TELETRADE AUCTIONS

TELETRADEDIRECT

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Registration for Teletrade Coin Auctions and TeletradeDirect

Our online instant registration allows you to bid in our auctions right away. In addition, you will be able to purchase bullion through TeletradeDirect.

Please note that you must be a U.S. or Canadian resident to participate in Teletrade auctions. Also, due to delivery problems and the subsequent inability to insure packages, we regret we cannot accept registrations from APO boxes. If you are already registered to bid by phone, you do not need to re-register to bid on our web site.

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You must agree to the following Teletrade Terms and Conditions

Coin and Currency Auctions Terms and Conditions Effective May 22, 2008 1. AUCTION BASICS. This is a public auction sale ("Auction Sale") conducted by Teletrade, Inc. (hereinafter referred to as "Auctioneer" and at times as "Teletrade"). Bidding in this Auction Sale constitutes acceptance by Bidder of all the Terms and Conditions of Sale stated herein. Bidders may include consignors and their agents who may bid and purchase lot(s) in the Auction Sale consigned by the consignor or by other consignors pursuant to their consignment agreements with Teletrade ("Consignor" or "Consignors"). Consignors that bid on their own lots in the Auction Sale may pay a different fee than the buyer's fee charged to all other buyers, and may receive a rebate commission in whole or part if successful. Teletrade reserves the right to include in any auction sale its own material as well as material from affiliated or related companies, principals, officers or employees. Teletrade may have direct or indirect interests in any of the lots in the auction and may collect commissions. THE TWO PRECEDING SENTENCES SHALL BE DEEMED A PART OF THE DESCRIPTION OF ALL LOTS CONTAINED IN THE CATALOGUE. 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, Teletrade reserves the right to so note in the prices realized or to omit a price from the price realized. Lot(s) may carry a Reserve. A Reserve is a confidential price or bid below which the Auctioneer will not sell an item or will re-purchase it on behalf of the Consignor or for Teletrade. 2. DESCRIPTIONS AND GRADING. Bidder acknowledges that all grading of coins in this Auction have been determined by independent grading services and not by Teletrade. Grading of rare coins is subjective and may differ among independent grading services and among numismatists, even though grading has a material effect on the value of the coins. Teletrade is not responsible for the grades assigned, and makes no warranty or representation regarding such grades. Bidder further acknowledges and agrees that lot descriptions are based solely upon an examination of the coins and are intended to note any perceived special characteristics. The absence of a comment ordinarily means that the examining numismatist perceived the coin to be average in strike, luster and number of marks for the grade. However, coin grading and perception are subjective. Therefore, Teletrade offers a "no questions asked" return privilege as set forth in these Terms and Conditions of Sale. Teletrade does not warrant the accuracy of such descriptions. Bidder's sole remedy for any claim of inaccuracy is Teletrade's return privilege contained herein. All photographs posted on Teletrade's website ("Website") are of the actual items being sold but may not be the actual size or to scale. Teletrade reserves the right in its sole or absolute discretion to refuse or reject any bid or a bid from any specific bidder. 3. THE BIDDING PROCESS. The Auctioneer may open or accept the bidding on any lot by placing a bid on behalf of the Consignor or his or her agent; a Bidder by mail, telephone, internet or telefax; or any other participant in the Auction Sale. The Auctioneer may accept or decline any bid, challenge to any bid or bidding increment, as the Auctioneer in its sole discretion shall determine. Bids are entered when they are confirmed and thereafter may not be withdrawn or altered. Bidding may be done in random sequence and telephone bidders may call repeatedly. However, Teletrade reserves the right to: limit the number of inquiries during any one call; limit the number of calls a participant may make in any one auction; and limit access to the system. Bidder acknowledges that the system is programmed to provide more inquiry time to active bidders. Bids must be for an entire lot and each lot constitutes a separate sale. No lot will be broken up unless otherwise permitted by the Auctioneer. Bids must be made in standard bidding increments as set forth on the Website for the subject sale. All material shall be sold in separate lots to the highest Bidder as determined by the Auctioneer. Auctioneer shall have the right in its sole and absolute discretion to adjudicate all bidding disputes and shall have the right, but not the obligation, to rescind the acceptance of any bid and place the lot(s) for Auction Sale again. Auctioneer's decision on all bidding disputes shall be binding and final. Auctioneer reserves the right to reduce any bid received to conform to standard bidding increments, to open the bidding of a lot at any level deemed appropriate by the Auctioneer and to determine the prevailing bid, at its sole discretion. THIS IS NOT AN APPROVAL SALE. Therefore, except as otherwise provided in these Terms and Conditions of Sale, NO LOT MAY BE RETURNED THAT IS PURCHASED BY A BIDDER WHO HAS HAD AN OPPORTUNITY TO VIEW THE LOT(S). All prospective Bidders who have personally or through an agent examined any lot(s) prior to the Auction Sale personally assume all responsibility for any damage caused in connection with the lot(s). Teletrade shall have sole discretion in determining the value of the damage caused, which shall be promptly paid by the prospective Bidder. TELETRADE IS NOT RESPONSIBLE OR ANY ERRORS IN BIDDING. A Bidder should make certain to bid on the correct lot and that the bid entered is the bid intended. Once the hammer has fallen and the Auctioneer has announced the winning Bidder, the Bidder is unconditionally bound to pay for the lot, even if the Bidder has made a mistake. Teletrade reserves the right to withdraw any lot at any time, until the close of the Auction Sale. No Bidder shall have a right to claim any consequential damages if a lot is withdrawn. In the event technical difficulties interrupt or impair the bidding, notification or auction process, Teletrade has the right, in its sole discretion, to suspend, extend, postpone or cancel the Auction Sale without liability of any kind whatsoever to Consignors or Bidders. Teletrade shall post notification of any such action on the Website as soon as reasonably feasible. 