Henry VIII (1509-47), debased silver Testoon, Tower Mint, third coinage (1544-47), facing crowned

Terms & Conditions 

INFORMATION FOR BUYERS 

Introduction 

The following informative notes are intended to assist Buyers, particularly those inexperienced or new to our salerooms. Our staff will be happy to help you if there is anything you do not fully understand. 

Estimates 

Estimates are designed to help buyers gauge what sort of sum might be involved for the purchase of a particular lot. The lower estimate may represent the reserve price and certainly will not be below it. Estimates do not include the Buyer's Premium or VAT (where chargeable). Estimates are prepared some time before the sale and may be altered by announcement before the sale. They are in no sense definitive. 

The purchase price 

The Buyer shall pay the hammer price together with a premium thereon of 20% plus VAT @20% (totalling 24% inclusive) for UK buyers. An additional fee of 2 % + VAT (2.4% inclusive for UK buyers) will be applied to winning bids made via bidding via the-saleroom.

Value added tax (VAT) 

Value Added Tax on the hammer price is imposed by law. Value Added Tax is charged at the appropriate rate prevailing by law at the date of sale and is payable by buyers of relevant lots. This will only apply to relevant items and to buyers within the UK or people who collect in the UK.

Bidding 

Bidders may be required to register before the sale commences and lots will be invoiced to the name and address on the registration form. Some form of identification will be required if you are unknown to us. Please enquire in advance about our arrangements for telephone bidding. 

The highest bidder accepted will be the buyer of the lot at the hammer price and any dispute will be resolved at the auctioneer’s absolute discretion. We reserve the right to reject any bid. Every bidder will be deemed to be acting as principal unless Sovereign Rarities Limited (SRL) provides advance written acknowledgement that the buyer is acting as agent on behalf of a named third party. Bidders must show proof of identification and be registered before the auction. SRL may require a reference or guarantee.

On the fall of the hammer the contract between the vendor and the buyer is concluded. At the auctioneer’s discretion, they have the right to reopen the lot after the fall of the hammer.

 Commission bidding 

Commission bids may be left with the auctioneers indicating the maximum amount to be bid excluding buyers' premium. If two buyers submit identical commission bids the auctioneers may prefer the first bid received. Please enquire in advance about our arrangements for the leaving of commission bids by telephone or email. It may not be possible to execute bids left on the day of the sale itself. The auctioneer normally acts as agent only and disclaims any responsibility for default by sellers or buyers. 

Whilst prospective buyers are strongly advised to attend the auction and are always responsible for any decision to bid for a particular lot and shall be assumed to have carefully inspected and satisfied themselves as to its condition we will if so instructed clearly and in writing execute bids on their behalf. Neither the auctioneer nor our employees or agents shall be responsible for any failure to do so save where such failure is unreasonable. Where two or more commission bids at the same level are recorded, we reserve the right in our absolute discretion to prefer the first bid so made. 

Live bidding 

Live online bidding is also available for our auctions via www.sovr.co.uk. To bid online you need to register an online account and register to bid in the current sale and wait for approval.  

 Increments  

Bidding increments shall be at the auctioneer's sole discretion.

The auctioneer has the right to refuse any bid, which is not at least 5% higher than the previous bid or any other proportion at the sole discretion of the auctioneer. SRL reserve the right not to accept bids at below 80% of the low estimate.

Methods of payment 

On the fall of the hammer the contract between the vendor and the buyer is concluded. The buyer is obliged to make immediate payment to SRL for the total amount due (unless credit terms have been agreed with SRL in advance). Please note that we do not accept cash payments in excess of £8,000 in settlement for purchases in any one calendar year. Our preferred method of payment is bank transfer, and our bank details will be sent out with proforma invoices. There are countries and sanctioned individuals from whom we cannot accept payment. Credit and debit card payments are at our discretion, and all corporate or non-UK cards are subject to a 3% surcharge. Please note that we only send coins out to the registered billing address for payments by credit or debit cards.  Payment can only be accepted from the successful registered bidder, not from third parties.  

