The Stefano Fantaroni Collection of The Kingdom of Italy

THE STEFANO FANTARONI COLLECTION

OF THE KINGDOM OF ITALY

8 JUNE 2016

NEW YORK

GROUP CHAIRMAN AND CEO

Olivier D. Stocker

YOUR SPECIALISTS

STAMPS

UK - Tim Hirsch FRPSL Guy Croton David Parsons Nick Startup Neill GrangerPaul Mathews Dominic Savastano Tom Smith George James Ian Shapiro (Consultant)

USA - George Eveleth Richard DebneyEUROPE - Guido Craveri Fernando MartínezCHINA - Doris Lo George Yue (Consultant)

COINS

UK - Richard Bishop Tim Robson Malene Wagner Lawrence Sinclair Barbara Mears John PettUSA - Greg Cole Muriel Eymery Stephen Gol dsmith (Special Consultant)

CHINA - Kin Choi Cheung Paul Pei Po Chow

BANKNOTES

UK - Barnaby Faull Andrew Pattison Monica Kruber Thomasina SmithUSA - Greg Cole Stephen Goldsmith (Special Consultant)

CHINA - Kelvin Cheung Paul Pei Po Chow

ORDERS, DECORATIONS, MEDALS & MILITARIA

UK - Mark Quayle Oliver Pepys Marcus Budgen John Hayward (Consultant)

BONDS & SHARES

UK - Mike Veissid (Consultant) Andrew Pattison Thomasina SmithUSA - Greg Cole

EUROPE - Peter ChristenCHINA - Kelvin Cheung

BOOKS

UK - Philip Skingley Gillian Watson Nik von Uexkull

AUTOGRAPHS

USA - Greg Cole Stephen Goldsmith (Special Consultant)

WINES

CHINA - Guillaume Willk-Fabia Angie Ihlo Fung

YOUR EUROPE TEAM (LONDON - LUGANO)

DirectorsTim Hirsch Anthony Spink

Auction & Client Management TeamMira Adusei-Poku Rita Ariete Grace Hawkins Dora Szigeti Nik von Uexkull Tom Hazell

John Winchcombe Tatyana Boyadzhieva Maurizio Schenini

FinanceAlison Bennet Marco Fiori Mina Bhagat Dennis Muriu Hemel Thakore Veronica Morris

IT & AdministrationBerdia Qamarauli Luis Pinto de Dios Liz Cones Curlene Spencer

Tom Robinson Cristina Dugoni Giacomo Canzi

YOUR AMERICA TEAM (NEW YORK)

Managing DirectorCharles Blane

Auction Administration and Marketing & DesignPolona Hribovsek

Finance & AdministrationAmit Ramprashad

AuctioneerStephen Goldsmith (Special Consultant)

YOUR ASIA TEAM (HONG KONG - SINGAPORE)

AdministrationAngie Ihlo Fung Newton Tsang Sue Pui Arthur Chan Doris Lo Gary Tan

Ken Imase [email protected]

To purchase a catalogue:

email: [email protected]

tel: +44 (0)20 7563 4005 fax: +44 (0)20 7563 4037

For more information about Spink services, forthcoming

sales and sales results visit the Spink Website

www.spink.com

SALE LOCATION

SPINK USA

145 W. 57th St., 18th Floor

New York, NY 10019

tel 212/262-8400 fax 212/262-8484

SALE DETAILS

Wednesday, June 8, 2016 at 1.30 p.m. (Lots 1201-1344)

VIEWING OF LOTS

NEW YORK CITY

May 28 to June 4, 2016 at

World Stamp Show, New York, N.Y.

Jacob Javits Convention Centre, Halls 3B, 3D, 3E

Spink Superbooth 1321

And

At our offices

Monday, June 6, 2016 10:00 a.m. - 5:00 p.m.

Tuesday, June 7, 2016 9:00 a.m. - 4:00 p.m.

June 8, 2016 in New York City, New York and on

Front Cover Illustration: 1236

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THE STEFANO FANTARONI COLLECTION OF THE KINGDOM OF ITALY

YOUR SPINK TEAM FOR THIS SALE

FOR YOUR QUESTIONS ABOUT THE SALE LOTS

George [email protected]

Richard [email protected]

Polona [email protected]

FOR YOUR BIDS AND PAYMENT

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FOR YOUR INTERNET BIDDING AND

SHIPPING INQUIRIES

Madison [email protected]. of Consumer Affairs,

License #2010497

AUCTIONEER

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CATALOG KEY

SYMBOLS

� MINT (O.G.) OR UNUSED AS ISSUED BK COMPLETE BOOKLET

�� MINT-NEVER HINGED BP BOOKLET PANE

(�) UNUSED (WITHOUT GUM OR REGUMMED) E ESSAY

� USED P PROOF

� BLOCK OF FOUR OR LARGER PB PLATE BLOCK

� ON PIECE R REPRINT

� COVER, CARD OR ON ENTIRE S SPECIMEN

� GRADED TC TRIAL COLOR PROOF

© CANCELLED

ABBREVIATIONSc.d.s. CIRCULAR DATE STAMP ms. MANUSCRIPT

cplt. COMPLETE n.h. NEVER HINGED

fdc FIRST DAY COVER o.g. ORIGINAL GUM

h.r. HINGE REMNANT ovpt. OVERPRINT

h.s. HANDSTAMP pmk. POSTMARK

incl. INCLUDING s.e. STRAIGHT EDGE

CONDITION

EXTREMELY FINE - OUTSTANDING, THE HIGHEST QUALITY POSSIBLE.

VERY FINE - CHOICE CONDITION, WELL CENTERED; IF IMPERFORATE

WITH FOUR WELL CLEAR MARGINS.

FINE - SOUND IN ALL RESPECTS, PERFORATIONS CLEAR DESIGN; IF IMPERFORATE

MARGINS MAY BE CLOSE OR TOUCHING, BUT WILL NOT CUT DESIGN.

VERY GOOD - STAMPS ARE SO GRADED EITHER BY REASON OF GENERAL APPEARANCE OF

IMPERFECT CENTERING OR A FAULT.

At all times any faults such as a crease, tear, thin spot, etc. will be specifically described. In collection lots and balances the condition

described is meant to indicate the overall average to be found. Examples above and below the condition listed can be expected.

Typically we do not describe minor perforation separations on blocks or sheets as these are quite normal and are not grounds for their

return. In regard to covers, torn or partially missing black flaps, light filing folds and small edge tears, unless they affect the adhesive

or markings, are not justification for the return of a lot.

CATALOGS USED

The catalog numbers and catalog values of the contents of the lots, given in the descriptions, are from the 2016 Scott Classic

Specialized Catalog of Stamps and Covers and the 2016 Sassone catalog.

ESTIMATES

If an Estimated cash value is given, it is shown in the descriptions with the abbreviation “Est.” Estimates, which are in United States

dollars, are used when a lot is large or when it is not listed in the standard catalogs. Our estimates are typically conservative and the

lots invariably realize in the estimate ranges or higher.

ITALIAN STATES

LOMBARDY-VENETIA

3

June 6, 2016 - USA

Wednesday, June 8, 2016

Commencing at 1.30 p.m.

Spink USA, New York, N.Y.

1201 � #4g, 1854 15c Pale red, Ty. III, machine-made paper, attractive and scarce mintsingle, bright color and sharp impression, full balanced even margins all around, o.g., veryfine and choice example of this period with original gum; signed by Raybaudi andaccompanied by his 1998 certificate; (Sassone #20c, €3,750.00). (photo) 3,750.00

1202 � #8a, 1858 3s Black, Ty. I, well centered mint single with wide balanced margins, intenseblack color and nice impression showing this early type well, certificate states large parto.g. which we believe to be quite substantial, h.r., very fine and an exceptionally scarcemint value; signed by Oliva and Colla and accompanied by 2013 Colla certificate (Sassone#24; €12,000.00). (photo) 6,750.00

1201

1202

1203

1204

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1203 � Sassone #9, 1858 (1.05s) Gray lilac Newspaper stamp, mint right margin single withfull to wide margins on the other three sides, fresh attractive color, full o.g, h.r., choicevery fine; signed by A. Diena (Scott listed as Austria #P6; $850.00, but also used inLombardy Venetia). (photo) €8,000.00

MODENA

1204 ��/� #1-5, 1852 5c-40c Coat of Arms, without period after value cplt., a lovely mint firstissue set for all five values, all with nice balanced margins all around showing dividing lineson one or more sides, each with a detailed impression of fresh colored paper, all with fullo.g., 15c and 25c are never hinged, very fine; all are signed by various experts, 5c is signedby A. Diena and Raybaudi with the latter’s 1911 Gold certificate, the 10c is signed by A.Diena, E. Diena and Vaccari and accompanied by 2012 Vaccari certificate (Sassone #1-4,6; €7,440.00). (photo) 4,137.00

1205

1206

5

June 8, 2016 - USA

1205 � #PR4, 1857 10c Black on gray violet, well clear to large margins with portions of thedividing lines on two sides, tied to December 31, 1857 issue of “Gazzetta di Genova”newspaper by blue Genoa c.d.s., minor fold flaws to folds as usual, otherwise very fine anda nice usage of this newspaper tax stamp; signed by A. Diena (Sassone #4; €2,400.00).(photo) 1,650.00

NAPLES

1206 � #2a, 1858 1gr Rose lake, plate II, an especially attractive mint single, h.r., large widemargins all around showing full dividing lines on three sides, strong color and impressionof the plate II printings, extremely fine and scarce in this premium quality; signed by A.Diena, Oliva, A. Brun and others (Sassone #4; €1,500.00). (photo) 725.00

1207

1208

1209

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1207 � Sassone #3a, 1858 1gr Lilac rose, Plate I, mint right margin single with with fulldividing lines on three sides and full margin at left, very fresh and nice shade in the paleimpression of plate I, full o.g., small h.r., very fine and choice; signed by E. Diena andaccompanied by his 1989 certificate (Scott #2 var.; $1,050.00+ for the normal pale lakeshade). (photo) €3,250.00

1209 � Sassone #11a, 1852 1S Dark rose carmine, handsome and scarce used example of thishigh value, well margined and possessing strong color and detailed impression, cancelledwith scarce “Roma/13 Feb 54” c.d.s. postmarks which are much scarcer than the normalgrid cancels, very fine and attractive; signed “A . Diena” and “E. Diena” signatures plussigned by Colla and one other, and accompanied by 1973 A. Diena and 2015 Collacertificates (Scott #11var.; $3,600.00 for normal shade and cancel). (photo) €8,500.00

1208 � Sassone #8c, 1858 5gr Pale rose, Plate I, a nice shade variety of this scarce mint value,clear to large margins with three full dividing lines, o.g., h.r., light natural gum crease notmentioned on current certificates, otherwise very fine; signed by Ferrario and Colla andaccompanied by clear 2015 generic certificate for #8 of Ferrario and clear 2015 Collacertificate (Scott #4 var., $3,600.00 for normal brown lake shade). (photo) €7,000.00

ROMAN STATES

1210

1211

7

June 8, 2016 - USA

SARDINAI

1210 � #1a,1851 5c Black, a choice mint single of this rare first issue, possessing intense blackcolor on fresh white paper, very well margined with full balance margins all around thatare seldom found on this tight margined stamp, large part o.g., h.r., very fine; a premiumexample of an immensely elusive stamp that is rarely encountered with even part originalgum; signed by E(milio) Diena and Colla and accompanied by 2012 Colla certificate(Sassone #1; €27,500.00). (photo) 14,750.00

TUSCANY

1211 � #13a, 1857 2cr Greenish blue, exceptional mint single with well clear to huge marginsshowing a portion of the adjacent stamp at top, fresh color and detailed impression, fullo.g., h.r., choice very fine; a difficult stamp in this premium quality; signed by R. Dienawith his 2001 certificate (Sassone #13a; €5,500.00). (photo) 4,750.00

ITALIAN STATES COLLECTION BALANCE

1212 ��/ Italian States small balance of selected mint and used items from the various states, 1212 �� includes thirteen mostly used and two covers of Lombardy Venetia, includes six postally

used revenues with a 15c on cover signed by A. Diena, there are four covers with first issueModena, seven used values of Naples, plus several items from three other states, most arenice quality being fine-very fine and often signed by various experts, also includes sevenmint values of first issue San Marino, all with o.g. and several never hinged (Sassone over€12,0000.00). Est. 1,500-2,000

1213

1214

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KINGDOM OF ITALY

1862 ISSUE

1213 � #17, 1862 10c Bister, position 35, attractive mint single, possessing rich color andstrong embossing, full o.g., l.h., typical centering for this about fine; a very scarce and keyvalue of the first issue; signed by S. Sorani and accompanied by his 2009 certificate(Sassone #1f; centratura mediocre €7,500.00). (photo) 8,000.00

