Please be advised of the following important notes.

The utilization of this report as a tool for assessing the population and value of certified numismatic coins in any character or grade is unreliable. The following characteristics inherent in the marketplace undermine the accuracy of this report:

Inexpensive coins which are not generally submitted for certification may appear scarce but are not.

Numismatic coin certification services are predominantly utilized for higher grade coins.

Certified coins are often removed from their holders without notice to the grading service. Therefore, computer tallies utilized to provide population reports may be misleading.

Rarity is only one factor which must be weighed in determining the market value of a numismatic coin.

Numismatic Guaranty Company of America encourages all coin collectors to seek the counsel of qualified numismatists familiar with the certified coin marketplace before making any purchase based on this report.

The NGC US Coin Price Guide shows average dealer retail prices based on actual, documented transactions and other information reported by collectors, dealers and auction houses for NGC-certified coins. The price shown is the average dealer retail price, excluding any sales tax, for an NGC-certified coin in a standard holder with a standard label and does not reflect any premiums for special holders, labels or designations unless otherwise specified.

Retail prices for collectible coins can vary between dealers – sometimes significantly – based on a number of factors, including short-term pricing trends, eye appeal, trading frequency, special characteristics, market availability, demand and precious metal spot prices. Further, because the NGC US Coin Price Guide prices are only updated from time-to-time, they do not reflect short term pricing trends, which are quite common and are often quite dramatic, given the volatile nature of the collectible coin marketplace. This is especially true for rare coins, where there are fewer sales and greater variations in sale prices. For all of these reasons, the prices in these guides are designed to serve merely as one of many measures and factors that coin buyers and sellers can use in determining coin values. These prices are not intended, and should not be relied upon, to replace the due diligence and — when appropriate — expert consultation that coin buyers and sellers should undertake when entering into a coin transaction. As such, NGC disclaims all warranties, express or implied, including, but not limited to, the implied warranties of merchantability and of fitness for particular purpose, with respect to the information contained in the NGC Price Guides. By using the NGC Price Guides, the user agrees that neither NGC nor any of its affiliates, shareholders, officers, employees or agents shall have any liability for any loss or damage of any kind, including without limitation any loss arising from reliance on the information contained in the NGC Price Guides.