1907 Ultra High Relief $20 PR69 PCGS SOLD FOR $2,990,000 November 2005 HA.com/392-6067 COINS & CURRENCY

Fr. 118 $5000 1878 Legal Tender PMG Very Fine 25 SOLD FOR $805,000 September 2007 HA.com/448-158067

1787 DBLN Brasher New York Style Doubloon. EB Punch on Breast. XF45 NGC. SOLD FOR $2,990,000 January 2005 HA.com/360-287001

Fr. 185l $500 1880 Legal Tender PMG Choice Very Fine 35 SOLD FOR $690,000 November 2005 HA.com/448-158068

Charles I Gold Triple Unite 1643 SOLD FOR $431,250 June 2005 HA.com/378-41001

Fr. 187K Series 1880 1804 $1 Original PR62 NGC $1000 Legal Tender PMG SOLD FOR $3,737,500 Extremely Fine 40 April 2008 SOLD FOR $517,500 HA.com/1104-7001 September 2006 HA.com/418-182001

1796 $2 1/2 No Stars MS65 PCGS SOLD FOR $1,725,000 January 2008 HA.com/454-45008 1 In dustry Leadership, to your advantage You want record prices for your consignment. So did tens of thousands of prior consignors. Heritage used technological innovations and unequalled talent to achieve market-leading prices for them, becoming the world's auction industry leader. Now we want to serve you.

DEPEND ON HERITAGE AUCTIONS: In a constantly changing numismatic auction landscape, Heritage is the one constant you can depend on. Depend on us to earn you the highest prices in the marketplace, utilizing all of our experience and expertise to maximize your auction results. Depend on us to deliver all of these benefits through our unsurpassed blend of innovative technology and experienced talent! Depend on us to provide you with all of the services and results that earned Heritage's position as the world’s leading auctioneer, outselling all other numismatic auction firms combined. When you are ready to sell your collection of rare coins and currency, you will want to have every edge. That’s why you need all of the Heritage advantages – all working together seamlessly to your financial advantage.

A PERSONAL BENEFIT: Leading results, with prices realized leadership at all value levels – and recent records, not old laurels!

Taken together, Heritage’s many innovative features make our global clientele much more comfortable bidding record prices on coins of all values, even the most expensive. Since Heritage introduced Platinum Night in 2004, we have sold all 13 of the top 13 most valuable American coins auctioned! That’s current leadership, but it is also proof of the cohesive, seamless nature of our programs, and how we gather global demand. And such price leadership can be found across the board, as we auction more numismatic treasures every year than all of our competitors combined! Heritage achieves top prices for you, auction after auction, year after year – and all of the evidence for that can be found in our Auction Archives. MANAGEMENT LEADERSHIP: Heritage’s unquestioned financial stability

You may assume the financial stability of your auctioneer, but history has unfortunately shown that nothing matters more when your check is due! Heritage’s record of stability means no surprises for you, and full and timely payment at settlement. You have a right to be compensated without any delays, cash ‘shortages,’ or any other unpleasant problems at settlement. Heritage enjoys $50 million in equity and owner’s capital. Under our management team, Heritage has presented more than 2,500 successful auctions, selling $4 billion, and every single consignor of the 50,000 served was been paid in full and on time - every time! You cannot afford to make any assumptions when considering stability in finances, ownership, or management, because all auction firms are not the same. We invite all comparisons with our leading competitors.

MANAGEMENT LEADERSHIP: Flexibility increases your prices realized

Heritage’s strong financial position allows us to extend liberal credit terms to our bidders. Allowing selected buyers extra time to pay (as opposed to 30 days or less at other auction houses) permits them to spend considerably more money, increasing the prices realized for your coins and currency. We also make other flexible arrangements in our Signature® Auctions (including selective credit card usage by retail buyers), again allowing purchases that might otherwise be unaffordable. Heritage bears all responsibility for these credit decisions – so you have no risk whatsoever, but you benefit from their rewards. And if you have a need for funds before your settlement date, Heritage can provide cash advances in most cases.

4 MARKETING LEADERSHIP: Global Client Demand

More than 600,000 online bidder members can be found at HA.com, the largest number of qualified, eager collectors gathered to potentially bid on your material. And these are the world’s finest collectors, spending $2 billion with Heritage over the last three years. And with Heritage’s unique commitment to transparency, you can watch that count grow daily at HA.com; find another firm that does anything close to that! Our community of collectors extends around the world, to 186 countries. Plus, Heritage has offices in many countries to facilitate important international demand for your coins and notes, regardless of a bidder’s location.