1214 � Sassone #1I, 10c Yellow bister, imperforate in bottom margin, bottom sheet marginsingle with line imperforate between the stamp and selvage, an unusually well centeredexample of this scarce variety with well clear and perfectly balanced margins on the otherthree sides, tied to piece by “Vittoria/17 Nov 62” c.d.s., choice very fine; a rare varietyand in premium quality with choice centering and tied to piece; catalog value for usedexample only; signed by A. Diena and Oliva (not listed in Scott). (photo) €8,000.00

1215

1216

9

June 8, 2016 - USA

1215 � #17, 1862 10c Bister, first issue Italy in mixed franking with Sardinia 5c Green (#10)tied to 1863 clean folded cover to Codogne by “Modena/11 Gen 63” c.d.s.,backstamped, the perforated stamp is well centered with pre-affixing pulled corner perf attop right, 5c with full wide margins, very fine and nice usage (Sassone €2,250.00).(photo) Est. 300-400

1216 � #17, 1862 10c Bister, first issue Italy in mixed franking with Sardinia 5c Green showinga light second head embossing (#10 var.), tied to 1863 cover to Menaggio by “S.Severno/22 Apr. 1863” c.d.s. with additional strike at left, Naples transit andbackstamped, the perforated stamp is quite well centered, the 5c value with full widemargins, very fine and desirable (Sassone €2,250.00). (photo) Est. 300-400

1217

1219 1220

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1217 � #17d, 10c Dark brown, attractive single franking of this very scarce shade variety, tiedto 1862 folded cover (bottom backflap missing) to Scansano by “Siena/21 Ago 62” c.d.s.with additional strike at left, quite well centered for this issue, very fine; signed by E(nzo).Diena; (Sassone #1d; €5,500.00). (photo) 3,250.00

1218 � #17-20, 10c-40c First issue cover collection of twelve folded covers and entire lettersplus one front, most are single frankings including two 10c values on single frankingcovers and a third in mixed franking with imperforate 5c Green of Sardinia, six singlefranking covers with 20c Dark blue and three with 40c Red plus a front, overall fine-veryfine and a nice lot of this early perforated series (Sassone #1-3; €9,025.00). Est. 1,000-1,500

1863 ISSUE

1219 �� Sassone #12, 1863 15c Blue, Ty. I, fresh mint single with deep color and impressionshowing this scarce type well, full to large margins all around, o.g., n.h., very fine; signedby Raybaudi and accompanied by his 2004 certificate (Scott #12; not priced neverhinged). (photo) €1,250.00

1220 �� Sassone #12a, 1863 15c Pale blue, Ty. I, mint single with well clear to large margins,fresh color in the pale shade, o.g., n.h., very fine; signed by Oliva and accompanied by his2002 certificate (Scott #12d; $300.00 for hinged, not priced never hinged). (photo) €1,250.00

1221

11

June 8, 2016 - USA

1221 � #23, 1863 15c Blue, TY. II, horizontal pair with full wide margins, in mixed frankingwith 5c Green on the right and 40c Red of Sardinia (#10, 13), tied to registered 1863cover to Ceglie by “Monopoli/12 Nov 1863” c.d.s. with an additional strike at right,cover with portion of backflap missing from removal of wax seals slightly carrying to thefront, a fine and very rare mixed franking; signed A. Bolaffi (Sassone # 13, Sardinia #13E,16F). (photo) Est. 750-1,000

1222

1223

1224

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1863-1865 ISSUES

De La Rue Printing

1222 �� Sassone #L14, 1863 1c Gray green, London printing, lovely mint single, exceptionallyfresh with excellent color and impression on bright paper, o.g., n.h., actually better thannormally found, fine and attractive; signed by A. Diena and accompanied by 1984 EnzoDiena certificate for a vert. pair, this being the bottom stamp, plus 2009 Ghiglionecertificate as a single (Sassone centratura discreta; Scott #24; London printings are notlisted mint). (photo) €1,400.00

1223 �� Sassone #L15, 1865 2c Brown red, London printing attractive mint single,exceptionally fresh with deep color and detailed impression on white paper, o.g., n.h.,select centering for this difficult value, fine; signed by Raybaudi and accompanied by his2009 certificate (Sassone centratura discreta; Scott #25; London printings are not listedmint). (photo) €8,000.00

1224 �� Sassone #L16, 1863 5c Greenish gray, London printing, select mint single, possessingbetter than the usual centering for this issue, fresh with bright paper and full perforationsall around, o.g., n.h., nearly very fine for this; signed by A. Diena and Ghiglione andaccompanied by the latter’s 2008 certificate (Sassone centratura discreta; Scott #26;London printings are not listed mint). (photo) €6,000.00

1225

1226

13

June 8, 2016 - USA

1225 � Sassone #L16, 1863 5c Greenish gray, London printing, an impressive block of eight(2x4) tied to 1866 folded cover to Sammarco Argentano by numeral “1661” cancels with“Paola/25 Ago 66” c.d.s. at right, backstamped, a fine and very scarce franking beingeven scarcer than a block of four used on cover; signed by A. Diena, Zansria andMondolfo (Sassone €1,500.00 for a block of four on cover). (photo) Est. 200-300

1226 �� Sassone #L17, 1863 10c Orange ocher, London printing, scarce mint single,exceptionally fresh with bright color and paper, excellent London impression, o.g., n.h.,centering is much better that the typical centering found on this value, fine and scarce inthis premium quality; signed by R. Diena and one other, and accompanied by 1999 Dienacertificate (Sassone centratura discreta; Scott #27; London printings are not listed mint).(photo) €11,000.00

1227

1228

1229

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1227 �� Sassone #L18, 1863 15c Light blue, London printing, pristine mint single, clearimpression with fresh color on bright paper, o.g., n.h., better centering than normallyfound on this scarce value, fine and a handsome stamp; signed by Raybaudi andaccompanied by his 2006 Gold certificate (Sassone centratura discreta; Scott #29; Londonprintings are not listed mint). (photo) €8,500.00

1228 � Sassone #L19, 1863 30c Brown, London printing, a select mint example of one of thescarcest values of the London printings, deep color and impression on fresh paper, fulleven perforations all around, well centered that is much better than normal, o.g., l.h.,nearly very fine for this; signed by Giulio Bolaffi and Enzo Diena and accompanied by1986 Diena and 1993 Toselli certificates, the later graded 100/100 (Sassone centraturadiscreta; Scott #30; London printings are not listed mint). (photo) €8,500.00

1229 � Sassone #L20, 1863 40c Rose carmine, London printing, quite well centered mintsingle for one of the scarcest values of the London printings, fresh color and detailedimpression on bright paper, o.g., fine; signed by A. Fiecchi and Raybaudi andaccompanied by 1978 Fiecchi and 2011 Raybaudi Gold certificates (Sassone centraturadiscreta; Scott 31; London printings are not listed mint). (photo) €8,500.00

1230

1231

1232

15

June 8, 2016 - USA

1230 �� Sassone #L21, 1863 60c Light lilac, London printing, an especially fresh mint singlewith lovely pastel color on white paper, quite well centered for this and surrounded by fulleven perforations, o.g., n.h., attractive fine example; 1996 Bruno Oliva certificate for anever hinged block of four, this being the bottom right stamp (Sassone centraturadiscreta; Scott #32; London printings are not listed mint). (photo) €1,400.00

1231 �� Sassone #L21, 1863 60c Light lilac, London printing, pristine mint block of four,quite well centered for this and surrounded by full even perforations, attractive brightcolor, o.g., n.h., a fine and attractive block of four; quite rare in this choice quality andstill retaining its fresh never hinged gum; signed by Fiechi and and R Diena andaccompanied by 1960 A. Fiechi and 2007 Diena certificate (Sassone centratura discreta;Scott #32; London printings are not listed mint). (photo) €10,890.00

1232 �� Sassone #L22, 1863 2L Light scarlet, London printing, remarkably fresh mint rightsheet margin single, brilliant color on bright fresh paper, quite well centered for this issue,o.g., n.h., pleasingly fine; signed by Caffaz in the selvage and accompanied by 2005Caffaz certificate (Sassone centratura discreta; Scott #33; London printings are not listedmint). (photo) €1,200.00

1233

1234

1235

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1863-1877 ISSUES

Turin Printing

1233 �� #26, 1866 5c Slate green, Turin printing, lovely fresh mint single that is quite wellcentered and much better than the norm, strong color and detailed impression, o.g., n.h.,nearly very fine for this scarcer value; signed by Sorani and accompanied by his 1995certificate (Sassone #T16; centratura discreta €7,000.00). (photo) 3,650.00

1234 �� #27, 1866 10c Buff, Turin printing, fresh mint single of this scarce value being bettercentered than often encountered, attractive buff color, full even perforations, o.g., n.h.,attractive fine example of this elusive value in this never hinged condition; signed by Olivaand Raybaudi and accompanied by the latter’s 1997 Gold certificate (Sassone #T17;centratura discreta €11,500). (photo) 6,250.00

1235 � #28, 1877 10c Blue, the change of color of the earlier King Victor Emmanuel designthat was only issued in Turin, deep color on bright paper, o.g., h.r., fine centering and adifficult stamp; signed by Raybaudi and accompanied by his 1990 certificate. (Sassone#27; centratura discreta €10,000.00). (photo) 5,850.00

1236

1237

1238

17

June 8, 2016 - USA

1236 � #31, 1866 40c Carmine, Turin printing, an incredibly choice mint single of thescarcest of all the values in both London and Turin printings of this issue, deep rich color,o.g., incredibly well centered that is totally uncharacteristic of these issues, choice veryfine; a remarkably elusive stamp in this premium quality; signed by Sorani andaccompanied by his 2005 certificate (Sassone #T20; centratura ottima €28,000.00).(photo) 6,500.00

1237 � #31, 1866 40c Carmine, Turin printing, fresh mint single with attractive centering thatis far better than normally encountered, excellent color, surrounded by full evenperforations, o.g., l.h, fine and a very scarce mint value; signed by Raybaudi andaccompanied by his 1986 certificate (Sassone #T20; centratur discreta €12,000.00).(photo) 6,500.00

1865 SURCHARGED ISSUE

1238 �� #34, 20c on 15c Blue, Ty. ?? (Sassone Ty. III), fresh mint single with bright color onfresh white paper, quite well centered for this, o.g., n.h., fine and attractive; signed byCaffaz and accompanied by that firm’s 2000 certificate (Sassone #25; centratura descreta€2,200.00). (photo) 1,300.00

1239

1240

1241 1242

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1239 �� #32a, 1865 20c on 15c Blue, Ty. II, the very rare type with dots in the oval but not inthe corners, a pristine mint single possessing deep rich colors and excellent impressions ofboth the stamp and the surcharge, surrounded by full even perforation and much bettercentering than normally encountered, o.g., n.h. nearly very fine for this; a great rarity inthis premium never hinged quality; signed by Raybaudi and Caffaz and accompanied by2006 Raybaudi Gold certificate and 2009 Caffaz certificate (Sassone #24; centraturadiscreta €32,000.00). (photo) 17,500.00

1240 �� #34b, 1865 20c on 15c Blue, Ty. II (Sassone Ty. I), an exceptionally well centeredmint single having beautifully balanced margins, attractive color, o.g., n.h., choice veryfine; signed by Sorani and accompanied by his 2006 certificate (Sassone #23; centraturaottima €10,500.00). (photo) 3,500.00

1867-1877 ISSUES

1241 �� #35, 186720c Sky blue, London printing, attractive mint single in the lighter blueshade of the London printing, quite well centered, o.g., n.h., nearly very fine for this;signed by R. Diena and Sorani and accompanied by 2002 Diena and 2005 Soranicertificates (Sassone #L26; centratura discreta €6,500.00). (photo) 3,250.00

1242 �� #35a, 1877 20c Blue, Turin printing, an exceptionally fresh mint example with deepcolor on bright white paper, full even perforations all around, quite well centered for this,pleasing fine center; signed by R. Diena and accompanied by his 2001 certificate for avert. pair, this being the top stamp (Sassone #T26; centratura discreta €2,000.00).(photo) 1,200.00

1243

1244 1245 1246

1247 1248

19

June 8, 2016 - USA

1243 �� #23, 1877 20c Orange, exceptionally well centered example of this scarce value withperforations well clear of the design all around and much better than the vast majority ofthis difficult stamp, brilliant color on white paper, o.g., n.h., very fine; a rare stamp in thispremium quality; signed by G. Chiavarello and Raybaudi and accompanied by 2000certificates of each, the Raybaudi certificate being his premium Gold certificate (Sassone#28; centratura ottima €23,000.00). (photo) 8,750.00

1878 2C SURCHARGES OF OFFICIAL STAMPS

1244 �� #38, 1878 2c on 5c Lake, pristine mint single, possessing exceptional centering with fullperforations all around, fresh colors, flawless o.g., n.h., very fine and choice; photocopyof 1984 E. Diena certificate for a block of four, this being the bottom left stamp and 1984Bolaffi certificate as a single (Sassone #30; centratura ottima €2,000.00). (photo) 450.00

