Information for bidders and
overview of conditions of papers and Rarity Index

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Starting prices in this catalog are minimum prices. We do not accept bids below the starting prices.

Your orders bill be executed discretionary at it's best. The award will be effected just one increment above the next highest bid irrespective how high you have bidden. For example: starting price 80 €, your bid 150 €, the next highest bid is 100 €. Your award is at 110 €, one increment above the next highest bid.

Images of all bonds and shares are stored in our data base. It might be that the images shown in the catalog are archive pictures and that the shown bonds and shares actually offered bear other numbers than the catalog pictures. The actual number of the bond or share is mentioned in the lot description.

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All lots are ranked by their condition using the following keys:

UNC: Uncirculated (hot off the press, like new)
EF: Extremely fine (very nice condition, slight creases)
VF: Very fine (normal condition with slight traces of circulation, tears and minimal losses at the edge)
F: Fine (stronger traces of use, but collectible)


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Descriptions of all foreign stocks and bonds with a starting price of 500 Euros or more will include a Rarity Index (R1 to R12). This index has been prepared by the auction house according to our best knowledge and research.

Thus, over 80% of the stocks and bonds listed in this catalogue include this new index.

Rarity Index (i.e., number of examples known to us):

R 12 = only this single example known
R 11 = only two examples known
R 10 = 3 - 5 examples
R 9 = 6 - 10 examples
R 8 = 11 - 25 examples
R 7 = 26 - 50 examples
R 6 = 51 - 100 examples
R 5 = 101 - 250 examples
R 4 = 251 - 500 examples
R 3 = 501 - 1000 examples
R 2 = 1001 - 5000 examples
R 1 = more than 5001 examples