5 HA.com

The Competition

According to independent third-party COMPETE.COM: Last year, Heritage received on average 23 times as many Internet visits as our primary competitor —­ even after combining three firms!

TECHNOLOGICAL INNOVATION: Interactive Internet™

Heritage was the first numismatic auction firm to deliver our Interactive Internet™ software bidding system; while many of its features are now being copied, Heritage’s proprietary system is still the best – because it is fully integrated with so many other features. Our technology leadership goes well beyond this critical component, delivering worldwide bidder demand for 24 hours every day, for weeks before Signature® Auction floor sessions start.

TECHNOLOGICAL INNOVATION: HERITAGE Live!™

Our proprietary HERITAGE Live!™ bidding system was the first – and is still the best – web-based means for global Internet bidders to compete with the floor, telephone, and prior Internet bidders in real-time. Heritage introduced streaming video, audio, and one-click bidding to numismatic bidders, which together encourage web bidders to continue driving up your prices realized during the floor sessions. Among Heritage’s many innovations (that others now copy), none has been more popular than HERITAGE Live!™ Consider the facts: in recent years, more than 16,000 HERITAGE Live!™ bidders have participated, winning more than 50,000 lots, valued at over $110 million. And usage is still growing, with 20% to 30% of all lots now selling via HERITAGE Live!™

6 TECHNOLOGICAL INNOVATION: MyWantList™

While competitors are copying various Heritage innovations, our seamless systems continue to elude them, and nowhere is this more apparent than one of our greatest strengths that we deliver to consignors. MyWantList™ is our very popular service for collectors seeking certain items; this exclusive, confidential, web-based Want List contains more than $350 million of targeted demand. As soon as your auction catalog is posted to our website, Heritage immediately sends an e-mail to every client whose MyWantList™ matches one of your lots, with a link taking them directly to your lot – so they can view the image, read the description, and bid first. Heritage has intricately combined many such technological features to support leading prices, focusing all of the demand that we gather on your lots. No other auction firm can match this level of client service, which benefits both the seller and the buyer.

TECHNOLOGICAL INNOVATION: HA.com Collector Visitation

Heritage is the Internet leader, with the most popular, award-winning website. HA.com attracts 11 million annual visitors and has won repeated awards from Forbes.com and the Numismatic Literary Guild. On an average day, HA.com attracts 30,000 unique visitors – every day (Source: omniture.com). We have 13 times more monthly web visitors than all of our major competitors combined. (Source: compete.com)

TECHNOLOGICAL INNOVATION: Auction Archives at HA.com

Heritage is the only firm that makes available every lot, every description, every full-color, enlargeable image, every price realized since 1993, more than 1.6 million easily searchable numismatic auction lots. Other firms post lists of numbers. We are so proud of our results – on behalf of every consignor – that the Archives contain every lot, at every price level. Not just our million dollar coins, not just our thousands of record-setting lots! Every consignor, every lot.

7 MARKETING LEADERSHIP: Consignors & bidders both consult our Archives

As a consignor, you can see – literally – what coins just like yours have been realizing in Heritage’s auctions. As a bidder, you can easily look up the auction history of any lot to help you determine an optimal bid. Plus, you can scrutinize the images for comparisons that help you feel confident placing record-setting bids. Both parties win!

MARKETING LEADERSHIP: Coast-to-coast lot viewing, and sometimes more

Heritage was the first firm to institute coast-to-coast lot viewing, and shows more coins and notes than all our competitors combined. Lots are previewed at our Galleries in and Beverly Hills, at our world headquarters in Heritage - Dallas, and at each venue. Heritage also maintains offices in many countries, to facilitate important international customer demand for your coins and notes, and increasingly we are showing selected lots there.

MARKETING LEADERSHIP: The best venues, and the most appropriate

You want to pick the auctioneer holding important events at the best venues – at America’s most prestigious major conventions like FUN, Long Beach, and Central States. And Heritage has been selected as the Official Auctioneer for 42 ANA conventions – more than all of our competitors combined! Heritage offers a suite of different types of auctions, each tailored to maximize your prices realized by presenting the right items to the right buyers: Coin Signature® Heritage - Beverly Hills Auctions, Coin Platinum Night Auctions, Currency Signature® Auctions, World Coin & Ancients Signature® Auctions, twice Weekly Internet Coin Auctions, Weekly Internet Currency Auctions, Monthly World Coins & Ancients Internet Auctions, and Gallery Auctions.

