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 catalogue 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. This Consignment Contract may provide for a reserve, or confidential price below which KA will not sell an item or will repurchase the item on behalf of the Consignor or KA itself. The Consignment Contract may also permit a consignor to bid on his or her own lots and pay commissions at different rates from other bidders 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 catalogue and complete either a registration card (if bidding in person) or the bid sheet contained in the catalogue (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 at different rates from other consignors or bidders. 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 catalogue 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 catalogue 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 catalogue, 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.

10. Buyer's Commission and Taxes. THE PURCHASE PRICE FOR ALL LOTS INCLUDES THE SUCCESSFUL BID PLUS A BUYER'S COMMISSION OF 7.5%, 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. 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, check, cash equivalent, 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.

12. 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.

13. 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.

14. 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.

15. 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.