NOT SOLD (BIDDING OVER)
0.00USD+ applicable fees & taxes.
This item WAS NOT SOLD. Auction date was 2004 Aug 19 @ 19:00UTC-05:00 : EST/CDT
<B>1878-S<50C> XF40 NGC.</B></I> As one studies 19th century American numismatics more and more, it becomes increasingly obvious how closely intertwined the silver lobby was with certain issues. Two examples that immediately come to mind are the creation of the essentially useless (not to mention confusing) twenty cent piece as an alleged outlet for Comstock silver, and the Sherman Silver Act of 1892 and the subsequent fall from favor of silver dollars as an outlet for these same lobbying interests, leading to the minuscule production of Morgan dollars in the mid-1890s. But underlying the swings in both directions of these special interest and political policy decisions was the Bland-Allison Act of 1878.<BR> When the Comstock Lode was discovered in the late 1850s by Henry T. P. Comstock, a.k.a. "Old Pancake," a veritable mountain of silver was mined and dropped onto world markets. As a result, the market price for silver as reckoned in gold dollars dropped significantly. The western mining interests had powerful friends in Congress, and by 1878 Rep. Richard P. "Silver Dick" Bland and Sen. William Boyd Allison came to the rescue of the mine owners by passing a bill that required the Treasury to purchase between $2 and $4 million of new domestic silver each month. This enormous amount of silver was then mandated to be turned into silver dollars, as silver dollars were heavier than two half dollars, four quarters, or ten dimes.<BR> Enactment of the Bland-Allison Act effectively required that the various mints cease any meaningful or useful production of the minor coinage that the commercial interests needed nationwide. Instead, in order to meet the mandated number of silver dollars required by the Bland-Allison Act, the various mints diverted most of their energies to striking silver dollars-coins that were not needed in the channels of commerce, and many of which sat in government vaults until the 1960s. It was in this chaotic and politically charged milieu that the 1878-S half dollars were (or rather were not) struck.<BR> All one has to do is review the mintage figures for 1878 to see how the mint's energies were diverted from necessary to politically motivated coinage. In that year, the San Francisco mint produced 140,000 quarters, 1/64th of the number it turned out the previous year. Only 12,000 half dollars were struck, whereas 5.3 million pieces had been minted in 1877. But a staggering 13.8 million silver dollars were stamped out, including both Trade and Morgan designs.<BR> The 1878-S is a key issue to a set of Seated Liberty half dollars, and it is one that is rarely seen on the market as most examples are locked up in major collections. Of the 12,000 pieces struck, only 60 or so are believed extant today in all grades. For most 19th century U.S. issues, the attrition rate was high, but a rough rule of thumb is around 1% of the mintage may still be known today in all grades. Given that the number of 60 pieces is accurate, that would indicate a percentage of survivors of only 0.005 %. This number also indicates that half dollars were indeed needed for commercial needs in the west in the late 1870s, and the few that were produced in 1878 were simply "worn out" from circulation.<BR> All 1878-S half dollars were produced from a single pair of dies. As one might imagine, counterfeits have been made and mintmarks added to "create" this important key. However, authentication is relatively easy. All genuine 1878-S halves show a die chip (or raised lump) high in the recessed area between the left edge of the reverse shield and the first set of vertical stripes. Since this lump is located in a recessed area, it is also visible on coins in very low grades.<BR> Of the surviving specimens, approximately a quarter, or some 16 pieces, are known in the AU58-MS64 grade range. The remaining examples are AU58 or lower, with the circulated population fairly evenly divided between Fine to AU, and Fair to VG. This particular coin has original, untampered surfaces that show a gray-lilac overlay of patina on each side with a significant presence of underlying golden coloration. The design elements show even wear over the highpoints, and there are numerous small abrasions scattered over both obverse and reverse but none are of individual significance or large enough to be used as a reliable pedigree identifier. The demand for 1878-S half dollars is so great that many are placed directly into collector's hands as soon as they are available. This is an opportunity to acquire this major rarity in problem-free XF condition at a major public auction. <BR><BR><B>Important notice:</B> Heritage usually auctions material at the rate of 200-250 lots per hour. On some occasions eBay Live bid software or the Internet may not be able to keep up with the pace of the auction. We recommend placing a realistic absentee bid now as insurance to avoid disappointment. Occasionally the auctioneer may eliminate or reject an eBay Live bid, and the auctioneer may also reopen a lot after the close of the eBay live bidding (usually because we missed an audience bid), and may reject your bid even if it shows you as the winning bidder. By bidding via eBay Live, you agree that Heritage may award the lot to another bidder at its sole discretion under the circumstances described above or any other reasonable circumstances. Since eBay bids are not shown to us until we open the lot on the floor, we treat those bids just like floor bids. In most cases the floor responds before the eBay bid is presented to us, due to Internet lag time, so for consistency we have made it a policy that floor bids are always considered first over tie eBay live bids. Also please note that all Heritage lots purchased through eBay Live carry a 20% Buyer's Premium. Please make sure you read the Terms and Conditions before you bid. </span></font></tr></table></td></tr></table>
Auction Location:
United States
Previewing Details:
Sunday, August 15, 2004 • 1pm - 7pm
Monday, August 16, 2004 • 8am - 7pm
Tuesday, August 17, 2004 • 8am - 7pm
Wednesday, August 18, 2004 • 8am - 7pm
Thursday, August 19, 2004 • 8am - 7pm
Friday, August 20, 2004 • 8am - 7pm Saturday, August 21, 2004 • 8am - 12pm
Applicable state sales tax on Signature Auctions ONLY if held in that state.