Heritage - New York

8 MANAGEMENT LEADERSHIP: Heritage offers experience & innovation combined

You know that you need to pick an experienced auctioneer who knows how to achieve superb results, but you also want your auctioneer to use every innovation in the global marketplace to find the highest bidder in the entire world. Fortunately, Heritage provides both qualities. This brochure describes dozens of innovations that Heritage brought to the numismatic market, embracing the latest technologies to achieve the highest prices realized - Heritage has presented more than 2,500 successful auctions, selling $4 billion-plus on behalf of more than 50,000 consignors.

A PERSONAL BENEFIT: Preserving your collection

Long after Heritage sells your collection, it will continue to be preserved for viewing and research in the Auction Archives at HA.com. Other auctioneers post copies of their prices realized mailer or lists of numbers. Heritage includes images, descriptions, full-color enlargeable images, and is fully searchable. Only Heritage treats your collection with the respect it deserves.

9 MARKETING LEADERSHIP: Heritage’s award-winning team

Heritage provides you with an award-winning auction team with excellence in every function, and one that has worked together for many years. Award-winning catalogers; talented photographers using state-of-the- art digital equipment; numismatists with unparalleled grading expertise, sharing more than 1,000 years of diverse knowledge; a marketing department, using print, email, Internet, telephone, and fax strategies; and an Internet team that built the auction world’s finest website. Together, they create excitement through a highly effective marketing program, which has produced more than one hundred Numismatic Literary Guild awards, including the NLG’s Auction Catalog of the Year awards in 2003, 2004, 2006, 2007, and 2009.

MARKETING LEADERSHIP: More qualified bidders = higher prices realized

More than 600,000 online bidder-members have joined HA.com, Heritage’s award-winning website, and most of them are numismatists. Heritage reaches these prospective buyers for your coins and currency, and makes it easy for them to view, to bid, and to buy. Heritage brings multiples more qualified bidders to its auctions than do all other auction houses. Since the number of qualified bidders is the most important factor affecting your prices realized, why should you settle for a distant second best? Ever?

10 MANAGEMENT LEADERSHIP: A philosophy of transparency

Heritage leads the auction community in efforts to make the entire process more transparent, and thus increase bidder confidence that transferred to the bottom line. We were the first to post reserve bids, and even remind bidders when our reserves will be posted. We were the first to continue to make unsold lots available after the main event through our Post Auction Buys.

MANAGEMENT LEADERSHIP: Cohesive versus Cobbled structure!

Heritage’s auction leadership is so pervasive, and has been for so long, that we often note that one metric or another is greater (or larger, or more) “than all of our competitors combined!” You can trust Heritage to deliver a firm with consistent demonstrated leadership from the same management team that has operated Heritage for decades.

Numismatics is a hobby of history. At the end of your collecting, your choice of auctioneer will determine how you look back on your entire collecting life. Make it one that you know will deliver for you. Consider record of service, dependability, prices realized leadership, industry recognition, achievement, and financial soundness. Consider selling your treasured coins and currency at one of America’s most important numismatic events, with an award-winning cataloging team presenting them to the largest number of qualified bidders ever gathered. Consider that Heritage Auctions grew to be the world’s #1 choice for auctioning rare coins and currency by exerting every effort to present you with a settlement check beyond your expectations.

11 HERITAGE GREW TO BE THE WORLD’S #1 NUMISMATIC AUCTIONEER: By understanding the critical importance of location, and then extending "location" to the globe using the internet.

Selling at the best locations, to the most aggressive buyers, is the foundation for achieving the best prices for your rare coins and currency. Major numismatic conventions ensure a large gathering of eager, motivated buyers, and Heritage has earned its reputation as the Official Auctioneer of the largest and most important shows. “Location” was the cornerstone of our initial success, and we still hold most of our auctions at these important shows. But we also reach out globally through the World Wide Web, and sell a constantly increasing number of lots to the buyers found there. Heritage believes that maximizing your prices realized still depends upon reaching the most qualified buyers – but now we reach out both personally and online.

12 Heritage still believes in America’s leading conventions:

• ANA: Heritage has been chosen as the Official Auctioneer of the American Numismatic Association 42 times since 1980, selected for this prestigious role twice as often as all competing firms combined.

• FUN: We have been presenting official auctions at the Florida United Numismatists conventions — now America’s largest club show — since 1991, and will continue to be FUN's exclusive Official Auctioneer at least until 2016. And that includes Summer FUN shows as well!

