1. Auction Basics. This is a public auction sale ("Auction Sale") conducted by licensed and bonded Auctioneers, Bowers & Merena Auctions (hereinafter referred to as "Auctioneer" and at times as "Bowers"). 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 Bowers ("Consignor" or "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. Bowers 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. Bowers may have direct or indirect interests in any of the lots in the auction and may collect commissions. THE TWO PRECEEDING SENTENCES SHALL BE DEEMED A PART OF THE DESCRIPTION OF ALL LOTS CONTAINED IN THE CATALOGUE. 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, Bowers reserves the right to so note in the prices realized or to omit a price from the prices realized. Bowers may bid for its own account at any auction. Bowers may have information about any lot that is not known publicly, and Bowers reserves the right to use such information, in a manner determined solely by Bowers and for the benefit of Bowers, without disclosing such information in the catalog, catalog description or at the auction. Bidder acknowledges and agrees that Bowers 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 Bowers. 2. Descriptions and Grading. Bidder acknowledges that grading of most coins in this Auction have been determined by independent grading services, and those that are not are graded by Bowers. Grading of rare coins is subjective and may differ among independent grading services and among numismatists, even though grading has a material effect on the value of the coins. Bowers is not responsible for the grades assigned by independent grading services, and makes no warranty or representation regarding such grades. Bidder further acknowledges and agrees that grades assigned by Bowers and lot descriptions are based solely upon an examination of the coins and are intended to note any perceived characteristics. However, coin grading and perception are subjective. Bowers does not warrant the accuracy of such descriptions. 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, telephone, internet or telefax; or any other participant in the Auction Sale. The Auctioneer may accept or decline any bid, challenge to any bid or bidding increment, as the Auctioneer in its 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. All material shall be sold in separate lots to the highest Bidder as determined by the Auctioneer. Auctioneer shall have the right in its sole and absolute discretion to adjudicate all bidding disputes and shall have the right, but not the obligation, to rescind the acceptance of any bid and place the lot(s) for Auction Sale again. Auctioneer's decision on all bidding disputes shall be binding and final. For the Mail and Internet Bidder's protection, no "unlimited" or "buy" bids will be accepted. When 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, COINS LISTED IN THIS CATALOGUE GRADED BY PCGS, NGC OR ANACS CACHET, OR ANY OTHER THIRD PARTY GRADING SERVICE MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER BY ANY BIDDER. For non-certified coins: If it is determined in a review by Bowers that there is a material error in the catalogue description of a non-certified coin, the lot may be returned if written notice is received by Bowers within seventy-two (72) hours of receipt of the lot(s). The lot(s) must be received by Bowers no later than fourteen (14) calendar days after the Auction Sale in the same condition the lot(s) were delivered to the Bidder, in their original, sealed 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 in connection with the lot(s). Bowers shall have sole discretion in determining the value of the damage caused, which shall be promptly paid by the prospective Bidder. BOWERS 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 bid intended. 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. Bowers 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 consequential damages if a 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 California. 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 seventeen (17%) on each individual lot will be added to all purchases made by Bidders, except for reacquisition’s by Consignors, regardless of affiliation with any group or organization, and will be based upon the total amount of the final bid. A reacquisition charge may apply to Consignors pursuant to a separate agreement, which may be higher or lower than the Buyer's Commission. Payment is due immediately upon receipt of notification. Payment is delinquent and in default if not made in good funds in full within fourteen (14) days of the Auction Sale, without exception. Unless otherwise agreed in writing, auction sales are strictly cash in U.S. funds payable through a bank in the United States. On any cash transaction or series of transactions exceeding $10,000, Treasury Form 8300 will be filed. Contact Bowers for wiring instructions before sending a wire. Lots must be paid for the earlier of receipt of invoice or delivery. Lot(s) will not be shipped before funds are received by Bowers. Bowers reserves the right to decline to release lots for which good funds have not yet been received. On any accounts past due, Bowers 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. Payment by Visa, Mastercard, American Express or Discover may be accepted only for internet bidders whose total purchases for the Auction Sale do not exceed $5,000. 