Daniel F. Kelleher Auctions, LLC

Conditions of Sale
These Terms and Conditions of Sale set forth the terms of a public auction sale conducted in Danbury, Connecticut, by Daniel F. Kelleher Auctions, LLC., a Connecticut Limited Liability Company (hereinafter, the "auctioneer" or "Kelleher"). The Terms and Conditions of Sale, the glossary, if any, and all other contents of this catalog are subject to amendment by us by the posting of notices or by oral announcements made during the sale. By participating in any sale, you acknowledge that you are bound by these terms and conditions.
A buyer's premium of 20% will be added to each and every lot. Successful buyers with iCollector will have an additional 3% added to the hammer price of each lot, totaling 23%.
1. This catalog contains the description of property of multiple consignors (the "consignors"), and may include consignments from Kelleher, its principals, and affiliated or related companies and their employees, officers, or principals. All persons seeking to bid, whether in person, through an agent or employee, or by telephone, facsimile or mail, must have a catalog (printed or online) and register to bid at the auction, either by completing a registration card or by completing the bid sheet incorporated into the catalog. The purchaser acknowledges that an invoice describing a lot by number incorporates the catalog by reference.
2. By submitting a bid, whether in person, by mail, by phone, by facsimile or through an employee or agent, the bidder acknowledges (i) receipt of the catalog, (ii) that the bidder has read the Terms and Conditions of Sale and the descriptions for the lots on which they have bid, and (iii) that they agree to adhere to these Terms and Conditions of Sale. Acceptance of bids: anyone wishing to place bids on lots who will not be attending the live auction must submit their bid(s) at least six (6) business hours prior to the auction session. Bidder is responsible for verifying said bids were received by Kelleher.
3. Each bidder's determination of its bid should be based upon its own examination of the item(s), rather than the grade represented in this catalog or elsewhere. In any purchase or sale, the value of the item(s) is determined by the price. THE PURCHASER HEREBY ASSUMES ALL RISKS OF VALUATION CONCERNING ANY AND ALL PURCHASES. All floor bidders acknowledge that the auctioneer can decline to accept bids from the floor bidder who is known to have not, in fact, examined the lot prior to the sale.
4. All material shall be sold in separate lots to the highest bidder as determined by auctioneer. If any dispute arises during or immediately after the sale of a lot, auctioneer shall have the right to rescind the lot offered and put the lot up for sale again. In all cases, auctioneer's decision shall be final. For the protection of any mail/pre-sale bidder, no "unlimited" or "buy" bids will be accepted. Kelleher shall have the right in its sole and absolute discretion to reject any such bid received. When identical bids are received for a lot, preference is given to the first bid received as determined by the auctioneer. A mail/pre-sale bid will take precedence over an identical floor bid; a floor bidder must bid higher than the highest mail bid to be awarded any lot.
5. Bids must be for an entire lot and each lot constitutes a separate sale. No lot will be broken up unless the auctioneer determines otherwise. Lots will be sold in their numbered sequence unless auctioneer directs otherwise. Lots may be grouped at the sole discretion of the auctioneer.
6. All lots may carry a reserve. For purposes of these Terms and Conditions of Sale, a reserve means a confidential price below which the auctioneer will not sell an item or will re-purchase on behalf of the consignor or for the account of Kelleher.
7. The auctioneer may open the bidding on any lot by placing a bid on behalf of the seller; a bidder by mail, telephone or facsimile; or any other participant in the sale. The auctioneer may also bid on behalf of the consignor up to the amount of the reserve, by (i) accepting bids from floor agents on behalf of the consignor, or any affiliated or related company of the auctioneer or the consignor; (ii) by placing successive or consecutive bids for any lot; or (iii) by placing bids in response to other bidders.
8. The auctioneer reserves the right, at his sole discretion, (i) to accept or decline any bid, (ii) to accept or decline any challenge to any bid or bidding increment, (iii) to reduce any mail bid received, (iv) to open the bidding of a lot at any level deemed appropriate by the auctioneer, and (v) to determine the prevailing bid. Bids will not be knowingly accepted from persons under eighteen (18) years of age without a parent's written consent containing an acknowledgment that the Terms and Conditions of Sale herein and indicating their agreement to be bound thereby on behalf of the bidder.
