TERMS OF SALE
LEONARD AUCTION, INC. AS AGENT
The lots listed in this catalog will be offered by Leonard Auction, Inc. as owner or as agent for consignor(s) subject to the following terms and conditions. By bidding at auction you agree to be bound by these Terms of Sale.
1. THIS AUCTION IS NOT AN APPROVAL SALE AND ALL SALES ARE FINAL except for the reasons outlined in this Refund Policy.
2. Leonard Auction, Inc. guarantees all items to be genuine (authentic) as to date and mintmark. If a successful bidder has questions as to the authenticity of a lot, the bidder must contact Leonard Auction, Inc. within three (3) calendar days of receipt of the lot. Leonard Auction, Inc. will pay the shipping cost to have the lot returned to our office. In order to qualify for return, the lot must be held, intact, in its original, sealed holder. Upon return, the lot will be submitted to a third-party grading service (PCGS, NGC, or ANACS). If the third-party grading service determines the lot to be not genuine, Leonard Auction, Inc. will issue a full refund including shipping costs. If the third-party grading service determines the lot to be genuine, the lot will be returned to the bidder and the bidder will be responsible for all shipping and certification costs.
3. Items removed from their original, heat-sealed Leonard Auction, Inc. holder, MAY NOT BE RETURNED for any reason.
4. No lot may be returned because of a variance in opinion with regards to grade. Leonard Auction, Inc., of course, cannot guarantee that our opinion will match that of any of the many third-party grading services since they often differ in opinion among themselves. In addition, Leonard Auction, Inc. cannot guarantee that a coin certified by any third-party grading service will be given the same grade and/or designations from another certification company.
5. Items encapsulated and authenticated by a third-party grading service MAY NOT BE RETURNED for any reason.
6. Bulk lots (lots containing more than four (4) coins) MAY NOT BE RETURNED for any reason, other than authenticity.
PRIOR TO THE SALE:
Prospective buyers are strongly advised to personally examine any property in which they are interested before the auction takes place. Neither Leonard Auction, Inc. nor its consignor(s) makes any warranties or representations, express or implied with respect to such lots. Neither Leonard Auction, Inc. nor its consignor(s) makes any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalog or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effects of aging. No statement, whether written or oral, and whether made in the catalog, or in supplements to the catalog, an advertisement, a bill of sale, a salesroom posting or announcement, the remarks of an auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. Leonard Auction, Inc. and its consignor(s) make no warranty or representation, express or implied, that the purchaser will acquire any copyright or reproduction rights to any lot sold. Leonard Auction Inc. expressly reserves the right to reproduce any image of the lots sold in the catalog.
AT THE SALE:
Refusal of Admission
Leonard Auction, Inc. has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid.
Registration before Bidding
A prospective buyer must complete and sign a registration form and provide identification before bidding. At our discretion, we may require bank or other financial references.
We will use reasonable efforts to carry out written bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. Bids must be placed in U.S. dollars. If we receive written bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid.
On lots with a low estimate of $200 and above and if a prospective buyer makes arrangements with us 24 hours prior to the commencement of the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone. Execution of telephone bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid.
We will use reasonable efforts to carry out online bids. Execution of online bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid.
Some lots in the sale are subject to a reserve which is the confidential minimum price below which such lot will not be sold. Reserves are agreed upon with consignors or, in the absence thereof, the absolute discretion of Leonard Auction, Inc. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders.
The auctioneer has the right at their absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw any lot, and in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive and final.
The highest bidder acknowledged by the auctioneer will be the purchaser. In the case of a tie bid, the winning bidder will determined by the auctioneer at his or her sole discretion. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to re-offer the lot in dispute. If any dispute arises after the sale, the Leonard Auction, Inc. sale record shall be conclusive. Title passes upon the fall of the auctioneer’s hammer to the highest acknowledged bidder subject to the Terms of Sale set forth herein, and the bidder assumes full risk and responsibility.
AFTER THE SALE:
In addition to the hammer price, the buyer agrees to pay Leonard Auction, Inc. a buyer’s premium added to the final total. The buyer’s premium for in-house, absentee and telephone bidders is twelve and one half (12.5) percent (%). The buyer’s premium for online bidders is twenty (20) percent (%).
The buyer must pay the entire amount due (including the hammer price, buyer’s premium, and other charges) no later than 4 p.m. on the fifth (5) business day following the sale. Payment in U.S. dollars may be made with cash; bank check or cashier’s check drawn on a U.S. bank; money order; wire transfer; or major credit / debit card (subject to a three (3) percent (%) convenience fee). Leonard Auction, Inc. reserves the right to hold merchandise purchased by personal check until the check has cleared the bank. The purchaser agrees to pay Leonard Auction, Inc. a handling charge of $35 for any dishonored check.
Sales of Coins, Currency and Bullion are not subject to Illinois State Sales Tax.
Once Leonard Auction, Inc. has received all funds due to us, the buyer shall collect purchased lots within five (5) business days from the date of the sale. If property is not picked up within five (5) business days following the sale, whether or not payment has been made, Leonard Auction, Inc. reserves the right to charge $5 per lot per day. Leonard Auction, Inc. shall have no liability for any damage to property left on its premises for more than five (5) business days following the sale. Property which is paid for but left on our premises for any reason in excess of ninety (90) calendar days is subject to sale by us with the balance of any funds recovered in excess of storage charges and any other fees being remitted to you.
Packing and Shipping
If your bid is successful, and at your request, Leonard Auction will directly ship your items to you. Leonard Auction, Inc. will access a handling fee of $1.00 for the first lot and $0.50 for each additional lot. The bidder is responsible for payment of the handling fee, shipping costs and insurance costs for all items.
If we do not receive payment in full, in good cleared funds, within five (5) business days following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any additional actions available to us by law:
a.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law
b.) to cancel the sale
c.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser’s obligations to us, any property in our possession owned by such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or in the case of bank or cashier’s checks, we have confirmed their authenticity.
d.) to offset against any amount owed
e.) to not allow any bids at any upcoming auction by or on behalf of the buyer
f.) to take other action as we find necessary or appropriate
Leonard Auction, Inc. is not responsible for the correctness of any statement of any kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law any warranty of any kind whatsoever is excluded by this paragraph.
If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Leonard Auction, Inc. shall not be liable for any amount in excess of that paid by the purchaser.
The rights and obligations of the parties with respect to these Terms of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of the jurisdiction in Illinois. If any part of these Terms of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law.
Any and all of the conditions may be waived or modified in the sole discretion of Leonard Auction, Inc.