All payments to SRL made by a buyer, may be applied to any outstanding amounts owed by the buyer, regardless of the express or implied instructions of the buyer or his/her agent.

Shipping, collection and storage of purchases

Shipping. SRL, as a courtesy to clients, may pack and handle purchased lots but in the case of fragile goods only at SRL’s discretion. Under no circumstances will SRL be liable for damage howsoever caused after the auction. Shipments will be made using Royal Mail or courier services as appropriate. Quotations for shipping are available on request. There are certain countries we cannot ship to, so please contact us in advance in case of doubt.

Please note what the Conditions of Sale state about collection and storage. It is important that goods are paid for and collected promptly. Any delay may involve the buyer in paying storage charges. 

The buyer will at his/her own expense collect the lots purchased within 5 working days of the date of the auction, once payment in full has been made, unless prior credit terms have been agreed. Please note that lots collected from our offices and hand-carried outside of the UK cannot be subject to VAT refund. The buyer will be responsible for any removal, storage and insurance charges five working days after the auction

The buyer is responsible for loss or damage to the purchased lots from time of collection, or five working days after the auction, whichever is sooner. SRL, its employees and representatives are not responsible for any loss or damage, whatever the cause, while lots are in its custody after this point.

Title and collection of purchases 

(a) The ownership of any Lots purchased shall not pass to you until you have made payment in full to us of the total amount due. 

(b) The buyer will at his/her own expense collect the lots purchased within 5 working days of the date of the auction, once payment in full has been made, unless prior credit terms have been agreed. Please note that lots collected from our offices and hand-carried outside of the UK cannot be subject to VAT refund. The buyer will be responsible for any removal, storage and insurance charges five working days after the auction. 

(c) No purchase MAY be COLLECTED AND WE SHALL NOT RELEASE ANY LOT TO YOU OR YOUR AGENT until it has been paid for. SRL may, at its absolute discretion, agree terms with the buyer in advance whereby the buyer may take possession of lots up to a predetermined value ahead of full payment at a predetermined future date. No title passes to the buyer until full payment of the total amount due in Pounds Sterling is received by SRL. 

Remedies for non-payment or failure to collect purchases 

(a) If any Lot is not paid for in full and taken away in accordance with these Conditions or if there is any other breach of these Conditions, we, as agent for the seller and on our own behalf, shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise one or more of the following rights and remedies: 

(b) to proceed against you for damages for breach of contract; 

(c) to rescind the sale of that lot and/or any other lots sold by us to you; 

(d) to resell the lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the total amount due (after crediting any part payment and adding any resale costs). Any surplus so arising shall belong to the seller; 

(e) to remove, store and insure the lot at your expense and, in the case of storage, either at our premises or elsewhere; 

(f) to retain that or any other lot sold to you until you pay the total amount due; 

(g) to reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted; 

(h) to apply any proceeds of sale of other Lots due or in future becoming due to you towards the settlement of the total amount due and to exercise a lien (that is a right to retain possession of any of your property in our possession for any purpose until the debt due is satisfied.

(i) We shall, as agent for the seller and on our own behalf pursue these rights and remedies only so far as is reasonable to make appropriate recovery in respect of breach of these conditions. 

Export of goods  

Buyers intending to export goods should ascertain (a) whether an export licence is required and (b) whether there is any specific prohibition on importing goods of that character because, e.g. there is an embargo on the items country of origin into the intended import country. Ask us if you need help. 