9. It is unlawful and illegal for bidders to collude, pool, or agree with another bidder to pay less than the fair value for a lot. Bidders in the sale acknowledge that the law provides for substantial penalties in the form of treble damages and attorneys' fees and costs for those who violate these provisions.
10. Kelleher reserves the right to withdraw any lot at any time, even after the hammer has fallen, until the purchaser has taken physical possession of the lot. No consignor who has registered to bid at the sale (or at any other time unless otherwise provided in the consignment agreement), or any purchaser or prospective bidder shall have a right to claim any damages, direct, consequential or otherwise, if a lot is withdrawn, even after the sale.
11. Kelleher IS NOT RESPONSIBLE FOR ERRORS IN BIDDING. A bidder should make certain to bid on the correct lot and that the bid is for an amount (plus the 3% buyer's commission AND any other fees associated with bidding that he or she is willing and able to pay. Since other bidders (by mail, facsimile or other electronic media and in person) will be present, and since a re-offering could damage the momentum of the sale, once the hammer has fallen and the auctioneer has announced the winning bidder, such bidder is unconditionally bound to pay for the lot, even if the bidder has made a mistake.
12. THIS IS NOT AN APPROVAL SALE. All lots sold to the highest bidder as determined by auctioneer are final. Floor bidders are encouraged to carefully examine all lots which they are interested in purchasing because all sales of items viewed by purchasers in advance of a sale, even if the sale is by mail, telephone or facsimile, and all lots bid upon by the Floor bidders, together with all those presenting Kelleher with a resale certificate, out of state resale certificate, or similar evidence that they are acting as a dealer ARE FINAL AND SUCH ITEMS MAY NOT BE RETURNED. If the description of any lot in the catalog is incorrect, the lot is returnable if returned within five (5) calendar days of receipt, and received by Kelleher no later than twenty-one (21) calendar days after the sale date. No return or refund of any auction lot will be considered except by reason of lack of authenticity, unless otherwise provided in these Terms and Conditions of Sale. All lots are sold under the condition that any claims challenging grading, authenticity or methods of manufacture must be made in writing within five (5) calendar days of receipt of material.

All disputed lots must be returned intact as received in their original, sealed and unopened container. Late remittance or removal of any lot from its original container constitutes just cause for revocation of all return privileges for any reason.
13. All prospective bidders who are allowed the opportunity to examine lots prior to the sale shall personally assume all responsibility for any damage they cause in so doing. Kelleher shall have sole discretion in determining the value of the damage caused, which shall be promptly paid by the prospective bidder.
14. Title to any lot remains with the consignor, any secured party of the consignor, or assignee of consignor, as the case may be, until the lot is paid for in full by purchaser. Kelleher reserves the right to require payment in full before delivering any lot to the successful purchaser. In the event the lot(s) are delivered to the successful purchaser prior to full payment, Kelleher reserves the right to file a UCC Financing Statement to secure full payment.
15. It is the purchaser's responsibility and obligation to have the lots fully insured while in his or her possession. Purchaser assumes any and all RISK OF LOSS once the lot(s) is in purchaser's possession.
16. BUYER'S COMMISSION OF 20% will be added to all purchases made by all purchasers, except consignors, regardless of purchaser's affiliation with any group or organization, and will be based upon the total amount of the final bid. iCollector LIVE BIDDING FOR SUCCESSFUL PURCHASES ADDITIONAL 3% COMMISSION TOTALLING 23%.
17. Pursuant to a separate agreement with auctioneer, consignors or their agents may be permitted to bid on their own lots in the sale and may receive a rebate commission in whole or in part if successful. Under some circumstances, Kelleher may agree with a consignor (i) not to require the Consignor to pay for all or part of any items bid upon or re-purchased by the consignor; (ii) when or where an advance has been made, to have the Consignor pay an agreed upon difference to Kelleher; or (iii) to allow an offset against other transactions with consignor. 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, Kelleher reserves the right to so note in the prices realized or to omit a price from the price realized. Every consignor who registers to bid in the sale, whether to "protect" a lot, or for any other purpose, agrees to all other Terms and Conditions of Sale per this agreement.
