Knight Currency Auction - December 2008

Terms and Conditions 1. Auction Basics. This is a public auction sale ("Auction Sale") conducted by licensed and bonded Auctioneers, Lyn Knight Currency Auctions (hereinafter referred to as "Auctioneer" and at times as "Knight"), Eric Knight, Auctioneer, License #AU3267. Bidding in this Auction Sale constitutes acceptance by you ("Bidder") of all the Terms and Conditions of Auction Sale stated herein. Bidders may include consignors who may bid and purchase lot(s) in the Auction Sale consigned by the consignor or by other consignors pursuant to their consignment agreement with Knight ("Consignor" and "Consignors"). A Consignor that bids on their own lots in the Auction Sale may pay a different fee than the buyer's premium charged to all other buyers. Knight reserves the right to include in any auction sale its own material as well as material from affiliated or related companies, principals, officers or employees. Knight may have direct or indirect interests in any of the lots in the auction and may collect commissions. THE TWO PRECEDING SENTENCES SHALL BE DEEMED A PART OF THE DESCRIPTION OF ALL LOTS CONTAINED IN THE CATALOGUE. Pursuant to a separate agreement with Knight, Consignors or their agents may be permitted to bid on their own lots in the sale and may receive a rebate commission in whole or part if successful. Where the Consignor has re-purchased a lot and the lot is either returned to the Consignor or otherwise dealt with or disposed of in accordance with the Consignor's direction, or pursuant to contractual agreement, Knight reserves the right to so note in the Prices realized or to omit a price from the prices realized. Knight may bid for it's own account at any auction. Knight may have information about any lot that is not known publicly, and Knight reserves the right to use such information, in any manner determined solely by Knight and for the benefit of Knight without disclosing such information in the catalog, catalog description or at the auction. Bidder acknowledges and agrees that Knight may not be required to pay a Buyer's Commission, or other charges that other Bidders may be required to pay and may have access to information concerning the lot(s) that is not otherwise available to the public. Any claimed conflict of interest or claimed competitive advantage resulting there from is expressly waived by all participants in the Auction Sale. Lot(s) may carry a Reserve. A Reserve is a confidential price or bid below which the Auctioneer will not sell an item or will re-purchase on behalf of the Consignor or for Knight. 2. Descriptions and Grading. Bidder acknowledges as follows: Grading and evaluation is an art and not a science. The grade, mintmark, quality, designation, variety, rarity, provenance, and historic relevance of any items in this sale are qualified statements of good faith opinion of Knight or its Consignor(s). It is possible that two people will not always grade the same item alike. Also, as market conditions change, grading standards change, and will most likely continue to do so in the future. Each Bidder's own examination of the item(s) is the criterion and not the grade represented by another. Every effort is made by Knight to determine provenance and authenticity. It is the Bidder's responsibility to arrive at a final conclusion prior to bidding. In any purchase or sale, the value of the item(s) is determined by the price. THE BIDDER HEREBY ASSUMES ALL RISKS OF VALUE CONCERNING ANY AND ALL PURCHASES. All photographs in this catalogue are of the actual items being sold but may not be the actual size or to scale. 3. The Bidding Process. The auctioneer may open or accept the bidding on any lot by placing a bid on behalf of the Consignor or his or her agent, a Bidder by mail, internet; or any other participant in the Auction Sale. Mail bidders are urged to send their bids early, and are reminded that fax bids must be sent to (913) 338-4754 and received no later than 24 hours prior to the start of each session or live auction bidding in order to be recognized. No bids less than 60% of the low estimate will be considered or entered and no lots will be sold for less than face value. All bids, whether internet, mail, fax or email, that are less than 80% of the low estimate will be entered at their full amount, all bids above 80% of the low estimate will be executed in response to any other bids, whether they are reserve bids or from any other source, whether live or absentee bidding. The Auctioneer may accept or decline any bid, challenge to any bid or bidding increment, as the Auctioneer in their sole discretion shall determine. Bids must be for an entire lot and each lot constitutes a separate sale. No lot will be broken up unless otherwise permitted by the Auctioneer. Lots will be sold in their numbered sequence unless Auctioneer directs otherwise. 