APPLICATION AND CONTRACTUAL RELATIONSHIP

1.1. By making a bid, a Bidder acknowledges his acceptance of these Conditions and

will be bound by them.

1.2. A. H. Baldwin & Sons Ltd., Dmitry Markov Coins & Medals, M&M Numismatics

Ltd., and Ira & Larry Goldberg Coins & Collectibles Inc. (“Auctioneer”) act as Auction

Agent for the Seller for the sale of a Lot to the Buyer unless any of these entities is in fact

the owner of the Lot. As such, Auction Agent is not responsible for any default by the

Seller or the Buyer.

1.3. The contract for the sale of a Lot is between the Seller and the Buyer and is

subject to these Conditions and the Seller's Conditions.

2. PRE-SALE AND DESCRIPTIONS

2.1. Statements made by us in a Catalog, during the course of the Auction or

elsewhere, describing a Lot, including its authorship, origin, age, size, condition,

genuineness, authenticity or value, are intended as a guide for interested Bidders. These

are statements of opinion only and should not be relied on as statements of fact.

Illustrations of the Lots are for general identification only.

2.2. Lots by their nature are usually aged and varied in condition. The absence of any

description of a defect, damage, modification or restoration in any Catalog does not imply

that there are none.

2.3. Coins are graded to accepted international standards to the best ability of our

specialists. You acknowledge that the grading of coins is subjective and may vary from

specialist to specialist, as the process is by nature an art and not a science. For this

reason, we do not automatically accept and are not bound by the opinions of third party

coin grading services for any purposes including before and after the sale of a Lot.

2.4. If you are interested in a Lot, we strongly recommend that you view it in person before

the Auction and form your own opinion of the description of the Lot.

2.5. We reserve the right to change any aspect of the published description of a Lot

prior to the Auction. Any change may be published on our website, displayed at the

Auction, announced by the auctioneer prior to the sale and/or communicated in any

other manner.

2.6. All copyright in Catalogs, including images, belongs to Auctioneer.

3. ABSENTEE COMMISSION BIDS

3.1. If you are unable to attend the Auction personally, you may submit a Commission Bid

and we will endeavour to purchase the Lot on your behalf for the lowest price possible. You

must submit this in writing using the Commission Bid Form and send it to us by post, fax or

email at least 24 hours prior to the Auction.

3.2. For all Commission Bids, you must supply your name and address, contact

telephone number and email. You must also provide the Lot number and description of

the Lot, the amount of your Bid and any other information requested in the Commission

Bid Form or by us. It is your responsibility to provide the correct information and to

ensure that we have received your Commission Bid.

3.3. We do not charge for this service and therefore we will not incur any liability for

executing (or failing to execute) the Commission Bid.

3.4. If you submit a Commission Bid verbally (whether by telephone or otherwise), we shall

not be responsible for any misunderstandings (by either us or our agents or you) in relation to

your Bid. All bids made in this way must be confirmed in writing before the Auction.

3.5. If we receive two Commission Bids for equal value for the same Lot, the Bid

received first by us shall take precedence.

3.6. "Buy" commissions and unlimited Commission Bids will not be accepted.

4. AUCTION SALE

4.1. This sale is a public auction sale conducted by licensed and bonded auctioneers.

4.2. Before the Auction, all potential Bidders must notify their name and address to

the Auctioneer and, if required, provide proof of identity to our satisfaction and bank or

other credit references. Bidders unknown to Auctioneer are requested to establish credit

or deposit 25% of their bids before the sale. We cannot accept bids from minors.

4.3. The highest Bidder for each Lot shall be the Buyer. If there is a dispute, the

Auctioneer shall have absolute discretion to determine the dispute including re-offering

the disputed Lot for sale. Auctioneer reserves the right to refuse any bid he feels is not

made in good faith.

