Malter Galleries Inc.
Terms of Sale for Sunday, February 29th, 2004

Please read the following "Terms of Sale" carefully. These terms are applicable to all floor bidders and mail bidders in this auction, collectors and dealers alike. Your submission of bids in this auction constitutes your acceptance of these "Terms of Sale."

1. This is an auction sale, not an approval sale. At the fall of the gavel or upon the auctioneer’s call of "Sold," all sales are final. By bidding in this auction, the bidder personally guarantees payment. The auctioneer has final discretion in all matters. In case of dispute, the lot(s) in question may be resold. Lots will be sold in their numerical sequence unless the auctioneer directs otherwise.

2. Payments must be made in full and lots must be removed the day of the sale. Absolutely no lots will be released until payment in full has been made. Payment (in U.S. funds) may be made in cash, by personal check (with proper identification, at the discretion of Joel L. Malter & Co., Inc.), or by Master Card or Visa credit cards if the purchase is over $100. Please note that a 2.5% additional charge will be added to all credit card purchases.

3. A 20% buyer’s premium will be added to the final hammer price of each lot, and will be paid by all bidders, without exception!

4. Appropriate state and local Sales Tax (8.25%) will be added to all invoices, unless a valid seller’s permit is on file with Joel L. Malter & Co., Inc., prior to any bidding in the auction. Coin purchases over $1,000 and lots delivered outside of California are exempt from state sales tax.

5. No lots purchased by a floor bidder may be returned, including those lots where the bidder is acting as agent for another, or to mail bidders who have examined the lot(s). There are no returns or refunds except for reason of lack of authenticity. Claims to the contrary must be made in writing within ten (10) days after receipt of material. No lots may be returned without prior written consent. Late remittance constitutes just cause for revocation of all return privileges. In no event may any lot(s) be returned after thirty (30) days from the date of the auction. All sales are then FINAL!

6 MAIL BIDS may be left prior to and or during the auction, and will take priority over an identical floor bid. In case of a tie mail bid, the earliest received bid will take priority. Mail bids sent via postal mail, E-mail, FAX or phone will be executed by Joel L. Malter & Co., Inc., at no charge. Your bids will be started at a small increment over the next highest bid, saving the bidder money wherever possible. Joel L. Malter & Co., Inc. is not held responsible for any errors in bidding made on behalf of a mail bidder. Bidding for lots without mail bids is generally opened at 60% of the estimated price. Joel L. Malter & Company Inc., reserves the right to refuse any mail bids under 60% of the estimates. Mail bids that are accepted for under 60% of the estimated price may be used as a starting bid on that particular lot.

7. Mail bidders will receive an invoice detailing the purchases, sales tax, the buyer’s premium, and shipping and handling charges. Coins and antiquities will be mailed only upon receipt of payment in full and will be insured for their full value where applicable. All lots are shipped at the buyer's risk upon clearance of payment.

8. Estimates (indicated at the end of a lot description) are given only as a guide, and are not given as starting points for bidding. Bidding will start at an increment above the second highest mail bid received. Lots may sell for a price greater than or less than these estimates.

9. The auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may bid further on behalf of the seller up to the amount of the reserve, by placing successive bids for any lot, or by placing bids in response to other bidders. The auctioneer may accept or decline any bid, or challenge to any bid, as he in his sole discretion shall determine.

10. Floor and mail bidders who have not yet established credit with Malter & Co., Inc. must furnish satisfactory credit references or deposit at least twenty-five percent (25%) of their total bids for that session(s) or such other amounts as Malter & Co., Inc. may require before such bids will be accepted. Deposits submitted will be applied to purchases and any unused portion of such deposit will be promptly returned.

11. In the event a successful bidder fails to make payment when due, Malter & Co., Inc. 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, together with any incidental costs of sale and disbursements.

12. If the auction invoice is not paid for in full when due per invoice terms, the unpaid balance will bear interest at the highest rate permitted by law until paid in full. If the matter is referred to an attorney for collection, bidder agrees to pay all reasonable attorney fees, court costs and other collection cost incurred by Malter & Co., Inc. to collect past due invoices and that the services of process by certified or registered mail, return receipt requested, shall be sufficient to confer "in personam" jurisdiction over bidder.

13. All coin photographs in this catalog are actual size (1:1) unless noted otherwise. Antiquities being sold may not be actual size. Please check text for exact size. Photos of items not illustrated can be purchased at $2 per photo.

14. Buyer agrees that any claim of controversy arising out of, or relating to the formation, interpretation of performance of these terms and underlying transactions or the breach thereof, is subject to arbitration or judicial proceedings and shall take place within the County of Los Angeles subject to the laws of the State of California.

15. Live internet bidding is available. Please contact us for additional information.

URUGUAY, 1869A, 1 centesimo, KM 7, XF, 1

URUGUAY, 1869A, 1 centesimo, KM 7, XF, 1

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