COIN TRANSACTION AND WEBSITE USER AGREEMENT


1. By electing to utilize the services provided by First Fidelity Reserve (“First Fidelity”) including making purchases from First Fidelity or making sales to or trades with First Fidelity, you are agreeing to the following terms. These terms apply to all orders, all purchases, sales and trades made by telephone, through the website or otherwise.

2. Before you may place an order to purchase, sell or trade coins with First Fidelity through an online transaction, you must read and accept all of the terms included in this Agreement. If you have placed an order to purchase, sell or trade coins with First Fidelity via telephone and the terms of this Agreement are unacceptable to you, please utilize the return privilege referenced in Paragraph 4. Otherwise, you acknowledge acceptance of all terms of this Agreement.

3. You represent and warrant to First Fidelity that you have sufficient experience and knowledge to make informed decisions to purchase from and/or sell and/or trade coins to First Fidelity. You acknowledge you are making your own decision to purchase coins from First Fidelity or sell or trade coins to First Fidelity. You further acknowledge First Fidelity is not making any recommendations with respect to your online transactions. Additionally, you acknowledge all statements, opinions, and pricing relayed to you by First Fidelity representatives are believed to be reliable, truthful and accurate, but they are not guaranteed in any way and are subject to change without notice. You acknowledge that First Fidelity advises, and you have had the opportunity to perform your own due diligence in deciding the amount and type of your coin transaction and numismatic position. You understand and acknowledge that past performance is not a guarantee of future returns. You acknowledge that First Fidelity advises, and you have had the opportunity to independently verify all representations made via the First Fidelity website, via email, via First Fidelity publications or from First Fidelity representatives. You acknowledge First Fidelity is not liable for any claims or losses which might be incurred while relying on information published by First Fidelity.

4. You acknowledge that you are subject to a variety of risks which are beyond the control of First Fidelity, and you expressly acknowledge First Fidelity is not liable or responsible for those risks, which include, but are not limited to price volatility. You understand and acknowledge as with all investments, the value of coins could go up or down. You understand and acknowledge the coin market is speculative and unregulated and you could lose money if you sell your coins in the short term. You understand and acknowledge First Fidelity considers coin collecting and investment to be a mid to long term investment. You understand and acknowledge coin values are affected in part by economic and market conditions and you are willing to assume the risk associated with your coin transactions. You understand and acknowledge First Fidelity does not offer any express, assumed or implied promises regarding future performance, profit or growth of your coin purchase collection or investment. You understand and acknowledge First Fidelity recommends a hold time for coin purchases of five to ten years or more. You acknowledge First Fidelity does not guarantee a profit or growth in any time frame. You acknowledge and understand third party grading and authentication of numismatics does not eliminate all risks associated with the grading of coins.

You understand if you are not 100% satisfied with your purchase, you may return it in its original packaging within thirty (30) days of receipt for a full refund except on special orders or bullion orders. You understand returns of numismatic items outside of the thirty (30) day return privilege may be subject to a restocking fee of up to 20% or repurchase at First Fidelity’s buy price at the time of return. You understand and accept First Fidelity’s policy that payments for refunds on coins received and confirmed for liquidation will be processed in 10-15 business days unless otherwise specified by management in writing.

5. You acknowledge and understand some experts in typical times recommend a diversified investor’s portfolio contain a rare coin and precious metals component of 5% minimum to a maximum of 25%. You shall independently determine what percentage is appropriate for you and your personal circumstances.

6. Although First Fidelity takes great care to provide accurate product and pricing information, pricing or typographical errors may occur. In the event an item is listed with incorrect information or an incorrect price due to an error in information or pricing, First Fidelity reserves the right at their sole discretion to refuse or cancel any order placed for that item. If an item is incorrectly priced, First Fidelity will contact you for instructions or cancel your order and notify you of such cancellation. Prices and availability of products are subject to change without notice.

7. You accept and acknowledge First Fidelity’s Privacy Policy.

8. You acknowledge that you are personally and financially suited for coin collecting and investing. You understand and acknowledge First Fidelity does not recommend financing any coin purchase or spending more than you can afford to lose if your investment declines in value. You expressly acknowledge any decision by you to finance coin purchases or spend more than you can afford to lose is solely your decision despite First Fidelity recommendations to the contrary. You acknowledge and agree that no warranties or guarantees have been made to you regarding the coins purchased from First Fidelity.