• LONG BEACH: Heritage has been the exclusive Official Auctioneer of the Long Beach Coin Expo — America’s largest commercial show — since 1986.

• CSNS: We have been the exclusive Official Auctioneer of the Central States Numismatic Society — America’s largest regional hobby organization — since 1993.

• NYINC: Heritage has held specialty World & Ancient Coin auctions as an Official Auctioneer of the New York International Numismatic Convention – since 2003.

• CICF: Heritage was recently invited to become the Official Auctioneer of the International Coin Fair, which means that we hold Official Auctions at both of America’s leading conventions for world and ancients collectors – since 2010.

• DALLAS: Specialized collections like the $8.4 million Jules Reiver Collection or the $19.2 million Morse Collection were held in Dallas to maximize viewing opportunities.

Fortunately, at a Heritage Signature® event, you don’t have to choose between in-person vs. Internet outreach – instead, you benefit when the floor bidders compete against each other and the Internet! Our Interactive Internet™ has been called a virtual auction floor, which is just what we intended, because you want every possible bidder chasing prices higher on your lots. Then our HERITAGE Live!™ bidding system allows Internet bidders around the world to compete with the floor, telephone, and prior-Internet bidders in real-time. That takes technological leadership, and nobody does that better than Heritage.

13 MAXIMIZE YOUR RESULTS THROUGH OUR TECHNOLOGICAL INNOVATIONS: Heritage's marketing outreach motivates global "virtual" clients to spend real dollars for your coins and currency.

You want every active numismatist in the marketplace to know about your coins and currency. In this brochure, we describe in detail many of the technology- driven mechanisms we employ to maximize your prices. But we also depend on plain, old-fashioned talent to motivate bidders, to turn them into active buyers. After all, our superlative images and cataloging can only work their magic after potential bidders know about the auction – and about your lots. Every year, Heritage spends many millions of dollars marketing consignors’ coins and currency to our worldwide audience in 186 countries, because we want to attract every possible bidder. Heritage reaches out to buyers around the world through the Internet, because achieving top prices requires global distribution of auction information and images, followed by worldwide bidding activity. Demand is where you find it, and we are the leaders in marketing to a worldwide audience. Marketing is also about people and contacts, so Heritage has offices around the globe. No other numismatic auctioneer has comparable worldwide reach.

Our large in-house marketing department promotes every auction to reach every potential buyer. Campaigns begin with press releases to the numismatic and national press announcing important consignments and all significant highlights. This continues with significant advertisements in Coin World, Numismatic News, Numismatist, World Coin News, Bank Note Reporter, The Redbook, and dozens of other industry and club publications. Updates and targeted press releases are also mailed, emailed, and faxed directly to interested buyers.

14 Heritage’s mailing list is the envy of the dealer community; HA.com alone enjoys 600,000+ online collectors. As the Official Auctioneer for so many major organizations, we can market to thousands of collectors and specialists through their exclusive mailing lists as well. We promote your coins and notes through direct mailings of press releases, our e-newsletters (Heritage Coin emagazine and Heritage Currency emagazine), full-color brochures, and both the printed and Internet versions of the catalog. The finest collectors and collections are featured in our Heritage Magazine for The Intelligent Collector. Targeted emails reach collectors in 186 countries.

In a very real sense, features on our Web site like our Auction Archives and MyWantList™ are marketing features that increase interest in your items, and our Interactive Internet™ and HERITAGE Live!™ bidding systems make it easy for bidders to actively pursue your numismatic treasures. These features make HA.com the most visited numismatic website on the entire Internet. Seamless execution is delivered only by Heritage. We are the proven innovator in all elements of the auction process, but our development of Internet marketing – and our long-term improvements in execution – clearly separates us from all other auctioneers.

15 MAXIMIZE YOUR RESULTS THROUGH OUR PROFESSIONALISM: Heritage's expert cataloging and grading expertise

The price for any particular coin or note ultimately depends upon the demand that is generated, and Heritage’s presentation fuels the desire for ownership that makes the final two bidders willing to battle to pay you the highest price. One of the oldest and most traditional means of generating bidding demand is the written word, which Heritage continues to use as an integral aspect of our high-tech approach. We have achieved a harmonious marriage between our superlative images and descriptions, between innovative technology and talent, in our world-class catalogs. Heritage’s team of professional catalogers understands that presentation is a key factor in generating demand, so we describe each of your coins or notes to its finest appeal, while maintaining strict standards for accuracy. Our clients’ liberal bidding is based in part on our word pictures.

