SOLD
21,500.00USD+ (3,762.50) buyer's premium + applicable fees & taxes.
This item SOLD at 2017 Sep 15 @ 23:56UTC-7 : PDT/MST
Did you win this lot?
A full invoice should be emailed to the winner by the auctioneer within a day or two.
DON’T FORGET!
You get 1% of your purchases back as
credit towards your next two Kagin’s Auctions!
During World War II, perhaps the greatest economic weapon wielded by Germany was the U-Boat. These German submarines were used to upset Allied merchant convoys transporting supplies to Great Britain and the Soviet Union. Utilizing torpedoes, mines, and machine guns, groups of U-Boats known as wolfpacks harassed and sank over 3,000 vessels during the war.
One of the most expensive U-Boat casualties was the SS Gairsoppa, a steel-hulled cargo ship that measured over 400-feet in length, and carried cargo from Bombay to Britain. On February 17th, 1941, the steamer was running low on coal, and broke away from her convoy; a fatal mistake that exposed the ship to a deadly German U-101 submarine outfitted with a compliment of 14 torpedoes. The first of these struck and sank the S.S. Gairsoppa, killing all but one crew member, and depositing the ship and its contents on the sea floor, 4700 meters underwater.
The Gairsoppa carried a substantial amount of tea and pig iron to the bottom of the ocean; however, its most valuable cargo was 7,000,000 ounces of silver - $118,650,000 worth, by today’s standards. This silver, mostly in the form of bars poured at His Majesty’s Mint in Bombay, India, was lost until 2012, when Odyssey marine began what is now the largest recovery of precious metals from any shipwreck in history.
The present bar is one of the prizes of this storied wreck: a colossal 1,058.7-ounce leviathan. At .9993 fine, serial #JZ0463 contains nearly $18,000 worth of silver. The bar is an impressive piece, mounted on a lovely hardwood plinth, and bears the official stamp of the Royal Mint at Bombay.
This imposing reminder of submarine warfare will undoubtedly create a stir as it crosses the auction block.
Auction Location:
5001 Great America Pkwy, Santa Clara, California, 95051, United States
Previewing Details:
auctions.kagins.com
Sales Tax on currency to non-dealers and coins under $1500 shipped to CA or $1000 to MD per tax accountant
Taxes:
| Tax | Rate | Desc. |
| CA |
6% |
California Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
17.5% |
Additional Fees:
Shipping Details:
Please allow 5-10 business once payment clears for you purchase to ship. Extra shipping charges for PO Boxes, Overnight, or International shipments.
Payment Details:
Invoice due upon receipt. Please allow up to 5-10 business days to ship once payment posts. There is an automatic 2.5% discount from auction fees when invoices are paid by cash or cash equivalent making your buyer’s fee still only 17.5%. Otherwise, the standard 20% buyer’s fee applies. Please make checks payable to Kagin’s, Inc.
Don’t forget, Kagin’s Auctions Loyalty Program gives you 1% of your invoice subtotal towards your next auction purchase! See Terms & Conditions for more details.
Bank Wire Instructions:
Name of Bank:
Wells Fargo Bank
Address:
1500 Tiburon Blvd.
Tiburon, CA 94920 U.S.A.
Name of the account:
Kagin’s, Inc.
Address:
1550 – G Tiburon Blvd. #201
Tiburon, CA 94920 U.S.A.
Kagin’s Account Number:
995 8039449
Routing number:
121 000 248
SWIFT CODE WFBIUS6S
Auctioneer reserves the right to void an invoice if payment in full is not received within 7 days after the close of the Auction.
If any Auction invoice 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.
Any invoice not paid when due will bear a three percent (3%) late fee on the invoice amount.
Accepted Payment Methods:
- VISA
- Master Card
- AMEX
- Money Order/Bank Draft
- Check/Cheque
- COD (cash on delivery)
- See Payment Details
- Wire Transfer
Terms and Conditions of Sale
1. Auction Company. This public auction is being presented by Kagin’s Auctions, a division of Kagin’s, Inc. (“KA”)
2. Binding Effect of Terms and Conditions. These Terms and Conditions are legally binding on anyone that registers
to bid, or actually does bid, at a KA auction. They define the relationship between bidders and KA before, during and after
the auction, and limit KA’s liability to bidders.
