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Auction Terms
Terms & Conditions of Sale
Terms for Auctions Held Outside of New York
  1. This sale is by public auction conducted by licensed auctioneer(s). The bids will be for specific lots which will be opened for bidding in numerical order. In the event that bids for the same amount are received for the same lot, the winning bid will be the earliest received. The decision of the Auctioneer as to identity of the winning bidder shall be final. Any person submitting bids on behalf of a corporation or any other entity agrees to be personally liable for payment of the purchase price and any related charges as well as responsible for the performance of all buyer obligations under these terms of sale. No “buy” or unlimited bids will be accepted. No bids will be accepted from minors.
  2. Stack’s, LLC, (subsequently referred to as Stack’s) reserves the right to postpone or cancel the auction without notice in its sole discretion. Any lot may be withdrawn by Stack’s without notice prior to it being opened for bidding. Neither Stack’s nor the consignor shall be liable for any costs or damages arising from either the withdrawal of material at the auction or the delay or cancellation of the auction.
  3. The purchase price shall be the sum of the winning bid and a buyer’s premium of 15% of the amount of the winning bid. The purchase price shall be paid in full prior to delivery of the lot absent other arrangements between the successful bidder and Stack’s. The decision to extend a line of credit and the decision to withdraw a previously authorized line of credit shall be within the sole discretion of Stack’s. Stack’s reserves the right to deny participation in the auction if, in Stack’s sole discretion, the bidder’s prior business dealings with Stack’s have been unsatisfactory.
  4. Payment shall be by cash in United States funds or checks drawn on United States banks. The purchase price shall be paid upon delivery of the lot or receipt of Stack’s invoice for the lot, whichever occurs first. All associated costs for the delivery of the lot such as handling, shipping, insurance, and related charges will be added to the purchase price for lots not picked up after the auction by the winning bidder. On any account not paid within the prescribed terms of sale, Stack’s reserves the right to extend credit and to impose periodic finance charges at the rate of 1-1/2% per month (18% per annum) on the unpaid balance. By bidding in the sale, the bidder grants to Stack’s a security interest in all numismatic material purchased by the bidder, amounts due the bidder by Stack’s, and any numismatic material of the bidder possessed by Stack’s to secure the payment of any present or future indebtedness of the bidder to Stack’s and authorizes Stack’s to file a financing statement without the bidder’s signature. The buyer agrees not to sell, pledge, or hypothecate the lots purchased until paid in full. If the account is referred to an attorney for collection, the buyer agrees to pay all costs, including attorneys’ fees, with interest accruing on the balance, until fully paid, at the specified rate.
  5. Bidders shall be responsible for all taxes due as a result of their purchases.
  6. Title does not pass from the consignor to the successful bidder until the purchase price for the lot has been paid in full. The risk of loss is on the buyer once the lot is either in transit to the successful bidder or in their possession.
  7. Stack’s reserves the right to establish the opening bid for any lot, to establish bidding increments, and to refuse any bid. Stack’s reserves the right to place bids on behalf of the consignor up to the amount of a reserve price established by the consignor. Stack’s will not accept a reserve price from a consignor above the high estimated value shown in the catalog for the auction and any exceptions to this rule will be announced at the auction prior to the opening of bidding on the material. Stack’s shall make reasonable efforts to properly enter and execute bids received by mail or by other means. However, Stack’s shall not be liable for any errors for incorrectly entered or incorrectly executed bids.
  8. Bidders are responsible for their bids including any errors they may make in placing bids. All bids shall be in even dollar amounts and any bids not in whole dollar amounts will be rounded to the next highest dollar. All bid sheets must be signed, and Stack’s reserves the right to refuse and reject unsigned bid sheets.
  9. All items offered in this auction catalog are guaranteed to be genuine. Buyer agrees that except for questions of authenticity, there is no right of return for any reason whatsoever for any coin certified by any third party certification service. Further, Buyer agrees that except for questions of authenticity, there is no right of return for lots nor shall Stack’s accept any returned lots from any floor bidder or any bidder who examined the lots prior to the sale. Mail, FAX and Internet bidders may make return requests within three days of the receipt of the lot. Coins must be returned to Stack’s offices in Wolfeboro, N.H. within 30 days from the date of the auction. Any coin which has been physically altered or removed from its container or holder shall not be returnable nor accepted by Stack’s.