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 Bowers. If a corporation is the Bidder, the corporate representative present at the sale shall provide Bowers 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 Bowers or such other statement as may be acceptable to Bowers, in the sole discretion of Bowers. Bidders who have not established credit with Bowers 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 Bowers may, in its sole and absolute discretion, require before such bids will be accepted. Deposits submitted will be applied to purchases. Any remaining deposits will be promptly refunded, upon clearance of funds. Bowers 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 Bowers. It is the Bidder's responsibility to contact Bowers after the sale to make shipping and packaging arrangements. Due to the fragile nature of some lots, Bowers 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, the seventeen percent (17%) 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. California residents will be charged sales tax as well as bidders who pick up at this Auction without a valid Resale Certificate. Please note that the purchase of any coin or bullion lot(s) with a price, including the buyer's fee, in excess of One Thousand Dollars ($1,000.00) is exempt from California sales tax. On any tax not paid by Bidder which should have been paid, even if not collected by Bowers 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. Bowers 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). Any and all claims based upon Buyer's failure to receive a purchased coin or lot, Buyer's receipt of a coin or lot in damaged condition, or otherwise related to delivery, must be received in writing by Bowers no later than forty-five (45) days after Buyer's payment for the coin or lot, regardless of whether the Buyer has received confirmation of shipment or not, or within 45 days of Sale if payment is not made within said time based upon pre-approved credit or otherwise. Buyer may not receive notification of shipment; it is Buyer's obligation to make timely notification of any such claim. The failure to make a timely claim, time being of the essence, shall constitute a waiver of any such claim. 6. Financial Responsibility. In the event a successful Bidder fails to make payment when due, Bowers reserves the right, in its sole discretion, to rescind the sale or to resell the lot(s) in a commercially reasonable manner, which may include a public or 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 to Bowers or its assignees the right to offset any sums due, or found to be due to Bowers, and to make such offset from any past, current, or future consignment, or purchases that are in the possession or control of Bowers; or from any sums due to Bidder by Bowers. Bidder further grants Bowers a purchase money security interest in such sums or items and their proceeds to the extent applicable, to secure all indebtedness due to Bowers, plus all accrued expenses, attorney fees, and costs, until the indebtedness is paid in full. Bidder grants Bowers the right to file a UCC-1 financing statement for such items, to sign the statement as Bidder’s attorney-in-fact, and to assign such interest to any affiliated or related company or any third party deemed appropriate by Bowers. 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, and any amount paid in excess thereof shall be allocated to principal. Bidder agrees to pay all reasonable attorney's fees, court costs and other collection costs incurred by Bowers or any affiliated or related company to collect past due invoices or to interpret or enforce the terms hereof or in any action or proceeding arising out of or related to the Auction Sale. Bowers reserves the right to assign its interest to any third party. To the extent that the winning Bidder for any lot consists of more than one person or entity, each such person or entity is jointly and severally liable for all obligations of the Bidder, regardless of the title or capacity of such person or entity. 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 LOT THAT THE CONSIGNOR MAY HAVE AS OF THE AUCTION SALE DATE. ALL LOTS ARE SOLD "AS IS" AND WITH ALL FAULTS. PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING, QUALITY, DESCRIPTION, CONDITION, AUTHENTICITY, AND PROVENANCE OF A LOT. a. COINS LISTED IN THIS CATALOGUE GRADED BY PCGS, NGC OR ANACS CACHET, OR ANY OTHER THIRD PARTY GRADING SERVICE MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER BY ANY BIDDER. For non-certified coins: If it is determined in a review by Bowers that there is a material error in the catalogue description of a non-certified coin, the lot may be returned if written notice is received by Bowers within seventy-two (72) hours of receipt of the lot(s). The lot(s) must be received by Bowers no later than fourteen (14) calendar days after the Auction Sale in the same condition the lot(s) were delivered to the Bidder, in their original, sealed containers. b. Any and all claims that an item is not authentic, must be made in writing to Bowers within seventy-two (72) hours 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. d. Late remittance or removal of any item form its original container constitutes just cause for revocation of all return privileges. e. Grading or condition of rare coins 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 Bowers. Bowers shall not be bound by any prior, or subsequent opinion, determination or certification by any independent grading service. f. Questions regarding the minting of a coin as a "proof" or as a "business strike" relate to the method of manufacture and not to authenticity. g. All oral and written statements made by Bowers 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 Bowers 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 Bowers authorized to do so. h. Bidders shall have no recourse against the Consignor for any reason