18. Lots must be paid for within seven (7) days of receipt of invoice or delivery. Unless otherwise agreed in writing, auction sales are strictly cash in U.S. funds payable through a bank in the United States. Contact Kelleher for wiring instructions before sending a wire. Kelleher reserves the right to decline to release lots for which funds have not yet cleared. PayPal and credit card (Visa, Mastercard, Discover and American Express only) purchases will be accepted, without any charge to the buyer. On any cash transaction or series of transaction exceeding $10,000, Treasury Form 8300 may be filed.
19. Purchaser agrees to promptly pay, on demand, any sales tax, or any other tax, if required by law to be collected, postage, handling, and shipping insurance plus the 20% buyer's commission and iCollector fee if applicable and any other taxes required by law to be charged or collected, together with any interest or penalty that may be assessed.
20. Purchaser grants to Kelleher or it assigns the right to offset any sums due, or found to be due purchaser by Kelleher, and to make such offset from any past, subsequent or future consignment, or items acquired by purchaser in possession or control of Kelleher or from any sums due to purchaser by Kelleher. Purchaser further grants Kelleher a purchase money security interest in such sums or items to the extent applicable, and agrees to execute such documents as may be reasonably necessary to grant Kelleher such security interest. Purchaser agrees that Kelleher and its assigns shall be a secured party with respect to items bought by purchaser and in the possession of Kelleher, to the extent of the maximum indebtedness, plus all accrued expenses, until the indebtedness is paid.
21. By bidding in this sale, purchaser personally and unconditionally guarantees payment. If the purchaser is a corporation, the officers, directors, and principals of the corporation hereby agree to personally and unconditionally guarantee payment as part of the corporation's agreement to bid. The authorized representative of any corporate purchaser who is present at the sale shall provide Kelleher or its agent, prior to the commencement of the bidding (or at the time of registration), with a statement signed by each principal, director and officer that they each personally and unconditionally guarantee any payment due Kelleher.
22. No bids will be accepted from floor bidders and mail/pre-sale bidders who have not previously established credit with Kelleher unless they first (i) furnish satisfactory credit references or (ii) deposit at least twenty-five percent (25%) of their total bids for that session(s), or such other amounts as Kelleher may require, in its sole and absolute discretion. Any deposits made pursuant to this paragraph will be applied to such bidders purchases. Any unused portion of such deposit will be promptly refunded upon clearance of the funds.
23. On any accounts past due, Kelleher reserves the right to extend credit and impose periodic charges, pursuant to these Terms and Conditions of Sale or as set forth in the purchaser's invoice. If the auction invoice is not paid in full when due, the unpaid balance will earn interest at the rate of one-and-one-half percent (1 1/2%) per month until paid. In the event this interest rate exceeds the interest permitted by law, the same shall be adjusted to the maximum rate permitted by law. Kelleher further reserves the right to resell the merchandise, or to have an affiliated or related company do so. Purchaser agrees to pay all reasonable attorneys' fees, court costs and other collection costs incurred by Kelleher or any affiliated or related company to collect past due invoices, including reasonable costs of any resale of the merchandise. purchaser also agrees to pay the difference between the resale price and any previous disbursements. Money realized from the resale shall be applied as follows: (i) to pay sums due to the consignor, (ii) to pay Kelleher standard commissions and fees for the resale, (iii) to pay Kelleher any sums owed to it by purchaser, and the remainder, if any, will be paid to the purchaser. Kelleher reserves the right to assign its interest to any third party.
24. Kelleher may at its sole and absolute discretion, make loans or advances to consignors and/or prospective purchasers.
25. The auctioneer may bid for his or its own account at any auction (even though it may not be required to pay a buyer's commission, or other charges that other purchasers may be required to pay) and may have access to information concerning the lots and items contained therein that is not otherwise available to the public. Any conflict of interest or claim of competitive advantage resulting therefrom is expressly waived by all participants in the sale.
26. If a dispute arises concerning ownership of a lot that has been bid upon, Kelleher reserves the right to commence a statutory interpleader proceeding at the expense of the consignor and successful purchaser and any other applicable party, and in such event, Kelleher shall be entitled to its reasonable attorney's fees and costs.