  10. Bidders by accepting these terms of sale acknowledge that the grading of coins is a subjective process for describing the relative ranking of coins as to their condition. Consequently, the language used to describe any coin in this catalog, including but not limited to the grading of such coin, are statements of subjective opinion by the Stack’s staff. No warranty, whether expressed or implied, including the warranty of merchantability, is made with respect to any coin contained in this catalog. In the event of a typographical error or other error, Stack’s reserves the right to withdraw any item from the auction with or without notice, to correct the error by verbal announcement before the lot is opened for bidding or, if the error is discovered after the auction, to refund the successful bidder’s funds without further obligation. The maximum obligation of Stack’s to any bidder shall be the purchase price for any lot in dispute or for which a refund or adjustment is made for any reason.
  11. Stack’s acts as an auctioneer to sell coins for the various consignors. Therefore, no claims of any kind (except for authenticity) can be considered by Stack’s after settlements, which occur 45 days after the auction, have been made with the consignors.
  12. Cash advances may have been made to some consignors in anticipation of auction proceeds. Stack’s may consign items to this auction and may participate as a bidder. Stack’s or the consignor may bid for their own account at the auction and may have information not otherwise available to the bidders regarding reserves, bid values, and other material facts relating to the lots opened for bidding at the auction. When a lot is sold to the book, it may be sold, passed over, withdrawn from the auction, returned to the owner or bought by Stack’s. Any consignor may bid on any lot, including lots containing coins consigned by the consignor.
  13. From time to time, Stack's allows parties to participate in auctions or sales through the use of Internet or on-line bidding services or companies, telephones, computers, and other electronic, telephonic, or similar or related technologies or devices (the "Services"). All parties that participate in any way in any Stack's sale or auction including, but not limited to, consignors, sellers, bidders, purchasers, potential purchasers, and their agents or representatives ("Participants") acknowledge and agree as follows:
    1. that there are risks in utilizing the Services or any other technology or device;
    2. that all Participants assume all risks associated with the use of the Services or any other technology or device; and
    3. that Stack's does not control or maintain all or many of the Services or any other related technology or device utilized in connection with the Services or any auction or sale.
    By participating in any auction or sale, or by using any of the Services or any related technology or device, all Participants agree that Stack's is not responsible for any damages whatsoever, consequential or otherwise, arising out of, or relating to, the use of any such Service or other related technology or device. Stack's disclaimer of liability, and Participant's assumption of risk includes, but is not limited to, damages that result from any failure, interruption, disruption, or delay of any Service or related technology or device. Stack's is not, and shall not be held, responsible for any damages of any kind or nature whatsoever arising from the foregoing. By way of example, and not limitation, Stack's is not responsible for any inability to use any Service or system, loss of electronic information which may affect any bid or any other aspect of the auction, service suspension, acts of God, or any other acts or omissions. In no event will Stack's be liable for any damages or losses whatsoever experienced through the use of any Service, regardless of whether Stack's knew or should have known of the possibility of such damages or losses. All Participants involved in the sale of any particular Lot or item agree to indemnify and hold harmless, Stack's, its Members, directors, officers, employees and agents for any claim, suit, action, incident of loss, or damage (including reasonable legal fees and expenses) relating to that particular Lot or item that may arise as a result of any Participant's use of any of the Services or related technology or device.
  14. By placing a bid in this sale, a bidder agrees that this transaction shall be construed in accordance with the laws of the State of New York and that neither New York’s or any other state’s choice of laws and/or conflict of laws shall be applied. Any dispute between Stack’s and bidders at the auction (except for non-payment) shall be settled exclusively by binding arbitration under the rules then in effect of the Professional Numismatists Guild, Inc. conducted at New York, New York. In the event of non-payment, Stack’s and a successful bidder agree that any judicial action shall be heard and determined only by the courts of the State of New York and the successful bidder hereby consents and submits to the personal jurisdiction of the courts of New York.
  15. In the event of litigation, the party against whom a final judgment is rendered shall pay the prevailing parties’ legal costs, including attorneys fees and witness fees, and all other costs incurred by it during the course of such litigation.
  16. Information in this catalogue is believed to be correct, but the auctioneer makes no representations or warranties concerning the property to be auctioned. All pre-sale announcements and statements shall supersede the information set forth in this catalogue.
  17. These Terms of Sale are intended to be part of all lot descriptions contained in this catalogue. Bidding in this auction sale constitutes acceptance by the bidder of the foregoing Terms of Sale.
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Terms for Auctions Held Within New York