4. BIDDER REGISTRATION REQUIRED. All persons seeking to bid must have read these Terms and Conditions of Sale and the applicable information on the Website, and must register to bid at the auction by completing a registration card by mail, on the Website or by telephone. By submitting a bid, the Bidder acknowledges that Bidder has read the Terms and Conditions of Sale, the descriptions for the lot(s) on which Bidder has bid, and that he or she agrees to be bound by these Terms and Conditions of Sale. This agreement shall be deemed to have been made in California. The Bidder acknowledges that the invoice describing a lot by number incorporates the catalog and Terms and Condition of Sale. 5. PRICES, PAYMENT AND DELIVERY. A buyer's fee calculated in accordance with the Teletrade Certified Coin Buyer's Fee Schedule as set forth on the Website for each individual lot will be added to all purchases made by Bidders, except for reacquisitions by Consignors, regardless of affiliation with any group or organization, and will be based upon the total amount of the final bid. Teletrade does not require a deposit in advance. Bidder shall make payment in full upon notification of purchase immediately following an auction. Bidders must call Teletrade's bidding line or access "Account Info" at the Website following an auction to receive notification of the lots won and amount due. All payments must be made by credit card, check, or money order in U.S. Funds. Bidders should write their Teletrade ID number and the auction number directly on their checks or money orders made payable to Teletrade, Inc. and mail them to: Teletrade, 1063 McGaw Ave, Ste 100, Irvine, CA 92614-5554. Any payment not mailed to Teletrade within two business days of the auction (as indicated by the bidder's postmark) or not paid online within two business days of the auction is deemed to be late. Teletrade reserves the right to pursue legal action against any late payer and to bar him/her from future auctions. All return privileges are voided by late payment. If payment is not received by Teletrade within thirty (30) days of the auction, Teletrade reserves the right, in its sole discretion, to rescind the sale, in which event any lots won will no longer be available to the winning bidder and his/her bidder number will be invalidated. A revalidation fee will be assessed to those wishing to have their bidder number reinstated. A Bidder whose bidding number has been invalidated is prohibited from (1) bidding at any Teletrade auction, under the invalidated number or any other number, (2) registering again with Teletrade or applying for any other bidding number, unless and until approved in writing by Teletrade and the revalidation fee has been paid," and (3) consigning any coins to Teletrade, directly or indirectly, personally or through an agent or other consignor. This is not an approval sale. Teletrade is not a dealer and does not own coins. The lots offered have been consigned to Teletrade by others. There will be a Fifteen Dollar ($15.00) handling charge for any returned check. All payments must be in U.S. funds. Shipment of all lots won by a participant will be made only to the address which Teletrade has listed in its records for the Bidder. Teletrade does not ship to alternate or temporary addresses. Any address change made by a Bidder will take effect with shipment of the first lot(s) won after Teletrade has received written notice of the change. Teletrade provides limited insurance coverage for loss, theft or damage of coins while in its possession and for shipments it makes to Bidder in an amount as determined by Teletrade's insurer, such amount not to exceed the invoice price of the coin(s). Consignor and/or Bidder may provide such further insurance as they desire. Teletrade makes no warranty or representation regarding the adequacy of insurance coverage it provides which is solely as an accommodation to the parties. Any claim by Bidder for loss or damage (1) shall be limited to such insurance as is provided by Teletrade, and (2) must be made in writing to Teletrade no later than thirty (30) days from Teletrade's ship date. Teletrade will not make any insurance claim for lost shipments until fifteen (15) days have elapsed from Teletrade's ship date. In the event of a claim, Bidder must comply with all insurance and U.S. Postal Service requirements. On any accounts past due, Teletrade reserves the right to extend credit and impose periodic charges. Bids will not be accepted from persons under eighteen (18) years of age without a parent's written consent which acknowledges the Terms and Conditions of Sale herein and agrees to be bound thereby on behalf of the Bidder. Bidders personally and unconditionally guarantee all payments that are or become owed to Teletrade. If a corporation is the Bidder, the corporate representative shall provide Teletrade at the time of registration with a statement signed by each principal, director and officer that they each personally and unconditionally guarantee any and all current or future obligations owed to Teletrade or such other statement as may be acceptable to Teletrade, in the sole discretion of Teletrade. Teletrade will not assume responsibility for the shipping and packaging of certain larger items or items of a more fragile nature sold in this sale as determined by Teletrade. It is the Bidder's responsibility to contact Teletrade after the sale of such items to make shipping and packing arrangements. Due to the fragile nature of some lots, Teletrade may be forced to charge additional shipping and handling. Taxes, postage, freight charges, if applicable, handling, insurance, the buyer's fee and any other fees required by law to be charged or collected will be added to the invoice for any lot(s) that is invoiced to successful Bidders. Handling charges (including postage) are added to the amount due according to the Teletrade Certified Coin Postage and Handling Fee Schedule. California residents will be charged sales tax. Please note that the purchase of any coin lot(s) with a price, including the buyer's fee, in excess of One Thousand Dollars ($1,500.00) is exempt from California sales tax - please note this $1,500 rule only applies to coin lots in the same auction. Canadian Residents: Duties may be assessed on the contents of an auction. 