(Effective March 2020)
Auction Rules
- Members may submit up to 8 lots per month with an average of 5 lots between months. Only members may submit items for the auctions. Non-members may bid on items.
- The Auction Chairman reserves the right to revise or correct listings and estimated values after reviewing the actual lots.
- Lots designated for Young Numismatists (YN) are auctioned to YNs only, if in attendance.
- Sellers may not bid on their own lots.
- Sellers may set Minimum Opening Bids or Reserves, or both, for their lots. Sellers may waive or reduce such Minimums or Reserves at the auction by notifying the auctioneer. If an item does not reach its Reserve, the high bidder will be given the opportunity to purchase the item at the Reserve.
- Members and non-members may submit absentee bids by contacting the Auction Chairman.
- Payment for lots is due at the end of the auction unless other arrangements acceptable to the Treasurer have been made.
Auction Commission Rates
- A commission equivalent to 5% of the sale price with a maximum commission of $4.00 per lot will be collected for each sale. A minimum commission of 25 cents will be collected for each lot.
- Sellers may set either a Minimum Opening Bid or a secret Reserve or both. If a lot is not sold and was submitted with a Minimum Opening Bid or a Reserve, a scratch fee of 5% of the Minimum Opening Bid or the Reserve, whichever is higher, will be charged, with a minimum fee of 25 cents and a maximum fee of $4.00.
- Unsold lots without a Minimum Opening Bid or a Reserve will be charged a commission of 25 cents.