27. In the event of a successful challenge to the title to any goods purchased, Kelleher agrees to reimburse any purchaser in an amount equal to the successful bid price actually paid by purchaser at auction plus any Buyer's Commission actually paid, in full and complete satisfaction of all claims, such reimbursement once tendered by Kelleher, relieves and releases Kelleher from any responsibility whatsoever to the purchaser, even if the instrument is not cashed or is returned.
28. Kelleher reserves the right to post-pone the auction sale or any session thereof for a reasonable period of time for any reason whatsoever, and no bidder or prospective bidder shall have any claim as a result thereof, including consequential damages.
29. Any other warranty is expressly disclaimed; Kelleher offers no representation that a numismatic item has or has not been cleaned; that any toning is natural or artificial; that any coin will meet the standards or grade of any independent grading service; that any item has a particular provenance or pedigree, or that a numismatic item is struck or produced in a particular style. Any statement concerning such matters reflects an opinion only. 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.
a. The descriptions contained herein represent the cataloger's good faith opinion, or the opinion of an independent grading service, as to the state of preservation and strike. When a grade from an independent grading service is utilized, the information is provided strictly for the convenience of the bidder by mail, telephone or facsimile. Bidders and purchasers acknowledge that (i) grading is an art, not a science; (ii) the grades contained in the catalog represent the opinion of the auctioneer based upon its experience; (iii) it is possible that two people will not always grade the same items alike; and (iv) as market conditions change, grading standards change, and will most likely continue to do so in the future.
b. Grading or condition of rare coins may have a material effect on the value of the item(s) purchased; and the opinion of third parties (including independent grading services) may differ from the independent grading service's opinion or interpretation of Kelleher. Kelleher shall not be bound by any prior or subsequent opinion, determination or certification by any independent grading service.
c. All oral and written statements made by Kelleher 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 Kelleher has authority to vary or alter these Terms and Conditions of Sale. Any alteration shall be effective only if in writing and signed by an officer of Kelleher authorized to do so.
d. Bidders shall have no recourse against the consignor for any reason whatsoever.
e. Notwithstanding anything to the contrary in these Terms and Conditions of Sale, COINS LISTED IN ANY CATALOG GRADED BY PCGS, NGC, ICG, SEGS, ACCUGRADE, PCI, NTC OR ANACS CACHET MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER. Please note that lack of a CAC seal does not necessarily mean that a coin was rejected. Not all coins were submitted for examination.
30. By bidding in the sale, (whether in person, by mail, telephone or facsimile, or through an agent), bidder expressly consents to the following
31. Neither Kelleher 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 Sale of the auction or the conduct thereof and in no event shall liability for any such failure exceed the purchase price paid.
32. The sole remedy that any purchaser in the auction shall have, whether such purchase is bidding in person, by mail, by facsimile, by telephone, or through an employee or agent, for any claim or controversy arising out of the auction shall be a refund of the original purchase price and premium paid, if any.
33. Upon payment of any disputed sum, which in no event shall be greater than the original purchase price actually paid by purchaser plus any commission or premium actually paid by purchaser to Kelleher, auctioneer and its employees shall be deemed released from any and all claims of the bidder arising out of or in connection with the sale of such property. Purchaser agrees to execute prior to delivery of any refund, any documents reasonably requested to affect the intent of this paragraph. Should the purchaser decline to do so, purchaser hereby grants to Kelleher a limited power of attorney to unconditionally effect such release.
34. Rights granted to bidders and purchasers under these Terms and Conditions of Sale are personal and may not be assigned or transferred to any other person or entity, whether by 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 on any bidder or purchaser by these Terms and Conditions of Sale and terms of warranty. "Purchaser" shall mean the original purchaser of the property from Kelleher and not any subsequent owner or other person who may acquire or have acquired an interest therein. If purchaser is an agent, the agency must be disclosed in writing to Kelleher prior to the time of sale, otherwise the benefits of the warranty shall be limited to the agent and not transferable to the undisclosed principal.