6. FINANCIAL RESPONSIBILITY. In the event a successful Bidder fails to make payment when due, Teletrade reserves the right to rescind the sale or to resell the lot(s) in a commercially reasonable manner, which may include auction or a private sale. Bidder agrees to pay for the reasonable cost of such a sale, together with any incidental costs of sale, including reasonable attorney's fees and costs, cataloguing and any other reasonable charges. Bidder grants to Teletrade or its assigns the right to offset any sums due, or found to be due to Teletrade, and to make such offset from any past, current, or future consignment or purchases that are in the possession or control of Teletrade, or from any sums due to Bidder by Teletrade. Bidder further grants to Teletrade a purchase money security interest in such sums and/or items and their proceeds to the extent applicable, to secure all indebtedness due to Teletrade, plus all accrued expenses, attorney's fees, and costs, until the indebtedness is paid in full. Bidder grants Teletrade the right to file a UCC-1 financing statement for such items, to sign the statement as Bidder's attorney-in-fact, and to assign such interest to any affiliated or related company or any third party deemed appropriate by Teletrade. If the auction invoice is not paid for in full when due per invoice terms, the unpaid balance will earn interest at the rate of one-and-one-half percent (1-1/2%) per month until it is paid in full. In the event this interest rate exceeds the interest permitted by law, the same shall be adjusted to the maximum rate permitted by law; any amount paid in excess thereof shall be allocated to principal. Bidder agrees to pay all reasonable attorney's fees, court costs and other collection costs incurred by Teletrade or any affiliated or related company in any action or legal proceeding to collect past due invoices or to interpret or enforce the terms hereof or in any action or proceeding arising out of or related to the Auction Sale. Teletrade reserves the right to assign its interest to any third party. To the extent that the winning Bidder for any lot consists of more than one person or entity, each such person or entity is jointly and severally liable for all obligations of the Bidder, regardless of the title or capacity of such person or entity. 7. LIMITED RETURN POLICY. Subject to the terms contained herein, any Bidder may return any lot purchased for any reason by shipping the same to Teletrade by Registered Mail within seven (7) calendar days of Teletrade's shipment (evidenced by Bidder's postmark). Upon the expiration of seven (7) days from the date of Teletrade's shipment, all rights of return shall expire and no returns will be accepted. All rights of return will terminate and be void if (a) payment is not made when due, time being of the essence; (b) the returned coins are not housed in their original, sealed and unopened containers in the same condition as when shipped by Teletrade to Bidder; (c) payment by check does not clear on the first deposit; (d) payment by credit card is refused; (e) Bidder has had an opportunity, personally or through an agent, to view the coins; or (f) the coin is offered to the public for re-sale in any manner, whether by auction, online, at a coin show, at retail, or otherwise. In no event does Teletrade refund postage and handling charges, nor does it reimburse Bidders or Consignors for postage used to ship coins to Teletrade. A return handling fee will be deducted from any refund for a returned lot calculated as follows: Five Dollars ($5.00) plus five percent (5%) of winning bids equaling Two Hundred Dollars ($200.00) or less; Ten Dollars ($10.00) plus five percent (5%) of winning bids in amounts in excess of Two Hundred Dollars ($200.00). Teletrade does not maintain running accounts for Bidders. Therefore, refunds from previous auctions may not be applied toward the balance due on a current auction. 8. DISCLAIMER AND WARRANTIES. NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IS MADE OR IMPLIED ON ANY LOT. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO ANY LOT EXCEPT FOR WARRANTY OF TITLE, AND IN THE CASE OF TITLE, AUCTIONEER IS SELLING ONLY THAT RIGHT OR TITLE TO THE LOT THAT THE CONSIGNOR MAY HAVE AS OF THE AUCTION SALE DATE. ALL LOTS ARE SOLD "AS IS" AND WITH ALL FAULTS. PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING, QUALITY, DESCRIPTION, CONDITION, AUTHENTICITY, AND PROVENANCE OF A LOT. a. All oral and written statements made by Teletrade 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 Teletrade has authority to vary or alter these Terms and Conditions of Sale. Any specific written warranty or alteration shall be effective only if in writing and signed by an officer of Teletrade authorized to do so. b. Bidder acknowledges that the rare coin market is speculative, unregulated and volatile, and that coin prices may rise or fall over time. Teletrade does not guarantee that any customer buying for investment purposes will be able to sell for a profit in the future. 9. WAIVER AND RELEASE. Bidder, for himself, his heirs, agents, successors and assigns, generally and specifically waives and releases, and forever discharges Teletrade, and its respective affiliates, parents, shareholders, agents, subsidiaries, officers, employees, members of their respective boards of directors, and each of them, and their respective successors and assigns from any and all claims, rights, demands and cause of action and suits, of whatever kind or nature, including but not limited to claims based upon Auctioneer's negligence, whether in law or equity, whether known or unknown, suspected or unsuspected, which Bidder may claim to have with respect to and/or arising out of, or in connection with any challenge to the title to any goods purchased, the sale itself, and lot bid upon or consigned, and/or the auction, except where such reimbursement is otherwise authorized in these Terms and Conditions of Sale. It is the intention of Bidder that this waiver and release shall be effective as a bar to each and every claim, demand, cause of action and suit that may rise hereunder or be related to the Auction Sale and Purchaser hereby knowingly and voluntarily waives any and all rights and benefits otherwise conferred upon him by the provisions if Section 1542 of the California Civil Code, which reads in full as follows: "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR." 10. DISPUTES. If a dispute arises concerning ownership of a lot that has been bid upon or proceeds of any sale, Teletrade reserves the right to commence a statutory