3. Consignors and Reserves. This catalog contains descriptions of property belonging to many persons known as
consignors. KA is not required to divulge to prospective bidders the identity of any consignor, except as provided by these
Terms and Conditions. KA’s relationship with a consignor is governed by a separate Consignment Contract, the terms of
which KA is not required to disclose to prospective bidders. The Consignment Contract may permit a consignor to bid on his
or her own lots and pay commissions if successful. If a consignor bids from the floor for his or her own lots, KA may so note
to all present. KA reserves the right to omit from its published prices realized the purchase prices of items re-purchased by
their consignor(s).
4. Who Can and Cannot Bid. Persons may bid at a KA auction in person, by an agent or employee, by telephone
of fax, or by mail, provided that they obtain a catalog and complete either a registration card (if bidding in person) or the
bid sheet contained in the catalog (if bidding by other method). KA reserves the right to reject bids from any person in its
sole discretion. In particular, KA will not accept bids from corporate bidders unless an officer, director or principal of the
corporation agrees in writing to personally guarantee payment. Likewise, bids will be accepted from persons under age
18 only if a parent or legal guardian agrees in writing to accept these Terms and Conditions and be responsible for any
purchases by the bidder. In addition, KA may require bidders without established credit with KA to furnish satisfactory
credit references or deposit such amount as KA may require in its sole and absolute discretion before bidding. Such deposits
will be applied to purchases and unused portions returned after the auction. Finally, for the protection of mail bidders no
“unlimited” or “buy” bids will be accepted.
5. Conflicts of Interest. KA, its principals, and affiliated or related companies and their employees, officers or
principals may either consign to, or bid at, an KA auction and pay commissions. In addition, these persons or entities may
loan or advance funds to consignors and/or prospective bidders, and may thereby acquire interests in items sold at a KA
auction. To the extent that actual or apparent conflicts of interest are created by such situations, bidders consent to such
conflicts.
6. Disclaimer of Representations or Warranties from KA. The descriptions of items in this catalog are qualified
statements of good faith opinion and not warranties. KA relies on the opinions of leading third party certification services,
and supplies information relating to certified items only for the convenience of mail, telephone and fax bidders. Floor
bidders are deemed to have viewed the lots they bid upon. The attributes of particular items may have a material impact
on their value, and bidders assume all risk of differing opinions thereof. No employee or agent of KA is authorized to make
any representations or warranties regarding the characteristics of items sold by KA or the correctness of catalog descriptions,
and KA DISCLAIMS ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS OR CONDITION OF
ITEMS BEING SOLD.
7. Title. KA relies on representations and warranties from its consignors that the consignors own the items consigned and
are legally entitled to sell those items. Bidders are entitled to rely on those same representations and warranties in making
their purchases, but are encouraged to make their own investigations in case of doubt.
8. Viewing. KA allows potential bidders to examine items to be auctioned during general viewing periods or, at KA’s
discretion, by special appointment. KA encourages floor bidders to examine items before bidding on them.
9. Bidding at Auction. The auction shall take place at the time and place set forth in this catalog, or at some other
time and place as KA may, in its sole discretion, determine. The auctioneer will offer lots in number sequence within each
auction session, subject to KA’s right to withdraw any lot at any time. Only entire lots will be offered unless the auctioneer
directs otherwise. Bidding will open at an amount set by the auctioneer in his or her sole discretion (including by reducing
a mail bid to a level the auctioneer deems appropriate), and will continue at such increments as the auctioneer directs until
the auctioneer declares the lot sold. The auctioneer may accept or decline any bid in his sole discretion, and where more
than one identical bid is received for an item, the auctioneer may prefer the first bid received and may prefer a mail bid over
an identical floor bid. In case of any disputes regarding the existence or amount of bids the auctioneer may rescind the sale
of that lot and re-sell it, or otherwise direct disposition of the lot in his sole discretion. In all cases, the auctioneer’s decision
shall be final. KA IS NOT RESPONSIBLE FOR ERRORS IN BIDDING, and mistaken bids will not justify rescission of a sale.
