 360 degree "medal-turn" alignment. One of the most fascinating features of this slug is the edge, although it is only partially visible inside the PCGS holder. Each edge section of this eight-sided coin has different lettering as follows: AUGUSTUS / HUMBERT / UNITED / STATES / ASSAYER / OF GOLD / CALIFORNIA / 1851. On the first section, AUGUSTUS is inverted in relation to the remaining lettering. A few examples of this lettered edge variety are known with individual sections inverted relative to the remaining lettering. This is perhaps the only United States coinage issue with its date on the edge. We cannot think of any others.<BR><BR> A stunning example with fully brilliant greenish yellow-gold color and amazing eye appeal. This is without a doubt a coin that was carefully struck and lovingly preserved ever since. The fields on the obverse are fully reflective and prooflike, with every design element boldly rendered. On the ribbon, the 887 is incuse, and has replaced a previous 880 that was also hand-punched into the coin's surface. The reverse has the attractive engine-turned design which creates rays from the center with a nearly holographic appearance. Outside the reverse design, along the border, may be seen additional hints of prooflike reflectivity. Perhaps this example was intended as a special presentation coin or proof as our consignor has suggested. Perhaps it is one of those first pieces struck on January 31, 1851; samples of the $50 ingots soon to be produced in large quantities. Listed on page 296 of the 2005 <I>Guide Book.</B></I><BR><I>From the Great Western Collection of Private Gold Coinage.</B></I>
Auction Location:
Moscone West Convention Center<br>800 Howard St • Room 2004<br>San Francisco, CA 94103, San Francisco, California, United States
Previewing Details:
Heritage Galleries
3500 Maple Avenue
Seventeenth Floor
Dallas, Texas 75219
By Appointment
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Auction Terms and Conditions
BUYER'S PREMIUM:
2. On bids placed through Heritage, a Buyer's Premium of fifteen percent (15%) for Heritage Numismatic Auctions Inc, Heritage-CAA, and Heritage Comics Auctions or nineteen and one-half percent (19.5%) for Heritage Sports Collectibles, Heritage-Odyssey and Heritage Galleries & Auctioneers 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. There is a minimum Buyer's Premium of $9.00 per lot.
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. through its divisions Heritage Comic Auctions, or Heritage Sports Collectibles Auctions, as identified with the applicable licensing information either 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.
AUCTION VENUES:
3. Exclusively Internet, CurrencyAuction.com, Amazing Comics Auctions, and Bullet Auctions 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 in or who registers 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.
CREDIT REFERENCES:
8. Bidders who do not have established credit with the Auctioneer must either furnish satisfactory credit information including two collectibles-related references well in advance of the auction date or supply valid credit card information. All Bidders must meet Auctioneer's qualifications to bid. Any Bidder who is not a customer in good standing at Auctioneer may be disqualified and will not be awarded lots. Auctioneer reserves the right to disqualify any Bidder even after the close of the auction. Bids placed through our Interactive Internet program will only be accepted from pre-registered Bidders. Bidders who are not members of HeritageGalleries. com 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 Sale as set forth in the printed catalog section entitled "Choose your bidding method." For Exclusively Internet, CurrencyAuction. Com, Amazing Comics Auctions, and Bullet auctions see the alternatives shown on each website. Review at http://www.heritagecoins.com/common/web_tips.php#biddingtutorial.
10. The Auctioneer cannot be responsible for your errors in bidding, so carefully check that your bid is entered correctly. When identical mail or FAX bids are submitted, preference is given to the first received; Internet bids are evaluated as received first. The decision of the Auctioneer and declaration of the winning Bidder is final. The 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 the Auctioneer responsible for proper execution of bids submitted by telephone, mail, FAX, e-mail, Internet, or in person once the auction begins. To ensure the greatest accuracy, your written bids should be entered on the standard bid sheet form and be received at the Auctioneer's place of business at least two business days in advance of the auction date. 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. Bid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the current bid, although podium, fax and mail bidders submit bids at various times without knowing the current bid and may be as little as one dollar over another bid. However, these increments only apply to the current bid. 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. How can I lose by less than an increment?
The bid increments are as follows:
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
$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:
11. 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 LOTS SUBJECT TO A RESERVE, IF THE LOT 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. IF THERE IS AN UNMET RESERVE BID POSTED ON A LOT, THE CURRENT BID DISPLAYED ONLINE WILL AUTOMATICALLY BE SET AT ONE INCREMENT BELOW THE RESERVE BID. The Auctioneer will not knowingly accept (and reserves the right to reject) live telephone or floor bids from consignors. 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 the lot(s) even if (s)he buys them back.