interpleader proceeding at the expense of the Consignor and successful Bidder and any other applicable party, and in such event shall be entitled to its reasonable attorneys' fees and costs. Teletrade reserves the right to cancel or postpone the Auction Sale or any session thereof for a reasonable period of time for any reason whatsoever. No Bidder shall have any claim as a result thereof, including for incidental or consequential damages. Neither Teletrade 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, the auction or the conduct thereof and in no event shall such liability exceed the purchase price, premium, or fees paid. If the Bidder fails to comply with one or more of the Terms and Conditions of Sale, then, in addition to all other remedies which it may have at law or in equity, Teletrade may as its sole option either (a) rescind the sale, retaining all payments made by Bidder as liquidated damages, it being recognized that actual damages may be speculative or difficult to compute, or (b) sell a portion or all of the lot(s) held by Teletrade, in a quantity sufficient in the opinion of Teletrade to satisfy the indebtedness, plus all accrued charges, and Teletrade may sell such portion at an auction sale or private sale conducted by Teletrade and charge a seller's commission that is commercially reasonable. More than one such sale may take place at the option of Teletrade. Notice of the sale shall be by U.S.P.S. Certified Mail, Return Receipt Requested to Bidder's last known address. The proceeds shall be applied first to the satisfaction of any damages occasioned by Bidder's breach, then to any other indebtedness owed to Teletrade, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees, costs, collection agency fees and costs and any other costs or expenses incurred. Bidder shall also be liable to Teletrade if the proceeds of such sale or sales are insufficient to cover the indebtedness. Rights granted to Bidders under the within Terms and Conditions of Sale, including but not limited to the rights of return, are personal and apply only to the Bidder who initially purchases the lot(s) from Teletrade. The rights may not be assigned or transferred to any other person or entity, whether by sale of the lot(s), 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 by these Terms and Conditions of Sale. 11. GENERAL TERMS. 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 California, regardless of the location of the Auction Sale. Bidder acknowledges and agrees that the competent courts of the State of California shall have exclusive jurisdiction over any dispute(s) arising hereunder, and Bidder hereby agrees that any dispute arising hereunder shall be litigated exclusively in the courts of the State of California, regardless of any party's current or future residence or domicile. Bidder further agrees that venue shall be in the Superior Court for Orange County in the State of California. Bidder agrees that any legal action with respect to this Auction Sale is barred unless commenced within one (1) year of the date of the subject Auction Sale. These Terms and Conditions of Sale and the information on the Website constitute the entire agreement between the parties hereto on the subject matter hereof and supersede all other agreements, understandings, warranties and representations concerning the subject matter hereof. 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. Teletrade may at its sole and absolute discretion, make loans or advances to Consignors and/or Bidders. Teletrade reserves the right to change these Terms and Conditions of Sale at any time. Bidders and participants are bound by the Terms and Conditions of Sale posted on the Website at the time of the auction in which they are participating. 12. Bidding in this auction sale constitutes acknowledgement that Bidder has read these Terms and Conditions of Sale, and all relevant bidding and sale information on the Website including the information listed under "How to Bid for Coins," and that Bidder agrees to all of the same. TELETRADE GOLD REWARDS PROGRAM - TERMS AND CONDITIONS The following are the terms and conditions of your participation in the Teletrade Gold Rewards Program (the "Program'). By participating in the Program, you are agreeing to be bound by these terms and conditions ("Terms and Conditions") in their entirety. Therefore, we ask that you carefully read these Terms and Conditions so that you will understand how the Program works. The Teletrade Gold Rewards Program is a customer loyalty program which rewards Teletrade customers for buying coins and currency from Teletrade auctions. Program Members earn points ("Teletrade Gold Points") through their purchases, which may be redeemed in exchange for coins, currency, discounts, products and services. Participation: The Program is only open only to individuals who are eighteen (18) years of age or older and are legally able to enter into binding contracts under California law. All eligible current Registered Teletrade Users will automatically become Teletrade Gold Rewards Members effective as of July 1, 2008. Provided, those current Registered Teletrade Users who bought coins or currency at any Teletrade auction occurring on or after July 1, 2007 through June 30, 2008 (the "Introductory Members"), will earn Teletrade Gold Points on a modified basis for all purchases from Teletrade auctions until October 1, 2008 (the "Introductory Period"). New Teletrade users will become Gold Rewards Members when they register to become a Teletrade user on the Teletrade website, www.teletrade.com (each a "Member"). There is no fee for participating in the Program. Purchasing coins or currency from a Teletrade auction during the Program constitutes a Members full and unconditional agreement to be bound by these Terms and Conditions. Members who do not wish to participate in the Program must notify Teletrade in writing. Member's continued participation in the Program is contingent upon compliance with these Terms and Conditions. Members who do not comply with these Terms and Conditions may, in Teletrade's sole discretion, be prohibited from participating in the Program. Earning Teletrade Gold Rewards Points: Beginning in July, 2008, Members will earn Teletrade Gold Rewards Points by purchasing coins or currency through Teletrade auctions. One (1) Teletrade Gold Reward Point will be earned for each dollar ($1.00) of coins or currency purchased at a Teletrade auction during the Program. Member's who purchase $30,000 or more of coins or currency at Teletrade auctions during any 60 