1245 �� #39, 1878 2c on 20c Lake, fresh mint single, strong colors, o.g., n.h., attractive finecentering; signed by A. Bolaffi and Raybaudi with the latter’s 2004 certificate (Sassone#31; centratura discreta €2,750.00). (photo) 1,650.00

1246 �� #40, 1878 2c on 30c Lake, well centered mint single, attractive excellent colors andimpressions, o.g., n.h., nearly very fine for this; signed by Caffaz with that firm’s 2013certificate (Sassone #32; centratura discreta €2,500.00). (photo) 1,475.00

1247 �� #41, 1878 2c on 1L Lake, lovely mint single being fresh and pristine, attractive deepcolors on bright white paper, o.g., n.h., quite well centered, fine and attractive; signed byA. Diena, Oliva and Raybaudi and accompanied by 2004 Oliva and 2005 Raybaudicertificates (Sassone #33; centratura discreta €2,000.00). (photo) 1,200.00

1248 �� #42, 1878 2c on 2L Lake, fresh and quite well entered mint single, perforations are wellclear of the design all around, deep colors, o.g., n.h., nearly very fine for this; signed byE, Diena with his 1986 certificate (Sassone #34; centratura discreta €2,000.00). (photo) 1,225.00

1250

1251 1252

1253

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1249 �� #43, 1878 2c on 5L Lake, attractive mint single, deep colors and impressions, quite wellcentered for this, o.g., n.h., fine; signed by Sorani and accompanied by his 1993 certificate(Sassone #35 centratura discreta €2,750.00). (photo) 1,600.00

1250 �� #44, 1878 2c on 10L Lake, uncommonly well centered mint single, attractive deepcolors and impressions, o.g., n.h., very fine for this; signed by Oliva and Raybaudi andaccompanied by 2002 Oliva and 2005 Raybaudi certificates (Sassone #36; centraturadiscreta €2,000.00). (photo) 1,225.00

1879 ISSUES

1251 �� #47, 1879 20c Orange premium mint single, incredibly fresh with brilliant color onbright white paper, uncommonly well centered, much better than the vast majority of thisissue, surrounded by full even perforations, o.g., n.h., very fine and attractive; signed byRaybaudi with his 2001 certificate (Sassone #39; centratura ottima €5,000.00). (photo) 850.00

1252 �� #47, 1879 20c Orange unusually fresh with strong color on bright paper, better thanaverage centering, full even perforations, pristine o.g., n.h., fine centering; signed by A.Diena and Raybaudi, and accompanied by 1996 Raybaudi certificate (Sassone #39;centratura discreta €1,400.00). (photo) 850.00

1253 �� #48, 1879 25c Blue, select mint single, possessing beautiful balanced margins with allperforations clear of the design, fresh bright color, o.g., n.h., very fine; a choice and scarceexample in this extraordinary quality; signed by A. Diena and Sorani and accompanied by1993 Sorani and 1993 Toselli certificates, the latter graded 110/100 (Sassone #40;centratura ottima €11,250.00). (photo) 1,600.00

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1254 �� #48, 1879 25c Blue, pristine mint example, deep rich color, full even perforations, o.g.,n.h., fine and attractive; signed by Raybaudi and accompanied by his 1992 certificate(Sassone #40; centratura discreta €2,500.00). (photo) 1,600.00

1889 ISSUES

1255 �� #52, 1889 5c Dark green, pristine mint single, possessing intense deep green color, fulleven perforations all around, o.g., n.h., fine and scarce; signed by D. Bolaffi, A. Diena andE. Diena and accompanied by 1986 E, Diena certificate (Sassone #44; centratura discreta€2,750.00). (photo) 1,800.00

1256 �� #54, 1889 45c Gray green, pristine mint single of this scarce value, deep color, bettercenter than often encountered, o.g., n.h., nearly very fine for this; a rare stamp in thisselect never hinged quality; signed by Raybaudi and accompanied by Raybaudi Goldcertificate (Sassone #46; centratura discreta €10,500.00). (photo) 6,000.00

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1890-1891 SURCHARES

1257 �� #64-6, 1890-91 2c on 5c-20c on 50 Surcharges cplt. on the King Humbert I issue, avery fresh set with strong attractive colors, o.g., n.h., a fine and scarce set never hinged;each signed by E. Diena and accompanied by his 1991 set certificate (Sassone #56-8;centratura discreta €3,320.00). (photo) 2,050.00

1891-1896 ISSUES

1258 �� #67, 1891 5c Green, select mint example of this scarce value, bright color and freshwhite paper, unusually well centered compared to the vast majority of this value andsurrounded by full even perforations, o.g., n.h., very fine and elusive in this premiumnever hinged condition; signed by Raybaudi and accompanied by that firm’s 2003certificate (Sassone #59; centratura ottima €3,750.00). (photo) 1,000.00

1259 �� #67, 1891 5c Green, unusually fresh example of this difficult value, excellent color onbright paper, o.g., n.h., fine centering; signed by E. Diena and accompanied by his 1985certificate (Sassone #59; centratura discreta €1,750.00). (photo) 1,000.00

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1893 KING UMBERTO AND QUEEN MARGHERITA UNISSUED STAMPS

1260 � Sassone #64A, 1893 20c Brown red and brown, unissued stamp with the design ofKing Umberto I and Queen Margherita, bright colors, o.g., h.r., fine and a seldomoffered example of this unissued value; signed by A. Diena and E. Diena and accompaniedby the latter’s 1990 certificate (Sassone centratura discreta; not listed in Scott). (photo) €4,000.00

1261 �� Sassone #64B, 1893 20c Olive green and brown, unissued stamp with the samedesign as previous of King Umberto I and Queen Margherita but in the much scarcercolor combination with the pastel olive green, incredibly fresh with full o.g., n.h., aboutfine centering as usually encountered; a rare example of this unissued value in neverhinged condition; signed by Caffaz and Cilio and accompanied by 2014 certificates ofeach of those firms (Sassone centratura mediocre; not listed in Scott). (photo) €15,000.00

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TWENTIETH CENTURY ISSUES

1262 �� #83, 1901 40c Brown, pristine mint single, rich color, full even perforations, o.g., n.h.,fine and attractive;signed by Raybaudi and accompanied by his 2005 certificate (Sassone#74; centratura discreta €2,750.00). (photo) 1,800.00

1263 �� #85, 1901 50c Violet, lovely mint single with pretty pastel color on fresh white paper,o.g., n.h., fine and attractive; signed by Raybaudi and accompanied by his 2005 certificate(Sassone #76; centratura discreta €3,125.00). (photo) 1,800.00

1264 �� #93, 1906 15c Slate, a marvelous well centered mint example, surrounded with widebalanced margins and full even perforations, fresh with rich color, o.g., n.h., extremelyfine; surprisingly scarce in this premium quality; signed by Raybaudi (Sassone #80;centratura ottima €1,000.00). (photo) 180.00

1265 �� #115-18, 1910 Anniversary of Sicily and the Southern Italian Provinces cplt., thefour values considered one set by the Italians, an unusually fresh and well centered set,o.g., n.h., very fine-extremely fine; signed by Helmuth and accompanied by his 2012certificate (Sassone #87-90; centratura ottima €6,000.00). (photo) 1,850.00

1266 ��BK #123, 1911 3.60L Booklet of 24 15c Slate, an unexploded booklet with four panes ofsix, inscribed in the margin tab “Officina Gov. Carte-valori, Torino” on each pane, coversare crisp and attractive, booklet is intact and fresh, panes have variable centering, threewith fine centering and one with extremely fine centering, o.g., n.h., a very fine and a rarebooklet in this premium mint quality; signed by Raybaudi and accompanied by 2012Raybaudi Gold certificate (Sassone #2; €9,500.00). (photo) 3,250.00

1267 ��BK 129a, 1916 4.80L Booklet of 24 “Cent. 20” surcharge on 15c Black gray, anunexploded booklet with four panes of six, inscribed in the margin tab “Officina Gov.Carte-valori, Torino” on each pane, especially fresh with the covers being crisp andattractive, panes have variable centering with two fine centering and two with extremelyfine centering, o.g., n.h., a lovely and scarce booklet in this pristine quality; (Sassone #3;€4,750.00). (photo) 2,700.00

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1268 �� Sassone #116A-B, 1921 15c Danti, unissued colors the two unissued stamps in grayand brownish rose, fresh with strong distinctive colors, quite different from the issued lilacbrown, o.g., n.h., fine and scarce; #116A 1997 Bolaffi certificate; 116B signed by R.Diena and accompanied by 2014 Diena certificate (Sassone discreta centratura; (Scottprices in a footnote $1.760.00)). (photo) €3,500.00

1269 �� #142A-D, 1922 Italian Philatelic Congress cplt., fresh mint set, with rich colors andattractive overprints, full o.g., n.h., about fine centering and scarce in never hingedcondition; each signed by Raybaudi and accompanied by his 2005 Gold certificate(Sassone # 123-26; centratura mediocre €2,750.00). (photo) 3,125.00

1270 �� #165-70, 1923 10c-5L Manzoni a well centered mint set, the key 5L high value is a leftmargin single and is especially well centered, very fresh with bright colors, o.g., n.h., veryfine-extremely fine; 5L signed by E. Diena in the selvage and accompanied by his 1990certificate (Sassone #151-56; centratura ottima 6,500.00). (photo) 2,375.00

1271 �� #174A-G, 1924 Italian Cruise overprints cplt., a well centered set that is far betterthan normally encountered, very fresh, o.g., n.h., very fine; the two high values are signedby A. Diena (Sassone #162-67 centratura ottima €1,400.00). (photo) 260.00

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1924-25 ISSUES WITH ADVERTISING LABELS ATTACHED

1272 �� #100e, 1924-25 25c Blue, with “Piperno” advertising label attached beneath, freshmint example, strong colors, o.g., n.h, centered to the left, about fine for this scarce issue;signed by Raybaudi and accompanied by his 1997 certificate (Sassone #6; centraturamediocre €2,700.00). (photo) 2,900.00

1273 �� #100g, 1924-25 25c Blue, with “Tagliacozzo” advertising label attached beneath,handsome mint example, very fresh with lovely colors, o.g., n.h., fine and better centeredthan many are normally found; signed by Sorani and accompanied by his 2001 certificate(Sassone #8; centratura discreta €2,400.00). (photo) 1,700.00

1274 �� #105b, 1924-25 50c Violet, with “Coen” advertising label attached beneath, apleasing mint example of this elusive issue, wonderfully fresh and bright, o.g., n.h., aboutfine for this scarce and elusive value; signed by E. Diena and Raybaudi and accompaniedby 2008 Raybaudi Gold certificate (Sassone #10; centratura mediocre €2,700.00).(photo) 2,900.00

1275 �� #105e, 1924-25 50c Violet, with “Piperno” advertising label attached beneath,exceptionally mint single with lovely bright colors, o.g., n.h., fine and rare being one ofthe scarcest advertising label issues; signed by Raybaudi and accompanied by his 2005certificate (Sassone #13; centratura discreta €5,500.00). (photo) 4,000.00

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1276 �� #105i, 1924-25 50c Violet, with “Tagliacozzo” advertising label attached beneath,an attractive example of this scarcest of the advertising label stamps, nice color and freshwith full o.g., n.h., about fine for this rare issue; signed by Raybaudi and accompanied byhis 1995 certificate (Sassone #17; centratura mediocre €4,000.00). (photo) 4,250.00

1277 �� #105j, 1924-25 50c Violet, with “Tantal” advertising label attached beneath, ahandsome mint example being wonderfully fresh and bright with lovely color, o.g., n.h.,fine; signed by G. Carraro and accompanied by his 2005 certificate (Sassone #18;centratura discreta €1,250.00). (photo) 900.00

1278 �� #87d, 1924-25 1L Brown and green, with “Columbia” advertising label attachedbeneath, nice example of this one advertisement that was done with this 1L valuewonderfully fresh and bright, o.g., n.h., fine and scarce; signed by Raybaudi andaccompanied by his 1993 certificate (Sassone #19; centratura discreta €2,400.00).(photo) 1,700.00

1279 �� #96/105i, 15c-1L King Emmanuel III with advertising labels at bottom collectionbalance of fourteen different, includes several better as 25c Blue with “Coen” label, 50cViolet with “Reinach” label, also includes the two unissued values listed in a footnote, allare fresh with bright colors, o.g., n.h., fine and a nice collection of these popular varieties(Sassone #1/21; centratura discreta €3,185.00). 2,009.00

1280 �� 175,76, 77a, 1925-26 60c-1.25L 25th Anniversary of King Victor Emmanuel III,perf. 11 cplt., a highly select mint set that possesses exceptional centering that isuncommon, especially on the scarce 1.25L with this perforation, each has pristine o.g.,n.h., extremely fine (Sassone #189-9; centratura ottima €1,400.00). (photo) 257.00+

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1281 �� #183, 1926 1.25L Saint Francis of Assissi, perf. 13½, fresh mint single of this scarceperforation, deep color, quite well centered, o.g., n.h., nearly very fine; signed by R.Diena and accompanied by his 2002 certificate (Sassone #196; centratura discreta€1,500.00). (photo) 1,100.00