These terms of sale are designed to conform to the Amended Rules for Public Auction Sales in New York City by the Department of Consumer Affairs and the Bylaws of the Professional Numismatists Guild, Inc.

  1. This public auction sale is conducted pursuant to these Terms of Sale by licensed and bonded auctioneers, Harvey G. Stack, #0522763 and Lawrence R. Stack, #0798114.
  2. Each bidder, by bidding in the sale, agrees that a 15% BUYER’S CHARGE will be added to the “hammer price” or winning bid of each lot as determined by the auctioneer. This 15% BUYER’S FEE will be added to the invoice of each successful bidder over and above the actual sum bid or offered. The Buyer’s Fee applies regardless of a bidder’s affiliation with any group or organization, and is imposed on all bidders. No lots will be delivered or shown at the auction. Auction sales are strictly for cash and must be paid for promptly in U.S. funds. Stack’s reminds you that all bidders personally guarantee prompt payment in full. Checks are permitted with identification acceptable to Stack’s. On any accounts past due, Stack’s reserves the right to extend credit and impose periodic charges as stated in these Terms of Sale or on the invoice or statement. Buyer agrees to pay the reasonable attorney fees and costs required to collect on such past due accounts. All lots delivered in New York State are subject to applicable Sales Tax. Buyer agrees to pay any sales tax, use tax, and any other applicable taxes that now, or hereafter, are found to be due by virtue of the sale, and to indemnify and hold Stack’s harmless for any sales or other taxes due thereunder, including reasonable attorneys fees, costs and any interest or penalties assessed. Buyer shall also pay all shipping and handling charges where applicable.
  3. Purchasers claiming exemption from such taxes must submit resale or exemption certificates or other proof of exemption. Out-of-state Purchasers taking delivery in New York must provide an OSR certificate or pay applicable taxes due. All purchasers represent that they are not seeking to acquire goods for personal, family, or household purposes, but are bidding for resale purposes; and those submitting OSR’s additionally represent that they are professionals, knowledgeable and fully aware of what they are purchasing, a representation upon which Stack’s relies in agreeing to sell to Purchaser. Buyers picking up lots may be required to confirm this agreement in a separate writing.
  4. Stack’s is not responsible for your errors in bidding. PLEASE BID ON THE CORRECT LOT.
  5. All persons seeking to bid, whether in person, by an agent or employee, or by mail, must have a catalogue and register to bid. By submitting a bid, whether in person, by mail, or through an employee or agent, the bidder acknowledges receipt of the catalogue, and agrees to adhere to these terms of sale. The auctioneer may decline to recognize any bidder who does not have a catalogue and has not registered and been given a paddle number. Any prospective bidder may be required to establish credit references or submit a deposit of 25% of their bids. All new bidders should be prepared to establish credit with the auctioneer prior to registering to bid.
  6. By bidding, purchasing or offering to purchase in this sale, even if as an agent, or on behalf of a corporation or for another individual, each bidder personally guarantees prompt payment and agrees to be personally liable for the consequences of bidding; all bidders also personally guarantee prompt payment in full, including without limitation, BUYER’S FEE, taxes, surcharges, postage, handling charges, storage costs and insurance charges.
  7. Stack’s reserves the right to require payment in full before delivering lots to a successful bidder, and reserves the right to require the principals, and directors of any corporate bidder to execute a guarantee of payment (which, in any event they do by having an agent or employee bid in the sale) prior to allowing a bid to be placed or recognized.
  8. Stack’s reserves the right to impose a late charge, based solely upon Purchaser’s failure to remit full and timely payment, and which late charge is not related to any necessary storage of the material purchased. Said late charge is calculated at a rate of 11/2% per month (18% per annum), based on the purchase price if payment has not been made in accordance with these Terms and Conditions of Sale. Purchases not collected within thirty (30) days of the date of sale may, at the sole option of Stack’s, be resold for Purchaser’s account by Stack’s, with Purchaser liable for any deficit after Stack’s receives a commission for the same in accordance with its agreement, and thereafter deducts all expenses associated with the sale, including reasonable attorneys fees.
  9. Bids are NOT accepted from minors. By bidding in this sale, the bidder represents and certifies that they are of legal age, are authorized to make the bid that they make, and that the purchase is not a consumer sale or consumer credit transaction.
  10. Title remains with Stack’s until paid for in full. Should Purchaser take any action under Title 11 of the U.S. Code, or any state insolvency law, Buyer agrees to promptly return to Stack’s, any lots not paid for. The Buyer agrees to keep the lots fully insured until paid for. Risk of loss is on the Buyer.
  11. The highest bidder as determined in the sole discretion of the auctioneer shall be the Buyer. If the auctioneer determines that a dispute has arisen between two or more bidders, the lot may be immediately put up and sold again. Bidders with whom the dispute previously arose shall be without further recourse for any damages whatsoever.
  12. If you bid by mail, mail your bid sheet early. Mail bidders agree to and are subject to these terms of sale just as if they were floor bidders.