day period will be awarded Platinum Member status for 12 months. Platinum Members will earn one and one-quarter (1.25) Gold Reward Points for each dollar ($1.00) of coins or currency purchased at a Teletrade auction. Notwithstanding the foregoing, Introductory Members will earn one-half (.5) Gold Reward Point for each dollar ($1.00) of coins or currency purchased at a Teletrade auction until the end of the Introductory Period and thereafter earn one (1) Teletrade Gold Reward Point for each dollar ($1.00) of coins or currency purchased at a Teletrade auction during the Program Certain specified auctions may offer double points for coins or currency purchased at those auctions. Points are only awarded and earned upon final, on time, payment in full for the purchased coins and currency. The amount of each purchase will be rounded to the nearest whole dollar amount. All earned points will be automatically deposited in a Member's account. Although there is no limit on the amount of Teletrade Gold Reward Points that can be earned, Points automatically expire without notice and will be removed from a Member's account on the earlier of: (a) a Member failing to purchase and pay for coins or currency from a Teletrade auction within any 180 days period, or (b) one year from the date the Points are earned. Using Teletrade Gold Rewards Points. Members can use Teletrade Gold Reward Points to acquire a variety of awards, which can be found on www.teletrade.com/rewards. All redemptions of Gold Reward Points are final. Teletrade reserves the right to change the awards and redemption values at any time without notice. All awards are subject to availability. Modification and Termination of the Program: Teletrade reserves the right to amend any of the terms and conditions governing the Program - including, but not limited to, the number of Teletrade Gold Reward Points earned through purchases at Teletrade auctions, the number of Teletrade Gold Reward Points required to redeem awards, and the conditions under which Teletrade Gold Reward Points may be used or forfeited - at any time, with or without notice, even though these changes may affect a Member's ability to maintain, use or redeem the Teletrade Gold Reward Points that he/she has already earned. The Program has no predetermined termination date and will continue until such time as Teletrade decides to terminate the Program. Teletrade may terminate the Program at any time, and will provide notice via email to the Member's email address currently on file with Teletrade for their Teletrade account. Members will have six (6) months from the date Program termination is announced to use Teletrade Gold Reward Points. During the six month notice period, Teletrade may change or cancel some or all of the then current awards. Any Teletrade Gold Reward Points that are remaining in a Member's Account at time of termination will be forfeited and no compensation will be provided. A Member's participation in the Program constitutes the Member's unconditional acceptance of any changes to these Terms and Conditions. Members are responsible for remaining knowledgeable as to any changes that Teletrade may make to these Terms and Conditions. The most current version of these Terms and Conditions will be available on the Teletrade website and will supersede all previous versions of these Terms and Conditions. General Terms and Conditions: ACCRUED TELETRADE GOLD REWARD POINTS DO NOT CONSTITUTE PROPERTY OF A MEMBER AND HAVE NO VALUE OUTSIDE OF THE PROGRAM. TELETRADE GOLD REWARD POINTS ARE CREDITS THAT TELETRADE MAY REVOKE AT ANY TIME AS SET FORTH HEREIN. TELETRADE GOLD REWARD POINTS MAY BE NOT EXCHANGED FOR CASH, ASSIGNED, BARTERED, OR TRANSFERRED, EXCEPT AS SET FORTH HEREIN, AND ARE NOT TRANSFERABLE UPON DEATH, AS PART OF A DOMESTIC RELATIONS MATTER, OR OTHERWISE BY OPERATION OF LAW. GOLD REWARD POINT MAY NOT BE COMBINED BETWEEN MEMBERS OR MEMBER ACCOUNTS. Each Member is responsible for ensuring that the information in his/her Account is accurate and is kept current. If a Member believes that his/her Account does not properly reflect Teletrade Gold Reward Points earned, the Member must contact Teletrade to resolve the issue within thirty (30) days of the date the Points are earned. Thereafter, Member's accounts are final. Teletrade reserves the right to discontinue the membership of any Member who uses the Program in a manner inconsistent with these Terms and Conditions or any federal, state, provincial, territorial or local laws, statutes, by-laws, guidelines, or ordinances. Discontinued membership may result in the loss of all earned Teletrade Gold Reward Points, benefits, and privileges. In addition to discontinuance of Program membership, Teletrade shall have the right to take appropriate administrative and/or legal action, including criminal prosecution, as it deems necessary in its sole discretion. Any attempt by any person to undermine the legitimate operation of the Program may be a violation of criminal and civil law, and, should such an attempt be made, Teletrade reserves the right to seek damages from any such person to the fullest extent permitted by law. Teletrade's failure to enforce any of these terms and conditions shall not constitute a waiver of that, or any other, provision. The determination of tax liability for any federal, state or local taxes (as may be applicable) arising out of the earning or redemption of Gold Reward Points in the Program is a Member's sole responsibility. All questions or disputes regarding an individual's eligibility for the Program, the earning, use, or redemption of Teletrade Gold Reward Points, or a Member's compliance with these Terms and Conditions will be resolved by Teletrade in its sole discretion. Limitation of Liability: By participating in the Program, Member acknowledges that technical processing and transmission of information on the Teletrade website may involve transmissions over various networks and changes to conform and adapt to technical requirements of connecting networks or devices. Teletrade is not responsible for: (a) incorrect or inaccurate transcription of information; (b) problems related to any of the equipment or programming associated with the Program or utilized by the Member; (c) any human error or printing error; (d) any interruption, deletion, omission, defect, or line failure of any telephone network or electronic transmission; (e) problems relating to computer equipment, software, inability to access the Website or on-line service; (f) any other technical or non-technical error or malfunction; or (g) fraud