15478
Rochester, MN- Bank of Rochester $5 April 20, 1859 G6A Rochester, MN- Bank of Rochester
Currency:USD
Category:Coins & Paper Money
Start Price:112.00 USD
Estimated At:450.00 - 750.00 USD
SOLD
260.00USDto floor+ buyer's premium
This item SOLD at 2006 Apr 28 @ 10:54UTC-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>Rochester, MN- Bank of Rochester</B></I> $5 April 20, 1859 G6<BR>A very scarce note in any grade. <B>Fine,</B></I> with a few minor repairs, along with a restored corner.
Auction Location:
Greater Columbus Convention Center, Room 161 A,B, 400 North High street, Columbus, Ohio, United States
Previewing Details:
Tuesday, April 25 • 9 AM-10 PM ET
Wednesday, April 26 • 8 AM-10 PM ET
Thursday, April 27 • 8 AM-6 PM ET
Friday, April 28 • 8 AM-6 PM ET
Greater Columbus Convention Center
room e-170 - e-172
400 north High streET • Columbus, ohio 43215
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
- See Payment Details
Auctioneer aAnd 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. 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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.Ccurrent Bid Bid Iincrement < $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 Ccurrent Bid Bid $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. 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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.PaAyment: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
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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.DdelivVery; SshippPPing aAnd HahAndling CchaArges: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. CacAtaAloging, WaArraAnties DdisclaAimers: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.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. The grades assigned by any grading service to any note offered in any Heritage Currency Auctions of America sale represent the opinion of that grading service only,and may differ in material respects from the grade assigned to the same note in previous sales by HCAA or other auction companies, or from the grade that would be assigned by any other grading service. HCAA is unable to view any third party graded item outside of the holder, and specifically disclaims any liability of any kind to bidders who bid on third party graded items for mistakes of commission or omission by any grading service. Bidders are hereby notified that currency grading standards have changed in the past and are subject to change in the future, and that the only remedy bidder has with respect to third party graded notes is to deal directly with the grading service certifying the item. Bidders are also advised that Auctioneer makes no representation or guarantee that any item obtained by Bidder will be assigned any particular grade by any particular grading service, and as noted herein, 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 08887.49. 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 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.RreleaAse: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.dispPute Rresolution ArbBitraAtion ProvVision: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 mutu-ally 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. MmiscellaAneous: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 appli-cation 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.SstaAte Nnotices: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.rev. 3_09_06