Auction Terms & Conditions
The auctioneer for this public Internet-only auction is David Lawrence Rare Coins (DLRC). The following terms and conditions apply specifically to this sale only.
2. No Buyer's Premium
Until otherwise noted in the Terms and Conditions, there will be No Buyer's Premiums associated with any lots for DLRC Internet-only auctions.
3. Shipping Fees
Standard domestic shipping is free. Express and International shipping will be charged based on the schedule published on our web site.
4. Acceptable Payment Methods
DLRC will accept payment for auction lots in the form of personal check, bank wire, ACH, major credit cards (Visa, MasterCard, Discover, American Express), Paypal or other negotiated payment as agreed by an authorized DLRC representative. Such alternatives may include trade-ins or other monies due to consigner from another transaction with DLRC. *Please note: credit card and paypal payments will be accepted for invoices totaling up to $10,000. Invoices totaling more than $10,000 will require a check, ACH or wired-funds. Layaways or extended payment terms are not allowed on the Internet-only auction without prior agreement from DLRC. In such cases, an interest fee may apply.
5. Return Privilege
Auction purchases may only be returned upon approval by an authorized DLRC representative within 10 days of receipt of such item. Approved returns will be subject to a restocking fee of 15%. Note that bidders who return too many items, or return item without pre-authorization, may be asked not to participate in future auctions as other bidders are unnecessarily inconvenienced by such returns. Thank you for your discretion on this matter.
6. Binding Effect of Terms and Conditions
These Terms and Conditions are legally binding on anyone that registers to bid, or actually bids, in this DLRC Internet-only auction. They define the relationship between bidders and DLRC before, during and after the auction, and limit DLRC's liability to bidders. DLRC urges anyone considering bidding and REQUIRES all registered bidders in this DLRC Internet-auction to read and ACCEPT these Terms and Conditions before registering to bid on any item. By placing a bid on any lot in this sale, you are implicitly agreeing to these terms.
7. Consignors and Reserves
DLRC Internet auctions contain descriptions of property belonging to many persons known as consignors and may include items owned by DLRC. DLRC is not required to divulge to prospective bidders the identity of any consignor, except as provided by these Terms and Conditions. DLRC's relationship with a consignor is governed by a separate Consignment Agreement, the terms of which DLRC (or DLRC Auctions) is not required to disclose to prospective bidders. This Consignment Agreement may provide for a reserve, or confidential price below which DLRC will not sell an item or will repurchase the item on behalf of the Consignor or DLRC itself. The Consignment Agreement may also permit a consignor to bid on his or her own lots and pay commissions at different rates from other bidders if successful. If a consignor bids for his or her own lots, DLRC may so note to all present. DLRC reserves the right to omit from its published prices realized the purchase prices of items re-purchased by their consignor(s).
8. Who Can and Cannot Bid
Persons may bid at this DLRC Internet-only auction directly through the Internet auction process or by phone through a designated DLRC employee. Phone bids can be placed for a registered bidder only and the bidder must have completed the online registration, or sent legal authorization to DLRC by fax or mail. DLRC reserves the right to reject bids from any person in its sole discretion. In particular, DLRC will not accept bids from corporate bidders unless an officer, director or principal of the corporation agrees in writing to personally guarantee payment. Likewise, bids will be accepted from persons under age 18 only if a parent or legal guardian agrees in writing to accept these Terms and Conditions and be responsible for any purchases by the bidder. In addition, DLRC may require bidders without established credit with DLRC to furnish satisfactory credit references or deposit such amount as DLRC may require in its sole and absolute discretion before bidding. Such deposits will be applied to purchases and unused portions returned after the auction. DLRC will also refuse bids from clients whose accounts are in arrears, or otherwise not in good standing. DLRC and its affiliates may bid for their own account in any auction but are bound to the same terms and conditions as all bidders.
9. Conflicts of Interest
DLRC, its principals, and affiliated or related companies and their employees, officers or principals may either consign to, or bid in, a DLRC Internet auction and pay commissions at different rates from other consignors or bidders. In addition, these persons or entities may loan or advance funds to consignors and/or prospective bidders, and may thereby acquire interests in items sold at a DLRC Internet auction. To the extent that actual or apparent conflicts of interest are created by such situations, bidders consent to such conflicts.
10. Disclaimer of Representations or Warranties from DLRC
The items described in this on-line auction as to grade, mintmark, quality, designation, variety, rarity, provenance, and historic relevance are qualified statements of good faith opinion and not warranties. DLRC relies on the opinions of leading numismatic certification services such as PCGS, NGC, CAC and other third party grading services, and supplies information relating to certified coins only for the convenience of the Internet or phone bidders. The attributes of particular coins and other items may have a material impact on their value, and bidders assume all risk of differing opinions thereof. No employee or agent of DLRCA is authorized to make any representations or warranties regarding the characteristics of items sold by DLRC or the correctness of descriptions, and DLRC DISCLAIMS ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY, FITNESS OR CONDITION OF ITEMS BEING SOLD.