or unauthorized use of Member's account. By participating in the Program, each Member accepts all responsibility for, and hereby indemnifies and holds harmless Teletrade, and each of its related companies, and each such company's respective officers, directors, employees, shareholders, agents, and successors, and assigns (the "Released Parties"), from and against any claims that may arise from actions taken by such Member or for any unauthorized access to Member's Account by any third party. UNDER NO CIRCUMSTANCES, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, SHALL THE RELEASED PARTIES BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE PROGRAM, EVEN IF ANY OR ALL OF THE RELEASED PARTIES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, THEREFORE SUCH EXCLUSIONS MAY NOT APPLY TO YOU. IF A MEMBER PROVES THAT TELETRADE HAS IMPROPERLY DENIED THAT MEMBER ANY TELETRADE GOLD REWARD POINTS, LIABILITY WILL BE LIMITED TO THE EQUIVALENT AMOUNT OF TELETRADE GOLD REWARD POINTS. BY PARTICIPATING IN THE PROGRAM, A MEMBER WAIVES ANY AND ALL RIGHTS TO BRING ANY CLAIM OR ACTION RELATED TO SUCH MATTERS IN ANY FORUM BEYOND ONE (1) YEAR AFTER THE FIRST OCCURRENCE OF THE KIND OF ACT, EVENT, CONDITION OR OMISSION UPON WHICH THE CLAIM OR ACTION IS BASED. EACH MEMBER SPECIFICALLY WAIVES ANY BENEFIT UNDER CALIFORNIA CIVIL CODE SECTION 1542 WHICH PROVIDES: "A GENERAL RELEASE DOES NOT EXTEND TO UNKNOWN CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR". Notwithstanding any other provision of these Terms and Conditions, in the event there is a direct conflict between these Terms and Conditions and the Teletrade User Agreement concerning any aspect of your participation in the Program, these Terms and Conditions will control and prevail, including but not limited to those Terms and Conditions dealing with limitation of liability, arbitration, governing law and jurisdiction. Legal Disputes. Members agree that any controversy or claim at law or equity that arises out of or relates to the Program ("Claims") shall be resolved by arbitration as described below, or as otherwise mutually agreed upon in writing by the parties. There shall be no right or authority for any Claims to be arbitrated on a class-action basis or on bases involving a purported representative capacity on behalf of the general public. Arbitration. All Claims (excluding Claims for injunctive or other equitable relief), shall be resolved through binding arbitration, which in cases involving less than $10,000.00, may conducted by telephone, on-line, and/or based solely upon written submissions where no in-person appearance is required. The arbitration shall be administered by the American Arbitration Association or JAMS, in accordance with their applicable rules, or any other established ADR provider mutually agreed upon by the parties. The parties shall equally share the costs of such proceeding, except that each party shall be solely responsible for its own legal fees. Any judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Claims shall be arbitrated in County of Orange, California. For this purpose, Members agree to submit to personal jurisdiction within the county of Orange, California. These Terms and Conditions are governed by and interpreted under the laws of the state of California, U.S. as such laws are applied to agreements entered into and to be performed entirely within California. Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such section. Teletrade's failure to act with respect to a breach by a Member does not waive its right to act with respect to subsequent or similar breaches. These Terms and Conditions and any documents it incorporates set forth the entire understanding between the parties with respect to the subject matter hereof. These provisions shall survive any termination or expiration of the Program. Unless otherwise determined by Teletrade in its sole discretion, this Program and related documents will be in English. If any provision of these Terms and Conditions is found to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be severed from the remainder of these Terms and Conditions, which will otherwise remain in full force and effect.

TeletradeDirect Terms and Conditions: Effective September 21, 2007 The following terms and conditions shall govern all purchases and sales ("Transactions") of Bullion and/or Coins ("Product(s)") between Teletrade Direct and Buyer and constitutes the agreement between the parties ("Agreement"). 1. TRANSACTIONS MUST BE CONFIRMED. No order for the purchase or sale of Bullion or Coins shall be binding upon Teletrade Direct unless and until the Transaction is confirmed by Teletrade Direct. Teletrade Direct, in its sole discretion, may discontinue accepting orders at any time without advance notice. 2.1. BUYER BEARS MARKET RISK AFTER PURCHASE; GENERAL RISKS ASSOCIATED WITH BULLION AND COINS. Once a transaction is confirmed by Teletrade Direct, a contract is created. Regardless of what happens to the price of the Product after the Transaction is confirmed, the contracted price is binding on Buyer and Teletrade Direct. Buyer bears the full risk of any movement in the market price of the Bullion or Coins between the time of order and subsequent delivery. Except as otherwise expressly provided herein, Buyer is obligated to take delivery of the Product in consideration of the purchase price originally established in the Transaction, regardless of any subsequent change in the value of the Product. Buyer acknowledges that prices of Bullion and Coins are volatile, and therefore the prices may fluctuate significantly over time, based upon numerous factors, including supply and demand among collectors and political and economic conditions. With respect to Bullion or Coins which are described and/or graded, Buyer agrees that Teletrade Direct is not responsible for grading or descriptions which may be subjective and differ among grading services and industry experts. Teletrade Direct makes no warranty or representation regarding grading or description. 