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 Auction 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. All material shall be sold in separate lots to the highest Bidder as determined by the Auctioneer. If any dispute arises, Auctioneer shall have the right to rescind the acceptance of the bid and place the lot(s) for Auction Sale again. Auctioneer's decision shall be final. For the Mail and Internet Bidder's protection, no "unlimited" or "buy" bids will be accepted. When the identical bids are received for a lot, preference is given to the first bid received as determined by the Auctioneer. A mail bid will take precedence over an identical floor bid; a Floor Bidder and Telephone Bidder must bid higher than the highest mail bid to be awarded any lot. Auctioneer reserves the right to refuse any bid, to reduce any mail bid received, to open the bidding of a lot at any level deemed appropriate by the Auctioneer and to determine the prevailing bid, at his sole discretion. THIS IS NOT AN APPROVAL SALE. Bidders who physically attend the Auction Sale, either personally or through an agent ("Floor Bidders") should carefully examine all lots which they are interested in purchasing. Bidders who bid by telephone, either personally or through an agent, receive a similar benefit as Floor Bidders, in being able to actively participate in the live Auction Sale ("Telephone Bidders"). Therefore, except as otherwise provided in these Terms and Conditions of Auction Sale, NO LOT MAY BE RETURNED THAT IS PURCHASED BY A FLOOR BIDDER, A TELEPHONE BIDDER, AND OTHER BIDDERS WHO HAVE HAD THE OPPORTUNITY TO VIEW THE LOT(S), OR ANYONE PRESENTING KNIGHT WITH A RESALE CERTIFICATE OR OTHER EVIDENCE THAT THEY ARE ACTING AS A DEALER. For Bidders by mail, telefax or internet, who have not had the opportunity to view the lot(s), if there is a material error in the catalogue description, the lot may be returned if written notice is received by Knight within five (5) calendar days of receipt of the lot(s). The lot(s) must be received by Knight no later than twenty-one (21) calendar days after the Auction Sale in the same condition the lot(s) were delivered to the Bidder, in their original containers. Late remittance constitutes just cause for revocation of all return privileges. All prospective Bidders who have had the opportunity to examine the lot(s) prior to the Auction sale personally assume all responsibility for any damage that Bidder causes while handling or examining lot(s). Knight shall have sole discretion in determining the value of the damage caused, which shall be promptly paid by the prospective Bidder. KNIGHT IS NOT RESPONSIBLE FOR ANY ERRORS IN BIDDING. A Bidder should make certain to bid on the correct lot and that the bid is the maximum (plus the Buyer's Commission) that he or she is willing and able to pay. Once the hammer has fallen and the Auctioneer has announced the winning Bidder, the Bidder is unconditionally bound to pay for the lot, even if the Bidder has made a mistake. Knight reserves the right to withdraw any lot at any time, even after the hammer has fallen, until the Bidder has taken physical possession of the lot. No Bidder shall have a right to claim any consequent damages if the lot is withdrawn, even after the Auction Sale. 4. Bidder Registration Required. All persons seeking to bid must have a catalogue and register to bid at the auction by completing a registration card or bid sheet. By submitting a bid, the Bidder acknowledges that Bidder has read the Terms and Conditions of Auction Sale, the descriptions for the lot(s) on which they have bid, and that they agree to adhere to these Terms and Conditions of Auction Sale. This agreement shall be deemed to have been made in Kansas. The bidder acknowledges that the invoice describing a lot by number incorporates the catalogue and Terms and Conditions of Auction Sale. 5. Prices, Payment and Delivery. A Buyer's Commission of 20% on each individual lot will be added to all purchases made by Bidders, except for reacquisition by Consignors, regardless of affiliation with any group or organization, and will be based upon the total amount of the final bid. The Buyer's Commission shall be reduced to 15% for Bids received through live floor bidding, mail, fax, and who pay with cash (In House Only), good check or bank wire through our website (www.lynknight.com). A reacquisition charge may apply to Consignors pursuant to a separate agreement, which may be higher or lower than the Buyer's Commission. Unless otherwise agreed in writing, auction sales are strictly cash(in house