9. You acknowledge and understand First Fidelity does not recommend you pay a penalty for early withdrawal from any investment to purchase coins. You expressly acknowledge any decision by you to withdraw money from an investment and pay an early withdrawal penalty is solely your decision despite First Fidelity recommendations to the contrary.
10. You acknowledge and understand First Fidelity has the right to refuse an order when the confirmed price is incorrect, due to computer related problems, pricing error, incorrect item descriptions or sudden movements in the precious metal market. Furthermore, First Fidelity reserves the right to refuse or cancel any order deemed questionable, suspicious, or of significant risk to First Fidelity regardless of payment method and price confirmation.

11. You accept and acknowledge First Fidelity’s Terms and Conditions for customers and website visitors.

12. THE FORMATION OF THIS AGREEMENT CONSTITUTES THE MAKING OF THIS CONTRACT IN JEFFERSON COUNTY, TEXAS. REGARDLESS OF THE MANNER, TIMING OR LOCATION OF DELIVERY OR RECEIPT OF ACCEPTANCE OF THIS AGREEMENT, THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS. SUBJECT TO THE ARBITRATION AGREEMENT IN PARAGRAPH 13, ANY LEGAL ACTION OR PROCEEDING BETWEEN YOU AND FIRST FIDELITY OR WITH RESPECT TO THIS AGREEMENT OR ANY TRANSACTION HEREUNDER SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF TEXAS LOCATED IN JEFFERSON COUNTY OR OF THE UNITED STATES OF AMERICA FOR THE EASTERN DISTRICT OF TEXAS. BY ACCEPTANCE OF THIS AGREEMENT, YOU AND FIRST FIDELITY HEREBY ACCEPT, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THESE COURTS. YOU AND FIRST FIDELITY WAIVE ANY OBJECTION, INCLUDING ANY OBJECTION TO THE VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT YOU OR FIRST FIDELITY MAY NOW OR HEREAFTER HAVE TO ANY SUCH ACTION OR PROCEEDING IN SUCH JURISDICTIONS.

13. YOU AND FIRST FIDELITY AGREE TO ARBITRATE IN A FINAL BINDING MANNER PURSUANT TO THE FEDERAL ARBITRATION ACT AND ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION IN ACCORDANCE WITH ITS COMMERCIAL ARBITRATION RULES IN JEFFERSON COUNTY, TEXAS ALL CONTROVERSIES BETWEEN YOU AND FIRST FIDELITY, ITS OWNERS, REPRESENTATIVES OR AGENTS THAT CANNOT BE AMICABLY RESOLVED BY DIRECT NEGOTIATION OR THROUGH PRE-ARBITRATION MEDIATION, ARISING OUT OF OR RELATING IN ANY WAY TO ANY TRANSACTION WITH FIRST FIDELITY, YOUR ACCOUNT, OR ANY SERVICE PROVIDED BY FIRST FIDELITY TO YOU. JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF. YOU AND FIRST FIDELITY UNDERSTAND THAT BOTH PARTIES WAIVE ANY RIGHT TO A JURY TRIAL.

14. IF ANY PARTY UNSUCCESSFULLY RESISTS ARBITRATION UNDER PARAGRAPH 13 OR THE CONFIRMATION OR ENFORCEMENT OF AN ARBITRATION AWARD RENDERED PURSUANT TO THIS AGREEMENT, THEN ALL COSTS, ATTORNEYS’ FEES AND EXPENSES INCURRED BY THE OTHER PARTY OR PARTIES IN COMPELLING ARBITRATION OR CONFIRMING OR ENTERING THE AWARD SHALL BE FULLY ASSESSED AGAINST AND PAID BY THE RESISTING PARTY.