3.1. PAYMENT AND DELIVERY TERMS FOR PURCHASES FROM TELETRADE DIRECT. For individual purchases from Teletrade Direct, Buyer must pay 15% of the price at the time the order is placed, such payment to be made by credit card submitted with the order or by Paypal. If payment is made through Paypal, Buyer must complete the Paypal payment transaction within three (3) minutes of leaving the Teletrade Direct website; if Buyer fails to do so, Teletrade Direct may, in its sole and absolute discretion, either (1) rescind the purchase without further notification to Buyer, and refund to Buyer any deposit paid, or (2) enforce the sale, with the right to liquidate the Product, and hold Buyer responsible for all losses, costs and expenses. For orders placed between 9:00am and 7:00pm ET on business days, the final price will be confirmed and locked in at said time. For other orders, the price will be confirmed and locked in on the following business morning by telephonic confirmation. The balance of the purchase price plus tax and any other fees and charges shall be due and payable by cash, cashier's check or check (credit cards are not accepted for the balance) received by Teletrade Direct within seventy-two (72) hours of placing the order. Once the Transaction is confirmed and only when the balance is timely paid in full or overpaid and good funds confirmed and cleared, will the Product be shipped to Buyer. Shipments will be made via registered, insured mail, and any balance of excess funds, if any, will be returned to Buyer by company check. If, before Teletrade Direct is in receipt of the balance of the purchase price, the price of the Product, as reflected by the Teletrade Direct website, declines by 7.5% or more of the confirmed, locked in purchase price, Teletrade Direct shall have the right to require Buyer to deposit an additional 15% of the purchase price by credit card. Teletrade Direct shall have the right to require additional deposits should the price of the Product continue to decline beyond 7.5% prior to receipt of the balance of the purchase price. Buyer shall make such further deposits by telephone to Teletrade Direct within six hours after Teletrade Direct sends notification by email to Buyer to do so, or, if such notification is by telephone call to Buyer, Buyer shall authorize such further deposit in the same telephone call or, if Teletrade Direct leaves such notification as a voicemail or similar message, within six hours after such message is left. Such notifications shall be effective whether or not the emails or messages to Buyer are received or delivered. Therefore, Buyer must monitor the price of Product purchased from the time of the order until the full purchase price is paid, and must contact Teletrade Direct if such value declines occur regardless of whether he/she has received such notifications, in order to determine if additional deposits are required. If Buyer fails to timely make any such further deposit as required, Teletrade Direct may liquidate the Product without further notice to or authorization from Buyer and shall hold Buyer responsible for any losses and costs incurred by Teletrade Direct as a result, in which event Buyer agrees immediately upon demand to pay and reimburse Teletrade Direct for all such losses and costs incurred by Teletrade Direct as a result of any such price decline and subsequent liquidation of the Product. All orders, when placed and accepted, are final and non-cancelable. If the full purchase price, taxes and all applicable fees and charges are not paid within the time set forth above, Buyer shall be in default, and Teletrade Direct may in its sole and absolute discretion (1) rescind the sale, in which event Buyer, as liquidated damages and a reasonable estimate for the costs and risks sustained by Teletrade Direct by virtue of such default, shall pay to Teletrade Direct an amount equal to the 15% deposit plus such further deposits as set forth above, which Teletrade Direct shall retain; or (2) at any time thereafter sell the Product covered by the Transaction without further notice to or authorization from Buyer and hold Buyer responsible for any losses and costs incurred by Teletrade Direct as a result, in which event Buyer agrees immediately upon demand to pay and reimburse Teletrade Direct for all transaction fees and all losses incurred by Teletrade Direct as a result of any such payment default by Buyer and subsequent liquidation of the Product involved. 4. APPLICABLE TAXES. Teletrade Direct will charge Buyer for, and Buyer shall pay, any sales taxes or other taxes (except those measured on Teletrade Direct's income) that may be assessed as a result of any Transactions, including but not limited to taxes assessed for merchandise purchased from Teletrade Direct. For international Transactions, this includes any value added taxes (VAT), foreign exchange, or other taxes or assessments. 5. LOSSES DURING SHIPMENT; FORCE MAJEURE. Teletrade Direct shall not be responsible for any loss or disappearance of any Product while in the U.S. mails or otherwise shipped or delivered in accordance with this contract or with Buyer's instructions for any Transaction(s). Buyer shall make claim and have recourse to any postal insurance or other claim against the U.S. Postal Service only, and not Teletrade Direct. Teletrade Direct does not ship to addresses outside the United States. Furthermore, in the event of any act of God, transportation or shipping disruption or breakdown, failure of utilities or telecommunications, war, labor unrest, or other event beyond Teletrade Direct's reasonable control, whether or not similar to the foregoing, the obligations of Teletrade Direct hereunder shall be suspended to the extent affected thereby and Teletrade Direct shall have no liability to Buyer as a result thereof. In any event, the maximum liability of Teletrade Direct for loss of or damage to Product shall be limited to such applicable insurance coverage as may exist for the Product, for which Buyer shall make the claim. 6. POLICIES REGARDING SALES BY TELETRADE DIRECT OF "WHEN-ISSUED" COINS. If Teletrade Direct sells a Buyer "when-issued" Coins, in no event shall Teletrade Direct be required to acquire such Coins from any source other than the issuer agreed to at the time of the purchase or sale (the "Transaction") in order to fulfill its obligations regarding a Transaction, and if Teletrade Direct acquires such Coins from any other source, it shall not be obligated to deliver them to Buyer. If Buyer wishes to sell "when-issued" Coins prior to delivery, Teletrade Direct will repurchase Buyer's Coins at Teletrade Direct's then-current bid price for such Coins. Teletrade Direct shall have no obligation to include the same sale premium or discount that applied to Buyer's original purchase of such Coins. If an issuer of Coins cancels the issuance of Coins or does not provide Teletrade Direct with an allotment of such Coins, Teletrade Direct may terminate a purchase of "when-issued" Coins upon written notice to Buyer, in which event Buyer shall sell the "when-issued" Coins to Teletrade Direct at Teletrade Direct's then-current bid price for such Coins, together with the same sale premium originally paid in the Transaction, and neither party shall have any further obligation or liability to the other. If an issuer announces a delay in issuance for more than sixty (60) days after the anticipated issuance date at the time of the Transaction, or any other force majeure event or other event outside the control of either party hereto occurs which materially affects the delivery of "when-issued" Coins to a Buyer, Teletrade Direct in its sole discretion shall have the right to terminate the Transaction and cause Buyer to sell the "when-issued" Coins to Teletrade Direct as provided above. 