1. This is an Internet only auction held by Michael E. Aldrich Auctions,a division of Michael E. Aldrich, Inc., a licensed and bonded auctioneer ( the "Auctioneer"). He alone has discretion over the procedures in conjunction with the auction sale.

2. All lots are sold to the highest bidder. In the event of any dispute, between any bidders the Auctioneer at his sole discretion, may reopen or reoffer any lots for resale. The Auctioneer's decision shall be final.

3. The Auctioneer has the right to group two or more lots together and may withdraw any lot prior to a call for bids. The Auctioneer has the right to act on behalf of the consignors, and consignors may bid on their own behalf. If a consignor bids, he must pay the seller's commission and buyer's premium. The Auctioneer may have advances extended to certain consignors in the sale.

4.Successful mail or internet buyers, unless they are known to the Auctioneer or supply acceptable references, will be notified of the amount due for the lots successfully secured for them, and they are expected to send total payment within five days of receipt of such notice, before lots can be delivered. All lots delivered in the state of Arizona or any other state the sale is held will be required to pay all sales and use taxes applicable for that state, unless appropriate resale permits are on file with us. All shipping, handling and insurance charges will be paid by the buyer.

5. The Auctioneer reserves the right to require full payment before delivery of any lots to any buyer. Bidders personally guarantee payment for any successful purchases, and a corporation, or an officer or principal of the corporation agrees to personally guarantee payment. All lots remain the property of MEA Auctions until paid in full. The Auctioneer has the right to void any sale if payment in full is not received by the Auctioneer within 30 days after the date of invoice. Any invoice that is not paid for in full within 30 days after the date of sale, will be subject to a service fee in the amount of 2% per month on the unpaid balance. If the Auctioneer refers the unpaid invoice to an attorney or collection agency the buyer agrees to pay any and all fees incurred.

6. There will be a 15% buyer's premium added to the hammer price of all lots purchased by any successful bidder.

7. Lots are sold at an incremental advance over the second highest bid. The Auctioneer has the right to reject any bid which, in his opinion, is not submitted in good faith or have inadequate references.

8. Bids may be made by live internet, telephone, e-mail, or fax. No bids will be accepted from a person under the age of 18 unless signed by parent or guardian.

9. No buy or unlimited bids will be accepted. "Or" bids are encouraged by bidders but must be clearly marked on bid sheets as such. No "and" bids are accepted. The bidder is responsible for any errors in bidding. In the event of a tie bid, the earliest bidder receives the lot.

10. Lots may have estimate ranges to assist bidders in determining what the market value is. Bidders who bid small fractions of the estimates likely will have their bids rejected by the Auctioneer.

11. Any lot which is not described correctly may be returned if done so within five days of receipt of the lots. No illustrated lots may be returned for reasons of centering, cancellation, perforations or margins shown in the illustration. Buyers who have viewed lots may not return viewed lots. Lots may be put on extension.

12. All lots are sold as geniune. Bidders who wish an extension on a lot must indicate this (via email or telephoine) if they are the successful bidder. Any lots put on extension must be paid for in full prior to submission for certification. In the unlikely event of a negative opinion, the auctioneer may at his discretion resubmit any lot returned with a negative opinion. Lots with certification dated within 10 years of the date of sale may not be granted an extension.

13. In the event a dispute arises regarding payment, authenticity, or descriptions between the bidder and the Auctioneer, the Auctioneer, at his sole discretion, may submit the disputed matter to binding arbitration, to which the bidder, by placing a bid and hereby accepting these Terms & Condtions, agrees to be bound.

14. The placing of a bid constitutes acceptance of all Terms & Conditions of Sale.

SYMBOLS

q - Block of Four

E - Essay

H - Hinged

o - Used

ABBREVIATIONS

NH - Never Hinged

LH - Light Hinge

VLH - Very Lightly Hinged

H - Hinged

OG - Original Gum

(NP) - No Photo

SH - Staple Hole

HR - Hinged Remnant

SON - Socked On The Nose

PC - Printed Cancel

MC - Manuscript Cancel

PH - Punched Hole Cancel

(ENV) - Estimated Net Value

CDS - Circular Date Stamp

PSE - Philatelic Stamp Experts

PFC - Philatelic Foundation Certificate

S.G. -Stanley Gibbons

FC - Full Corner

The term "unused" found within a lot description refers to a stamp that is without gum. If gum is present, the condition of such will be described.

The terms listed below are used in regards to centering only and not the overall
condition of the stamp:

Very Good (VG): Perfs touch or cut design on one or more sides.

Fine (F): Perfs clear design on all four sides. On pre-1900 items, perfs may touch on one side.

Very Fine (VF): Stamp will have three close to equal margins with the fourth being slightly off from the other three.

Extremely Fine (XF): Stamp will have four nearly equal margins that are normal size for that issue.

Please Note:     There is a 15% buyer's premium added to each hammer price.