CONDITIONS OF SALE 

1. Definitions 

In these Conditions: 

'auctioneer' means Sovereign Rarities Ltd or its authorised auctioneer, as appropriate; 

‘catalogue’ includes any advertisement, brochure, estimate, price list or other publication; 

‘hammer price’ means the price at which a lot is knocked down by the auctioneer to the buyer; 

‘total amount due’ means the ‘hammer price’ in respect of the lot sold together with any premium, VAT chargeable and any additional charges and expenses due in pounds sterling; 

‘deliberate forgery’ means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source which is not shown to be such in the description in the catalogue and which at the date of sale had a value materially less than it would have had if it had been in accordance with that description; 

‘sale proceeds’ means the net amount due to the vendor being the ‘hammer price’ of the lot sold less commission at the ‘stated rates’, ‘expenses’ and any other amounts due to SRL by the vendor in whatever capacity and howsoever arising; 

‘stated rate’ means SRL published rates of commission for the time and any VAT thereon; 

‘expenses’ in relation to the sale of any lot means SRL charges and expenses for insurance, illustration, photography, special advertising, storage, packing and freight of that lot and any VAT thereon; 

‘bought in price’ means 5 per cent more than the highest bid received below the reserve. 

''You', 'Your', etc. refer to the buyer  

Payment 

(a) Immediately a lot is sold you will: 

(b) give to us, if requested, proof of identity, and 

(c) pay to us the total amount due in pounds sterling. 

(d) Any payments by you to us may be applied by us towards any sums owing from you to us on any account whatever without regard to any directions of you or your agent, whether express or implied. 

(e) In line with new legislation we reserve the right to investigate and identify the source of any funds received by us. The completion of the sale of a Lot will be postponed or cancelled at our discretion if further time is needed for investigation, or if you are in breach of your warranties as a buyer, or if we consider the sale to be unlawful or in any way cause liabilities or be detrimental to either SRL or the Seller. In the event of SRL being forced to cancel the sale of an item we will seek remedy through the courts.  

Terms of sale 

The seller acknowledges that lots are sold subject to the stipulations of these Conditions in their entirety and on the Terms of Consignment as notified to the consignor at the time of the entry of the lot.

The vendor warrants to SRL and to the buyer that they are the true owner of the lot, or they are fully authorised by the owner to sell the lot on their behalf. The vendor must be able to effect the transfer of good and marketable title to the buyer free from any third party claims. The vendor will indemnify SRL, its employees and representatives and the buyer against any loss or damage suffered as a result of any breach on the part of the vendor. 

Descriptions and condition 

Any representation or statement by SRL, in any catalogue as to authorship, attribution, authenticity origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. Any prospective buyer should exercise and rely on his or her own judgement as to such matters and neither SRL nor its employees or representatives bears liability for the correctness of such opinions. 

Forgeries 

Notwithstanding the preceding Condition, any lot which proves to be a deliberate forgery (as defined) may be returned to us by you within 21 days of the auction provided it is in the same condition as when bought, and is accompanied by particulars identifying it from the relevant catalogue description and a written statement of defects. If we are satisfied from the evidence presented that the lot is a deliberate forgery we shall refund the money paid by you for the lot including any buyer's premium provided that (1) if the catalogue description reflected the accepted view of scholars and experts as at the date of sale or (2) you personally are not able to transfer a good and marketable title to us, you shall have no rights under this condition. The right of return provided by this Condition is additional to any right or remedy provided by law or by these Conditions of Sale. 

General 

1. We shall have the right at our discretion, to refuse admission to our premises or attendance at our auctions by any person. We also reserve the right to refuse bids by you or your agent at our discretion. 

2. (a) Any right to compensation for losses liabilities and expenses incurred in respect of and as a result of any breach of these Conditions and any exclusions provided by them shall be available to the seller and/or the auctioneer as appropriate.(b) Such rights and exclusions shall extend to and be deemed to be for the benefit of employees and agents of the seller and/or the auctioneer who may themselves enforce them. 

3. Any indulgence extended to bidders buyers or sellers by us notwithstanding the strict terms of these Conditions or of the Terms of Consignment shall affect the position at the relevant time only and in respect of that particular concession only; in all other respects these Conditions shall be construed as having full force and effect. 

4. Bidders are required to register their particulars before bidding and to satisfy any security arrangements before entering the auction room to view or bid.

5.The maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer's absolute discretion by reoffering the Lot during the course of the auction or otherwise. The auctioneer shall act reasonably in exercising this discretion. 