12. The highest qualified Bidder shall be the buyer. In the event of any dispute between floor Bidders at a Signature Sale, the Auctioneer may at his sole discretion put the lot up for auction again. The Auctioneer's decision shall be final and binding upon all Bidders.
13. The 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".
14. All items are to be purchased per lot as numerically indicated and no lots will be broken. The Auctioneer reserves the right to withdraw, prior to the close, any lot or lots from the auction. Bids will be accepted in whole dollar amounts only.
15. 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 other than the Buyer's Premium applied to all successful bids. Off-increment bids may be accepted by the Auctioneer at Signature auctions.
16. Estimates will be given upon written request. It is recommended that Bidders approach or exceed the estimates in order to increase the chances of bidding successfully.
17. 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.
18. 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.
19. Scheduled Downtime: Auctioneer periodically schedules system downtime for maintenance and other purposes; this scheduled downtime is not covered by the Outage Policy.
20. The Auctioneer or its affiliates may consign items to be sold in the auction sale, and may bid on those items or any other items in the sale. The 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 affiliate.
21. 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.
PAYMENT:
22. 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) 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 preapprove 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.
23. Payment is due upon closing of the auction session, or upon presentment of an invoice. The Auctioneer reserves the right to void a sale if payment in full of the invoice is not received within 7 days after the close of the auction.
24. 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. In the event that sales tax is not properly collected due to an expired, inaccurate, inappropriate tax certificate or declaration or any other reason, bidder agrees to pay Auctioneer the actual amount of tax due. Lots from different auctions may not be aggregated for sales tax purposes.
State Coins Currency All Other Collectibles
Texas Residents Under $1,000 only Yes Yes
California Under $1,000 only Applicable state sales tax on Signature Auctions ONLY if held in CA Applicable state sales tax on Signature Auctions ONLY if held in CA
Florida/Ohio/Illinois No sales tax No sales tax Applicable state sales tax on Signature Auctions ONLY if held in FL, OH or IL
New York/Wisconsin/ Pennsylvania Applicable state sales tax on Signature Auctions ONLY if held in that state Applicable state sales tax on Signature Auctions ONLY if held in that state Applicable state sales tax on Signature Auctions ONLY if held in that state
Oregon No sales tax No sales tax No sales tax
*Unless an approved resale form is on file with Heritage.
25. 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.
26. If the auction invoice(s) submitted by the 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 the 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.
27. In the event a successful Bidder fails to pay all amounts due, the 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.
28. The Auctioneer reserves the right to require payment in full in good funds before delivery of the merchandise to the buyer.
29. The 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, the 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.
30. If a Bidder owes Auctioneer or its affiliates on any account, the 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.
31. 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 POLICY:
A. MEMORABILIA
32A. 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, 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 void a sale. Such request for evaluation 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. 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 with 30 days. 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.
B. COINS, CURRENCY, COMICS AND SPORTSCARDS
32B. COINS, CURRENCY, COMICS AND SPORTSCARDS Signature Sales: 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. 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 void a sale. Such request for evaluation 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. A bidder must notify Ron Brackemyre, (ext. 312) in writing of the bidder'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 must be in our offices within 30 days. 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.
33.Exclusively Internet, CurrencyAuction.com, Amazing Comics Auctions™ and Bullet 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@HeritageGalleries. 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.
34. All Bidders who have inspected the lots prior to the auction will not be granted any return privileges, except for reasons of authenticity.
DELIVERY:
35. Postage, handling and insurance charges will be added to invoices. Please either refer to Auctioneer's web site HeritageGalleries.com for the latest charges or call Auctioneer.
COMPLETE SHIPPING AND HANDLING CHARGES
36. 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.
37. All shipping charges will be borne by the successful Bidder. Any risk of loss during shipment will be borne by the buyer following Auctioneer's delivery to the designated common carrier.
38. Regardless of domestic or foreign shipment, risk of loss shall be borne by the buyer following Auctioneer's delivery to a shipper.
39. Any claims for undelivered packages must be made within 30 days of shipment by the auctioneer.
40. In the event an item is damaged either through handling or in transit, the Auctioneer's maximum liability shall be the amount of the successful bid including the Buyer's Premium.
CATALOGING:
41. The descriptions provided in any catalog are intended solely for the use of those Bidders who do not have the opportunity to view the lots prior to bidding.
42. Any description of the lots contained in this auction is for the sole purpose of identifying the items.
43. In the event of an attribution error, the Auctioneer may, at the Auctioneer's 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.