1282 �� Sassone #210A, 1927 20c Violet Volta issue, pristine mint single in a fresh rich violetcolor that was used in the Italian colonies with various overprints but was never intendedto be issued without overprint, o.g., n.h., fine and attractive; this was previously listedunder Cyrenaica with overprint omitted and still is in Scott; a very rare variety; signed byRaybaudi and accompanied by his 2003 Gold certificate (Sassone centratura discreta;Scott Cyrenaica #25a; $6,500.00). (photo) €8,250.00

1283 � #193a, 1929 1.75L Deep brown, perf. 13¾, a used example of this very scarceperforation variety with portion of Bologna c.d.s, deep color, fine centering as usual; veryfew of this stamp are recorded, in mint condition it is a great rarity, used has always beena more affordable alternative but even then this is a very elusive stamp; signed by E. Dienaand P. Vaccari and accompanied by 1988 Diena and 2009 Vaccari certificates (Sassone#193a centratura discreta €4,750.00). (photo) 3,150.00

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1284 �� 201-10, 201a-03a, 1928 20c-20L 400th Anniversary of the Duke of Savoy cplt. forall thirteen different including the scarce 20c-30c perforated 13¾, all are incredibly freshwith bright colors, flawless o.g., n.h., overall quite well centered including some valuesthat are exceptionally well centered, fine-very fine or better (Sassone #226-38; centraturadiscreta €1,500.00). (photo) 1,275.00

1285 �� Sassone #235I, 1928 1.25L Emmanuel Philibert, perf. 13¾, mint example of thisscarce perforation variety, quite well centered, strong colors, o.g., n.h, very fine and anelusive variety that is not listed in Scott; signed by E. Diena and accompanied by his 1992Certificate (Sassone centratura ottima). (photo) €3,750.00

WORLD WAR II BRITISH ESPIONAGE FORGERYS

1286 �� Sassone #IG248, 1944 25c Green, British espionage forgery, bottom right cornerperforated copy without watermark, a very good likeness done in photolithography by theBritish to cause economic instability in Italy, o.g., n.h., choice very fine; signed byRaybaudi and Caffaz in the selvage and accompanied by 2014 Caffaz certificate. (photo) €3,500.00

1287 �� Sassone #IG248a, 1944 25c Green, British espionage forgery, imperforate, top leftcorner single without watermark, the other two margins are extra wide as well, thephotolithographic forgery by the British to cause economic instability in Italy, o.g., n.h.,choice very fine; signed by Raybaudi and Caffa, both in the selvage and accompanied by2014 Caffaz certificate. (photo) €4,000.00

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SEMI-POSTAL STAMPS

1288 �� #B5, 1921 10c Claret, with blue “B.L.P.” overprint, Ty. I, lithographed, rich brightcolors and nice impression of the overprint, o.g., n.h., attractive fine example of this scarcestamp; signed by Oliva and Sorani and accompanied by 2009 Sorani and 2009 Terrachinicertificates (Sassone #1; centratura discreta €2,500.00). (photo) 1,800.00

1289 �� #B6, 1921 20c Brown orange, with blue “B.L.P.” overprint, Ty. I, lithographed,attractive with strong rich colors, o.g., n.h., fresh and nice fine centering; an elusive stampin this never hinged condition; signed by E(milio) Diena and Raybaudi and accompaniedby 2009 Raybaudi Gold certificate (Sassone #2; centratura discreta €3,500.00). (photo) 2,500.00

1290 �� #B9-15A, 1922-23 10c-85c Victor Emmanuel III with “B.L.P.” overprint, Ty. III,the typographed issue complete for all six values, the overprints in black except for the 15cand 25c which are in orange, all are fresh with bright colors, full o.g., n.h. and overall wellcentered for these being fine-very fine; all are signed by E. Diena and some are signed A.Diena, Bolaffi and others, plus accompanied by a 1989 Diena certificate for the set(Sassone #13-18; centratura discreta €5,000.00). (photo) 3,980.00

1291 �� #B10a, 1921 15c Slate, with blue “B.L.P.” overprint, Ty. I, lithographed, intensedeep colors, fresh with full o.g., n.h., fine centering as is the norm; signed by G. Carraroand accompanied by his 2004 certificate (Sassone #6; centratura discreta €2,500.00).(photo) 1,900.00

1292 �� #B11a, 1922 20c Brown orange, with blue “B.L.P.” overprint, Ty. II, lithographed,an unusually well centered mint example, fresh with bright colors, o.g., n.h., certificatecalls the centering excellent and mentions slight natural gum crease; very fine; signed byE(milio) Diena and G. Bottacchi and accompanied by 2011 Bottacchi certificate (Sassone#7; centratura ottima €4,400.00). (photo) 1,575.00

1293 �� #B6, 1922 50c Violet, with black “B.L.P.” overprint, Ty. II, lithographed, fresh mintsingle with nice color and overprint impression, o.g., n.h., about fine for this as it is oftenfound; signed by E(millio) Diena, Bolaffi and Raybaudi and accompanied by 2006Raybaudi certificate (Sassone #10; centratura mediocre €1,200.00). (photo) 1,450.00

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1294 �� #B6, 1922 60c Carmine, with black “B.L.P.” overprint, Ty. II, lithographed, freshmint example of this particularly elusive value, bright colors, o.g., n.h., a fine copy of oneof the scarcest of the B.L.P. overprints being well documented signed by E(milio) Diena,Bolaffi, Caffaz and three others, and accompanied by 1989 Diena and 2010 Caffazcertificates (Sassone #11; centratura discreta €5,500.00). (photo) 4,000.00

1295 �� #B16, 1923 1L Brown and green, with black “B.L.P.” overprint, Ty. II,lithographed, an attractive single of this rare high value, fresh with rich deep colors, o.g.,n.h., fine centering; a rare stamp being the scarcest of the regularly issued B.L.P.overprints; signed by E(milio) Diena, E(nzo) Diena, Caffaz and others, and accompaniedby 1983 Diena and 2010 Caffaz certificates (Sassone #12; centratura discreta €9,000.00).(photo) 6,500.00

1296 �� Sassone #22-25, 1922 5c-25c Victory with black “B.L.P.” overprints, Ty. I cplt.,lithographed, a commemorative set of this period that was prepared but never placed inuse, this set is comb perforated 14, bright colors, o.g., n.h., fine-very fine; an exceptionallyrare issue with only 80 sets prepared of both perforation types that were used; not listedin Scott; signed by Sorani and accompanied by his 1999 certificate (Sassone centraturadiscreta). (photo) €10,000.00

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AIR POST STAMPS

1297 �� #C27, 1930 7.70L Trans-Atlantic Squadron, pristine mint single possessingexceptional freshness with bright colors on white paper, o.g., n.h., very fine; 2004 Carrarocertificate (Sassone #25; centratura discreta €1,100.00). (photo) 900.00

1298 �� Sassone #12A-C, 1942 50c-2L Air Mails with propaganda labels, unissued set cplt.in three values, this set was prepared with a similar regular issue (Scott #427-38) but notplaced in use, very fresh with bight colors, o.g., n.h, well centered and very fine-extremelyfine; each signed by Raybaudi and accompanied by his 2005 set certificate (not listed inScott; Sassone centratura discreta). (photo) €1,750.00

AIR POST OFFICIAL STAMPS

1299 �� #CO2, 1934 10L Blue black, with “Servizio di Stato” gold overprint, lovely freshmint single, quite well centered, o.g., n.h., very fine; signed by E. Diena and accompaniedby his 1988 certificate (Sassone #2; centratura discreta €2,200.00). (photo) 1,750.00

SPECIAL DELIVERY STAMPS

1300 �� Sassone #8, 1922 1.20L Blue and red, unissued special delivery stamp, a marvelouslywell centered mint example of this value that was prepared but never placed into use (latersurcharged), having exceptionally well balanced margins, bright colors, o.g., n.h.,extremely fine; a surprisingly scarce stamp in this premium never hinged quality; signedby R. Diena and accompanied by 2007 Diena certificate (Sassone centratura ottima; Scott$400.00 in footnote after #E8). (photo) €1,800.00

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POSTAGE DUES

1301 �� #J1, 1863 10c Yellow, lovely mint example of this first postage due, brilliant clear yellowcolor, well margined showing full dividing lines at top and large portions at left andbottom, o.g., never hinged, very fine; a rare stamp in this pristine mint quality; signed byG. Carraro and accompanied by his 2004 certificate (Sassone #1; €3,750.00). (photo) 3,000.00

1302 �� #J2, 1869 10c Buff, an attractive mint single of this rare postage due, strong rich color,surrounded by full even perforations, full o.g., n.h., a fine example of this almost alwayspoorly centered issue; a very elusive stamp in this premium never hinged condition; signedby Raybaudi and accompanied by that firm’s 2006 Gold certificate (Sassone #2;centratura discreta €20,000.00). (photo) 18,000.00

1303 �� Sassone #8, 1870, 40c Ochre and carmine, the early printing that is not listed in Scott,fresh mint single with bright colors and characteristic fine detailed impression, o.g., n.h,normal about fine centering; signed by Sorani and G. Colla and accompanied by 2013Colla certificate (Sassone centratura mediocre). (photo) €5,000.00

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1304 �� Sassone #9, 1870 50c Ochre and carmine, the early printing not listed by Scott, a muchbetter centered mint example than is normally encountered, bright colors and distinctivedetailed impression of this printing, o.g., n.h., an attractive fine stamp that is rare in thispremium quality; by Raybaudi and two others and accompanied by 2010 Raybaudicertificate (Sassone centratura discreta). (photo) €7,500.00

1305 �� #J13, 1870 1L Blue and brown, mint single of this scarce value in the early browncolored numeral, o.g., n.h., normal about fine centering; one of the rarest values of thisseries; signed by E(milio) Diena, R Diena and others and accompanied by 2003 Dienacertificate (Sassone #11; centratura mediocre €12,000.00). (photo) 16,000.00

1306 � #J15, 1870 2L Blue and brown, mint example of this early printing with the numeralin brown, o.g., normal about fine centering; a rare stamp in any condition; signed Olivaand Sorani and accompanied by 2003 Oliva certificate calling this never hinged, plus a2010 Sorani certificate as hinged (Sassone #12; centratura mediocre €5,000.00). (photo) 7,250.00

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1307 �� #J25-27, 1890-91 10c-30c Surcharges, cplt., a fresh mint set with strong rich colors,o.g., n.h., fine centering and very scarce in never hinged condition, especially the 30c on2c value; each signed by Sorani and accompanied by his 1994 set certificate (Sassone #17-19 centratura discreta €7,120.00). (photo) 5,250.00

PARCEL POST STAMPS

1308 �� #Q1-6, 1884-86 10c-1.75L King Humbert I Parcel Posts cplt., a pristine set withfresh bright colors, flawless o.g., n.h., quite well centered for these, fine-very fine; eachsigned by G. Carraro and accompanied by his 2004 certificate for the two key 10c and20c values (Sassone #1-6; centratura discreta €2,266.00). (photo) 1,780.00

1309 �� #Q7-19, 1914-22 5c-20L Parcel Posts cplt., lovely mint set, fresh with excellent colors,o.g., n.h., fine-very fine; scarce never hinged and not priced thus in Scott; the three highvalues are signed E. Diena and accompanied by his 1992 certificate (Sassone #7-19;centratura discreta €2,250.00). (photo) for hinged 788.00+

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FRANCHISE STAMPS

1310 ��/� Sassone #5-12, 1924 5c-5L Assoc. Naz. Mutil. Inv. Guerra-Roma franchise stampscplt., a fresh mint set of this rare issue, attractive colors on bright paper, crisp evenperforations, o.g., the two key values are n.h., (the low values are lightly hinged but theirvalue is so low they are not even included in the set price), fine-very fine; the two highvalues are rare in never hinged condition; not listed in Scott; the two high values aresigned by Raybaudi and accompanied by a 2008 Raybaudi Gold certificate for the keyhigh value (Sassone centratura discreta). (photo) €12,000.00

1311 ��/� Sassone 13-16, 1924 5c-50c Bibliot. Circolanti Milano franchise stamps cplt., niceset of four values, fresh and attractive with bright colors, o.g., all but the 30c value aren.h., fine-very fine; not listed in Scott; the key high value signed by Raybaudi andaccompanied by his 2008 certificate (Sassone centratura discreta). (photo) €3,600.00

1312 �� Sassone F#42-45, 1924 5c-50c Lega Nazionale Trieste franchise stamps cplt.,pristine mint set, all with strong bright colors on fresh paper, o.g., n.h., normal finecentering; quite rare in never hinged condition; not listed in Scott; each signed byRaybaudi and accompanied by 2005 Toselli certificate for the key 50c value and Raybaudi2009 Gold certificate for the set (Sassone centratura discreta). (photo) €3,250.00