Our numismatic researchers are backed by Heritage’s Numismatic Research Library, with more than 10,000 volumes, complete sets of hobby periodicals, and auction catalogs back to the nineteenth century. We also use our online Auction Archives, just like our bidders! We even keep voluminous computerized records from our competitors’ old sales for fact-gathering by our catalogers in their research. The net result is award-winning catalogs, in print and on the Web – a fact noted by the number of NLG Auction Catalog of the Year Awards won in recent years. More important to you, it is a professional presentation that builds value in your consignment.

16 To maximize your profit, the importance of precise coin and currency grading cannot be overemphasized. As prices have risen over the past two decades, the difference of even one grading point can equate to several hundred percentage points in value. To maximize your returns, you must seek our advice and take advantage of our experience, because grading remains an art with a great deal of subjectivity. Our expertise comes from numismatists on staff who have grading experience at NGC or PCGS, who buy and sell coins daily, and who have made a living buying coins at auction for resale. Their advice goes well beyond the initial decision of whether your coins should be left uncertified, or if already certified, whether they should be submitted for re-certification, and if so, to which service. Our expertise in certification strategies will help you choose between certification by the Numismatic Guaranty Corporation (NGC), the Professional Coin Grading Service (PCGS), or ANACS. Currency grading is equally important, with services such as PCGS Currency and PMG. The professionals at Heritage are recognized as the best in the world in their specialties, and that means higher prices realized by maximizing your presentation.

17 MAXIMIZE YOUR RESULTS THROUGH OUR TECHNOLOGICAL INNOVATIONS: The world's best numismatic images

Back in the “good old days” of the auction business, the most serious bidders had to attend in person both to view lots and to bid. Even today, the most motivated numismatists – those prepared to spend the greatest amounts – love to attend auctions in person. That’s the very reason why Heritage is still the Official Auctioneer of so many important coin shows. Yet, it’s clear that Internet bidders are winning a growing percentage of lots in every Heritage auction. In recent years, more than 16,000 HERITAGE Live!™ bidders have participated, winning more than 50,000 lots, valued over $110 million; Interactive Internet™ bidders have spent more than $1 billion.

How does Heritage make our Internet bidders so comfortable that they are willing to bid top dollar on lot after lot? What convinces them to spend thousands of dollars – and increasingly tens of thousands of dollars – on rare coins and notes not viewed in person? That impressive level of trust is due to Heritage’s technological innovations — innovations that inspire a new dynamic of confidence. These innovations, which others now attempt to copy, have proven their value in our dramatically raising price levels – but only Heritage employs them in a seamless fashion that keeps us well ahead of our imitators.

Here’s one of the more important pieces of the new pricing paradigm created by Heritage. If you regularly visit HA.com, you have seen for yourself how our talented photographers use our state-of-the-art, digital imaging systems to create such extremely high-resolution, full-color, enlargeable images. These superb images inspire complete confidence, and our Internet catalogs contain ten times the number of images found in our lavishly imaged printed versions. They also help explain why HA.com is the most visited numismatic website on the entire Internet. Every single coin/note lot – in fact, every lot with three items or less – is imaged at HA.com. Seeing – closely examining – the exact quality of the lot, enlarging when desired, inspires online bidders to bid aggressively. Many have commented that they can see the coins and notes better on the screen than they can in person! And then, they seamlessly bid interactively on them, again and again. You are the beneficiary, because every click to enlarge the image helps enlarge your check.

18 Charles I Gold Triple Unite 1643 Sold For: $431,250 June, 2005 HA.com/378-41001

MAXIMIZE YOUR RESULTS THROUGH OUR TECHNOLOGICAL INNOVATIONS: Heritage's Auction Archives

Heritage’s amazing and exclusive Auction Archives is the most popular feature, and quite possibly the most important, at HA.com. The Archives are our computerized repository of every lot sold by Heritage since 1993. They contain complete catalog descriptions and prices realized from more than 1.6 million numismatic lots – with three million-plus images. We know that many of the 30,000 unique visitors who come to HA.com on an average day are using the Archives for both research and pleasure. They get their greatest workout from our active bidders, who use them to do their homework about current (and past) Central American Republic gold 8 Escudos 1828-CR MS63NGC pricing levels. Sold for: $48,875 May, 2008 We know that the data in the Archives makes our bidders confident enough to HA.com/3000-166021 bid record prices. They can view the enlarged images of the current lot, and compare it precisely to every appropriate lot in the Archives. After that, they know that they can make every bid count, and our proprietary Interactive Internet™ program helps them do precisely that!