  13. The auctioneer reserves the right to refuse ridiculously low bids, which in the auctioneer’s sole discretion, are felt not to have beenmade in good faith. The auctioneer reserves the right to open the lot at a reasonable price determined solely by the auctioneer. The auctioneer shall also have sole discretion to set initial, and subsequent bidding increments, and to accept, or to decline to accept, challenges to those bidding increments. All bids not in whole dollar amounts may be rounded downward by the auctioneer. The auctioneer may open bidding on any lot by placing a bid on behalf of the Seller, a mail bidder, Stack’s, or another participant in the sale. The auctioneer may bid further on behalf of the Seller up to the amount of the reserve by placing successive or consecutive bids for a lot, or by placing bids in response to other bidders. The auctioneer may bid for his, or its, own account at any auction and may have access to information concerning the lots, and items contained in them, that are not otherwise available to the public. Estimates given are for the general guidance of the bidder and represent the opinion of the auctioneer as to the fair market value of the numismatic item at the time of cataloguing, based on experience and comparable sale, if applicable. The actual price realized may be higher, or lower than the estimate. If a lot is reserved, the reserve may not exceed the maximum estimated price.
  14. Auction sales are not approval sales. In the event of non-payment by the Buyer, Stack’s reserves any and all rights that it would be entitled to under the Uniform Commercial Code, including Buyer’s consent to file a financing statement without need of Buyer’s signature, and to offset any sums due on any future consignment or purchase or monies or goods in possession of Stack’s or its assigns.
  15. All bidders are encouraged to carefully examine all lots prior to the sale. No lots will be shown at the sale. Stack’s assumes no risk, liability or responsibility for the material (or other) facts stated concerning the numismatic item, except as specified herein. All floor buyers should acquaint themselves with the property sold since Stack’s will assume that they have done so and requires that the Purchaser represent that they have. Bidders are deemed to have satisfied themselves as to all of the matters set forth in the terms of sale.
  16. Stack’s, as agent, offers a LIMITED WARRANTY that any numismatic item sold is authentic (i.e., not counterfeit, that its date or mintmark has not been altered, and that the coin has not been repaired as those terms are used in the trade). Except as set forth in this limited warranty and as may be required by the arts and cultural affairs law, and any other law or regulation, all other warranties of authenticity of authorship, whether express or implied, are hereby disclaimed.
  17. Except as otherwise stated herein, all items offered in this catalogue are GUARANTEED TO BE GENUINE and correctly attributed as defined below.
    1. NO LOT may be returned for any reason whatsoever without the prior written consent by Stack’s, or, in any event, if it has been removed from its original container. No lots purchased by those who have viewed the lots may be returned, unless the limited warranty provided in these terms of sale permits it.
    2. Grading is a subjective description in the opinion of the cataloguer 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.
    3. Stack’s 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 service; that a numismatic item has a particular provenance or pedigree; that a numismatic item is struck or not struck, or produced or not produced in a particular manner or style.
    4. Adjectival descriptions and terminology (which can and does vary among experts and knowledgeable purchasers), when utilized in the catalogue, are strictly the opinion of the cataloguer 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.
    5. Grading descriptions in this catalogue are provided strictly for the convenience of those who bid by mail and who are unable to personally view the coins, and represents the cataloguer’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.
    6. Stack’s may utilize numerical or adjectival descriptions, and may include lots that have been graded by others. Opinions offered with respect to numismatic properties offered for sale by Stack’s are made at the time that the numismatic item is catalogued, and do not refer to any prior or subsequent time.
    7. Where Stack’s sells a numismatic item graded and encapsulated by a grading service, Buyer acknowledges and agrees that other grading services, Stack’s or knowledgeable purchasers might reach a different conclusion as to the state of preservation of a particular item, and that Stack’s has presented the service’s description of the encapsulated item for accommodation only. Any such information provided by Stack’s is the opinion of the third party, without recourse against Stack’s in any way whatsoever.
    8. Except as otherwise expressly stated in the Terms of Sale, Stack’s and its agents and employees make no warranties or guaranties or representations, and expressly disclaim all warranties and guaranties and representations, including, without limitation, a warranty of merchantability, in connection with any numismatic properties sold by Stack’s.
    9. All oral and written statements made by Stack’s, are statements of opinion only and are not warranties or representations of any kind, unless stated as a specific written warranty, and no employee or agent of Stack’s has authority to vary or alter these Terms of Sale. Any alteration shall be effective only if in writing and signed by a member of the firm.
    10. If not so stated expressly, the grade, artisanship, provenance, or attribution is the firm’s opinion only on which no third party, including the bidder, is entitled to rely.
    11. Stack’s assumes no risk, liability or responsibility for the material (or other) facts stated concerning the numismatic item, except as specified herein.