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1313 �� Sassone F#50-56, 1924 5c-3L Opera Naz. Protez. Assist. Inv. Guerra franchisestamps cplt. less the extraordinarily rare 5L, a choice set that has several values, includingthe key 3L, that are better centered than usually encountered, fresh and attractive withbright colors, o.g., n.h., fine-very fine; not listed in Scott; 3L high value signed by GiorgioColla and accompanied by a photocopy of a 2015 Colla certificate for the 3L and 5L highvalues (Sassone centratura discreta). (photo) €7,000.00

1314 �� Sassone 576, 1924 5L Opera Naz. Protez. Assist. Inv. Guerra franchise stamp, thekey and extraordinarily rare value that is almost never available, a pristine mint examplewith fresh strong color on bright white paper, surrounded by full even perforations, o.g.,n.h., centered to the bottom left with the normal about fine centering, a great rarity withno more than a handful that exist let alone in fresh never hinged condition; not listed inScott; signed by Giorgio Colla and accompanied by his 2015 certificate (Sassonecentratura discreta, the lowest grade priced). (photo) €52,500.00

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1315 �� Sassone F#70-77, 1924 5c-3L “Assoc. Naz. Mutil./Inv. Guerra-Roma”overprinted franchise stamps cplt., a very rare issue, especially fresh and attractive, o.g.,n.h., fine-very fine; a very elusive set in this never hinged condition; not listed in Scott;the two high values are signed by Raybaudi and accompanied by his 1994 Gold certificatefor those two values (Sassone centratura discreta). (photo) €13,000.00

1316 �� Sassone #1/69, 1924 Franchise stamps mint collection balance of 45 different ineleven complete sets, o.g., n.h., all are fresh and attractive with the normal range ofcentering from fine-very fine; a nice collection of these seldom encountered postal issuesthat are not listed in Scott (Sassone centratura discreta). €5,900.00

INSURANCE STAMPS

1317 �� Sassone #10-16, 1936 10c-10L Insurance stamps cplt., a two part stamp series similarto the parcel post issues, attractive mint set, bright colors, o.g., n.h., fine-very fine; ascarce set not listed in Scott; all but two are signed by Raybaudi and accompanied 1995Raybaudi and 1996 R. Diena certificates for the key 2L value, plus a 1989 Raybaudicertificate for the 3L value. (photo) €6,950.00

1318 1319

1320

1321 1322

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June 8, 2016 - USA

ITALIAN SOCIAL REPUBLIC

1318 �� Sassone #470-89, 1944 5c-50L Definitives with “G.N.R.” overprints cplt., Veronaprinting, the full set of 20 regular issues, exceptionally fresh with deep rich colors, o.g.,n.h., fine-very fine; a scarce set including the high values; all but the low values signed byvarious experts including Sorani for the 2.55L, 10L, 20L, 25L and 50L and accompaniedby his 2001 certificate for those five values (unlisted in Scott but mentioned in a footnoteafter #231). (photo) €5,000.00

1319 �� Sassone #495/A, 1944 20c Carmine with Fasces and “Republica/Sociale/Italiana”overprint, error of overprint being applied to the 20c instead of the 75c, bright and fresh,o.g., n.h., very fine; signed by A. Diena and R. Diena (not listed in Scott). (photo) €1,000.00

1320 �� Sassone #500, 1944, 50L Violet with Fasces overprint in lilac, Florence printing, anexceptionally handsome example of this very elusive stamp, beautifully centered, excellentcolors of both the stamp and overprint, o.g., n.h, extremely fine; a rare stamp; signed byG. Biondi, Caffaz and others and accompanied by 1985 Biondi and 1986 Caffazcertificates (not listed in Scott). (photo) €5,000.00

1321 �� Sassone #117-25, 1944 25c-10L Air Mails with “G.N.R.” overprints cplt. includingthe 2L Air Mail Special Delivery, Verona printing, a fresh set with bright colors, o.g., n.h.,fine-very fine; the four high values signed by Raybaudi and the 10L and 2L specialdelivery additionally signed by Oliva, and accompanied by a 1999 Raybaudi Goldcertificate for the four high values (not listed in Scott). (photo) €4,200.00

1322 �� Sassone #37-44,45/I-48/I, 1944 25c-50c Military Propaganda issues with Fascesand “Repubblica/Sociale/ Italiana” overprints cplt., Florence printings, the four 50chigh values are the variety with lilac overprints, a fresh mint set including half of the valueswith sheet margins, o.g., n.h., fine-very fine; all are signed by Raybaudi and accompaniedby his 1991 set certificate (not listed in Scott). (photo) €3,400.00

1323

1324

1325

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1323 �� Sassone #49-60, 1944 25c-50c Military Propaganda issues with Fasces and“Repubblica/Sociale/ Italiana” overprints cplt., Verona printings, attractive mint set,o.g., n.h., fine-very fine; all are signed by Oliva (not listed in Scott). (photo) €1,000.00

1324 �� #Q1-12, 1944 5c-20L Parcel Posts with Fasces and “Repubblica/Sociale/Italiana”overprints cplt., fresh mint set, o.g., n.h., fine-very fine; the three key values are signedby Raybaudi and accompanied by his 1998 certificate for those values (Sassone #36-47;€3,000.00). (photo) 2,812.00

1325 �� Sassone #3A-B, 1944 10c Brown Authorized Delivery with Fasces and“Repubblica/Sociale/Italiana” overprints, unissued, the two stamps that wereprepared but not issued having Fasces of different sizes and overprint than the issuedstamp, o.g., n.h., fine-very fine; both signed by Raybaudi and accompanied by his 1999certificate for the two different (Scott mentioned in footnote after #EY1; $1,225.00).(photo) €1,250.00

1326 �� Sassone #47/I-59, 1944 5c-20L Postage Dues with “G.N.R.” overprints cplt. for allvalues, a mixed set with the 40c and 5L-20L being the Verona printing and the rest beingthe Brescia printings, all are fresh and attractive with excellent colors o.g., n.h., fine-veryfine; the five key values are signed by Raybaudi and three high values additionally signedby Oliva and accompanied by 2000 Raybaudi certificate for the key five values (not listedby Scott). (photo) €2,710.00

1327 � Sassone #1-5, 1943, 10c-50c Definitives with “Italia/Repubblicana/Fascista/BaseAtlantica” overprint cplt., local issue for the submarine base at Bordeaux, attractive andfresh with bright colors, o.g., l.h, fine-very fine; a rare set with only 200 issued; signedby Colla and accompanied by 2014 G. Colla certificate (not listed in Scott). (photo) €7,000.00

1328 �� Sassone #1-16, 1844 Teramo locals with “Repubblico/Sociale/Italiana” overprintscplt. with eleven regular issues, four air mails and a special delivery, bright colors andfresh, o.g., n.h., fine-very fine; the two key values signed by Raybaudi and the key valueadditionally signed by E. Diena and accompanied by 1993 Raybaudi certificate for thosetwo values (not listed in Scott). (photo) €1,000.00

1329 �� Italian Social Republic mint collection balance of over 100 different in sets and singlesincluding regular issues, special delivers, various propaganda issues with military labels,postage dues and locals such as Atlantic Base overprints, all are fresh and attractive,uniformly, o.g., n.h, fine-very fine; accompanied by five certificates of Raybaudi, Caffazand Carraro. €5,150.00

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June 8, 2016 - USA

PRIVATE AUTHORIZED SERVICE STAMPS

1330 �� Sassone #1-12, 1945 Private Authorized Services stamps for “Corrieri AltaItaliana” the collection of the three sets cplt., a total of twelve stamps, the first scarce setof two values is imperforate and without gum as issued, the second set is imperforate withfull large margins and the third is perforated and quite well centered, fresh, the last twosets o.g., n.h., very fine; signed by E. Diena and accompanied by his 1984 certificate forthe entire collection (not listed in Scott). (photo) €2,120.00

1331 �� Sassone #13-15, 1945 5L-50L Private Authorized Services stamps for “S.A.B.E,”imperforate, cplt. in three values, each with matching sheet margin at right, full largeeven margins on the other three sides, o.g., n.h., very fine; signed by Raybaudi andaccompanied by his 2006 set certificate (not listed in Scott). (photo) €1,200.00

INTERIM GOVERNMENT

1332 � Sassone #515F-I, 1944 50c Badoglio series cplt. in four different color combinations,on rough brownish paper, each stamp with portion of favor cancel as this set is known tocome and valued the same as mint n.h., retaining full o.g., n.h., well centered and veryfine; Badoglio was named prime Minister of Italy after Mussolini fell. these stamps wereprepared in the interim government and were not issued because they featured thesignature of Badoglio and Victor Emmanuel felt that this was too self-aggrandizing; anextremely rare set especially on this paper and seldom offered; signed by A. Diena andRaybaudi, and accompanied by 2009 Raybaudi Gold certificate (not listed in Scott).(photo) €24,000.00

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WORLD WAR I OCCUPATIONS

Fiume

1333 � #122-27, 120-25a, E6-7, 1920 “ARBE” overprints cplt including the scarce fourvalues with large size “ARBE” and the two special delivery values, all are used with thatisland’s c.d.s., fine-very fine; key 25c with large overprint signed by A. Diena and Dr.Esser (Sassone #1-10, ES#1-2; €2,200.00). (photo) 1,766.00

1334 � 128-33, 128a-31a, E8-9 17731920 “VEGLIA” overprints cplt. including the scarcefour values with large size “VEGLIA” and the two special delivery values, all are used withthat island’s c.d.s., fine-very fine; the four large overprinted values are signed by Raybaudiwith his 1993 certificate (Sassone #1-10, ES#1-2; €2,200.00). (photo) 1,771.00

1335 �� #B4-15, 1919 5c+5L-10Cor+5L Peace Semi-postals cplt., an exceptionally fresh set,nearly all are very well centered, pristine o.g., n.h., very fine-extremely fine (Sassone #62-73; €2,500.00). (photo) 1,400.00

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June 8, 2016 - USA

Trentino

1336 �� #N33-47, 1918 3h-1K “Regno d’Italia/Trentino/3 Nov. 1918” overprints cplt. forthe set less only the 2K and 4K high values but including the very rare 90h Red violet, allare pristine with brilliant colors and fresh bright paper, all have flawless o.g. and are neverhinged, very fine-extremely fine; most of the better values had a very limited printing andthe key 90h Red violet had the least of all values with only 200 stamps printed; thebetter values of the 5h, 12h, 40h, 60h, 80h and 1K are signed by Ghiglione andaccompanied by his 2008 certificate; the 90h is signed by A. Diena and Oliva andaccompanied by 2010 Studio Peritale Romano certificate (Sassone #1-15; €-9,200.00).(photo) 6,290.00

Trieste

1337 �� #N1-16, 19, 1918 3h-4K, with “Regno d’Italia/Venezia Giulia/3. XI. 18.”overprints cplt. for the set of the normal seventeen values (lacks the 10K which is a majorrarity), the 3K Carmine rose is on granite paper, all are used with most bearing Triestecancels, the three high values are tied to individual pieces by “25 XI 18/Trieste 1” c.d.s.,all are well centered, very fine-extremely fine; the three high values are signed by A. Dienaand Sirotti and accompanied by 1973 Sirotti certificate. (Sassone #1-17; €4,000.00).(photo) 3,170.00

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1338

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WORLD WAR II OCCUPATIONS

Ljbuljana

1338 �� Sassone #33B, 1941 10L Bright violet with “R. Commissariato/Civile/TerritoriSlovini/occupati/Lubiana” overprint, Ty. II, an extremely rare variety where the“Lubiana” is centered within the overprint, while on the normal value (Scott “N29) the“Lubiana” is moved to the left and aligned with the other lines of the overprint, fresh withexcellent color on stark white paper, well centered, o.g., n.h., very fine; the number ofprinted is not listed but it must be extremely small as this is an incredibly rare variety;signed by G. Bottacchi and two others and accompanied by 2010 Bottacchi certificate(not listed in Scott). (photo) €21,000.00

1339 �� Sassone #42-56, 1941 25p-20D Yugoslavia definitives with “Alio Commissarie/perla/Provincia/di Lubiana” overprints cplt., a total of 15 values, all are fresh andattractive, nearly all are very well centered, o.g., n.h., fine-very fine or better; a scarce setnot listed by Scott; all are signed by Raybaudi and accompanied by 1991 and2011Raybaudi set certificates, the later being his Gold certificate. (photo) €8,000.00

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1341

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June 8, 2016 - USA

1340 �� Sassone #57-60, 1941 Red Cross semi-postals with “Alio Commissarie/perla/Provincia/di Lubiana” overprints cplt. in four values, fresh with bright colors, o.g.,n.h., fine-very fine (unlisted by Scott; Scott illustrates the wrong overprint for #NB1-4which have the same overprint as #N16-35 and is an inexpensive set as Scott correctlyprices). (photo) €1,500.00

Fiume

1341 �� FIUME -KUPA ZONE Sassone #13, 1941 20D Ultramarine with“Zona/Occupata/Fiumano/Kupa” overprint, a key value of a set of fourteen valueswith this overprint issued under Italian occupation, bright color and fresh, o.g., n.h., veryfine; a rare stamp with only 100 stamps issued; signed by A. Diena, Caffaz and others.(photo) €4,950.00

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Montenegro

1342 �� Sassone #52, 1942 2D Lilac Red with red “Governatorato/del/Montenegro/Valore/LIRA” overprint, the very rare value that Scott does not list or mention (Scott#2N24a-32a is the rest of this set), fresh and well centered, o.g., n.h., very fine; a greatrarity with only 200 stamps issued; signed by Sorani and accompanied by his 2010certificate. (photo) €8,500.00

1343 � Sassone #52, 1942 2D Lilac Red with red “Governatorato/del/Montenegro/Valore/LIRA” overprint, another example of the is rare value of which only 200 weeissued and unlisted by Scott, exceptionally well centered, o.g., l.h., extremely fine; signedby A. Diena and Colla. (photo) €4,250.00

BALANCE OF THE STEFANO FANTARONI COLLECTION

1344 ��/� Kingdom of Italy the substantial balance of the Fantaroni mint collection in twoGBE Italian albums containing over 850 mint stamps, largely different though there issome minor duplication, the collection covers the period from early issues of 1862 to theend of WWII with the start of the Republic, this collection is a quality collection andincludes regular issues from the early 19th century period, it becomes quitecomprehensive in the 20th century with regular and commemorative sets, we note a nicesections of air mails plus special deliveries, officials, postage dues, pneumatic posts plusothers, the quality is excellent and with very few exceptions is collected o.g., never hingedthroughout, fine-very fine; this collection needs to be viewed to be appreciated; Sassonecatalog value is in excess of €60,000.00; accompanied by twelve certificates of variousexperts including E. Diena and Raybaudi. Est. 5,000-7,500

END OF THE SALE

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SALE TITLE DATE SALE NO.