00_Sep2017_WCA_FrMatter.indd 11 8/25/17 7:41 PM
xii Kagin’s Auctions
Terms and Conditions of Sale (Continued)
10. Buyer’s Commission and Taxes. THE PURCHASE PRICE FOR ALL LOTS INCLUDES THE SUCCESSFUL BID PLUS A
BUYER’S COMMISSION OF 17 1/2%, except as otherwise provided by written agreement between a bidder and KA. Bidders
acknowledge that they are responsible for all sales, use or other taxes applicable to their purchases, and for any interest or
penalty related to unpaid tax, regardless of whether KA collected such taxes at the time of purchase.
11. Kagin’s Loyalty Discount. All successful purchasers shall be entitled to a credit against any future
purchases in a KA auction, in the amount of one percent (1%) of the total purchase prices paid by
them (hammer plus buyer’s commission – taxes or other charges not included), such credit to extend to the next two (2) KA
auctions, or a period of 1 year, whichever is longer.
12. Payment, Risk of Loss and Remedies for Late Payment/Security Interest. After the auction, all successful
purchasers will receive an invoice from KA detailing their purchases and the date payment is due. Title and risk of loss to
goods passes when the purchase price is paid in full, and KA reserves the right to withhold delivery of lots until full payment
is made in good funds. Payment is by cash or credit card payable through a U.S. bank only, unless otherwise agreed in
writing between the buyer and KA. Purchasers agree that if payment is not made in full in accordance with the invoice
terms, they will be liable to KA for interest on the unpaid balance at the rate of 1 1/2% per month (or the maximum rate
permitted by law, whichever is lower), and for reimbursement of all collection costs incurred by KA (including the costs of
engaging an attorney and pursuing legal proceedings). In addition to the foregoing, purchasers grant KA a security interest
in any items purchased by them, to secure any outstanding indebtedness to KA (whether from purchase of the items
themselves or other items), and agree to execute such documents as KA may deem needed to evidence this security interest.
Purchasers agree that KA may exercise all the rights of a secured party, including the right to re-sell the collateral item(s) and
apply the proceeds to purchaser’s debt and to reimbursing KA for costs related to the resale.
13. Limited Return Privilege. Items may not be returned for any reason if they have been certified by a third party
certification service, if the purchaser is a dealer or has presented KA with a valid resale certificate, or if the purchaser viewed
the item prior to the purchase. In all other cases, returns are accepted provided each of the following conditions is met: (1)
the purchaser contends that the item is counterfeit, contains an altered date or mintmark, or contains undisclosed repairs;
(2) the purchaser notifies KA in writing of his or her contention within five (5) days of receiving the item (if purchaser did
not timely pay for the item, his or her return privilege is waived); and (3) the item is returned in its original, sealed and
unopened container. Notwithstanding the above, coin returns are not accepted in cases involving cleaning, artificial toning,
provenance or pedigree, or strike, or whether a coin is a proof.
14. No Rights for Subsequent Purchasers or Assignees. Only the actual purchaser of an item at a KA auction
may claim any rights under these Terms and Conditions, and such rights may not be transferred or assigned to anyone else.
15. Disclaimer of Compensatory, Incidental or Consequential Damages. KA’s liability to purchasers for
returned items, items to which title issues are raised, or in connection with any claim arising from the purchase of an item
at a KA auction is limited to reimbursing the purchaser for the sums actually paid to KA for the item(s) (including buyer’s
commission and taxes), and KA DISCLAIMS ANY LIABILITY FOR COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL
DAMAGES ARISING FROM PURCHASE OF ANY ITEM AT AN KA AUCTION.
16. California Law/Arbitration of All Disputes. These Terms and Conditions shall be construed and enforced
in accordance with California law (excluding choice of law rules). Any claim or controversy arising out of or involving an
KA auction or any provision of Terms and Conditions shall be resolved by arbitration in California through the Professional
Numismatists Guild, with the prevailing party being entitled to an award of its attorney’s fees and costs. Judgment upon an
arbitration award may be entered in any court of competent jurisdiction.