Terms & Conditions
This is a public auction, conducted in accordance with these Terms and Conditions of Sale, by Legend Rare Coin Auctions (hereinafter referred to as “LRCA"). By bidding on any lot offered by LRCA, the bidder indicates acceptance of the following Terms and Conditions of Sale. Bidders are to comply with the Terms and Conditions of Sale, posted on LegendAuctions.com, at the time of the auction in which they are participating.
A 17.5% buyer’s premium will be added to all successful bids, and is payable by the winning bidder as part of the total purchase cost.
All sales are subject to applicable state and local taxes. Any lots that are picked up and/or delivered in the state of Nevada are subject to applicable state and local taxes.
All Bidders must meet Auctioneer’s qualifications to bid. Any Bidder who is not a client in good standing of the Auctioneer may be disqualified at Auctioneer’s sole option and will not be awarded lots. Such determination may be made by Auctioneer in its sole and unlimited discretion, at any time prior to, during, or even after the close of the Auction.
To ensure the safety of all our bidders Legend Rare Coin Auctions reserves the right to request a minimum of two industry references and/ or a bank letter of credit for all new bidders.
International bidders that are unknown to Legend Rare Coin Auctions will be required to deposit 25% of their anticipated expenditures.
Please contact a Legend representative at least 48 hours in advance of bidding for approval and payment instructions for all purchases.
Auctioneer reserves the right to exclude any person from the auction.
All merchandise must be paid for within TEN (10) days of the date of sale. We reserve the right to cancel any unpaid order after that time and to ban the bidder from future sales. Credit cards (Visa, MasterCard and Discover) are accepted for auction payments up to $2,500.00 per invoice. Invoices and/or balances over $2,500.00 must be paid via personal or certified check, money order, or wired funds. Personal checks, money orders and cashier’s checks may be held for up to 10 business days in order to allow time for them to clear appropriate banking channels. Please email [email protected] for bank-wiring instructions and/or to provide numismatic references.
Foreign buyers, unknown to us, are required to deposit 25% of their anticipated expenditures before bidding. Please contact us in advance of bidding for bank wiring instructions.
Extended Payment Terms
For all items $15,000.00 and over, LRCA is now offering Extended Payment Terms. Please advise us at least 48 hours before bidding or purchasing the item in question. Pre-approval is required.
A 1/3 down payment is due within five days of purchase date.
Additional 1/3 payment due within 30 days of purchase date.
Additional 1/3 payment due within 60 days of purchase date.
Interest is due on the outstanding balance after 30 days, at the rate of .83% per month (10% annually). No interest is calculated for the first 30 days and there is no penalty for paying off early. LRCA will maintain possession of item(s) until paid in full.
Additional terms and conditions for Extended Payment Terms by Legend Rare Coin Auctions:
All sales are final. No returns will be accepted for any items using Extended Payment Terms. In the event that the buyer defaults, LRCA reserves the right to cancel the sale, re-offer the item(s) at a future LRCA sale under the buyer's name, with a minimum bid of 50% of sale price. Any down payments or subsequent installments will be applied to the balance due, together with any deficit relating to the resale of the items. If there is any balance owed to the buyer, LRCA will remit this to buyer within 30 days of sale date.
In addition to these terms, all of our standard Terms and Conditions shall govern the sale and use of Extended Payment Terms.
All lots are sold “as is.” Lots graded by PCGS, NGC or other third-party grading services, or any lot viewed by the buyer or anyone on buyer’s behalf prior to the auction, may not be returned. This is not an approval sale. All sales of lots to the highest bidder are final. Bidders are strongly advised and encouraged to research any lots upon which they plan to bid, and to determine bids, based upon their own evaluation. Bidders assume all risks concerning and related to the grade, quality, appearance, condition, history and origin of any lot. Bidders acknowledge that coin grading is not an exact science, that it can be subjective and inconsistent and that it is possible that two parties might assess or grade the same coin differently. LRCA makes every effort to accurately describe all items offered in its sales. All items will be available for preview prior to the auction.
Shipping costs will be billed separately and are non-refundable. Items will usually ship within 5-10 business days after payment has been received and/or funds have cleared. Coins will be shipped via Fed Ex or USPS or transported via armored carrier.
The shipping charge includes fees for our third-party insurance coverage, as well as any costs incurred through the USPS or Federal Express. Any shipments made via armored carrier (Brinks, Dunbar, etc.) will be calculated and assessed at the time of shipment.
It is not possible for LRCA to ship to some countries. Please email questions to [email protected]. Payment for all international orders is required in US funds. Please contact [email protected] for bank wiring instructions.
Customs requirements for each country are the responsibility of the buyer. All packages shipped outside of the United States will include the required customs declaration and full value of the invoice.
Bids Via Telephone
An absentee bidder may also participate live, during the auction, via telephone. Requests for phone bidding must be received at least three days prior to the auction date. Please fill out our phone bidding request form online or call 732-935-1168 to request a call from one of our representatives during the live auction. LRCA cannot guarantee phone lines, but will make every effort to accommodate those who wish to participate via this method.