The Stefano Fantaroni Collection of Wednesday, June 8, 2016 at 10:00 a.m. 156

the Kingdom of Italy

I request Spink, without legal obligations of any kind on its part, to bid on the following Lots up to the price given below.

I understand that if my bid is successful the Purchase Price will be the sum of the final bid and Buyer’s premium as a percentage of the final bid as well as any Sales Tax

chargeable. Please note there is a 20% buyer’s premium added to the hammer price of each lot up to and including $2,000.00 and 15% of the excess of the hammer price

above $2,000.00.

All bids shall be treated as offers made on the Terms and Conditions of Sale printed in the catalog. I also understand that Spink provides the service of executing bids on

behalf of clients for the convenience of clients and that Spink will not be held responsible for failing to execute bids. If identical commission bids are received for the same

Lot, the commission bid received first by Spink will take precedence. Please note that you will not be notified if there are higher written bids received.

BIDDERS PLEASE NOTE OUR EXTENSION CLAUSES IN OUR TERMS AND CONDITIONS FOR BUYERSPLEASE PRINT CLEARLY IN BLOCK LETTERS AND ENSURE THAT BIDS ARE IN US DOLLARS

Lot Number

(in numerical order)

Price Bid $

(excluding Buyer’s Premium)

Lot Number


Price Bid $


Lot Number


Price Bid $


THE STEFANO FANTARONI COLLECTION

OF THE KINGDOM OF ITALY

8 JUNE 2016

NEW YORK

145 West 57th Street, 18th NewYork, NY 10019tel: +1 (212) 262-8400fax: +1 (212) 262-8484email: [email protected]

YOU CAN ALSO BID IN REAL TIME ON SPINK LIVE. JUST VISIT WWW.SPINK.COM, REGISTER AND LOG

INTO THE SALE.

WRITTEN BIDS FORM

This form should be sent or faxed to the

Spink auction office in advance of the sale.

References for new clients should be

supplied in good time to be taken up

before the sale. Bids received later than

one hour before the start of the sale may

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Lot Number


Price Bid $


Lot Number


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DATE SALE NO.

The Stefano Fantaroni Collection of Wednesday, June 8, 2016 at 10:00 a.m. 156

the Kingdom of Italy

If Necessary, please increase my bid by:

� 10% � 20% � 30%

� Check here if you wish to limit your

total amount of purchases.

� (Hammer Price Only)

Limit total: $____________________________

BIDDING INCREMENTSBidding generally opens below the low estimate and advances in the following order

although the auctioneer may vary the bidding increments during the course of the

auction. The normal bidding increments are:

Up to $100 by $5

$100 to $300 by $10

$300 to $750 by $25

$750 to $1,500 by $50

$1,500 to $3,000 by $100

$3,000 to $7,500 by $250

$7,500 to $15,000 by $500

$15,000 to $30,000 by $1000

$30,000 to $75,000 by $2,500

$75,000 to $150,000 by $5,000

$150,000 to $300,000 by $10,000

$300,000+ at auctioneer’s discretion

TERMS AND CONDITIONS FOR BUYERSThe following terms and conditions set forth the scope of your contract with Spink USA Inc (“Spink”), by which Spink contracts with you either as agent on behalf of theSeller or as principal if Spink is the Seller. You should read these conditions carefully.

1 DEFINITIONS1.1 The following definitions apply to these terms and conditions:Auction Agent, Auctioneer, Spink, us or we means Spink USA Inc;Bidder and you means a person making, attempting to make or considering making a bid for a Lot including a Buyer;Buyer means the person who makes the highest bid for a Lot which is accepted by the Auctioneer and, if the person is acting as an agent, will be a reference to theagent’s principal only if Auction Agent has accepted the agency in writing;Buyer’s Premium means the charge payable by you as a percentage of the Hammer Price, at the rates set out in clause 5.1 below;Certificate of Authenticity means a certificate issued by an Expert Committee confirming the authenticity of a Lot;Commission Bid means an instruction from a Bidder to us to bid on their behalf at the Auction;Expert Committee means a committee of experts to whom a Lot may be sent for an expert opinion or Certificate of Authenticity in accordance with clause 3.4.3;Forgery means a Lot constituting an imitation originally conceived and executed as a whole with a fraudulent intention to deceive as to authorship, origin, age, period,culture or source where the correct description as to such matters is not reflected by the description in the catalogue and which at the date of the auction had a valuematerially less than it would have had if it had been in accordance with the description in the catalogue. Accordingly, no Lot shall be capable of being a Forgery by reasonof any damage and/or restoration work of any kind (including re-enamelling);Hammer Price means the amount of the highest bid accepted by the Auctioneer in relation to a Lot;Lot means any item deposited with us for sale at auction and, in particular, the item or items described against any Lot number in any catalogue;Purchase Price means the Hammer Price plus Buyer’s premium and New York State and City tax, where applicable;Reserve means the amount below which we agree with the Seller that the Lot cannot be sold;Seller means the owner of the Lot being sold by us;Spink Group means Spink and Son Limited, its subsidiaries and associated companies.

1.2 By making a bid, Bidder acknowledges acceptance of these terms and conditions and agrees to be bound by them.

2 SPINK’S ROLE AS AGENT

2.1 This is a public auction and mail-bid sale held by Spink, which is a licensed andbonded auctioneer.

2.2 All sales undertaken by us either at auction or privately are undertaken eitheras agent on behalf of the Seller or, from time to time, as principal if we are theowner of the Lot. Please note that even if we are acting as agent on behalf of theSeller, rather than as principal, we may have a financial interest in the Lot.

2.3 The contract for the sale of the Lot will be between you and the Seller.

3 BEFORE THE SALE

3.1 Examination of Goods

3.1.1 You are strongly advised to examine personally any goods in which you areinterested, before the auction takes place. Condition reports are usually availableon request. We provide no guarantee to you other than in relation to Forgeries, asset out in clause 5.10 of these Terms and Conditions.

3.1.2 All Bidders who have inspected the Lots prior to the auction will not begranted any return privileges, except for reasons of genuineness. It is presumedthat all Floor Bidders have inspected the Lots prior to bidding. Therefore, Lotspurchased by Floor Bidders are sold “AS IS” and may not be returned. FloorBidders include those Bidders acting as agents for others.

3.1.3 Spink reserves the right to refuse to honour or reject any bid which, in itsopinion, is not submitted in good faith, or, as the case dictates, is not supportedby satisfactory references, as Spink, in its sole discretion, shall determine. Spinkfurther reserves the right to ban any Bidder from participation in its sales for anyreason deemed appropriate.

3.2 Catalogue Descriptions

3.2.1 Statements by us in the catalogue or condition report, or made orally or inwriting elsewhere, regarding the authorship, origin, date, age, size, medium,attribution, genuineness, provenance, condition or estimated selling price of anyLot are merely statements of opinion, and are not to be relied on as statements ofdefinitive fact. Catalogue and web illustrations are for guidance only, and shouldnot be relied on either to determine the tone or colour of any item. No Lot shallbe rejected on the grounds of inaccurate reproduction. No Lot illustrated in thecatalogue and online shall be rejected on the grounds of cancellation, centering,margins, perforation or other characteristics apparent from the illustration.Estimates of the selling price should not be relied on as a statement that this priceis either the price at which the Lot will sell or its value for any other purpose.

3.2.2 Many items are of an age or nature which precludes their being in perfectcondition and some descriptions in the catalogue or given by way of conditionreport make reference to damage and/or restoration. We provide this informationfor guidance only and the absence of such a reference does not imply that an itemis free from defects or restoration, nor does a reference to particular defects implythe absence of any others.

3.2.3 Other than as set out in clause 5.10, and in the absence of fraud, neither theSeller nor we, nor any of our employees or agents, are responsible for thecorrectness of any statement as to the authorship, origin, date, age, attribution,genuineness or provenance of any Lot nor for any other errors of description or forany faults or defects in any Lot. Every person interested should exercise and relyon his own judgment as to such matters.

3.3 Your Responsibility3.3.1 You are responsible for satisfying yourself as to the condition of the goodsand the matters referred to in the catalogue description.

3.4 Extensions – Stamps Only3.4.1 If you wish to obtain an expert opinion or Certificate of Authenticity on anyLot (other than a mixed Lot or Lot containing undescribed stamps) you mustnotify us in writing not less than forty-eight hours before the time fixed for thecommencement of the first session of the sale. If accepted by us, such request shallhave the same effect as notice of an intention to question the genuineness ordescription of the Lot for the purposes of clause 5.10 (Refund in the case ofForgery) of these Terms and Conditions and the provisions of clause 5.10 (Refundin the case of Forgery) shall apply accordingly.

3.4.2 Notice of a request for an expert opinion or Certificate of Authenticity mustgive the reason why such opinion is required and specify the identity of yourproposed expert which will be subject to agreement by us. We reserve the right, atour discretion, to refuse a request for an expert opinion or Certificate ofAuthenticity including (without limitation) where the proposed expert is notknown to us.

3.4.3 If we accept a request for an expert opinion or Certificate of Authenticity wewill submit the Lot to the Expert Committee. You acknowledge and accept thatthe length of time taken by an Expert Committee to reach an opinion will varydepending on the circumstances and in any event is beyond our control.

3.4.4 We will not accept a request for an extension on account of condition. AnyLot described in the catalogue as having faults or defects may not be returned evenif an expert opinion or Certificate of Authenticity cites other faults or defects notincluded in the catalogue description, other than in the case of a Forgery.

3.4.5 Should Spink accept a request for an extension under the foregoingprovisions of this paragraph, the fact may be stated by the Auctioneer from therostrum prior to the sale of the Lot.

3.4.6 It should be noted that any stamp accompanied by a Certificate ofAuthenticity is sold on the basis of that certificate only and not on the basis of anyother description or warranty as to authenticity. No request for an extension willbe accepted on such a stamp and the return of such a stamp will not be accepted.

3.4.7 If you receive any correspondence from the Expert Committee in relation tothe Lot, including but not limited to a Certificate of Authenticity, you mustprovide us with copies of such correspondence no later than seven (7) days afteryou receive such correspondence.

4 AT THE SALE4.1 Refusal of AdmissionOur sales usually take place on our own premises or premises over which we havecontrol for the sale, and we have the right, exercisable at our complete discretion,to refuse admission to the premises or attendance at an auction.

4.2 Registration Before BiddingYou must complete and sign a registration form and provide identification beforemaking a bid at auction. Please be aware that we usually require buyers to undergoa credit check. If you have not bid successfully with Spink in the past, or you areregistering with us for the first time, we reserve the right to require a deposit of upto 50% of the amount you intend to spend. Such deposit will be deducted from

your invoice should you be successful. If you are unsuccessful at auction, yourdeposit will be returned by the same means it was paid to Spink. Some Lots maybe designated, prior to the auction, as “Premium Lots”, which means a depositmay be required before placing a bid on the item for sale. Information will beposted on our website in such an event.

4.3 Bidding as Principal

When making a bid (whether such bids are made in person or by way oftelephone bids operated by Spink, commission or online or email bids), youwill be deemed to be acting as principal and will be accepting personal liability,unless it has been agreed in writing, at the time of registration, that you are actingas agent on behalf of a third party buyer acceptable to us.