whatsoever. i. Bidder acknowledges that the rare coin market is speculative, unregulated and volatile, and that coin prices may rise or fall over time. Bowers does not guarantee that any customer buying for investment purposes will be able to sell for a profit in the future. j. Bidder acknowledges and agrees that neither Bowers, nor its employees, affiliates, agents, third-party providers or consignors warrant that auctions will be unimpaired, uninterrupted or error free and accordingly shall not be liable for such events. k. Any comments provided by David Hall do not necessarily reflect the opinion of Bowers and Merena. Any disagreement with David Hall's comments, or any error made by David Hall will not be a reason for a Buyer to return any lot whatsoever. All coins with David Hall comments are certified and graded by the Professional Coin Grading Service (PCGS). David Hall is the Founder and Director of PCGS. 8. Waiver and Release. Bidder, for himself, his heirs, agents, successors and assignees, generally and specifically waives and releases, and forever discharges Bowers, 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 assignees from any and all claims, rights, demands and causes of actions and suits, of whatever kind or nature, including but not limited to claims based upon Auctioneer’s negligence, 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, any lot bid upon or consigned, 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 or be related to the Auction Sale, 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 or concerning proceeds of any sale, Bowers 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 attorneys' fees and costs. Bowers reserves the right to cancel or 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 for incidental or consequential damages. Neither Bowers 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 such liability 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, Bowers may at its sole option either (a) rescind 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 Bowers, in a quantity sufficient in the opinion of Bowers to satisfy the indebtedness, plus all accrued charges, and Bowers may sell such portion at an auction sale or private sale conducted by Bowers and charge a seller’s commission that is commercially reasonable. More than one such sale may take place at the option of Bowers. 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 Bowers. The proceeds shall be applied first to the satisfaction of any damages occasioned by Bidder's breach, then to any other indebtedness owed to Bowers, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees, costs, collection agency fees and costs and any other costs or expenses incurred. Bidder shall also be liable to Bowers if the proceeds of such sale or sales are 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 Bowers. 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 California, regardless of the location of the Auction Sale. Any dispute arising out of or related to these Terms and Conditions of Sale, the Auction Sale or any lot, with the sole exception of actions by Bowers to collect the purchase price and other damages, shall be submitted to binding arbitration pursuant to the rules of the Professional Numismatics Guild ("PNG"). Bidder acknowledges and agrees that the competent courts of the State of California shall have exclusive jurisdiction, subject to the requirement to arbitrate, over any dispute(s) arising hereunder, regardless of any party's current or future residence or domicile. Bidder further agrees that venue shall be in arbitration or the Superior Court in Orange County, in the State of California. Bidder agrees that any arbitration or legal action with respect to this Auction Sale is barred unless commenced within one (1) year of the date of this Auction Sale. These Terms and Conditions of Sale and the information on the Bower’s website constitute the entire agreement between the parties hereto on the subject matter hereof and supersede all other agreements, understandings, warranties and representations concerning the subject matter hereof. 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. Bowers may at its sole and absolute discretion, make loans or advances to Consignors and/or Bidders. 11. Special Services. If you wish to limit your total expenditures, please fill in the maximum amount you wish to spend on the MAXIMUM EXPENDITURE line at the upper portion of your bid sheet. You can then submit bids for amounts up to eight times the amount of the maximum expenditure. This is a personal service and a Bowers and Merena customer representative will personally attend to your bid sheet by bidding from the auction floor, buying lots for your account until your authorized expenditure is reached. While we will do our best in your behalf, due to the speed of the auction sale and the sometimes crowded conditions, we cannot be responsible for failure to execute such a bid properly. Due to the bookkeeping involved, this service is offered only to bidders with maximum expenditures of $1,000 or more. 12. We invite you to take advantage of the optional 10% to 30% increase to help your chance of being a successful bidder. Check the appropriate place on your bid sheet. 13. Bidding in this auction sale constitutes acceptance by the bidder of the foregoing terms of sale. Please note: Transparent holders in which the auction lots are stored are to facilitate viewing and inspection of the lots and ARE NOT for long-term storage. For PRICES REALIZED after the sale, call 1-800-458-4646. Preliminary prices realized will also be posted on the Internet soon after the session closes at www.bowersandmerena.com