only) in U.S. funds payable through a bank in the United States. Credit Card Checks or Cashier's Checks will not be accepted as payment for auction lots. On any cash (In House Only) transaction or series of transactions exceeding $10,000, Treasury form 8300 will be filed. Contact Knight Auctions for wiring instructions. Lots must be paid for the earlier of receipt invoice or delivery. Knight reserves the right to decline to release lots for which good funds have not yet been received. On any accounts past due, Knight reserves the right to extend credit and impose periodic charges. Bidder agrees to pay reasonable attorney's fees and cost incurred to collect on such past due accounts. Bids will not be accepted from those persons under eighteen (18) years of age without a parent's written consent which acknowledges the Terms and Conditions of Auction Sale herein and agrees to be bound thereby on behalf of the Bidder. Bidders personally and unconditionally guarantee payment that are or become owed to Knight. If a corporation is the Bidder, the corporate representative present at the sale shall provide Knight at the time of registration with a statement signed by each principal, director and officer that they each personally and unconditionally guarantee any and all current or future obligations owed to Knight or such other statement as may be acceptable to Knight, in the sole discretion of Knight. Bidders who have not established credit with Knight must furnish satisfactory credit references or deposit at least twenty-five percent (25%) of their total bids for that Auction Sale session(s) or such other amounts as Knight may, in its sole and absolute discretion, require before such bids will be accepted. Deposits submitted will be applied to purchases. Bidders agree to pay an additional fee for packing, handling, postage and insurance on lots mailed to them, which fee shall be determined by the value of the item(s) shipped and added to the total invoice as follows: $9 for $1 - $300 shipments; $17 for $301 - $3,000 shipments; $22 for $3,001 - $10,000 shipments; $27 for $10,001 - $25,000 shipments; $32 for $25,001 - $50,000 shipments. For shipments valued over $50,000 the fee will be determined at the time of the sale. Bidders outside the United States shall be invoiced for Knight's shipping costs (an additional $10 Airmail handling fee will be added to International Bidders invoice), but agree to provide their own insurance on lots shipped to them (Knight shall not be responsible for non-delivery of lots shipped to addresses outside the United States). Any remaining deposits will be promptly refunded, upon clearance of funds. Knight will not assume responsibility for the shipping and packaging of certain larger items or items of a more fragile nature sold in this sale as determined by Knight. It is the Bidder's responsibility to contact Knight after the sale to make shipping and packaging arrangements. Due to the fragile nature of some lots, Knight may be forced to charge additional shipping and handling. Lots indicated as being "framed" are shipped at the Bidder's risk. Taxes, postage, freight charges, if applicable handling, insurance and Buyer's commission, and any other fees required by law to be charged or collected will be added to the invoice for any lot(s) that is invoiced to successful Bidders. On any tax not paid by Bidder which should have been paid, even if not collected Knight by mistake, error, negligence or gross negligence, Bidder agrees to promptly pay the same on demand together with any interest or penalty that may be assessed. Title to any lot remains with Consignor, any secured party of the Consignor, or Consignor's assigns, as the case may be, until the lot is paid for in full by Bidder. Knight reserves the right to require payment in full before delivering any lot to the successful Bidder. The RISK OF LOSS passes to the Bidder upon delivery of the lot(s). 6. Financial Responsibility. In the event a successful Bidder fails to make payment when due, Knight reserve the right to resell the lot(s) in a commercially reasonable manner, which may include a private sale. Bidder agrees to pay for the reasonable cost of such a sale, together with any incidental costs of sale, including reasonable attorney's fees and costs, cataloguing and any other reasonable charges. Bidder grants Knight or its assigns the right to offset any sums due, or found to be due to Knight, and to make such offset from any past, current or future consignment, purchases that are in the possession or control of Knight, or from any sums due to Bidder by Knight. Bidder further grants Knight a purchase money security interest in such items to the extent applicable. Bidder agrees that Knight and