4.4 Commission Bids

4.4.1 If you give us instructions to bid on your behalf, by using the form providedin our catalogues, or via our website, we shall use reasonable endeavours to do so,provided these instructions are received not later than twenty-four hours before theauction. If we receive commission bids on a particular Lot for identical amounts,and at auction these bids are the highest bids for the Lot, it will be sold to theperson whose bid was received first. Commission Bids are undertaken subject toother commitments at the time of the sale, and the conduct of the auction may besuch that we are unable to bid as requested. Since this is undertaken as a freeservice to prospective buyers on the terms stated, we cannot accept liability formaking (or failing to make) a Commission Bid. You should therefore always attendpersonally if you wish to be certain of bidding. If we receive two Commission Bidsfor equal value for the same Lot, the Bid received first by us shall take precedence.

4.4.2. For all Commission Bids, you must supply your name and address, contacttelephone number and email. You must also provide the Lot number anddescription of the Lot, the amount of your Bid and any other informationrequested in the Commission Bid Form or by us. It is your responsibility to providethe correct information and to ensure that we have received your Commission Bid.

4.4.3 If you submit a Commission Bid verbally (whether by telephone orotherwise), we shall not be responsible for any misunderstandings (by either us orour agent or you) in relation to your bid. All bids made in this way must beconfirmed in writing by you before the Auction.

4.4.4 Bids will be executed for mail bidders at one advance over the next highestbid in competition with floor and/or internet bidders, until the maximum bid isexecuted for the mail bidder, or until the lot is sold. No buy or unlimited bids willbe accepted.

4.5 On-line Bidding

We offer internet services as a convenience to our clients. We will not beresponsible for errors or failures to execute bids placed on the internet, including,without limitation, errors or failures caused by (i) a loss of internet connection byeither party for whatever reason; (ii) a breakdown or problems with the onlinebidding software and/or (iii) a breakdown or problems with your internetconnection, computer or system. Execution of on-line internet bids onwww.spink.com and Spink Live is a free service undertaken subject to othercommitments at the time of the auction and we do not accept liability for failingto execute an online internet bid or for errors or omissions in connection with thisactivity. Buyers who acquire lots on the-saleroom.com will have a fee of 3% of theHammer Price added to their invoice for using this facility.

4.6 Telephone Bids

If you make arrangements with us not less than twenty-four hours before the sale,we shall use reasonable endeavours to contact you to enable you to participate inbidding by telephone, but in no circumstances will we be liable to either the Selleror you as a result of failure to do so.

4.7 Video Images

At some auctions there will be a video screen. Mistakes may occur in its operation,and we cannot be liable to you regarding either the correspondence of the imageto the Lot being sold or the quality of the image as a reproduction of the original.

4.8 Bidding Increments

Bidding generally opens below the low estimate and advances in the followingorder although the Auctioneer may vary the bidding increments during the courseof the auction. The normal bidding increments are:

Up to $100 by $5

$100 to $300 by $10

$300 to $750 by $25

$750 to $1,500 by $50

$1,500 to $3,000 by $100

$3,000 to $7,500 by $250

$7,500 to $15,000 by $500

$15,000 to $30,000 by $1,000

$30,000 to $75,000 by $2,500

$75,000 to $150,000 by $5,000

$150,000 to $300,000 by $10,000

$300,000 and up Auctioneer’s discretion

4.9 Bidding by Spink

4.9.1 We reserve the right to bid on Lots on the Seller’s behalf up to the amountof the Reserve (if any), which will never be above the low estimate printed in theauction catalogue.

4.9.2 The Spink Group reserves the right to bid on and purchase Lots as principal.

4.9.3 Spink reserves the right to bid on any Lot in the sale. Additionally, Spink mayor may not have financial interest in any of the Lot(s) in the sale.

4.10 The Auctioneer’s Discretion

4.10.1 The Auctioneer has the right, to be exercised in good faith, to refuse anybid, to advance the bidding in such manner as he may decide, to withdraw ordivide any Lot, and to combine any two or more Lots. Bidding shall be regulatedby the Auctioneer.

4.10.2 The Auctioneer may reopen the bidding on a Lot under the followingcircumstances: (a) the Auctioneer has failed to execute correctly a mail bid; (b) aparty purchasing the Lot on the floor has done so in error; (c) where a protest ismade after the hammer has fallen but before bidding has commenced on the nextLot; (d) where the Auctioneer has determined that he/she has overlooked a partystill bidding on the Lot but before the calling of the next Lot or (e) to effectuatea fair and reasonable resolution of any error or dispute. In the event of a dispute,the Auctioneer’s decision shall be final.

4.10.3 In the event of any dispute between Bidders, the Auctioneer may, at its solediscretion, immediately put the Lot up for sale again. The Auctioneer’s decisionshall be final and binding upon all Bidders.

4.10.4 The Auctioneer reserves the right to postpone the sale by auction for areasonable period of time as a result of any significant event which, in the solediscretion of the Auctioneer, makes it advisable to postpone the event. Noprospective Bidder or prospective Buyer shall have recourse as a result of anypostponement.

4.11 Successful Bid

4.11.1 The highest Bidder for each Lot shall be the Buyer. Subject to theprovisions of Clause 4.10, the striking of the Auctioneer’s hammer marks theacceptance of the highest bid, provided always that such bid is higher than theReserve (where applicable), and the conclusion of a contract for sale between youand the Seller.

4.12 Spink’s Own Material

Auctioneer reserves the right to include in any auction its own material as well asmaterial from affiliated or related companies, principals, officers or employees.Auctioneer may have direct or indirect interest in any of the Lots in the Auctionand may collect commissions.

4.13 After Sale Arrangements

If you enter into any private sale agreements for any Lot with the Seller within sixtydays of the auction, we, as exclusive agents of the Seller reserve the right to chargeyou the applicable Buyer’s Premium in accordance with these terms andconditions, and the Seller a commission in accordance with the terms of the Seller’sagreement.

4.14 Return of Lot

4.14.1 All the Lots are sold as genuine. For the purpose of this sale, “genuine” isdefined as not faked or forged and Spink will not knowingly sell any item that hasbeen “repaired’, “restored”, “processed”, “cleaned”, “pressed” or “conserved” inany way without disclosure of such facts to the potential Buyer.

4.14.2 No Lots may be returned without a written request by the successful Bidderand the written approval of Spink. In the unlikely event of returning a Lot, Spinkmust receive notification of the Buyer’s intent within three (3) days of the Buyer’sreceipt of the Lot. The following Lots may not be returned for any reasonwhatsoever: (a) Lots containing ten or more items; (b) Lots described as havingfaults or defects because of the faults described or any others, including lotsdescribed as “repaired”, “corroded”, “holed”, “whizzed”, or similar damage,except for non-authenticity; (c) illustrated Lots because of centering, margins, etc.or other factors shown in the illustrations; (d) Lots described “AS IS”, includingthird party graded coins or banknotes (i.e. PCGS, NGC, ANACS, ICG); (e) Lotsvalued primarily for the bullion content; (f) Lots examined by postal viewers; and(g) any philatelic extension Lot unless the conditions set forth in Item 3.4 aboveis complied with fully. Except for Lots placed on extension, as per the conditionsof Item 3.4 above, no Lots may be returned for any reason whatsoever after thirtydays from sale date. Late payment for purchase may, at Spink’s option, beconsidered just cause to revoke all return privileges. If any disputes arise regardingpayment, authenticity, or description between the Bidder and Spink, Spink, at itssole discretion, may submit the disputed matter to binding arbitration before theAmerican Arbitration Association in New York, NY, to which the Bidder, byplacing a bid and hereby accepting these terms and conditions of sale, agrees to bebound.

5 AFTER THE AUCTION5.1 Buyer’s Premium and Other ChargesIn addition to the Hammer Price, a Buyer’s Premium equal to 20% of thesuccessful bid price of each Lot up to and including $2,000.00 and 15% of theexcess bid price over $2,000.00, a fee of 3% on the Hammer Price total for usingthe-saleroom.com, and a surcharge for paying by credit card will be added to eachinvoice.

5.2 Sales TaxAll Lots are subject to applicable state and local taxes, unless appropriate resalecertificates are on file with Spink.

5.3 Payment5.3.1 You must provide us with your full name and permanent address and, if sorequested, details of the bank from which any payments to us will be made. Youmust pay the full amount due (comprising the amounts set forth in Clause 5.1above and any applicable New York State sales tax, unless the Lot is exempt) withinseven days after the date of the sale. This applies even if you wish to export the Lotand an export licence is (or may be) required.

5.3.2 You will not acquire title to the Lot until all amounts due have been paid infull. This includes instances where special arrangements were made for release ofthe Lot prior to full settlement.

5.3.3 Spink reserves the right to await clearance of any check used for paymentbefore delivery of any item and a $25.00 charge will be applied for any check thatfails to clear.

5.3.4 All sales are strictly for cash, check and bank/wire transfer in United Statesdollars; however, Spink will only accept cash payments under $10,000.00. Spinkoffers clients the option of paying by credit card (Visa, MasterCard, and AmericanExpress only) in United States Dollars for a convenience charge of two-percent(2%) for Visa and MasterCard and four-percent (4%) for American Express, up toa total of $30,000.00. Credit card payments will only be accepted if (a) thepurchase is made by the card holder, (b) any purchased items to be shipped areshipped to the cardholder’s verified billing address, (c) floor Bidders present theircredit cards and (d) all returns are governed by the terms and conditions of thesale. Payment is due and payable immediately upon receipt of the auction invoiceor, if payment is to be made at the auction site, simultaneously with receipt of thepurchased items.

5.3.5 Payments should be made by the registered Buyer and not by third parties,unless it has been agreed at the time of registration that you are acting as an agenton behalf of a third party.

5.4 NotificationWe are not able to notify successful Bidders by telephone. While Invoices are sentout by mail after the auction we do not accept responsibility for notifying you ofthe result of your bid. You are requested to contact us by telephone or in personas soon as possible after the auction to obtain details of the outcome of your bidsto avoid incurring charges for late payment.

5.5 Collection of Purchases5.5.1 Unless specifically agreed to the contrary, we shall retain Lots purchased untilall amounts due to us, or to the Spink Group, have been paid in full. Buyers willbe required to pay for their Lot(s) when they wish to take possession of the same,which must be within seven days of the date of the sale, unless prior arrangementshave been made with Spink. Without prior agreement, Lots will not be releaseduntil cleared funds are received with regard to payments made by check.

5.5.2 Unless we notify you to the contrary, items retained by us will be coveredunder our insurance policy, which is available for inspection at our offices, from thedate of sale for a period of seven days or until the time of collection, whichever issooner. The risk of loss for the lot purchased by you shall be entirely yours afterthe earliest of seven days from the date of sale or from the time of collection.

5.5.3 Our policy will not cover and we are unable to accept responsibility fordamage caused by woodworm, changes in atmospheric conditions or acts ofterrorism.

5.6 Packing and handling5.6.1 We shall use all reasonable endeavours to take care when handling andpacking a purchased Lot but remind you that after seven days from the date of saleor from the time of collection, whichever is sooner, the risk of loss with respect tothe lot purchased by you is entirely yours. Our postage charges are set out inClause 11 of these Terms and Conditions.

5.6.2 It is the responsibility of the Buyer to be aware of any import duties that maybe incurred upon importation to the final destination. Spink will not accept returnof any package in order to avoid these duties. The onus is also on the Buyer to beaware of any import restrictions that prohibit the importation of certaincollectibles. Spink will not accept return of the Lot(s) if rejected for importation orif Buyer fails to pay appropriate import duties. Spink will not accept responsibilityfor Lot(s) seized or destroyed by any customs agencies.

5.6.3 Delivery of any Lot(s) to an address other than the invoiced address will beat Spink’s sole discretion.

5.7 Recommended Packers and Shippers5.7.1 Shipping, handling and administration charges will be added to invoices forLots delivered by mail. All Lots will be shipped via U.S. Express Mail to Post Officeboxes, via Federal Express to street addresses, and via FedEx ground for bulky largelots (in the U.S. only). Buyer will be responsible for the total purchase price in theevent of loss. Spink is not responsible for the loss of any merchandise shippedoutside the United States. Insurance of any items to be shipped outside the UnitedStates is solely the responsibility of the Buyer. It is also the responsibility of theBuyer to provide adequate insurance coverage for the items once they are inhis/her possession. Unless the risk of loss has already shifted by virtue of theprovisions of Clause 5.5.2, risk of loss shall be borne by the Buyer followingshipment of the items and Spink assumes no liability for merchandise lost, stolenor damaged while in the possession of any shipper to whom merchandise has beendelivered, nor for any FedEx shipment which is subject to a “signature release” onfile with FedEx, or otherwise.

5.7.2 If required, our shipping department may arrange shipment as your agent.Although we may suggest carriers if specifically requested, our suggestions aremade on the basis of our general experience of such parties in the past and we arenot responsible to any person to whom we have made a recommendation for theacts or omissions of the third parties concerned.