The Archives also mean that if you sell through Heritage, you and your heirs will have access to your collection, forever - in fact, you can see your sold coins more easily than you did when they were in your safe deposit box! Unique features like this, and many others explained herein, explain why HA.com is the most visited numismatic website on the entire Internet. And features like this explain why we attract record-setting demand. You benefit directly from all of our innovations, and our experience implementing them.

19 MAXIMIZE YOUR RESULTS THROUGH OUR TECHNOLOGICAL INNOVATIONS: Heritage's MyWantList™ and many more

After the photography is completed, after every lot has been described, after the layout of the printed catalog is finished, two actions occur simultaneously: the catalog is sent to the printer, and it is posted on our HA.com website. The very next step is really quite extraordinary, and demonstrates once again how only Heritage has intricately combined so many innovative features to achieve record prices.

HA.com has long featured a very popular service with collectors seeking certain dates and mintmarks: an exclusive, confidential, electronic Want List containing more than $350 million of targeted demand. As soon as the catalog is posted to our website, Heritage immediately sends an e-mail to every client whose MyWantList™ matches any of your lots in the catalog, with a link taking them directly to your lot – so they can immediately view the image, read the description, and be the first to bid on it. We focus all of that global demand on your lots to help you achieve record prices, and it all starts within seconds of the auction’s posting. No other auction firm can match this level of client service, which benefits both the seller and the buyer.

While much attention is deservedly directed to our Auction Archives and MyWantList™ features, HA.com has many other features that confirm our Internet leadership. For example, we advertise leading collections, interesting and important coins, and upcoming events in our weekly e-newsletters, sent to our entire registered client base. Our unified bidding interface means that familiarity with one auction category means easy participation in all auctions. Perhaps most importantly, Heritage cross-markets your consignment to active collectors in more than thirty other collectible categories. We anticipate that the Internet will continue to yield cutting-edge opportunities in fast communications, and you can count on Heritage to employ every possible innovation to achieve top auction prices for you in the global marketplace.

20 MAXIMIZE YOUR RESULTS THROUGH OUR TECHNOLOGICAL INNOVATIONS: Heritage's proprietary Interactive Internet™ and HERITAGE Live!™ bidding systems

The average lot in live coin and currency auctions sells in less than twenty seconds, so floor bidders need to make instant decisions. But now, Heritage’s Internet leadership has changed the entire bidding dynamic. We maximize the number of bids and bidders using our exclusive Interactive Internet™ bidding system, which creates a virtual auction room lasting weeks prior to every live auction. This gives our bidders time to reflect, do additional research, and then generate millions of dollars in successful bids from around the globe. Heritage gives them time and incentive to push prices higher and higher.

When Internet bidders view your lot, they see the current high bid and are prompted for a higher bid; if they only increase (rather than outbid) the current opening bid of the prior leader, they are immediately prompted to bid higher, again and again – or, if they topped the previous high bid, they are now the leader. With every higher bid, the prior leader receives email notification and an easy link for immediately raising their bid to remain in the lead. Even when an outbid bidder chooses not to bid higher, they typically use their remaining budget bidding on your other lots in the auction. Increasing their focused success in this manner keeps them coming back auction after auction, while encouraging them to successfully spend their last numismatic dollar. Interactive Internet™ has an around-the-clock job for weeks, encouraging ever-higher bid amounts across the auction and around the globe.

High Internet bidders for significant items are also invited to participate by telephone during the floor auction, to bid even higher. Any and all global bidders are able to actively - interactively - compete in the live auction through our exclusive HERITAGE Live!™ Web-based bidding system. The Interactive Internet™ creates a virtual bidding floor, and then HERITAGE Live!™ takes them to the actual bidding floor. How important is this dual system? In recent years, more than 16,000 HERITAGE Live!™ bidders have participated, winning more than 50,000 lots, valued over $110 million. Usage is still growing, with 20% to 30% of all lots now selling via HERITAGE Live!™ Consider this: since Internet bidders have no travel expenses, they will often bid higher, so even if they don’t win your lot, they significantly drive up the price.

Using our exclusive technologies, Internet bidders are winning tens of thousands of Heritage auction lots, and driving the prices realized higher on the vast majority of lots in every auction. You benefit from this process, available only from Heritage Auctions. That’s why we have invested more than $10 million in computer and Internet systems, increasing your prices through our technological leadership and innovation.

