Public Auction
1.	This is a public auction and mail bid sale, conducted by PONTERIO & ASSOCIATES, INC., licensed California Auction Co. #968 (hereafter "Auctioneer"). Subject to our consent, liberty for bidding by sellers and/or consignors is hereby reserved.
2.	A 15% buyer's charge will be added to the "hammer price" or winning bid of each lot. This charge will be added to all invoices.
3.	Subject to paragraph 8, all material shall be sold to the highest bidder as determined by the Auctioneer. If any dispute arises during or immediately after the sale of a lot, Auctioneer shall have the right to recall the lot and put it up for sale again. In all cases, Auctioneer's decision shall be final. For the bidder's protection, NO "UNLIMITED" or "BUY" BIDS WILL BE ACCEPTED. Bids are to be made in U.S. currency only.
4.	Terms of this sale are strictly cash with payment due immediately upon receipt of invoice. Payment by check must be payable in U.S. currency only and drawn on a U.S. bank. No credit card purchases will be accepted. Title to all lots remains with consignor until paid in full.
5.	Floor bidders and mail bidders are not known to Auctioneer must furnish satisfactory credit references, sufficiently in advance of the sale to allow for checking, or per the discretion of the Auctioneer, a deposit equal to 25% of their total bids for that session(s) before such bids can be accepted. Deposits submitted will be applied to purchases and any unused portion of such deposit will be promptly refunded. All bid sheets submitted by mail bidders must be signed. Company bids must be submitted with the signature of a duly authorized agent of such company. If you bid by mail, mail your bid sheet early. Mail bidders agree to and are subject to these terms of sale just as they were floor bidders.
6.	All bids must be per lot as numbered in this catalog. No lots will be broken. Lots will be sold in their numbered sequence unless Auctioneer directs otherwise. Auctioneer can not be responsible for errors in bidding. Please make certain that you bid on the correct lot and that your bid is the maximum you are willing to pay.
7.	An estimate is provided for each lot. This estimate represents, in the opinion of the cataloger, the current market value of the lot. Lots may, of course, sell for above or below this estimate.
8.	Lot(s) may carry a Reserve. A Reserve is a confidential price or bid below which Auctioneer not sell an item or will re-purchase on behalf of the Consignor or for the Auctioneer. In the event that a reserve is known to the Auctioneer prior to the publication of the catalog, the low pre-sale estimate will equal or exceed the reserve. We reserve the right to withdraw any lot prior to the sale and to open the bidding on any lot at a reasonable price.
9.	If Auctioneer, in its sole discretion, determines that any numismatic property is substantially and materially different from that represented in the catalog of sale, or in any written advertisement or material, the sale shall be canceled and Auctioneer shall refund the purchase price to the Buyer. Unless provided otherwise in these terms or the PNG bylaws, that refund shall be Auctioneer's sole obligation to Buyer in the event of such cancellation.
10.	All items in this catalog are guaranteed to be genuine unless specifically stated otherwise in the lot description. Claims to the contrary must be made in writing within three days after receipt of the lot. Any returned lot must be intact and in its original unopened holder. No lot may be returned without prior written consent. In no event may any lot be returned after thirty (30) days from the date of the sale. LATE REMITTANCE FOR PURCHASES CONSTITUTES JUST CAUSE TO ABROGATE ALL RETURN PRIVILEGES FOR ANY REASON.
11.	(a) Grading is a subjective description, in the opinion of the cataloger as to the state of preservation, method of strike and overall appearance of a particular coin or lot. The term "Proof" or "Specimen" is used to describe a method of manufacture and is not a grade or condition or an attribution; (b) Auctioneer does not represent that a numismatic item has or has not been cleaned; that any toning is natural or artificial; that any coin catalogued will meet the standards, or the grade, of any third party or third party grading services; that a numismatic item has a particular provenance or pedigrees; that a numismatic item is struck or not struck, or produced in a particular manner or style. (c) Adjectival descriptions and terminology (which can and does vary among experts and knowledgeable purchasers), when utilized in the catalog, are strictly the opinion of the cataloger and shall not be deemed to be part of the description; i.e., it is an opinion only and not a warranty of any kind; (d) Grading descriptions in this catalog are provided strictly for the convenience of those who bid by mail and who are unable to personally view the coins and represents the cataloger's opinion of its state of preservation. Those attending the sale, and those bidders who actually view the lots should draw their own conclusions as to the state of preservation or grade of the numismatic item.
12.	This is not an approval sale. Bidders are expected to promptly purchase all lots awarded to them by the auctioneer. Floor bidders are encouraged to carefully examine all lots which they are interested in purchasing, since NO LOTS MAY BE RETURNED BY FLOOR BUYERS, INCLUDING THOSE LOTS WHERE THE BIDDER IS ACTING AS AGENT FOR ANOTHER PARTY, OR BY MAIL BIDDERS WHO HAVE EXAMINED THE LOT PRIOR TO THE SALE.
13.	Mail bids will be accepted from those who can not attend the sale in person. Bids for all lots must be submitted in even dollar amounts, or they will be reduced to the next even dollar amount. Mail (or fax) bids must be received prior to the day of the auction or there will be no guarantee that they will be timely executed. Successful mail bidders will be awarded the lot at a nominal 5% or 10% over the second highest mail or floor bid. When identical bids are received by Auctioneer for a lot, preference is given to the first bid received. A mail bid will take precedence over an identical floor bid. A floor bidder must bid higher than the highest mail bidder to be awarded any lot.