  19. Unless otherwise stated, Stack’s acts only as agent for a Consignor and makes no independent warranty of title. Stack’s offers the following LIMITED WARRANTY to Buyers with respect to all numismatic items offered for sale. Stack’s warrants to all Buyers that the Consignor or the Seller has warranted good title to property offered for sale. Any such warranty is predicated on the Owner or prior owner making the same warranty to Stack’s, upon which the firm relies. In the event that it is finally determined that the Purchaser has not acquired transferable title, Stack’s shall reimburse the Purchaser (if full payment has already been made) in accordance with these Terms of Sale, and Buyer agrees that this is full compensation for any loss whatsoever, whether actual or otherwise. Tender of the check by Stack’s to Buyer at the address specified on the bid sheet or registration form shall end the obligation of Stack’s to the Buyer, even if the check is not endorsed or cashed. Stack’s and the Consignor make no representations or warranty that the Purchaser acquires any reproduction rights or copyright in property purchased at the sale.
  20. Stack’s further expressly disclaims all warranties relating to the grade, condition, identification of the periods or date of coining or manufacture or methods of manufacture of property which is inaccurate, or may be proved inaccurate, by means of scientific process or research which is not generally accepted for use until after the sale.
  21. Stack’s reminds the Buyer that the grading or condition of rare coins may have a material effect on the value of the items purchased; that others may differ with the grading opinions or interpretations of Stack’s; that such difference of opinion (including whether the coin has been cleaned, or is or is not of a particular grade or quality) is not grounds to return an item purchased; and that all sales of items viewed by a Purchaser in advance of a sale, even if the sale is by mail, are final.
  22. By purchasing in this sale, Buyer agrees that they shall have no recourse against the Consignor for any reason whatsoever. In the event that a warranty is offered with respect to grade or state of preservation or condition, it shall be a specific warranty, in writing, signed by a member of Stack’s, and shall specify its terms and conditions and duration. If any numismatic item is damaged in its removal from encapsulation, or during its encapsulation, it is at the sole risk of the Purchaser. Because of the fungibility of numismatic items, any item removed from its holder may not be returned for any reason whatsoever.
    1. On any claim made by a bidder, Stack’s must be advised in writing sent within seven days after receipt of the material, or the date of the sale, whichever is the later; these dates apply whether or not the Buyer has received the material. The disputed property must be returned to Stack’s in the same condition as sold by Stack’s, in the same holder.
    2. These conditions are binding and absolute unless varied in writing by a principal of Stack’s or if the bylaws, rules or regulations of the Professional Numismatists Guild, Inc., provide for a longer period, or give the Buyer a greater right, in which case such bylaws, rules or regulations shall prevail. Any and all claims of the Buyer made in violation of the Terms of Sale shall be deemed waived, and the Buyer shall be without further recourse.
  24. If Stack’s, in its sole discretion, determines that any numismatic property is substantially and materially different from that represented in the catalogue of sale, or in any written advertisement or material, the sale shall be cancelled and Stack’s shall refund the purchase price to the Buyer. Unless provided otherwise in these terms or the PNG bylaws, that shall be Stack’s sole obligation to Buyer.
  25. The auctioneer and cataloguer, Stack’s, reserves the right to include its own material in any auction sale. The auctioneer may have direct or indirect interests in these, and other items (other than its commission), and may collect a minimum price in addition to the selling commission. This paragraph shall be deemed a part of the description of all lots contained in the catalogue. The catalogue shall also be deemed a part of any invoice issued by the auctioneer. The 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 the auctioneer. The 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 the auctioneer and may include a bid of a consignor reacquiring their lot.
  26. Stack’s, the auctioneer, and employees are “insiders” 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. Bids are so much per LOT. No lots will be broken up unless otherwise stated.
  27. No bidder shall have any claim against the auctioneer, or Stack’s, for improper sequence of offering a lot.
  28. On bullion items, bullion-like items, and encapsulated items graded by a grading service, Buyer agrees that there shall be no right of return for any reason whatsoever. Buyer further agrees that due to market volatility, in event of non-payment, Stack’s shall be entitled to damages that are the greater of selling price or market, together with any supplementary or additional costs.
  29. Stack’s at any time may rescind the sale in the event of non-payment or breach of the warranty of title.
  30. The sole remedy that any participant in the auction shall have, whether bidding in person, by mail, or through an employee or agent, for any claim or controversy arising out of the auction shall be a refund of the original purchase price and premium paid, if any. Interest shall be paid by Stack’s at a rate of no greater than nine per cent (9%) per annum, up to a maximum of six (6) years, unless the rules of the Professional Numismatists Guild, Inc. provide for a higher rate of interest or a longer period of time, in which case such rules shall prevail. A lower rate, or shorter period, may be decided by the arbitrators. Upon payment as determined by the arbitrators, or in full at the maximum rates set forth above, or at an agreed rate, Stack’s shall be deemed released from any and all claims of the bidder arising out of or in connection with the sale of such property. Purchaser agrees to execute prior to delivery of any refund any documents reasonably requested to effect the intent of this paragraph. By bidding in this sale, all bidders consent to these terms and all other terms of these conditions of sale.