21 MAXIMIZE YOUR RESULTS THROUGH OUR TECHNOLOGICAL INNOVATIONS: Heritage's specialized auctions of world and ancient coins

One of the true joys of numismatics is that there is an entire world of material to collect - but each requires specialized knowledge when selling. Heritage has sold world and ancient coins since its founding, and these markets are so important that we regularly hold specialized auctions at venues like NYINC, CICF, and Long Beach.

Heritage sells tens of millions of dollars of World coins, World currency, and Ancient coins every year. We sell many of the finest items to our clients from 186 countries, but equally to American collectors, who are part of a global community who share an abiding fascination for these pieces of economic history from cultures around the world and across the centuries. You benefit from our expertise, as well as the prestige of a Signature® catalog.

Heritage holds its World Signature® Auctions at the best venues throughout the year; we have presented Official Auctions at the New York International Numismatic Convention every January (since 2003); as the Official Auctioneer of the Chicago International Coin Fair in April (since 2010); and at the Long Beach Coin Expo in September.

This was certainly the case when the world’s finest collection of Canadian coins, assembled by noted Canadian technology entrepreneurs Sid and Alicia Belzberg, was sold by Heritage for a record $3.5 million. That catalog was also awarded the Auction catalog of the year award from the prestigious Numismatic Literary Guild.

Great world collections deserve the Heritage treatment.

22 These two notes were sold by private treaty for $2.1 million each.

MAXIMIZE YOUR RESULTS THROUGH OUR RECORD-SETTING ACHIEVEMENTS: Heritage's specialized auctions of currency

Advanced collections require specialized catalogs presented to the right audience. When selling your currency collection, you will want to benefit from the expertise of America’s leading currency experts. Heritage has presented more than fifty major currency auctions since our first event in 1990, and we hold world auction records for the most valuable Small Size note ($241,500); the most valuable piece of Fractional currency ($138,000); the most valuable Canadian note ($322,000); and the most valuable Obsolete note ($126,500). Well over a hundred individual currency items have been sold by us ranging in value from $100,000 to over a million dollars.

In 2008, we twice set the world’s record for the most valuable currency auction ever held — $14.1 million at our Central States Signature® Auction featuring the Thomas M. Flynn collection, and then $13.8 million at our Long Beach Signature® Auction just five short months later.

Currency collecting has been one of the most important growth areas in numismatics over the last two decades, and our auction results reflect this. The demand expressed by our bidders is available exclusively to our consignors, who benefit from our Signature® Auction treatment.

23 MAXIMIZE YOUR RESULTS THROUGH OUR EXPERIENCE: Heritage's Signature and Platinum Night events, because your important consignment deserves "First-Class" treatment

A successful live auction requires experience – the polished efforts and cooperation of skilled professionals motivating bidders by competently providing support services. Heritage staff performs every critical task at every auction, so they know their functions, can answer questions, solve problems, and serve our regular bidders – and then throw in the “extras” from lot viewing to lot pickup that define our professionalism.

Auction sessions are typically scheduled to begin shortly after the bourse closes, so both collectors and dealers can attend. Dinner is typically catered by Heritage for the convenience and comfort of the bidding audience – and it keeps them in the auction room bidding! Lunch is provided for occasional afternoon sessions for the same reason.

While the floor bidding is underway, Heritage carefully executes the computerized “book” of Internet, mail, and written bids, all competing against floor bidders, our agents executing live telephone bids, and HERITAGE Live! Internet bids. Heritage is the only major numismatic auctioneer that projects a color image of each lot on the front wall of the bidding room to minimize confusion and missed bids, and to spur last-minute impulse purchases. These services add up in the bottom line of prices realized for all of our consignors.

The managing partners of Heritage, left to right: Todd Imhof, Executive Vice President; Greg Rohan, President; Paul Minshull, Chief Operating Officer; Jim Halperin, Co-Chairman; Steve Ivy, Co-Chairman

24 MAXIMIZE YOUR RESULTS THROUGH OUR PROFESSIONALISM: Heritage's management stability, directing technological innovation

When you consign your coins and currency to an auction house, you want to know “who’s in charge,” and be confident in their long-term track record for prices realized leadership. Other auction houses have had leaders depart, or even ownership changes - some several times over recent years. Many firms have merged, some cobbled together, and even more have disappeared.