Additional Fees:
Shipping Details:
<a href="http://apps.heritagecoin.com/common/shipping.php" target="_new">Complete Shipping and Handling Charges</a>
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.
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.
Regardless of domestic or foreign shipment, risk of loss shall be borne by the buyer following Auctioneer's delivery to a shipper.
Any claims for undelivered packages must be made within 30 days of shipment by the auctioneer.
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.
Payment Details:
All sales are strictly for cash in United States dollars. Cash includes:
U.S. currency, travelers checks, bank money orders, all subject to reporting
requirements. Personal or corporate checks may be subject to clearing before
delivery of the purchases.
1. 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 twenty percent (20%) 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 $6.00 per lot.
Auctioneer and Auction:
2. 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 the website 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 all other auctions see the alternatives shown on each website. Review at http://www.heritagegalleries.com/common/bidding_tutorial.php.
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.
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. 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.
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 affiliates may consign items to be sold in this auction, and may place reserve bids on those items or any other in the auction. 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. Lots from different auctions may not be aggregated for sales tax purposes.<table STYLE="font-size:8pt"><tr><td><strong>State</strong></td><td><strong>Coins</strong></td>
<td><strong>Currency</strong></td><td><strong>All Other Collectibles</strong></td></tr><tr><td>Texas Residents</td><td>Under $1,000 only</td><td>Yes</td><td>Yes</td></tr><tr><td>California</td><td>Under $1,000 only</td><td>Applicable state sales tax on Signature Auctions ONLY if held in CA</td><td>Applicable state sales tax on Signature Auctions ONLY if held in CA</td></tr><tr><td>Florida/Ohio/Illinois</td><td>No sales tax</td><td>No sales tax</td><td>Applicable state sales tax on Signature Auctions ONLY if held in FL, OH or IL</td></tr><tr><td>New York/Wisconsin/ Pennsylvania</td><td>Applicable state sales tax on Signature Auctions ONLY if held in that state</td><td>Applicable state sales tax on Signature Auctions ONLY if held in that state</td><td>Applicable state sales tax on Signature Auctions ONLY if held in that state</td></tr><tr><td>Oregon</td><td>No sales tax</td><td>No sales tax</td><td>No sales tax</td></tr><tr><td colspan="4">*Unless an approved resale form is on file with Heritage.</td>
</tr></table>25.
26. 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.
27. 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.
28. 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.
29. The Auctioneer reserves the right to require payment in full in good funds before delivery of the merchandise to the buyer.
30. 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.
31. 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.
32. 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:
33. 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 preapproved by the Auctioneer. A Bidder must notify bid@heritagegalleries.com 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 received in our offices within 30 days from the date of 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.
34. Exclusively Internet, CurrencyAuction.com, Amazing Comics Auctions™, Amazing Sports 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@HeritageCoin.com, and immediately mail the lot(s) fully insured to the attention of Returns, care of Heritage Galleries & Auctioneers, 3500 Maple Avenue, 17th Floor, Dallas Texas, 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.
35. All Bidders who have inspected the lots prior to the auction will not be granted any return privileges, except for reasons of authenticity.
36. Postage, handling and insurance charges will be added to invoices. Please either refer to Auctioneer's web site, www.HeritageGalleries.com, www.HeritageCoin.com, www.HeritageComics.com, or www.HeritageSportsCollectibles.com for the latest charges or call Auctioneer.
<a href="http://apps.heritagecoin.com/common/shipping.php" target="_new">Complete Shipping and Handling Charges</a>
37. 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.
38. 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.
39. Regardless of domestic or foreign shipment, risk of loss shall be borne by the buyer following Auctioneer's delivery to a shipper.
40. Any claims for undelivered packages must be made within 30 days of shipment by the auctioneer.
41. 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:
42. 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.
43. Any description of the lots contained in this auction is for the sole purpose of identifying the items.
44. 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:
45. 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.
46. 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.
47. Auctioneer disclaims any warranty of merchantability or fitness for any particular purposes.
48. 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.
49. 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. 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.
50. 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.
51. 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.
52. 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.
53. 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.
54. 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:
55. 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:
56. 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.
57. 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 unresolved, to binding 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 first be 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 an item is determined by its high bid, which is Auctioneer's maximum liability. Provenance is not guaranteed by the Auctioneer, but rather provenance is 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.
58. 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:
59. 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.
60. 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