4.4. A Bidder must submit a bid for an entire Lot and each Lot constitutes a separate

sale. The Auctioneer shall, however, have absolute discretion to divide any Lot, to

combine any two or more Lots, or to withdraw any Lot from the Auction without giving

any reason (including after the hammer has fallen). Bidding shall be regulated at the

absolute discretion of the Auctioneer. The Auctioneer has the right to refuse any bid.

4.5. All sales are final. Subject to Condition 4.4, the contract for the sale of the Lot is

concluded on the fall of the hammer.

4.6. You cannot cancel your purchase of a Lot once the hammer has fallen.

4.7. Auctioneer reserves the right to include in any Auction its own material as well as

material from affiliated or related companies, principals, officers or employees. Auctioneer 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 CATALOG.

4.8. Auctioneer may bid for its own account at any auction.

4.9. All Lots are offered for sale subject to a Reserve.

4.10. Estimates in the Catalog are not limits or reserves but reflect the actual

market prices and are intended as a guide for bidders. The actual prices realized

may be higher or lower than these valuations. The starting price will be about 80%

of the estimates, unless there are higher offers.

5. PAYMENT

5.1. The Purchase Price payable by a Buyer is the Hammer Price plus a Buyer’s

Premium of 17% of the Hammer Price. Buyer of a lot is responsible for paying

New York sales tax, unless the Lot is exempt.

5.2. Buyer of a Lot shall pay the Purchase Price in full before the Lot can be

delivered to the Buyer.

5.3. Except where Condition 5.2 applies, any part of the Purchase Price

outstanding after the Auction shall be payable by you within 14 days of the date of

the Auction, the due date.

5.4. The Purchase Price is payable by you in cash in full in US funds. You are

not entitled to set-off any amounts that you claim are due from us or anyone else or

make any other deductions.

5.5. Unless we have agreed in writing otherwise, you shall act on your own

account as principal in respect of the sale and therefore if you accept a commission

from a third party to bid on their behalf, you do so at your own risk and will remain

personally liable (jointly with your principal) to us for the Purchase Price in

accordance with these Conditions.

5.6. The methods of payment and surcharges are set out below.

5.7. If the Purchase Price has not been settled within 30 days of the Auction date

interest will be charged at 2% per month from the due date of payment to the date that

cleared funds are received whether that is before or after any legal judgment. This is

without prejudice to any other rights that we have for non-payment.

5.8. If you fail to comply with your obligations under these Conditions, the Lot, in

respect of such non-compliance, may at our discretion be put up for sale at Auction or

privately and resold. In this case, you will be liable in full and will indemnify us for all

losses, costs and expenses (including attorneys’ fees and legal costs) incurred as a result,

including the costs of the resale and the amount (if any) by which the Hammer Price

obtained on the resale is less than the Hammer Price obtained on the original sale of

the Lot to the Buyer.

6. RISK, TITLE AND DELIVERY

6.1. The risk of damage/loss to the Lot will pass to the Buyer on the fall of the hammer.

Title in a Lot will not pass to the Buyer until the Purchase Price has been paid in full.

6.2. Unless agreed by us, you should collect the Lot within 7 days of the date of

payment in full. We reserve the right to charge for storage and to resell by Auction or

privately without notice to you, if a Lot is not collected. Alternatively, we will send the Lot

to you by recorded post. Postage and insurance costs will be charged as additional costs.

6.3. Except in relation to Forgeries, you must satisfy yourself that the correct

Lot has been delivered to you at the time of collection/delivery. We will not be

responsible for any discrepancy which might be discovered after the Lots have been

collected. If we have shipped the Lot to you, we will not be responsible for any

discrepancies if you fail to notify us within 24 hours of receipt.

6.4. It is the Buyer's responsibility to obtain any necessary import, export or

other licences required in relation to a Lot.

7. GUARANTEE FOR FORGERIES

7.1. Auctioneer is a member of the International Association of Professional

Numismatists and in accordance with the conditions of membership, shall provide a

guarantee to the Buyer for all Lots against Forgeries on the terms set out in these

Conditions (‘Guarantee’).