  31. Stack’s hereby disclaims all liability for damages, incidental, consequential or otherwise, arising out of or in connection with the sale of any property by Stack’s to Purchaser. All bidders, even if unsuccessful purchasers, agree to abide by this condition, and all other conditions of sale.
  32. All rights granted to the Purchaser under the within terms of sale are personal to the Purchaser. Purchaser may not assign or transfer any of these rights to any other person or entity, whether by operation of law or otherwise. Any attempt so to assign or transfer any such rights shall be absolutely VOID and unenforceable. No third party may rely on any benefit or right conferred by these Terms and Conditions of Sale and terms of warranty on any bidder or Purchaser.
  33. “Purchaser” shall mean the original purchaser of the property from Stack’s and not any subsequent owner or other person who may have or acquire an interest therein. If Purchaser is an agent, the agency must be disclosed at the time of sale, otherwise the benefits of the warranty shall be limited to the agent and not transferable to the undisclosed principal.
  34. Should any third party attempt to utilize any warranties contained herein, they shall first give Stack’s thirty (30) days written notice by Registered Mail or Certified Mail Return Receipt Requested during which time Stack’s may, should it choose to contest the third party’s claim, ask the Professional Numismatists Guild, Inc., or the American Arbitration Association to appoint a panel of three arbitrators skilled in the field to make such a determination at New York, N.Y. By seeking to use such remedy, the third party unequivocally and without reservation consents to binding arbitration, and its conclusive and binding determination of any alleged damages as a sole remedy. With respect to any other pertinent notice requirements, venue and personal and subject matter jurisdiction, said third party is bound to the provisions pertaining to bidders, buyers and purchasers, as otherwise provided for in these Terms of Sale.
  35. In the event Stack’s shall, for any reason, be unable to deliver the property sought to be purchased, its liability therefore shall be limited to the rescission of the sale and refund of the purchase price and buyer’s premium. Stack’s hereby disclaims all liability for damages, incidental, consequential or otherwise, arising out of its failure to deliver any property purchased, and all bidders agree to this disclaimer.
  36. If it is determined that a bailment relationship exists while the material purchased is being held by Stack’s, for Purchaser, said relationship constitutes a gratuitous bailment only, solely for the benefit of the purchaser/bailor, as defined by the laws of the State of New York.
  37. As a condition of bidding, bidder acknowledges that numismatic auction sales are unique in terms of their tradition and industry practices. Each bidder agrees that any claim or controversy whatsoever arising out of this sale shall be settled as follows: if demanded by either buyer, or Stack’s by binding arbitration at New York, New York, under the rules then obtaining of the Professional Numismatists Guild, Inc., or as PNG rules may provide, the American Arbitration Association. In the event that a dispute arises between Stack’s and a non-member of the PNG, this means that the American Arbitration Association, at New York, N.Y., shall have exclusive jurisdiction over the controversy. In any controversy concerning non-payment, Stack’s shall have the right to proceed by arbitration or by a proceeding in any court of competent jurisdiction in the City, County, and State of New York, whichever is first commenced by Stack’s. The arbitrator shall not have the power to alter the terms of condition of sale. Judgment on any award may be entered in any court of competent jurisdiction. The arbitrators, and any court, shall award the prevailing party costs and reasonable attorney fees. By bidding in this sale you agree to be bound by the arbitration provisions of the PNG as described above. Commencement of an arbitral proceeding, or confirmation of an award, as well as any notice requirements connected with such proceeding, and any other required service of process, may be made by Stack’s upon all bidders by registered or certified mail directed to the address of the bidder or purchaser as listed on the bid sheet or application or form required at the time that a bidder number is issued, or by facsimile transmission with proof of receipt. Bidder agrees that such service shall constitute full in personam jurisdiction. The venue for such proceedings shall be the City of New York, State of New York and each bidder agrees to in personam (personal) jurisdiction of the City of New York, State of New York. In all cases, the maximum liability of Stack’s for any item sold shall be limited to the official price of record of the item at this sale, without provision for consequential damages, or any other damages of any kind whatsoever, unless the PNG rules provide otherwise.