WARRANTIES AND DISCLAIMERS:
44. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO ANY DESCRIPTION CONTAINED IN THIS AUCTION. Any description of the items contained in this auction is for the sole purpose of identifying the items, 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 the Auctioneer.
45. 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 coins.
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 a statement of opinion and does not constitute a warranty or representation. Any employee of Auctioneer may not alter these Terms and Conditions, and, unless signed by a principal of Auctioneer, any alteration is null and void.
48A. COINS, CURRENCY, COMICS AND SPORTSCARDS - Coins sold referencing a third-party grading service (“Certified Coins”) are sold “as is” without any express or implied warranty, except for a guarantee by Auctioneer that the Certified Coins are genuine. Certain warranties may be available from the grading services and the Bidder is referred to the following services for details of any such warranties: 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. Comic books sold referencing a third-party grading service (“Certified Comics”) are sold “as is” without any express or implied warranty, except for a guarantee by Auctioneer that the Certified Comics are genuine. Certain warranties may be available from the grading services and the Bidder is referred to the following services for details of any such warranties: Comics Guaranty Corporation (CGC), P.O. Box 4738, Sarasota, FL 34230. Sportscards sold referencing a third-party grading service (“Certified Sportscards”) are sold “as is” without any express or implied warranty, except for a guarantee by Auctioneer that the Certified Sportscards are genuine. Certain warranties may be available from the grading services and the Bidder is referred to the following services for details of any such warranties: 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. Currency sold referencing a third-party grading service (“Certified Currency”) are sold “as is” without any express or implied warranty, except for a guarantee by Auctioneer that the Certified Currency are genuine. Certain warranties may be available from the grading services and the Bidder is referred to the following services for details of any such warranties: Currency Grading & Authentication (CGA), PO Box 418, Three Bridges, NJ 08887.
48B. 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.
48B. 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.
49. All non-certified coins and comics and currency are guaranteed genuine, but are not guaranteed as to grade, since grading is a matter of opinion. Grading is an art, 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 coin with the same grade at two different times. Auctioneer has graded the non-certified 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. Auctioneer offers no opinion as to the validity of a grade assigned by any third-party grading service. Since we cannot examine C.G.A. encapsulated notes or Comics Guaranty Corporation (CGC) encapsulated 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 certification service certifying the collectible.
51. Due to changing grading standards over time and to possible mishandling of items by subsequent owners, the Auctioneer reserves the right to grade items differently than shown on certificates from any grading service that accompany the items. For the same reasons as stated above, the Auctioneer 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 was broken out of a plastic holder and was resubmitted to another grading service or even the same service, the lot could come back a different grade. Certification does not guarantee protection against the normal risks associated with potentially volatile markets.
53. 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 affiliates, the Consignor, or Owner of the Lot 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. 56A. COINS & CURRENCY; If any disputes arise regarding payment, authenticity, grading 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 rules of the Professional Numismatists Guild (PNG) or American Arbitration Association (A.A.A.). The A.A.A. arbitration shall be conducted under the provisions of the Federal Arbitration Act with locale in Dallas, Texas. If an election is not made within ten (10) days of an unresolved dispute, Auctioneer may elect either PNG or A.A.A. Arbitration. Any claim made by a Bidder has to be presented within one (1) year or it is barred. An award granted in arbitration is enforceable in any court. 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.
56B. ALL OTHER AUCTIONS; If any dispute arises regarding payment, authenticity, grading, description, provenance or any other material pertaining to the auction, the Bidder or the participant in the auction and/or the Auctioneer agree that the dispute shall be submitted, if otherwise mutually unresolved, to unbinding arbitration in accordance with the commercial rules of the American Arbitration Association (A.A.A.). The A.A.A. arbitration shall be conducted under the provisions of the Federal Arbitration Act with locale in Dallas, Texas. The prevailing party may be awarded his reasonable attorney's fees and costs. An arbitrator's award is enforceable in any court of competent jurisdiction. Any claim made by a Bidder has to be presented within one (1) year or it is barred. Any claim as to provenance or authenticity must be first transmitted to Auctioneer by credible and definitive evidence and there is no assurance such presentment that Auctioneer will validate the claim. Authentication is not an exact science and other contrary opinions may not be recognized by Auctioneer. Auctioneer in no event shall be responsible for consequential and incidental damages and the value of any item is determined by its high bid, which is Auctioneer's maximum liability. 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.
57. 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 his 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:
58. 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 an 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.
59. 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.
60. Storage of purchased coins: Purchasers are advised that certain types of plastic may react with the coin's metal and may cause damage to the coins. Caution should be used to avoid storage of coins in materials that are not inert.
STATE NOTICES:
61. 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.
Rev. 8/17/04