7.2. For the purposes of these Conditions, a ‘Forgery’ means an imitation that

has been created with the fraudulent intent to deceive in respect of the authorship,

origin, date, age, period and the correct description does not correspond with the

description in the Catalog and as a result has a value significantly less than it would

have been had it been genuine.

7.3. You must notify us in writing within one (1) month of you becoming aware

that the Lot may be a Forgery. The Lot must be returned to us in the same

condition as at the time of sale and you must submit evidence that the Lot is a

Forgery, the onus being on you to prove that it is a Forgery.

7.4. You acknowledge that:

(a) we reserve the right to re-assess the Lot or engage at our expense any

expert or authority considered by us at our sole discretion to have the necessary

expertise to undertake a re-assessment of the Lot;

(b) following our re-assessment of the Lot, you agree to be bound by our

decision as to whether or not the Lot is a Forgery.

7.5. You shall not be entitled to a refund for a Forgery if:

(a) the grounds for claiming that the Lot is a Forgery is based primarily on

a difference of opinion between us and a third party providing coin grading services;

(b) the grounds for claiming that the Lot is a Forgery is by reason of any

damage and/or restoration and/or modification work of any nature;

(c) the description of the Lot in the Catalog was in accordance with

generally accepted opinions of numismatic specialists as at the date of

publication or the catalog indicated that there was a conflict of opinion.

(d) it has been proved that the Lot is a Forgery by applying a method that was

unavailable or not generally applied within the industry of numismatics as at the date of

publication of the catalog or was disproportionately expensive, in both cases as

determined in our absolute discretion.

7.6. If we agree that the Lot is a Forgery then subject to:

(a) you being able to confirm in writing that you can transfer legal and

beneficial title to the Lot to us or as directed by us free from all encumbrances or third

party claims of any nature; and

(b) the exclusions in Condition 7.7,

then the sale of the Lot will be rescinded so that it is cancelled and we will refund the

Purchase Price to you in full.

7.7. Your right to return the Lot and receive a refund of the Hammer Price under the

Guarantee is your sole remedy against us, our agents and sub-contractors and/or the

Seller for a Forgery. You will not be entitled to claim interest on the amount due to you.

Neither we, our agents or sub-contractors nor the Seller shall be liable for costs,

expenses, damages or any other liability however it arises relating to a Forgery.

7.8. In accordance with the restriction in Condition 10.2, the benefit of the Guarantee is

personal to the original Buyer and is not transferable to a new owner of the Lot or any other person.

8. EXCLUSION OF LIABILITY AND WARRANTIES

8.1. Except where these conditions expressly state otherwise, no warranty as to

merchantability or fitness for a particular purpose is given to a buyer concerning a lot and

each lot is sold “as is” and as shown with all faults, imperfections, errors of description

(including authorship, origin, age, size, condition or value) or lack of authenticity or

genuineness and neither we nor the seller nor any of our agents or sub-contractors will be

liable for any damages, costs, expenses or any other liability arising out of the same

whether or not caused by negligence. The auction is not an approval sale.

8.2. Except as provided in 6.3, any claims for adjustment other than authenticity must

be made in writing within seven (7) days after delivery of the goods. No Lots may be

returned without our written permission. It is the Buyer’s responsibility to have the Lots

fully insured while in his possession. Our maximum liability under these Conditions is the

amount of the Purchase Price paid by you.

8.3. Neither we nor any of our agents or sub-contractors shall be liable, whether in tort

(including negligence or breach of statutory duty), contract, misrepresentation or otherwise:

(a) for loss of profits or business, depletion of goodwill and/or similar losses;

loss of contracts; or

(b) any special, indirect, incidental, consequential, exemplary or pure economic

loss, costs, damages, charges or expenses.

8.4. We shall not be liable to you or be deemed to be in breach of these Conditions by

reason of any delay in performing, or any failure to perform, any of our obligations in the

Conditions, if the delay or failure was due to any cause beyond our reasonable control.

8.5. Nothing in these Conditions excludes or limits our liability for any matter which

it would be illegal for us to exclude or attempt to exclude under New York law or for our

fraud or fraudulent misrepresentation.

