A mail bid sale is an auction where all bids are submitted in writing. The mail bid sale helps the collector to better determine the value of a note, which benefits both buyer and seller, as the note's selling price is the result of input from thousands of participants and not just the opinion of a single specialist.

DATES : Bids sheets must be received by no later than the close of business on February 26th, 2004 ; notification of successful bidders and list of prices realized will be sent to bidders on March 1st, 2004. Unsold lots will be offered at their opening prices till March 31, 2004.

LOT VIEWING : The notes in this sale will be available for viewing as soon as the catalogues have been shipped. Viewing will be at 36, rue Vivienne, 75002 Paris, and is by appointment only.

THE CATALOGUE : All DESCRIPTIONS have been made in good faith. We have included all the information we thought helpful - not only to the collector but to the scholar as well. This sale contains banknotes that range from rare to extremely rare. After the sale, the notes will have dispersed in your various collections, but the data will remain available to everyone.

GRADING has been strict and realistic.

The OPENING BIDS are the minimum bids that will be accepted.

ESTIMATES are, in our opinion, the approximative values of each lot. Of course, this evaluation can only be accurate for notes that appear often enough on the market to satisfy collector demand. As many of the banknotes in this sale have not been offered for years, estimates for many items may be somewhat conservative. The rarer the note, the farther off our estimate may be. In any case, it is never intended as a maximum.

BIDS : SUBMITTING THE BID SHEET Write your bids as clearly as possible on the bid sheet. Please follow your own preference order. Do not forget to give your mailing address, daytime phone, e-mails and fax numbers. Please specify if your bids can be increased by 10, 20 or 30% if necessary, in order to obtain the lots you want. You may submit as many bids as you wish and you may set a total spending limit amount cutoff. No bids will be accepted for less than the opening bids. Any bids under these amounts will be ignored as well as cents in bids including cents of euros. Submission of a bid constitues a guarantee to pay for all lots won. All bidders are responsible for the bids they submit, including bids made on the behalf of third parties. This is not an approval sale. Don't forget to sign your bid sheet !

SENDING YOUR BIDS : send us your bids any way you want but the sooner the better due to slow mail delivery. To avoid any delay, please fax a copy of your bid sheet to +33-1-42 33 25 99 or + 33-1-40 41 97 80 or send by e-mail : cgb@cgb.fr. If you wish to be sure your bids remain unknown until the close of the sale, please specify so on the envelope (CGB/ VSO ORDRES, 46, rue Vivienne 75002 PARIS) and include only your bids in the envelope.

WINNING BIDS : Each lot will be won by the highest bidder but he will only pay at the second best bid plus : - 5 euros for notes bringing less than 150 euros

- 15 euros for notes bringing between 151 and 750 euros

- 35 euros for notes bringing between 751 and 1.500 euros

- 75 euros for notes bringing over 1.501 euros

An exception will be made in the case where the difference between the highest and second highest bid would be less than the normal increment.

If a lot receives only one bid, it will be sold at the opening bid regardless of the amount bid.

If two identical bids are received on one lot, the bid reaching us first will win the lot.

The computer takes all bids to figure out the final price, even if some bids are void due to completed budget.

THERE ARE NO BUYER'S FEE.

RESULTS : The realized price list (including unsold lot numbers) is sent to the bidders and to collectors who paid for the catalog and can be seen on the net. The realized price list includes the realized prices and the highest bid registered for each lot.

EXPORT : Notes sent to countries within the European Union require no formalities. Time and care are needed for exports outside of the European Union. We thank you in advance for your patience. Customers wishing their notes exported would help us greatly if they would state clearly and in detail how and where they wish to receive their note, and what, if any, insurance they might have for such shipments. Actual costs (minimum 10 euros and maximum 50 euros) for shipping and export will be added to your invoice.

PAYMENT : A detailed invoice will be sent to successful bidders including a minimum charge of 10 euros to cover shipping and insurance. This charge does not apply to notes picked up at our premises by the buyer. Upon receipt of payment, notes will be sent registered or by declared value shipment.

GUARANTEE : We guarantee the authenticity of all notes sold without time limit up to the price paid for the note. We further guarantee complete confidentiality. The identities of the bidders and the amount of their bids will not be revealed but the highest bids for each note which will be included in the realized price list. The auctioneers reserve the right, at their sole discretion, to refuse any item for sale and to refuse any bid.

DISPUTES : Any disputes regarding any item in this auction must be received by us within five days of receipt by the buyer. Submission of a bid constitutes full acceptance of the mail bid sale terms.