Terms and Conditions

1. Scope

Our General Terms and Conditions apply to all legal transactions between Pecunem GmbH (hereafter, “Pecunem”) and the customer in the course of participation in our online auctions. We expressly do not recognize any purchasing conditions that deviate from our General Terms and Conditions; this non-recognition also applies to cases where the buyer has stipulated a particular formality for non-recognition. If non-recognition is excluded, legal regulations shall take the place of deviating conditions. Deviating purchasing conditions shall only be recognized if we confirm in writing that they are to be applied. 

 

2. Conclusion of Contract

Participation in auctions is only permitted to customers who have previously registered at Pecunem. 

Both registration for our auctions and submission of a bid constitute acceptance of our General Terms and Conditions. 

Pecunem has the right to block or prohibit any user from participating in auctions at our sole discretion.

Pecunem provides an auction platform where the seller (hereafter, the “auction host”) lists items for sale. Each bid by a user constitutes a legally-binding offer to conclude a purchasing contract with the auction host. This is in force until a higher bid is submitted or the auction is concluded with the item left unsold.

A contract is formed between the bidder and the auction host only when a bidder has placed the highest bid on an item before its closing time. The only official notification of this contract is when an invoice is issued to the winning bidder at the end of the auction. Bid notification emails, the countdown clock, and bid status messages displayed on the Pecunem site while an auction is running are for informational purposes only; these are not contractually binding statements and do not serve as evidence of a contract between buyer and seller.

Pecunem or the auction host may withdraw lots from offer at any time before the contract is formed if the item was mistakenly listed, if there are doubts of authenticity, or if the item was damaged, lost, or otherwise no longer available for sale. In these cases, no contract will be formed with the highest bidder, and all previous bids will no longer be valid.

Bidders may request retraction of their bids before the closing time for legitimate reasons only. Pecunem or the auction host will determine whether any request is justified. If a bid is retracted, any underbids on the lot from other bidders are still valid.

The buyer is generally required to pay in advance. Unless the buyer and auction host agree otherwise, the purchase price is immediately due and payable by the buyer via the payment methods offered by the auction host.

In addition to these Terms and Conditions, the buyer accepts the auction host’s own Terms and Conditions relating to the purchase of items through the Pecunem platform.

 

3. Auction Host Fees

We'd like to make you aware that each lot purchased through Pecunem online auctions is subject to a buyer’s fee of 15.47% of the hammer price, inclusive of applicable tax. This fee will be collected by the auction host.

 

4. Catalog

The description of items in the catalog is diligently prepared. However, it does not meet the threshold of legal liability or liability for material defects pursuant to §§434, 459 pp. of the German Civil Code (BGB). The stated condition of preservation is determined strictly according to the categories of preservation customary in coin trading and is considered a personal evaluation. 

 

5. Bid Increments

The minimum bid increments for the bidding procedure are:

Bid amount: Increment

Up to 20: 2
Up to 100: 5
Up to 200: 10
Up to 300: 20
Up to 800: 25
Up to 1000: 50
Up to 2000: 100
Up to 3000: 200
Up to 8000: 250
Up to 10000: 500
From 10000: 1000

When several identical bids are received, the bid received first is the winning bid.

 

6. Auction Closing and Bidding Procedure

Auctions at Pecunem are timed auctions. Lots will be called up sequentially in lot order, with a fixed period of time between them. Each lot closes at a specific date and time as shown on the Web page that displays the full lot information. Bids that arrive after the closing time cannot be considered. The closing time is determined according to the clock on Pecunem's Web server.

Pecunem displays a countdown clock beside each lot, which is intended to show the bidder how much time is left before bidding is closed. This countdown clock is for informative purposes only. Although we try to ensure that it is synchronized with our server clock, we cannot be responsible for Internet-related delays or connection problems between our server and the bidder's computer that may affect the accuracy of the countdown or the timely receipt of bids. For this reason, bidders should place their bids well before the lot closing time to avoid disappointment.

 

7. Data Protection

Personal data collected by Pecunem includes the contact information for each registered user (name, postal address, email address, and phone number). This data is used by Pecunem for marketing purposes in the sending of newsletters, tracking the bidding and purchasing activity of users, and for generating invoices. Pecunem shares data about its users with the auction host when a user participates in that host’s auction. This data sharing is necessary so that the auction host may contact the client, send invoices, and arrange the delivery of auction lots.

 

8. Liability Disclaimer

In all cases where the auction host and/or Pecunem are obliged on the basis of contractual or legal grounds to pay for damages or reimbursements, these parties are only liable to the extent that they have been proven to have acted willfully and with gross negligence or to have caused injury to life, limb, or health. This shall not affect liability regardless of negligence or fault according to the Product Liability Act. Nor shall it affect liability for gross breach of contract; to this degree, liability is limited for commercial buyers to damages that are foreseeable and typical for this type of contract, except for the cases referred to in the first two sentences. The aforementioned provisions are not coupled with a change in the burden of proof to the disadvantage of the customer. 

 

9. Applicable Law, Venue

The place of fulfillment is Landshut, Germany. German law shall apply at the exclusion of the United Nations Convention on Contracts for the International Sale of Goods. 

If the customer is an entrepreneur, a legal entity under public law or a special fund under public law, the exclusive venue for all disputes arising from this contract shall be the place of business of Pecunem GmbH. The same applies if the customer has no general legal venue in the Federal Republic of Germany or his domicile or normal place of abode is not known at the time a lawsuit is filed. 


10. Severability

Should any of the provisions of this contract with the customer, including these General Terms and Conditions, be determined unlawful in part or whole, this shall not invalidate the remaining provisions. The provision found to be unlawful in part or whole shall be replaced with a provision that most closely achieves the economic purpose of the unlawful provision. 

In case there is an unforeseen eventuality, the parties shall agree upon provisions that, on the basis of the entire body of the contract, shall help execute the contract according to the apparent will of both parties.