35. If the purchaser fails to comply with one or more of these Terms and Conditions of Sale, then in addition to all other remedies which it may have at law or in equity, Kelleher may at its sole option, either (a) cancel the sale, retaining all payments made by purchaser as liquidated damages, it being recognized that actual damages may be speculative or difficult to compute, or (b) sell some or all of the property and (some or all other property of the purchaser held by Kelleher, if Kelleher deems necessary), in a quantity sufficient in the opinion of Kelleher to satisfy the indebtedness, plus all accrued charges. More than one such sale may take place at the option of Kelleher. Such sale may take place without notice to purchaser. If Kelleher gives notice, it 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 address known to Kelleher. Such sale will be at Kelleher standard commission rates at public or private sale, within Connecticut, or at another location outside of Connecticut to be determined by Kelleher. At the time of sale, the defaulting party shall not bid nor be permitted to bid. The proceeds shall be applied first to the satisfaction of any damages occasioned by purchaser's breach, and then to the payment of any other indebtedness owing to Kelleher, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees and costs, collection agency fees and costs and any other costs or expenses incurred thereunder. If a lot or item is not paid for, and is sold by Kelleher for purchaser's account, in accordance with the Uniform Commercial Code, Kelleher shall not be required to account to the purchaser for any excess proceeds. Purchaser shall remain liable to Kelleher if the proceeds of such sale or sales is insufficient to cover the indebtedness. If other property of purchaser is also sold, any excess of proceeds will be remitted to the purchaser after first deducting the expenses set forth above. If purchaser fails to remit sums due to Kelleher, purchaser grants to Kelleher a lien with respect to such sum, with interest to accrue thereon at the legal rate, until actually paid, which lien shall apply against any property of purchaser, including any future goods of purchaser coming into possession of Kelleher. To the extent permitted by law, purchaser hereby waives all the requirements of notice, advertisement and disposition of proceeds required by law.
36. These Terms and Conditions of Sale and the auction shall be construed and enforced in accordance with, and governed by, the laws of the State of Connecticut, whether or not the auction is and these Terms and Conditions of Sale are fully performed in Connecticut.
37. Purchaser acknowledges and agrees that the competent courts of the State of Connecticut shall have exclusive jurisdiction over any dispute(s) arising hereunder, and purchaser hereby agrees that any dispute arising hereunder shall be litigated exclusively in the courts of the State of Connecticut, and not elsewhere, regardless of any party's current or future residence or domicile.
The bidder/purchaser shall pay to Kelleher all costs and expenses of collection of amounts due herein, or to otherwise enforce any or all provisions of these Terms and Conditions of Sale, the subject matter of these Terms and Conditions of Sale, or any other agreement entered into with Kelleher, including but not limited to, reasonable attorney fees and costs incurred before legal action, if any, is commenced. The bidder/purchaser further agrees that in any litigation or other proceeding based upon, arising out of or related to these Terms and Conditions of Sale, the bidder/purchaser shall pay to Kelleher its attorney fees and other expenses and costs incurred in connection with the litigation or other proceeding if Kelleher is the prevailing party.
39. If any section of these Terms and Conditions of 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. AS STATED IN THE TERMS AND CONDITIONS OF SALE certain lots may be reserved by the consignor. If the auctioneer identifies a consignor bidding on his own property, an announcement will be made that the consignor is now bidding. If the consignor places a bid in the mail bid book and is successful, the auctioneer will announce that the lot has been passed.
40. These Terms and Conditions contain the entire agreement and understanding between Kelleher and bidder concerning the auction and any items bid on or purchased at the auction. Bidder acknowledges that Kelleher has not made any promises, representations or warranty to bidder, not contained herein concerning the auction and any items bid on or purchased at the auction.

Daniel F. Kelleher Auctions, LLC
The Oldest Philatelic Auction House in the United States, established in 1885.
Administrative Office:
22 Shelter Rock Lane, Unit 53
Danbury, CT 06810, USA

Tel: 203.830.2500
Fax: 203.297.6059
  Boston Area Office:
181 Wells Avenue, Suite 105
Newton, MA 02459, USA

Tel: 781.453.0990
Fax: 781.453.0945



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