  38. If the Purchaser fails to comply with one or more of these Terms and Conditions of Sale then, in addition to all other remedies which it may have at law or in equity, Stack’s may, at its sole option, either (a) cancel the sale, retaining as liquidated damages all payments made by the Purchaser, it being recognized that actual damages may be speculative or difficult to compute, or (b) sell some or all of the numismatic property and some or all other property of the Purchaser held by Stack’s, in a quantity sufficient in the opinion of Stack’s to satisfy the indebtedness, plus all accrued charges. More than one such sale may take place at the option of Stack’s. Such sale may take place without notice to Purchaser; if Stack’s gives notice, it shall be by regular mail to the address utilized on the bid sheet, consignment agreement or other address known to the firm. Such sale will be at Stack’s standard commission rates at public or private sale, within or without the City of New York, at which time (if the sale be at auction) the defaulting party shall not bid. The proceeds shall be applied first to the satisfaction of any damages occasioned by Purchaser’s breach, and then to the payment of any other indebtedness owing to Stack’s, including without limitation, commissions, handling charges, the expenses of both sales, reasonable legal fees and collection agency fees and any other costs or expenses incurred hereunder. If a lot or numismatic item is not paid for, and is sold by Stack’s for Purchaser’s account, in accordance with the Uniform Commercial Code, Stack’s shall not be required to account to the Purchaser for any excess proceeds. Purchaser is also liable to Stack’s if the proceeds of such sale or sales is insufficient in the opinion of Stack’s to cover the indebtedness. If other property of Purchaser is also sold, any excess of proceeds will be remitted to the Purchaser after first deducting the expenses set forth above. If Purchaser fails to remit sums due to Stack’s, Purchaser grants to Stack’s a lien with respect to such sum, with interest to accrue thereon at the judgment rate, until actually paid, which lien shall apply against any property of Purchaser, including any future goods of Purchaser coming into possession of Stack’s. Purchaser hereby waives all the requirements of notice, advertisement and disposition of proceeds required by law, including those set forth in New York lien law, article 9, sections 200-204 inclusive, or any successor statute, with respect to any sale. Purchaser waives a right to redeem.
  39. The auctioneer reserves the right to postpone the sale by auction for a reasonable period of time as a result of any significant event which, in the sole discretion of the auctioneer, makes it advisable to postpone the event. No bidder or prospective bidder or purchaser or prospective purchaser shall have recourse as a result of any postponement. In any event, no person may bid without registering, and ALL REGISTERED BIDDERS including mail bidders and agents by registering or bidding agree to all of the above Terms and Conditions of Sale.
  40. From time to time, Stack's allows parties to participate in auctions or sales through the use of Internet or on-line bidding services or companies, telephones, computers, and other electronic, telephonic, or similar or related technologies or devices (the "Services"). All parties that participate in any way in any Stack's sale or auction including, but not limited to, consignors, sellers, bidders, purchasers, potential purchasers, and their agents or representatives ("Participants") acknowledge and agree as follows:
    1. that there are risks in utilizing the Services or any other technology or device;
    2. that all Participants assume all risks associated with the use of the Services or any other technology or device; and
    3. that Stack's does not control or maintain all or many of the Services or any other related technology or device utilized in connection with the Services or any auction or sale.
    By participating in any auction or sale, or by using any of the Services or any related technology or device, all Participants agree that Stack's is not responsible for any damages whatsoever, consequential or otherwise, arising out of, or relating to, the use of any such Service or other related technology or device. Stack's disclaimer of liability, and Participant's assumption of risk includes, but is not limited to, damages that result from any failure, interruption, disruption, or delay of any Service or related technology or device. Stack's is not, and shall not be held, responsible for any damages of any kind or nature whatsoever arising from the foregoing. By way of example, and not limitation, Stack's is not responsible for any inability to use any Service or system, loss of electronic information which may affect any bid or any other aspect of the auction, service suspension, acts of God, or any other acts or omissions. In no event will Stack's be liable for any damages or losses whatsoever experienced through the use of any Service, regardless of whether Stack's knew or should have known of the possibility of such damages or losses. All Participants involved in the sale of any particular Lot or item agree to indemnify and hold harmless, Stack's, its Members, directors, officers, employees and agents for any claim, suit, action, incident of loss, or damage (including reasonable legal fees and expenses) relating to that particular Lot or item that may arise as a result of any Participant's use of any of the Services or related technology or device.
  41. By bidding or offering to bid, bidders acknowledge that they have read all of the Terms and Conditions of Sale and warranty contained herein and that they accept these terms and conditions without reservation. Stack’s reserves the right to vary the Terms and Conditions of Sale by rider or other means communicated to bidders. By purchasing from Stack’s, whether present in person, or by agent, by written bid, telephone or any other means, the bidder agrees to be bound by these Terms and Conditions of Sale.
  42. ALL ITEMS ILLUSTRATED ARE OF THE ACTUAL ITEMS BEING SOLD.
© Copyright 2007 by Stack’s New York City. All rights in this catalogue are reserved. No part of the contents may be reproduced or used in any manner whatsoever without the written permission of the copyright holder.
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Additional Information For Bidders
  • There will be pre-sale and live bidding available on the internet at www.Stacks.com.
  • Pre-registration to bid during the live auction is required.

