Specialized Catalog of Colonial Currency
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Transcript of Specialized Catalog of Colonial Currency
Early amErican History auctions, inc.
closing: novEmbEr 13, 2010
Lot 65: 1766 Georgia 1 Savannah Court-House Note
a spEcializEd intErnEt and mail bid auctionamEricas First and most Historic papEr monEycolonial & continEntal currEncy
Auction Lot Viewing is Available via Express Mail / Federal ExpressPlease Phone for Items of Interest !
Early amErican History auctions, inc.P.O. BOx 3507 Rancho Santa Fe, CA 92067 (858) 759-3290 Or Fax (858) 759-1439
Visit Our Website fOr full COlOr images: WWW.earlyameriCan.COm
The Collecting of Colonial & Continental Currency Tells the History of american Paper money
Dana Linett, President
* Phone & Fax Bidders: Please Mail in your Signed & Dated Original Bid Form, Marked Phoned or Faxed with the date transmitted, at top.
bid by PhOne bid by faxbid by mail(858) 759-3290
Phone Bids Accepted daily
9:00 A.M. to 5:00 P.M. Pacific Time up through
Friday, November 12, 2010
Early American History Auctions, Inc.
P.O. Box 3507Rancho Santa Fe, CA 92067
Mail Bids must be received by Friday, November 12, 2010
Fax Bids are accepted 24 hours each day up through
Closing at 5:00 P.M. (PST) Friday, November 12, 2010
Closing Live over Earlyamerican.com & artFact.com Saturday, November 13tH Starting at 9:00 am Pacific Time
awestruck! That was how I felt when I heard something that knocked me for a loop. On Friday, October 15th, the chairman of the United States Federal Reserve, Mr. Ben Bernanke stated his case that the inflation rate in the United States was TOO LOW. He continued that in recent years the historic rate for inflation would be in the 2% range and we have more recently been running at about half of that level. Therefore, this was a clear sign to Mr. Bernanke and the Federal Reserve that the creation of more Fiat Paper Money and pushing up inflation to double its current level seemed to be the correct course of action at this time. In essence, there would be more paper money pumped into circulation which in theory should cause an uptick in demand and ultimately led to higher employment, better housing prices, more stability in the economy and all sorts of good things to start to happen for America. Long time clients of Early American History Auctions will certainly recall any number of previous Ramblings where I have discussed the history of Fiat paper money. In fact, comparisons to the price of Gold and its impact on other hard assets, including Collectables has been a recurring theme. Right now, even as I was completing the cataloging of this very sale, Bernanke stated that inflation was too low and he wanted to stimulate it. Inflation, as an official Federal Reserve policy, is happening as you read these words.
Since the very first issue of Paper Money in America in 1690 by the Colony of Massachusetts, even that Paper Money was immediately altered in some instances to increase the original printed denomination values. The major reference book by Eric Newman, THE EARLY PAPER MONEY OF AMERICA, tells the story of the constant and seemingly insatiable demand for more and more Paper Money and the inevitable results of inflation and instability passed along into the future. All this is nothing new as historically it has been happening in America since 1690.
This is the time to strongly consider the words of Ben Bernanke and take exactly what he says to heart. Economic turbulence and inflation, booms and busts are all part of Americas history. These are facts that tend to happen in cycles. They are no surprise to historians. Consider purchasing a copy of THE EARLY PAPER MONEY OF AMERICA for yourself (sold on our website) and discover what has happened in the past. As far as Collectables may prove a store of value, the field of Colonial and Continental Currency is among the greatest and most historic, where its extraordinary rarity is still available and appears undervalued in todays market.
Early amErican History auctions tErms & conditions oF salE
1. General Terms. All bidder(s) at the auction acknowledge and agree that the
following General Terms shall apply at all times to the conduct of the auction:
a. The auction is by public mail/phone/email, fax and/or internet website. absentee bids by Phone, Fax, Email & mail. Close: November 12, 2010 at 5:00 p.m. PST. absentee bids will be executed over Earlyamerican.com and artFact.comTm on Saturday, November 13, 2010, beginning at 9:00 a.m. PST. The auction is conducted in accordance with the regulations of the State of California and the City of San Diego.
b. Any bid in the auction automatically constitutes acceptance by the bidder, and is deemed to incorporate by reference these General Terms and Conditions.