Rights & Responsibilities
The auctioneer will determine the highest bidder. The auctioneer, alone, has the right to reopen the bidding for an item, if deemed necessary. LRCA and its representatives reserve the right to remove any attendees who impede the preview and/or the auction. Title to all merchandise shall pass to the winning bidder after receipt of good funds by LRCA. Bidders will be held responsible for their bids, including those bids placed incorrectly. PLEASE VERIFY BIDS BEFORE SUBMITTING THEM. In order to have a bid removed or corrected, bidder must contact LRCA prior to start of the auction. Bidder waives auctioneer’s responsibility and holds LRCA harmless for failure to recognize, accept, receive or execute any lost or missing bids by internet, telephone, email, floor bid, fax, mail or other means. LRCA reserves the right to postpone or cancel an auction without notice. Lots may be withdrawn at LRCA’s discretion, without prior notice. Lots may carry a reserve. A reserve is a price below which the auctioneer will not sell an item, or will re-purchase the item on behalf of the consignor or for LRCA. LRCA permits bids to be placed by the auctioneer, or an employee of the auctioneer, up to the pre-determined reserve set by the consignor. Legend Rare Coin Auctions' partner, Legend Numismatics, reserves the right to bid on items, for its own account and for the accounts of its clients.
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 AND CURRENCY LISTED IN THIS CATALOG GRADED BY PCGS, NGC, OR ANY OTHER THIRD PARTY GRADING SERVICE OR EXAMINED BY THE BUYER PRIOR TO THE AUCTION SALE MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER BY ANY BUYER, EXCEPT FOR CLAIMS RELATED TO AUTHENTICITY.
b. For non-certified coins that have not been examined by the Buyer prior to the Auction Sale: if it is determined in a review by LRCA that there is a material error in the catalog description of a non-certified coin or the LRCA no later than seventy-two (72) hours of delivery of the lots in question, and such lots are returned and received by LRCA, in their original, sealed containers, no later than fourteen (14) calendar days after delivery, in the same condition the lot(s) were delivered to the Buyer, time being of the essence.
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 from its original container, or altering a coin 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 LRCA. LRCA 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 LRCA and its employees or agents (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 LRCA has authority to vary or alter these Terms and Conditions of Auction Sale. LRCA reserves the right to vary or alter the Terms of Sale, either generally or with respect to specific persons or circumstances, in its sole discretion. Any variation or alteration shall be effective only if in writing and signed by an officer of LRCA authorized to do so.
h. LRCA is acting as an auctioneer. Title to the lots purchased passes directly from the Consignor to the Buyer. Accordingly, LRCA is not making, and disclaims, any warranty of title.
i. Bidder acknowledges that the numismatic market is speculative, unregulated and volatile, and that coin prices may rise or fall over time. LRCA does not guarantee or represent 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 LRCA, 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.
Waiver and Release
Bidder, for himself, his heirs, agents, successors and assignees, generally and specifically waives and releases, and forever discharges LRCA, and its respective affiliates, parents, officers, directors, shareholders, agents, subsidiaries, employees, managers and members 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, tort or otherwise, whether known or unknown, suspected or unsuspected (a “Claim”), which Bidder may assert with respect to and/or arising out of, or in connection with any challenge to the title to or authenticity of any goods purchased, the sale itself, any lot bid upon or consigned, and/or the auction, except where such Claim is otherwise expressly authorized in these Terms of Sale. It is the intention of Bidder that this waiver and release shall be effective as a bar to each and every Claim that may arise hereunder or be related to the Auction Sale.
If a dispute arises concerning ownership of a lot or concerning proceeds of any sale, LRCA reserves the right to commence a statutory inter-pleader proceeding at the expense of the Consignor and Buyer and any other applicable party, and in such event shall be entitled to its reasonable attorneys’ fees and costs. LRCA reserves the right to cancel or postpone the Auction Sale or any session thereof for any reason whatsoever. No Bidder shall have any claim as a result thereof, including for incidental or consequential damages. Neither LRCA nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of the Terms of Sale, the auction or the conduct thereof and in no event shall such liability exceed the purchase price, premium, or fees paid. 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 LRCA. 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.
Any dispute arising out of or related to these Terms of Sale, the Auction Sale or any lot, with the sole exception of actions by Legend Rare Coin Auctions to collect amounts owed to it and other damages, shall be submitted to binding arbitration pursuant to the commercial arbitration rules of the American Arbitration Association, with any arbitration hearing to occur in Monmouth County, New Jersey. Absent an agreement of the parties, the arbitrator shall limit discovery to that which is necessary to enable the hearing to proceed efficiently. The arbitrator shall not have the power to award punitive or consequential damages, nor alter, amend modify any of the terms of this Agreement. The award by the arbitrator, if any, may be entered in any court having jurisdiction thereof. Each party shall pay one-half the costs of the arbitration. Bidder acknowledges and agrees that the competent courts of the State of New Jersey shall have exclusive in personam 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 of the arbitration proceeding shall be in Monmouth County, New Jersey; and any court proceeding shall be in the Monmouth County Superior Court, in the State of New Jersey, and in each case waive any claim of Forum Non Conveniens. 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. AUCTION PARTICIPANTS EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY
Bid increments listed are a general guideline. Actual increments are at the auctioneer's discretion.
$0 - $199...................................................... $10
$200 - $999 ................................................. $25
$1,000 - $1,999 ........................................... $50
$2,000 - $4,999 ........................................... $100
$5,000 - $9,999 ........................................... $250
$10,000 - $19,999 ....................................... $500
$20,000 - $39,999 ....................................... $1,000
$40,000 - $99,999 ....................................... $2,500
$100,000 - $199,999 ................................... $5,000
$200,000 - $399,999 ................................... $10,000
$400,000 - $999,999 ................................... $25,000
$1,000,000 - $1,999,999 ............................. $50,000
$2,000,000 and up ...................................... $100,000