6.Bidders shall be deemed to act as principals. 

7. Prior written consent must be sought by the buyer or any other party for the use of any images, illustrations and written materials produced by or for SRL relating to a lot or sale, including the contents of a catalogue. Copyright for any of the aforementioned will remain the property of SRL, subject to the provisions of the Copyright, Designs and Patents Act 1988.SRL and the seller make no representations or warranties that the buyer of a lot will acquire any copyright or other reproduction rights to it. 

8.SRL acts as agent for the vendor and as such is not responsible for any default by vendor or buyer. SRL may also act as the principal of auction lots.

9.Any representation or statement by SRL, in any catalogue as to authorship, attribution, authenticity origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. Any prospective buyer should exercise and rely on his or her own judgement as to such matters and neither SRL nor its employees or representatives bears liability for the correctness of such opinions.

10.Whilst the interests of prospective buyers are best served by attendance at the auction, SRL will, if so instructed, execute bids on their behalf. Neither SRL nor its employees or representatives are responsible for any neglect or default in doing so or for failing to do so.

12.SRL has absolute discretion, without giving any cause, to refuse any bid, to divide any lot, to combine any two or more lots, to withdraw any lot from the auction and in case of dispute to re-auction any lot.

13.a. Any indemnity under these Conditions extends to all actions, proceedings, costs, expenses, claims and demands howsoever incurred or suffered by the person entitled to the benefit of the indemnity. b. SRL declares itself to be a trustee for its relevant employees and representatives of the benefit of every indemnity under these Conditions to the extent that such indemnity is expressed to be for the benefit of its employees and representatives.

14.Any notice by SRL to a vendor, consignor, prospective bidder or buyer may be sent by first class mail or airmail and if so given shall be deemed to have been duly received by the addressee 48 hours after posting. They may alternatively be sent by email and shall be deemed to have been received 24 hours after sending.

15.These Conditions will be governed by and construed in accordance with English law. All transactions to which these Conditions apply and all matters connected therewith shall also be governed by English law. SRL hereby submits to the exclusive jurisdiction of the English courts and all other parties concerned hereby submit to the non-exclusive jurisdiction of the English courts.

Liability of SRL and the Vendors

1. Buyers are advised to view the items or request further details regarding the condition prior to the sale. Buyers must satisfy themselves that the description is accurate. Lots are sold by description and the description will take precedence over any images. SRL does not warranty that any of its lots will achieve any particular grade by third party grading services, and if the grading company does not reach a conclusion regarding authenticity then the opinion of SRL shall stand. Lots encapsulated in slabs from NGC, PCGS or other third-party grading companies cannot be returned for any reason. Any dispute over authenticity of encapsulated lots must be taken up with the grading company involved. Subject to the obligations accepted by SRL, neither the vendor, nor SRL, its employees or representatives bear liability for errors in description or authentication of any lot. No express or implied warranty is given by SRL, its employees or representatives in respect of any lot.
2. An auction sale is not an approval sale. All claims of mis-description and all claims of return, except claims of lack of authenticity, must be made within 5 days of receipt of the lot. Any lot which is found to be a ‘deliberate forgery’ may be returned to SRL by the buyer, in the same condition as when possession was taken, accompanied by a statement of defects, the lot number and date of the auction. If SRL is satisfied that the item is a ‘deliberate forgery’ and the buyer can transfer good and marketable title back to SRL, free from third party claims, the item can be returned for a full refund, save where:

i. The description in the catalogue was in line with the generally prevailing view of scholars and experts or indicated that there were conflicting views about the authenticity.

ii. At the time of publication of the catalogue the scientific processes for authentication used to discredit the lot were not in general use or were unreasonably expensive or cumbersome.

1. Any claim by the buyer under this condition is limited to the total price paid, there is no further liability accepted for any loss, expenses or damage caused.
2. This condition only applies to the buyer of the lot and cannot be assigned to any third party. For the purposes of this condition the buyer is deemed to be the person or entity to whom the original SRL invoice is made.