c. A Purchasers Premium of eighteen percent (18%) on each individual Lot will be automatically added to all purchase(s) made by successful bidder(s); (or twenty-one percent (21%) of the Hammer Price if a given bid is placed through artFact.com) it being understood that EaHa may waive such fee for reacquisition(s) by Consignor(s).
d. The Consignor(s) may bid and purchase Lot(s) in the auction and Consignor(s) that bid(s) on his/hers/its own Lot(s) in the auction may pay a different fee than the Purchasers Premium charged to all other(s).
e. If the Consignor shall re-purchase a Lot that is either returned to the Consignor or otherwise dealt with or disposed of in accordance with the Consignors direction, EaHa reserves the right to make appropriate adjustments.
f. EaHa reserves the right to include in the auction its own merchandise and have direct or indirect interests in any of the Lot(s) offered for sale in the auction.
g. EaHa may bid for its own account on any given Lot(s) at the auction. h. EaHa may have information about any given Lot(s) that may not be publicly
available, and reserves the right to use such information without making disclosure in the Catalog.
i. All Lot(s) may, at EaHas sole discretion, carry a Reserve. j. All Lot(s) will be sold to the highest bidder as determined by the Auctioneer. k. If any dispute arises of and concerning a given bid at the auction, the auctioneers
decision shall be considered absolute and final. l. No Unlimited or Buy Bid(s) will be accepted by the auctioneer at the
auction. m. Any announcements made on the day of the auction shall take precedence over
any terms that may be contained in the Catalog and/or other announcements and/or documentation.
n. The auctioneer reserves the right, without recourse from any bidder or Consignor, to postpone or delay the auction, for a reasonable period of time, due to any significant event which, in the sole judgement of the auctioneer, makes it inadvisable to hold the auction as scheduled.
2. The bidding Process. All bidder(s) in the auction acknowledge and agree, as a
condition to the acceptance of a bid by the auctioneer, that: a. The auctioneer may open or accept a bid on any Lot by placing a bid on behalf of
the Consignor. b. The auction Date printed on the Catalog cover is the last day that bids are accepted
through any means, EXCEPT for those bidding through artFact.com who are permitted to continue bidding until each Lot is closed on the day following.
c. The auctioneer, at his sole and exclusive discretion, may accept or decline a given bid, and/or challenge any bid or any increment thereof.
d. bids below the Low Estimate, which includes any requested increase(s), will not be reduced.
e. bids below sixty percent (60%) of Low Estimate are considered frivolous and will not be accepted.
f. In the event of a tie, the Lot will be awarded to the bid with the earliest postmark. g. All bid(s) must be for an entire Lot; it being understood that each Lot constitutes a
separate sale. h. No Lot will be broken up unless otherwise permitted by the auctioneer, and Lot(s)
will be sold in their numbered sequence unless the auctioneer directs otherwise. i. All merchandise shall be sold in separate Lot(s) to the highest bidder as determined
by the auctioneer in his sole and exclusive discretion. j. If a Lot is awarded to the wrong bidder due to an administrative error, the highest
bidder will prevail. All bidders agree to post-auction corrections without protest or negative feedback.
k. The auctioneer shall have the right, at his sole and exclusive discretion, to adjudicate all bidding disputes and shall have the right, to rescind the acceptance of any bid and/or place a given Lot(s) for re-auction.
l. The auctioneers decision on all bid disputes shall be deemed to be binding and final.
m. If there should be any material Error in descriptions contained in the Catalog creating a Significant difference from the value paid, a given Lot may be returned by a successful bidder for Review, but only if prompt written notice is first received by EaHa not later than seventy-two (72) hours of receipt of the Lot(s) by the bidder; it being understood that any such Lot(s) must be received by EaHa no later than fourteen (14) calendar days after the auction Date and be in the same condition, in their original, sealed Holders, as when the Lot(s) were first delivered to the bidder; it being further understood that late remittance(s) constitute just cause by EaHa to revoke any return privilege(s) otherwise available.
n. Any Lot returned for Review will be at the sole expense of the Buyer, as well as the return expense should the claim be rejected.
o. EaHa shall not be responsible for any errors in the bidding process, and the bidder assumes full responsibility to