its assigns shall be a secured party with respect to items bought by Bidder and in the possession of Knight, to the extent of the maximum indebtedness, plus all accrued expenses attorney fees and costs, until the indebtedness is paid. Bidder grants Knight the right to file a UCC-1 financing statement on such items without need for Bidders signature and to assign such interest to any affiliated or related company or any third party deemed appropriate by Knight. If the auction invoice is not paid for in full when due per invoice terms, the unpaid balance will earn interest at the rate of one-and-one-half percent (1-1/2%) per month until it is paid in full. In the event this interest rate exceeds the interest permitted by law, the same shall be adjusted to the maximum rate permitted by law. Bidder agrees to pay all reasonable attorney's fees, court costs and other collection costs incurred by Knight or any affiliated or related company to collect past due invoices. Knight reserves the right to assign its interest to any third party. 7. DISCLAIMER AND WARRANTIES. NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IS MADE OR IMPLIED ON ANY LOT. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO ANY LOT EXCEPT FOR WARRANTY OF TITLE, AND IN THE CASE OF TITLE, AUCTIONEER IS SELLING ONLY THAT RIGHT OR TITLE TO THE LOTS THAT AUCTIONEER MAY HAVE BY VIRTUE OF THE CONSIGNMENT AGREEMENTS WITH CONSIGNORS AS OF THE AUCTION SALE DATE. PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING OF A LOT. a. All sales of items (1) viewed by Bidders in advance of a sale, even if the sale is by mail, telefax or internet, or (2) bid upon by Floor Bidders and Bidders who present Knight with a resale certificate, out of state resale certificate, or similar evidence in acting as a dealer; ARE FINAL AND MAY NOT BE RETURNED. b. Any and all claims that an item is not authentic, must be made in writing to Knight within five (5) calendar days after receipt of the item. c. If an item or items are returned pursuant to the terms herein, they must be housed in their original, sealed and unopened container, as the case may be. d. Late remittance or removal of any item from its original container constitutes just cause for revocation of all return privileges. e. Grading or condition or other attributes of the lots may have a material effect on the value of the item(s) purchased, and the opinion of others (including independent grading services) may differ with the independent grading services opinion or interpretation of Knight. Knight shall not be bound by any prior or subsequent opinion, determination or certification by any independent grading service. f. All oral and written statements made by Knight and its employees (including affiliated and related companies) 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 Knight has authority to vary or alter these Terms and Conditions of Auction Sale. Any alteration shall be effective only if in writing and signed by an officer of Knight authorized to do so. g. Bidders shall have no recourse against the Consignor for any reason whatsoever. h. Notwithstanding anything to the contrary in these Terms and Conditions of Auction Sale. LOTS LISTED IN THIS CATALOGUE GRADED BY ANY THIRD PARTY GRADING SERVICE MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER. i. Bidder acknowledges that the market for currency and related collectibles is speculative, unregulated and volatile, and that prices may rise or fall over time. Knight does not guarantee that any customer buying for investment purposes will be able to sell for a profit in the future. 8. Waiver and Release. Bidder, for himself, his heirs, agents, successors and assigns, generally and specifically waives and releases, and forever discharges Knight, and its respective affiliates, parents, shareholders, agents, subsidiaries, employees, members of their respective boards of directors, and each of them, and their respective successors and assigns from any and all claims, rights demands and causes of actions and suits, of whatever kind or nature, whether in law or equity, whether known or unknown, suspected or unsuspected, which Bidder may claim to have with respect to and/or arising out of, or in connection with any challenge to the title to any goods purchased, the sale itself, and/or the auction, except where such reimbursement is otherwise authorized in these Terms and Conditions of Auction Sale. It is the intention of Bidder that this waiver and release shall be effective as a bar to each and every claim, demand, cause of action and suit that may arise hereunder, and Purchaser hereby knowingly and voluntarily waives any and all rights and benefits otherwise conferred upon him by the provisions of Section 