9. DATA PROTECTION

9.1. By agreeing to these Conditions, a Bidder acknowledges and agrees that we will

use personal information of a Bidder for the purpose of the Auction and ancillary

matters, including providing a Buyer's personal details to any other person where

necessary to enforce our rights under these Conditions.

10. GENERAL

10.1. These Conditions and the Seller's Conditions constitute the entire agreement

between us and supersede all other agreements, understandings, warranties and

representations concerning the subject matter hereof. All other terms, warranties and

representations, express or implied by statute or otherwise are excluded to the fullest

extent permitted by law. No variation to these Conditions shall be legally binding unless

agreed in writing by us.

10.2. All rights and benefits granted to a Bidder under these Conditions are personal to

him and may not be assigned or in any other way transferred to any other person. Any

such assignment or transfer will be invalid and unenforceable against us.

10.3. A notice required or permitted to be given by either of us to the other under

these Conditions shall, in the case of a Bidder, be to the last address notified to us

and in the case of Auctioneer, shall be to the registered office of Auctioneer.

10.4. No failure or delay by us in exercising any of our rights under these Conditions

shall be deemed to be a waiver of that right, and no waiver by us of any breach of these

Conditions by you shall be considered as a waiver of any subsequent breach of the

same or any other provision.

10.5. We may perform our obligations and exercise our respective rights through any of

our group companies or assign our rights under these Conditions.

10.6. If any provision of these Conditions is held by any court or other competent

authority to be invalid or unenforceable, in whole or in part, the validity of the other

provisions and the remainder of the provision in question shall not be affected.

10.7. These Conditions, as well as the Buyer’s and our respective rights and

obligations hereunder, shall be governed by and construed and enforced in

accordance with the laws of the State of New York. By bidding at the Auction,

whether in person, by agent, Commission Bid, telephone or other means, the Buyer

shall be deemed to have consented to the exclusive jurisdiction of the state courts

of, and the federal courts sitting in, the State of New York.

11. INTERPRETATION

11.1. In these Conditions:

‘Auction Agent’, ‘Auctioneer’, ‘us’ or ‘we’ means A. H. Baldwin & Sons Ltd.,

Dmitry Markov Coins & Medals, M&M Numismatics Ltd., and Ira & Larry

Goldberg Coins & Collectibles Inc.;

‘Bidder’ and 'you' means a person making, attempting to make or considering

making a bid for a Lot including a Buyer;

‘Buyer’ means the person who makes the highest bid for a Lot which is accepted by the

auctioneer and if the person is acting as an agent, will be a reference to its principal only if

Auction Agent has accepted the agency in writing;

‘Catalog’ means a catalog, price list or other publication or price list;

‘Commission Bid’ means an instruction from a Bidder to us to bid on their behalf

at the Auction;

‘Conditions’ means these conditions of sale and any other additional terms notified

to Bidders in writing in a Catalog or otherwise (which includes notices displayed at

the Auction) or as agreed in writing between Auction Agent and the Bidder;

‘Hammer Price’ means the amount of the highest bid for a Lot accepted by the

auctioneer;

‘Including’ or ‘include’ mean including without limitation and include without

limitation, respectively;

‘Lot’ means any item deposited with us for sale at auction including items described

against any Lot number in a Catalog;

'Purchase Price' means the Hammer Price plus Buyer's Premium and New York

sales tax, where applicable;

'Reserve' means a confidential price below which the Auctioneer will not sell a Lot

or will re-purchase on behalf of the Seller or for the account of Auctioneer. Unless

otherwise specified at the time of Lot consignment, this will be set at approximately

80% of the Lot estimate at complete discretion of the auctioneer;

'Seller's Conditions' means the terms and conditions of sale between Auction

Agent and a Seller for the sale of a Lot as displayed in the Auction room, on our

website or available from Auction Agent.

11.2. Headings in these Conditions are for convenience only and shall not affect

their interpretation.