7. OTHER REQUIREMENTS AND PROCEDURES. Teletrade Direct may from time to time establish minimum purchase, sale or physical delivery requirements or other procedures or requirements not specified herein. All purchases and sales are subject to such procedures and requirements in effect at the time such purchase or sale takes place. 8. LIMITED WARRANTY; LIMITATIONS ON TELETRADE DIRECT'S LIABILITY. Teletrade Direct warrants that the Product sold in any Transaction will conform to the identification thereof in Teletrade Direct's sales materials on the date of sale and that Teletrade Direct has the right and power to transfer full title to Buyer. The foregoing limited warranty is limited to a period of ten (10) calendar days from delivery. Unless written notice of any such non-conformity is given to Teletrade Direct prior to the expiration of the limited warranty period, all warranty liability shall terminate. TELETRADE DIRECT DISCLAIMS AND BUYER WAIVES ANY AND ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, REGARDING ITS PRODUCTS, INCLUDING THE IMPLIED WARRANTIES OR MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, and any such warranties which cannot be waived shall in any event be limited in duration to the duration of the foregoing limited warranty. No agent, employee or other representative of Teletrade Direct has the authority to create any other affirmation, warranty or representation, either oral or written, regardless the products. Other than as set forth above, all Product is sold as is, with all faults. THE SOLE AND EXCLUSIVE REMEDY FOR ANY BREACH OF WARRANTY, EXPRESS OR IMPLIED, SHALL BE THE REPLACEMENT OF DEFECTIVE OR NON-CONFORMING PRODUCTS, OR, AT TELETRADE DIRECT'S OPTION, REFUND OF ALL OR A PORTION OF THE PURCHASE PRICE. Buyer agrees that the foregoing remedies shall not be deemed to have failed of their essential purpose so long as Teletrade Direct is able to refund the purchase price. TELETRADE DIRECT SHALL NOT BE LIABLE FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR OTHER DAMAGES WHATSOEVER, whether or not Teletrade Direct has been advised of the possibility of such damages. Buyer acknowledges and agrees that the foregoing disclaimer of warranties and limitation of liability provisions are an essential basis for Buyer's agreement with Teletrade Direct, that Teletrade Direct would not have entered into this contract but for these provisions, and that the foregoing exclusion of special, incidental, consequential or other damages shall apply whether or not Teletrade Direct is able to repair or replace any defective or non-conforming products. All sales are final and non-cancelable, and no Product purchased is returnable except pursuant to the limited warranty set forth above. 9. COMPLETE AGREEMENT; SEVERABILITY; CUMULATIVE REMEDIES. This contract shall be the entire agreement of the parties and shall supersede all other agreements or representations, oral or written. Any invalid provision shall not affect the validity of all other provisions and shall be enforced to the maximum permissible extent. This contract may not be amended, modified, or canceled, except in writing signed by duly authorized representatives of Teletrade Direct and Buyer; provided, however, that Teletrade Direct may from time to time unilaterally notify Buyer in writing of additional or changed Terms and Conditions which are to be effective as to future Transactions occurring after the date of such notice, and in such event such additional or changed Terms and Conditions shall automatically be binding upon both parties as to any subsequent Transactions engaged in by Buyer. All remedies of Teletrade Direct will be deemed cumulative and will be in addition to any other remedies Teletrade Direct may have under law. Teletrade Direct's exercise of any one or more remedies shall not be deemed an election of remedies. 10. GOVERNING LAW. This Agreement shall be governed by the laws of California and the parties agree to be subject exclusively to the jurisdiction and venue of the Superior Court for the Central District of California, as to any disputes arising out of or related to this Agreement, whether contract, tort, or both. 11. ATTORNEYS' FEES AND COSTS. You shall pay to Teletrade Direct all costs and expenses of collection of amounts due herein, or otherwise incurred to enforce any or all provisions of this Agreement or the subject matter of this Agreement, including but not limited to, reasonable attorney fees and costs incurred before legal action or arbitration, if any, is commenced, and fees and costs incurred in connection with the protection, or realization of the Product. You further agree that in any litigation, arbitration or other proceeding based upon, arising out of or related to this Agreement, You shall pay to Teletrade Direct its attorney fees and other expenses and costs incurred in connection with the litigation, arbitration or other proceeding if Teletrade Direct is the prevailing party. 12. TIME IS OF THE ESSENCE/NO WAIVER. Time is the essence with respect to all of the provisions of this Agreement. No waiver of a breach, failure of condition, or any right or remedy contained in this Agreement shall be effective unless it is in writing and signed by the party waiving the breach, failure, right or remedy. No waiver of any breach, failure, right or remedy, shall be deemed a waiver of any other breach, failure, right or remedy, whether or not similar, nor shall any waiver constitute a continuing waiver unless the writing so specifies. 13. ARBITRATION. The parties agree that any dispute or controversy arising out of or related to the Transaction, the Product or this Agreement shall be resolved by binding arbitration by and pursuant to the rules of the Professional Numismatic Guild. Petitions to confirm or vacate any such award may be served by certified mail.

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