Phone Descriptions: are available, please call us at 866-811-1804.

Prices Realized will be published approximately 30 days after the auction. Prices realized will be posted on the Internet soon after the sale at www.Stacks.com.

New Bidders: If you are a new bidder, be sure to send your credit information: Attn: Laurel Morrill, at least 10 days before the auction. There is very little time, if any, to review this information during the auction. All bidders not know to us will be required to submit a 25% deposit before bidding in the sale.

Floor Bidder Registration will begin 30 minutes before the sale at the entrance to the auction room.

Please note: Transparent holders in which the auction lots are stored are to facilitate viewing and inspection of the lots and ARE NOT intended for long-term storage.

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Suggestions For Mail Bidders
Bidding in our auctions can be an interesting, enjoyable, and numismatically rewarding experience. Even if you are an experienced bidder, you may find that some of the following comments will increase your success. In the event that you wish to ask further questions, phone Cynthia LaCarbonara.

Mail your bid sheet as early as possible. This is particularly important if you are a new bidder, for it takes us time to check your references. A bid sheet mailed a few days before the sale might not reach us until a week later—at which time the coins will have been sold to others!

As the sale date draws near, fax us your bids anytime 24 hours a day [our fax number is (603) 569-3875]. Or, telephone your bids to our Auction Department. Please follow up your phone and fax bids with written confirmation.

We’ve found it best to use a work sheet to compile bids. In this way you can check back and forth throughout the catalogue, make changes and revisions, and so on. Then when you’ve decided on your final bids, enter them on the bid sheet. Try your best to keep the bid sheet neat and clearly understandable, listing the lots in order. Check your bid sheet carefully. You will be responsible for any bids on wrong lots for the wrong amounts. Please be careful.

Don’t bid more than you want to pay! Review your financial circumstances carefully before bidding. There is always the possibility that you may be awarded all of the lots you bid on. If you are awarded lots, you are legally bound to pay for them immediately.

Please keep current prices levels in mind when bidding. While high and low prices sometimes occur, most items sell within market ranges. If a popular coin sells for $500 on the retail market, chances are not good that a bid of, say, less than $400 will win it. On the other hand, chances are excellent that a bid in the $500-$600 range will be competitive. There is no harm in bargain hunting, but as your time is valuable (and so is ours), it is most productive if you keep current values in mind while bidding. The higher you bid, the greater your chances are for success. It has been our experience that many people who bid strongly, or check the options to increase bids by an optional 10% to 30% actually purchase at least some lots below their maximum authorization once the sale takes place.

Ink is best for writing bids. Pencil tends to blur. If bid changes are necessary, do not write over figures. Instead, cross them out completely and re-enter the bids. Put your telephone number on the bid sheet. This way we can call you if there is a question about a bid.

Lots may be inspected by mail prior to the auction (except for large or bulk lots, or other multiple-coin lots). Please write or call for further information. Mail inspection requests must be received sufficiently early to permit return to us in time for general lot viewing prior to the sale. The person requesting mail inspection agrees to pay postage and insurance both ways and to insure and be responsible for the pieces in his or her possession.
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Special Bidding Options
Total Expenditure

If you wish to limit your total expenditure, please fill in the maximum amount you wish to spend on the TOTAL EXPENDITURE line on your bid sheet. You can then submit bids for amounts up to eight times the amount of the maximum expenditure. This is a personal service and an ANR customer representative will personally attend to your bid sheet by bidding from the auction floor, buying lots for your account until your authorized expenditure is reached. While we will do our best in your behalf, due to the speed of the auction sale and the sometimes crowded conditions, we cannot be responsible for failure to execute such a bid properly. Due to the bookkeeping involved, this service is offered only to bidders with maximum expenditures of $1,000 or more. TOTAL EXPENDITURE and SINGLE LOT GROUP bidding can be combined.


Single Lot Group

Up to five lots may be grouped with brackets for a Single Lot Group purchase, if you wish to purchase only one example of a coin of which several examples appear in the sale. Such lots should be bracketed on your bid sheet. While we will do our best on your behalf, due to the speed of the auction sale and the sometimes crowded conditions, we cannot be responsible for failure to execute such a bid properly.


Optional Percentage Increase

We invite you to take advantage of the optional 10% to 30% increase to help your chance of being a successful bidder. Check the appropriate place on your bid sheet.
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Bidding Increments
Please refer to the following list for appropriate bidding increments:
Standard Bidding Increments
Current Bid Bidding Increment
$0-$200 $10
$200-$300 $20
$300-$500 $25
$500-$1,000 $50
$1,000-$2,000 $100
$2,000-$3,000 $200
$3,000-$5,000 $250
$5,000-$10,000 $500
$10,000-$20,000 $1,000
$20,000-$30,000 $2,000
$30,000-$50,000 $2,500
$50,000-$100,000 $5,000
$100,000-$200,000 $10,000
$200,000-$300,000 $20,000
$300,000-$500,000 $25,000
$500,000-$1,000,000 $50,000
$1,000,000 $100,000
E-vent Bidding Increments
Current Bid Bidding Increment
$0-$200 $5
$200-$300 $10
$300-$500 $15
$500-$1,000 $25
$1,000-$2,000 $50
$2,000-$3,000 $100
$3,000-$5,000 $125
$5,000-$10,000 $250
$10,000-$20,000 $500
$20,000-$30,000 $1,000
$30,000-$50,000 $1,250
$50,000-$100,000 $2,500
$100,000-$200,000 $5,000
$200,000-$300,000 $10,000
$300,000-$500,000 $12,500
$500,000-$1,000,000 $25,000
$1,000,000 $50,000
Golden Opportunity Bidding Increments
Current Bid Bidding Increment
- $10
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Special Changes for Golden Opportunity Auctions

For auction customers who are familiar with our usual terms and conditions, please be aware of the following changes:

  1. There is no buyer's fee associated with Golden Opportunity auctions;
  2. Payment is due within 5 days (not business days);
  3. No credit card payments accepted;
  4. Our increments have been reduced to $10 on all lots; and
  5. Each lot is sold as is and with no return privilege.

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