Not at Heritage. You can enjoy the confidence that comes from knowing the longevity of our principals since Heritage was formed in 1982:

• Co-chairman Steve Ivy has been a professional numismatist since 1964.

• Co-chairman Jim Halperin has been a professional numismatist since 1967.

• President Greg Rohan has been a professional numismatist since 1971.

• Executive Vice-President Todd Imhof has been a professional numismatist since 1987.

Under the continuous guidance of this highly skilled management team, Heritage has presented more than 2,500 successful auctions. Thanks to their experience, industry leadership, and direction of the entire operation, no other auction firm provides better service or delivers higher prices realized. When you consign your coins and currency to Heritage, you know exactly with whom you are doing business. When you need absolute confidence in your management team, only Heritage delivers the experience, continuity, expertise, and results that you need.

Their strategic policies have put more money in the pockets of prior consignors, and will for you. Our determination and hard work produced results that consistently exceeded the expectations of our consignors, and this is what made Heritage the world’s largest auctioneer of rare coins and currency. When you consign with us, you partner with a firm that has analyzed every aspect of the auction process, and has picked the best option in every circumstance. Our success, and your success, is the composite of all the lessons learned.

25 Above all, Heritage is the leader in using technological innovations to create and deliver unsurpassed demand. We focus demand from every source on your coins and notes, maximizing competition to maximize your prices realized. We show your items coast-to-coast, at Dallas, and at America’s most important shows. Then we reach out to the demand generated by more than 600,000 online bidder-members at HA.com, the world’s most important numismatic website. The highest bidders go head-to-head, bid-to-bid, driving prices up, and that means more money in your pocket.

Heritage’s superiority is not a matter of chance, but reflects our relentless drive to improve our services. Innovation is a Heritage trademark, seen in every element of the Heritage auction process, from policy to technology. We combine innovation with a great corporate work ethic, uncompromising integrity, and old-fashioned customer service. Since our fee is a percentage of your prices realized, a larger bottom line for you means a larger commission for us. That kind of result makes for a happy relationship, and that’s the way we like to do business. Heritage has delivered for more than 50,000 consignors, and we want to deliver for you!

Educating yourself is the most important step in the process of selecting your auctioneer. We are confident that after you examine all the advantages that Heritage offers, you will understand why we are so confident that we can provide you with the highest prices in the marketplace. You have the ability to judge our leadership against all other firms, our longevity, our track record. You should ask the hard questions of any firm you are considering. We are convinced you will decide in favor of the many advantages of working with the world’s #1 numismatic auctioneer – Heritage. Only one firm can be the best, and our growth achieving that honor is due entirely to serving the needs of our clients, maximizing their prices realized.

We welcome your consignment, whether you wish to sell an entire collection or just one valuable coin or note. Our Consignment Directors will answer all your questions, and provide you with the details of our wide range of auction opportunities. Together, you can decide which coins and notes are most appropriate for our different auction types, making the best decision based on your material and objectives. It’s all part of putting your coins and currency in front of the right buyers to maximize your bottom line. Our Consignment Directors have a practical numismatic solution for your every selling question.

You can contact them by calling 800-US-COINS (800-872-6467), or call the Heritage Consignor Hotlines at 800-872- 6467 ext. 1000 (coins) and ext. 1001 (currency). All extensions have 24 hour voice mail, so call at your convenience. Heritage is waiting to serve your every numismatic need. All you need to do is pick up your telephone.

And if you haven’t seen a copy of our free, award winning DVD, “Selling Your Coins and Currency at Auction,” please call and request your free copy.

26 Free catalog and The Collector’s HandbookANNUAL ($65 value) RESULTS EXCEEDING $500 MILLION for new clients. Please submit auction invoices of $1000+ in this category, from any300,000+ source. Include ONLINE your REGISTERED BIDDER-MEMBERS contact information and mail to Heritage, fax 214-409- 1425, email [email protected], or call 866-835- 3243. For more details, go to HA.com/FCO.3500 MAPLE AVENUE, 17TH FLOOR DALLAS, 75219-3941 Annual Sales Exceed $700 Million | 600,000+ Online Bidder-Members (214) 528-3500 • (800) 872-6467 • FAX: (214) 443-8425 3500 Maple Avenue | Dallas, Texas 75219 | 800-872-6467 HA.com DALLAS | New york | beverly hills | SAn Francisco | Paris | Geneva ©Copyright 2007 Heritage Numismatic Auctions, Inc. 7209 HERITAGE Live! Patent Pending REV 06/07 21706 8/22/11