DLRC relies on representations and warranties from its consignors that the consignors own the items consigned and are legally entitled to sell those items. Bidders are entitled to rely on those same representations and warranties in making their purchases, but are encouraged to make their own investigations in case of doubt.
DLRC Internet-only auctions may only be viewed on-line via the Internet. While all lots have images and descriptions, bidders may contact DLRC numismatists via phone or email for further descriptions and analysis. DLRC encourages all Internet bidders to contact DLRC with any questions or concerns prior to placing bids.
13. Bidding On Auction Items
The auction shall take place at the time and place set forth by DLRC as noted per auction. The auctioneer will offer lots in number sequence within each auction, subject to DLRC's right to withdraw any lot at any time. Only entire lots will be offered unless DLRC directs otherwise. Bidding will open at an amount set by DLRC in their sole discretion, and will continue at such increments as the on-line auction directs until the DLRC declares the lot sold and the bidding for that item closed. DLRC may accept or decline any bid. In the last 3 minutes of the auction, if a bid is placed by a bidder, an additional 3 minutes will be added for each bid that is placed until there is no further bidding. The highest bidder at the time of the close of the auction, pending reserves being met, will be the winner of the said item. In case of any disputes regarding the existence or amount of bids DLRC may rescind the sale of that lot and re-sell it, or otherwise direct disposition of the lot. In all cases, DLRC's decision shall be final. DLRC IS NOT RESPONSIBLE FOR ERRORS IN BIDDING, and mistaken bids will not justify rescission of a sale.
14. Reduction of Reserves to Meet Current High Bid
DLRC reserves the right to reduce the reserve amount on any lot at any time during the auction. If a bid is placed that originally does not meet/exceed the reserve amount, but DLRC later reduces that reserve, bidder is responsible for the purchase of the lot.
15. Buyer's Commission and Taxes
There is NO BUYER'S FEE in DLRC Auctions. THE PURCHASE PRICE FOR ALL LOTS INCLUDES THE SUCCESSFUL BID, PLUS SHIPPING FEES, WHERE APPLICABLE (SEE #2 & #3), AS WELL AS APPLICABLE STATE TAXES, except as otherwise provided by written agreement between a bidder and DLRC. Bidders acknowledge that they are responsible for all sales, use or other taxes applicable to their purchases, and for any interest or penalty related to unpaid tax, regardless of whether DLRC collected such taxes at the time of purchase.
16. Payment, Risk of Loss and Remedies for Late Payment/Security Interest
After the auction, all successful purchasers will receive an invoice from DLRC detailing their purchases and the date payment is due. Payment is due at the time of receipt of this invoice and order is automatically canceled if no payment is received within 10 days, unless otherwise determined by DLRC and the winning bidder. Title and risk of loss to goods passes when the purchase price is paid in full, and DLRC reserves the right to withhold delivery of lots until full payment is made in good funds. Payment is by cash in U.S. funds payable through a U.S. bank only, unless otherwise agreed in writing between the buyer and DLRC. Credit Card purchaseS are recommended, as well as money orders or cashier's checks. Personal checks will be accepted and the item will be shipped only upon clearance of the personal check. There will be a $25.00 fee for any returned check. Purchasers agree that if payment is not made in full in accordance with the invoice terms, they will be liable to DLRCA for interest on the unpaid balance at the rate of 1 1/2% per month (or the maximum rate permitted by law, whichever is lower), and for reimbursement of all collection costs incurred by DLRC (including the costs of engaging an attorney and pursuing legal proceedings). In addition to the foregoing, purchasers grant DLRC a security interest in any items purchased by them, to secure any outstanding indebtedness to DLRC (whether from purchase of the items themselves or other items), and agree to execute such documents as DLRC may deem needed to evidence this security interest. Purchasers agree that DLRC may exercise all the rights of a secured party, including the right to re-sell the collateral item(s) and apply the proceeds to purchaser's debt and to reimbursing DLRC for costs related to the resale.
17. No Rights for Subsequent Purchasers or Assignees
Only the actual purchaser of an item at a DLRC Internet auction may claim any rights under these Terms and Conditions, and such rights may not be transferred or assigned to anyone else.
18. Disclaimer of Compensatory, Incidental or Consequential Damages
DLRC's liability to purchasers for returned items, items to which title issues are raised, or in connection with any claim arising from the purchase of an item at a DLRC Internet-only auction is limited to reimbursing the purchaser for the sums actually paid to DLRC for the item(s) (including buyer's commission and taxes), and DLRC DISCLAIMS ANY LIABILITY FOR COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING FROM PURCHASE OF ANY ITEM FROM A DLRC INTERNET AUCTION.
19. Virginia Law/Arbitration of All Disputes
These Terms and Conditions shall be construed and enforced in accordance with Virginia law (excluding choice of law rules). Any claim or controversy arising out of or involving a DLRC Internet auction or any provision of Terms and Conditions shall be resolved by arbitration by the Professional Numismatists Guild (PNG) or, if the PNG cannot or will not hear the matter, by the American Arbitration Association. Judgment upon an arbitration award may be entered in any court of competent jurisdiction.