5.8 Remedies for Non-Payment 5.8.1 If you fail to make payment within fifteen days of the payment date set outby your invoice, we shall be entitled to exercise one or more of the following rightsor remedies:

5.8.1.1 to charge interest at the rate of 1.5% per month compound interest,calculated on a daily basis, from the date the full amount is due;

5.8.1.2 to set off against any amounts which Spink or the Spink Group may oweyou in any other transaction the outstanding amount remaining unpaid by you;

5.8.1.3 we may retain all or some of the Lot(s) purchased by you, or otherproperty in the possession of Spink or the Spink Group, until you have paid all theamounts you owe us or the Spink Group, even if the unpaid amounts do not relateto those Lots or other property. Following fourteen days’ notice to you of theamount outstanding and remaining unpaid, Spink and the Spink Group shall havethe right to arrange the sale of such Lot(s) or other property. We may apply theproceeds of such sale in satisfaction of the debt outstanding and due us or theSpink Group, and may remit any remaining balance to you;

5.8.1.4 where several amounts are owed by you to the Spink Group in respect ofdifferent transactions, to apply any amount paid to discharge any amount owed inrespect of any particular transaction, whether or not you so direct;

5.8.1.5 to reject at any future auction any bids made by you or on your behalf orobtain a deposit from you before accepting any bids.

5.8.2 If you fail to make payment within thirty-five days, we shall in addition beentitled:

5.8.2.1 to cancel the sale of the Lot or any other item sold to you at the same orany other auction;

5.8.2.2 to arrange a resale of the Lot, publicly or privately, and, if this results in alower price being obtained, claim the balance from you together with allreasonable costs including a 10% seller’s commission, expenses, damages, legal fees,commissions and premiums of whatever kind associated with both sales orotherwise, incurred in connection with your failure to make payment; or

5.8.2.3 when reselling the Lot, to place a notice in our catalogue stating that yousuccessfully purchased the Lot at auction but have subsequently failed to pay theHammer Price of the Lot,

5.8.2.4 In the event Spink refers an invoice(s) to an attorney for collection, theBuyer agrees to pay SPINK attorney’s fees, court costs, witness fees and other costsincurred by Spink;

5.8.2.5 take any other reasonable and appropriate action as we deem fit.

5.9 Failure to CollectWhere purchases are not collected within seven days after the sale, whether or notpayment has been made, you will be required to pay a storage charge of $2 peritem per day plus any additional handling cost that may apply. You will not beentitled to collect the Lot until all outstanding charges are met, together withpayment of all other amounts due to us.

5.10 Refund in the case of Forgery5.10.1 A sale will be cancelled, and the amount paid refunded to you if a Lot(other than a miscellaneous item not described in the catalogue) sold by us provesto have been a Forgery. We shall not however be obliged to refund any amountsif either (a) the catalogue description or saleroom notice at the auction datecorresponded to the generally accepted opinion of scholars or experts at that time,or fairly indicated that there was a conflict of opinions, or (b) it can bedemonstrated that the Lot is a Forgery only by means of either a scientific processnot generally accepted for use until after publication of the catalogue or a process

which at the date of the auction was unreasonably expensive or impracticable orlikely to have caused damage to the Lot. Furthermore, you should note that thisrefund can be obtained only if the following conditions are met:

5.10.1.1 you must notify us in writing, within seven days of the receipt of theLot(s), that in your view the Lot concerned is a Forgery;5.10.1.2 you must then return the item to us within fourteen days from receipt ofthe Lot(s), in the same condition as at the auction date; and

5.10.1.3 as soon as possible following return of the Lot, you must produceevidence satisfactory to us that the Lot is a Forgery and that you are able to transfergood title to us, free from any third party claims.

5.10.1.4 you must provide us all evidence obtained by you that a Lot is a Forgeryno later than seven (7) days after you receive such evidence

5.10.2 In no circumstances shall we be required to pay you any more than theamount paid by you for the Lot concerned and you shall have no claim for interest.

5.10.3 The benefit of this guarantee is not capable of being transferred, and issolely for the benefit of the person to whom the original invoice was made out byus in respect of the Lot when sold and who, since the sale, has remained the ownerof the Lot without disposing of any interest in it to any third party.

5.10.4 We shall be entitled to rely on any scientific or other process to establishthat the Lot is not a Forgery, whether or not such process was used or in use atthe date of the auction.

5.11 USE OF DEFAULT INFORMATIONIf you fail to make payment for a Lot in accordance with these Terms andConditions:

5.11.1 we reserve the right to refuse you the right to make bids for any futureauction regardless of whether previous defaults have been settled; and

5.11.2 you consent to us disclosing details of such default to other auctioneers andlive bidding platforms, which will include your name, address, nature of the defaultand the date of the default Auctioneers or live bidding platforms who receivedetails of the default may rely on such information when deciding whether to enterinto a transaction with you in the future.

6 LIABILITYNothing in these terms and conditions limits or excludes our liability for:

6.1 death or personal injury resulting from negligence; or

6.2 any damage or liability incurred by you as a result of our fraud or fraudulentmisrepresentation.

7. USE OF YOUR PERSONAL INFORMATION

7.1 We will use the personal information you provide to us to:

7.1.1 process your payment relating to a successful purchase of a Lot;

7.1.2 process the bids you make on Lots (whether successful or otherwise) andother auction related services we provide;

7.1.3 arrange for delivery of any Lot you purchase, which will include passing yourdetails to shipping providers and, on overseas deliveries, to customs where theymake inquiries concerning the Lot;

7.1.4 inform you about similar products or services that we provide, but you maystop receiving these at any time by contacting us.

7.2 In accordance with Clause 4.2, you agree that we may pass your informationto credit reference agencies and that they may keep a record of any search that theyperform

7.3 In accordance with Clause 5.11, you agree that where you default in makingpayment for a Lot in accordance with these Terms and Conditions we may disclosedetails of such default to other auctioneers and live bidding platforms.

7.4 We work closely with other auctioneers and bidding platforms (including, forexample, other auctioneers and live bidding platforms) and may receiveinformation about you from them.

8 COPYRIGHT8.1 We shall have the right (on a non-exclusive basis) to photograph, video recordor otherwise produce an image of the Lot. All rights in such an image will belongto us, and we shall have the right to use it in whatever way we see fit.

8.2 All the materials, including, but not limited to, text, data, graphics, logos,images, illustrations, video clips, and software is owned, controlled by, or licencedto Spink USA Inc. and is protected by copyright, trademark, and other intellectualproperty rights.

9 NOTICES

All notices given under these Terms and Conditions may be served personally, sentby post, or faxed to the address given to the sender by the other party. Any noticesent by post will be deemed to have been received on the second working day afterposting or, if the addressee is overseas, on the fifth working day after posting. Anynotice sent by fax or served personally will be deemed to be delivered on the firstworking day following dispatch.

10 ADDITIONAL PROVISIONS

10.1 Limitation of Liability

In the event that your bid and/or purchase is in furtherance of a businessconducted by you or others, subject to clause 6, we shall not be liable, whether intort (including for negligence) or breach of statutory duty, contract,misrepresentation or otherwise for any:

10.1.1 loss of profits, loss of business, depletion of goodwill and/or similar losses,loss of anticipated savings, loss of goods, loss of contract, loss of use, loss ofcorruption of data or information; or

10.1.2 any special, indirect, consequential or pure economic loss, costs, damages,charges or expenses.

10.2 Severability

If any part of these Terms and Conditions is found by any court to be invalid,illegal or unenforceable, that part may be discounted and the rest of the conditionsshall continue to be valid and enforceable to the fullest extent permitted by law.

10.3 Force majeure

We shall have no liability to you if we are prevented from or delayed in performingour obligations under these terms and conditions or from carrying on our businessby acts, events, omissions or accidents beyond our reasonable control, including(without limitation) strikes, lock-outs or other industrial disputes (whetherinvolving our workforce or the workforce of any other party), failure of a utilityservice or transport network, act of God, war, riot, civil commotion, maliciousdamage, compliance with any law or governmental order, rule, regulation ordirection, accident, breakdown of plant or machinery, fire, flood, storm or defaultof suppliers or subcontractors.

10.4 Waiver

10.4.1 A waiver of any right under these terms and conditions is only effective if itis in writing and shall apply only to the circumstances for which it is given. Nofailure or delay by a party in exercising any right or remedy under these Terms andConditions or by law shall constitute a waiver of that (or any other) right orremedy, nor preclude or restrict its further exercise. No single or partial exercise ofsuch right or remedy shall preclude or restrict the further exercise of that (or anyother) right or remedy.

10.4.2 Unless specifically provided otherwise, rights arising under these Terms andConditions are cumulative and do not exclude rights provided by law.

10.5 Law and Jurisdiction

THESE TERMS OF SALE SHALL BE GOVERNED BY AND CONSTRUEDIN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,WITHOUT GIVING REGARD TO THE PRINCIPLES OF CONFLICTS OFLAW. THE SIGNER OF A SPINK BID SHEET OR PARTICIPANT IN THEAUCTION AGREES THAT EXCLUSIVE VENUE FOR ANY DISPUTEWITH RESPECT TO THESE TERMS OR IN CONNECTION WITH SPINKSHALL RESIDE IN A STATE OR FEDERAL COURT LOCATED IN NEWYORK, NEW YORK. IN THE EVENT THAT SPINK HAS NOTPREVIOUSLY SUBMITTED A DISPUTE TO BINDING ARBITRATIONPURSUANT TO CLAUSE 4.14.2, SPINK MAY DO SO WITHIN THE TIMEIN WHICH IT IS REQUIRED TO FILE A RESPONSIVE PLEADING IN ANYLITIGATION COMMENCED BY BIDDER, AND SAID LITIGATIONSHALL BE DISCONTINUED.

11 POSTAGE CHARGES

Shipments within the USA - $30.00

Shipments outside the USA - $50.00

Packages of more than 5lb or volumetric measurement of more than 5lb may incurextra charge. Please contact [email protected] for calculation of any further relevantcost in addition to the above charges.

BANKNOTES

12 April The Bruce Smart Collection of Middle East and North Africa London 16037

12/13/14 April British and World Banknotes London 16008

22/23 June The Numismatic Collector’s Series Sale New York 324

5 July World Banknotes London 16009

25 August The Numismatic Collector’s Series Sale Hong Kong CSS23

26/27 September World Banknotes London 16015

SALE CALENDAR 2016

The above sale dates are subject to change

Spink offers the following services:– VALUATIONS FOR INSURANCE AND PROBATE FOR INDIVIDUAL ITEMS OR WHOLE COLLECTIONS –

– SALES ON A COMMISSION BASIS EITHER OF INDIVIDUAL PIECES OR WHOLE COLLECTIONS –

STAMPS

26/27/28 April The Philatelic Collector’s Series Sale London 16027

9 May Philatelic Timed Auction London 16039

11/12 May The Pre-New York 2016 Collector’s Series Sale New York 154

8 June The Jose Castillejo Collection of Guatemala, 1871-86 New York 155

8 June The Stefano Fantaroni Collection of The Kingdom of Italy New York 156

11 June The Philatelic Collector’s Series Sale Hong Kong CSS18

22 June Great Britain Stamps and Postal History London 16029

6 July The Professor Derek Diamond Collection of New Zealand 2d. Chalons and

the 1898-1908 Pictorial Issue London 16042

6/7 July The Philatelic Collector’s Series Sale London 16030

13 July Autographs, Historical Documents, Ephemera and Postal History London 16043

10 September Stamps and Covers of South East Asia Singapore 16032

15 October The Philatelic Collector’s Series Sale Hong Kong CSS20

26/27 October The Philatelic Collector’s Series Sale London 16034

COINS

21 June Ancient Coins New York 325


28 June The Academic Collection of Lord Stewartby: English Coins part 2,

Coins of Henry II to Edward II London 16020

29/30 June Ancient, British & Foreign Coins and Commemorative Medals

including European Coins from the Peter Woodhead Collection London 16005


28 September The Academic Collection of Lord Stewartby: English Coins part 3, Gold Coins London 16021

28/29 September Ancient, British & Foreign Coins and Commemorative Medals London 16006

29 September The Nicholas Rhodes Collection: Coins of North East India (Part 2) London 16041

MEDALS

21 April Orders, Decorations, Campaign Medals & Militaria London 16001

21 July Orders, Decorations, Campaign Medals & Militaria London 16002

24 November Orders, Decorations, Campaign Medals & Militaria London 16003

BONDS & SHARES

20 May Bonds & Share Certificates of the World London 16017



18 November Bonds & Share Certificates of the World London 16018

AUTOGRAPHS


13 July Autographs, Historical Documents, Ephemera and Postal History London 16043

WINES

14 April An Evening of Great Whiskies and Spirits Hong Kong SFW19

23 June An Evening of Great Whiskies and Spirits Hong Kong SFW20

9 September An Evening of Great Whiskies and Spirits Singapore SFW21

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STAMPS COINS BANKNOTES MEDALS BONDS & SHARES AUTOGRAPHS BOOKS WINES

145 West 57th Street,18th Floor, New York, New York 10019www.spink.com