1542 of the California Civil Code, which reads in full as follows. "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR." 9. Disputes. If a dispute arises concerning ownership of a lot that has been bid upon, Knight reserves the right to commence a statutory inter-pleader proceeding at the expense of the Consignor and successful Bidder and any other applicable party, and in such event shall be entitled to its reasonable attorney's fees and costs. Knight reserves the right to postpone the Auction Sale or any session thereof for a reasonable period of time for any reason whatsoever. No Bidder shall have any claim as a result thereof, including incidental or consequential damages. Neither Knight nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of the Terms and Conditions of Auction Sale, the auction or the conduct thereof and in no event shall liability for any such failure exceed the purchase price, premium or fees paid. If the Bidder fails to comply with one or more of these Terms and Conditions of Auction Sale, then, in addition to all other remedies which it may have at law or in equity, Knight may at its sole option either (a) cancel the sale, retaining all payments made by Bidder as liquidated damages, it being recognized that actual damages may be speculative or difficult to compute, or (b) sell a portion or all of the lot(s) held by Knight, in a quantity sufficient in the opinion of Knight to satisfy the indebtedness, plus all accrued charges, and Knight may sell such portion at an auction sale or private sale conducted by Knight and charge a seller's commission that is commercially reasonable. More than one such sale may take place at the option of Knight. Notice of the sale shall be by U.S.P.S. Certified Mail, Return Receipt Requested to the address utilized on the Bid Sheet, Auction Consignment and Security Agreement or other last known address by Knight. The proceeds shall be applied first to the satisfaction of any damages occasioned by Bidder's breach then to any other indebtedness owed to Knight, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorney's fees, costs, collection agency fees and costs and any other costs or expenses incurred. Bidder is also liable to Knight if the proceeds of such sale or sales is insufficient to cover the indebtedness. Rights granted to Bidders under the within Terms and Conditions of Auction sale are personal and apply only to the Bidder who initially purchases the lot(s) from Knight. The rights may not be assigned or transferred to any other person or entity, whether by sale of the lot(s), operation of law or otherwise. Any attempt 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 Auction Sale. 10. General Terms. These Terms and Conditions of Auction Sale and the auction shall be construed and enforced in accordance with, and governed by, the laws of the State of Kansas, regardless of the location of the Auction Sale. Bidder acknowledges and agrees that the competent courts of the State of Kansas shall have exclusive jurisdiction over any dispute(s) arising hereunder, and Bidder hereby agrees that any dispute arising hereunder shall be litigated exclusively in the courts of the State of Kansas, regardless of any party's current or future residence or domicile. Bidder further agrees that venue shall be in the Superior Court for Johnson County, in the State of Kansas. Bidder agrees that any legal action with respect to this Auction sale is barred unless commenced within one (1) year of the date of this Auction Sale. Bidder may have the right to submit disputes to binding arbitration pursuant to the rules of the Professional Numismatics Guild ("PNG"). If any section of these Terms and Conditions of Auction Sale or any term or provision of any section is held to be invalid, void, or unenforceable by any court of competent jurisdiction, the remaining sections or terms and provisions of a section shall continue in full force and effect without being impaired or invalidated in any way. Knight may at its sole and absolute discretion, make loans or advances to Consignors and/or Bidders. 11. Acceptable bidding increments: $5 on $0 to $100 $10 on $100 to $200 $25 on $200 to $700 $50 on $700 to $2,000 $100 on $2,000 to $5,000 $250 on $5,000 to $10,000 $500 on $10,000 and up Floor bidding increments are at the discretion of the Auctioneer.

No additional item pictures will be sent after December 5.

Local taxes (KS 7.9%) apply for all buyers, only exception being those with a Sales Tax number on file with us.

Shipping fees are as follows:br 1 - 300 9br 301 - 3,000 17br 3,001 - 10,000 22br 10,001 - 25,000 27br 25,001 - 50,000 32br 50,001 - and over TBDbr On oversize and overweight packages, shipping will be billed accordingly.