14.	Auctioneer is an "insider" and may have access to confidential information not otherwise available to the public with respect to value, provenance, availability, and other factors. Purchasers should make themselves acquainted with the numismatic items that they are purchasing and avail themselves of the services of outside consultants prior to engaging in any purchase.
15.	Auctioneer reserves the right to refuse to honor any bid or to limit the amount of any bid which, in his opinion, is not submitted in "Good Faith", or, as the case dictates, is not supported by satisfactory credit and numismatic references, as Auctioneer, in its sole discretion, shall determine. A bid is also considered not made in "Good Faith" when it is made by an insolvent or irresponsible person, or a person under the age of eighteen. Auctioneer reserves the right to exclude any person it deems in its sole opinion is disruptive to the sale or is otherwise commercially unsuitable. Auctioneer reserves the right to rescind the sale in the event of any nonpayment, breach of warranty, disputed ownership, Auctioneer's clerical error or omission in exercising bids and reserves or otherwise.
16.	All photographs in this catalog are of the actual items being sold.
17.	Postage, insurance and sales tax, if required by law to be collected, will be added to the invoice for any lot(s) invoiced to successful bidders. All lots delivered in the state of California are subject to applicable sales taxes. Individuals purchasing lots for resale must submit an exemption certificate, signed by the purchaser or his agent and recognized by the state of California, with their current resale certificate number or be subject to the sales tax.
18.	Auctioneer reserves the right to require payment in full before delivering any lot to a successful bidder. It is the buyer's responsibility and obligation to have the lots fully insured while in his/her possession. Risk or loss is on the buyer. All lots sent to foreign countries, including Canada and Mexico, will be billed an additional ½ of 1% for insurance. The minimum insurance fee is $5.00. Please send shipping instructions. Normally all lots will be sent via registered mail.
19.	In the event a bidder fails to make remittance promptly, auctioneer reserves the right to resell the merchandise and bidder agrees to pay for the reasonable cost of such a sale and also to pay any difference between the resale price and the previously successful bid.
20.	Auctioneer reserves the right to postpone the auction sale for a reasonable period of time, as the result of any act of war, natural calamity or significant relevant event, which, in the judgment of Auctioneer, reasonably exercised, make it inadvisable to hold the auction.
21.	By bidding in this sale, bidder personally guarantees payment; if a corporation is the bidder, the officers and/or principals of the corporation agree to personally guarantee payment. Mail or fax bids must be signed.
22.	Auctioneer reserves the right to include its own material in any auction sale. Auctioneer may have direct or indirect interests in auction lots. Auctioneer may make loans or advances to consignors and/or prospective purchasers. The Consignor may be permitted to bid on his, her or their own articles and to buy them back at the sale. Any Buyer who bids on or purchases their own goods is required to pay for them, in full, as the terms of sale provide for together with the full buyer's commission , and any other applicable surcharges, postage, handling, insurance fees and taxes, without rebate of any kind whatsoever, unless provided for otherwise by contract with Auctioneer. Auctioneer reserves the right to make accounting adjustments in lieu of payment. Settlement will follow the auction. The prices realized reflect the final price called by Auctioneer and may include a bid of a consignor reacquiring their lot.
23.	In the event Auctioneer shall, for any reason other than set forth in paragraph 8, be unable to deliver the property sought to be purchases, its liability therefore shall be limited to the rescission of the sale and refund of the purchase price and buyer's fee plus interest at 10% per annum if refund is made greater than 60 days after payment. Auctioneer shall have no liability for damages, incidental, consequential or otherwise, arising out of its failure to deliver any property purchased, and all bidders agree to this.
24.	Auctioneer shall have a lien against the merchandise purchased by the buyer and any other property of the buyer then held by Auctioneer to secure payment of the auction invoice(s) and any other amounts due to Auctioneer from the buyer, with the respect to which Auctioneer shall have all the rights of a secured creditor under Article 9 of the California Uniform Commercial Code.
25.	It is unlawful and illegal for Bidders to collude, pool, or agree with another Bidder to pay less than the fair value for lot(s). Bidders in the sale acknowledge that the law provides for substantial penalties in the form of treble damages and attorney's fees and costs for those who violate these provisions.
26.	If any dispute arise regarding payment, participation, authenticity, or grading or any other matter pertaining to the sale, and those disputes cannot be resolved, the bidder and/or participant in the Auction Sale and Auctioneer all agree that the dispute shall be submitted to binding arbitration in accordance with the rules of the Professional Numismatists Guild (PNG) or American Arbitration Association (AAA), per the election of the bidder/participant. The AAA arbitration shall be conducted under the provisions of the California Arbitration Act and venue shall be conducted in San Diego, California. The arbitration costs shall initially be paid equally by the parties. If an election is not made within ten (10) days of an unresolved dispute, Auctioneer may elect either PNG or AAA arbitration. An award granted in arbitration is enforceable in any court. The prevailing party in any dispute shall be entitled to receive its attorney's fees, expert witness fees, costs and arbitrator's fees. By placing a bid (mail, fax, phone, floor, electronic or otherwise) or by attending or by participating in an auction, a bidder and all participants accept these Terms and Conidtions of Sale, and agrees to be bound.
27.	Bidding in this sale (by any means) or participating in this sale constitutes acceptance by the bidder or participant of all the fore mentioned terms and conditions of the sale.