15. YOU ACKNOWLEDGE AND AGREE THAT REGARDLESS OF ANY STATUTE OR LAW TO THE CONTRARY, ANY CLAIM OR CAUSE OF ACTION YOU MAY HAVE ARISING OUT OF, RELATING TO, OR CONNECTED TO COIN PURCHASES, COIN SALES OR ANY OTHER TRANSACTIONS BETWEEN YOU AND FIRST FIDELITY MUST BE FILED WITHIN ONE CALENDAR YEAR AFTER SUCH TRANSACTION OR FOREVER BE BARRED. NOTWITHSTANDING THE IMMEDIATELY PRECEDING SENTENCE, IF THE LAW OF THE APPLICABLE JURISDICTION HAS A “DISCOVERY RULE” WHEREBY ACCRUAL OF SUCH CLAIM IS DEFERRED WHICH IS APPLICABLE TO ONE OR MORE CLAIMS, THEN THE ONE YEAR LIMITATION PERIOD SPECIFIED HEREIN SHALL BEGIN RUNNING FROM THE DATE OF ACCRUAL FOR SUCH CLAIM OR CLAIMS AS DETERMINED BY THE LAW OF THE APPLICABLE JURISDICTION, IT SHALL REMAIN FULLY ENFORCEABLE AS TO ALL OTHER CLAIMS.

16. YOU ACKNOWLEDGE, UNDERSTAND AND ACCEPT THAT FIRST FIDELITY’S LIABILITY IN ALL CLAIMS WHETHER THEY SOUND IN TORT, CONTRACT, WARRANTY OR OTHERWISE, SHALL NOT EXCEED THE AMOUNT ACTUALLY PAID BY YOU FOR THE COINS IN DISPUTE LESS THE COINS’ FAIR MARKET VALUE AS OF THE DATE ANY ARBITRATION PROCEEDING IS COMMENCED. UNDER NO CIRCUMSTANCES SHALL First Fidelity BE LIABLE TO YOU FOR INDIRECT, INCIDENTIAL, ADDITIONAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES.

17. YOU AND FIRST FIDELITY AGREE THAT ALL CLAIMS SHALL BE BROUGHT IN THE PARTY’S INDIVIDUAL CAPACITY AND NOT AS A CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.

18. You acknowledge and confirm you are of legal age and capacity to enter into this Agreement. If you are acting in a capacity other than as an individual, you represent that you are fully authorized to act on the owner’s behalf.

19. You accept and acknowledge First Fidelity’s Disclosures which are included with each Invoice to you and appear on the website.

20. You understand, acknowledge and accept that there is a price differential or “spread” between First Fidelity’s selling price (the “ask price”) and First Fidelity’s buyback price (the “bid price”) for coins First Fidelity needs. First Fidelity’s “bid price” is the price it pays to customers for a coin. First Fidelity’s “ask price” is the price it charges customers for a coin. The spread is calculated by subtracting the bid price from the ask price and then dividing the difference by the ask price. ([Ask – Bid] ÷ Ask). You understand, acknowledge and accept First Fidelity’s current spread on common bullion coins typically ranges from 1% to 5%. First Fidelity’s current spread on the most common date antique coins typically ranges from 10% to 15%. First Fidelity’s current spread on the rarest coins typically ranges from 33% to 38%.

21. You understand and agree that First Fidelity may, in First Fidelity’s discretion, but is not obligated to do so, monitor or record your telephone conversations with First Fidelity for quality control and First Fidelity’s protection.

22. You understand First Fidelity employees may from time to time discuss the general direction of various financial markets, but neither First Fidelity nor its representatives can guarantee or predict any market movement.

23. You understand First Fidelity does not offer advice on the tax treatment of purchasing, selling or trading bullion or rare coins. You understand you must consult with your tax advisor regarding such matters.

24. When you provide a check as payment, you authorize us to either use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment, and you will not receive your check back from your financial institution.
25. You authorize representatives from First Fidelity to contact you via phone, text or email to discuss items of interest.

26. Market Loss Policy. When you make a bullion purchase through our online store, you have entered into a binding contract for the purchase at the agreed upon price. If you choose to cancel the transaction or default on payment or if you default on any other act required of you, you agree that you have full responsibility to First Fidelity for any Market Loss plus a $30 cancellation fee. You will also be fully responsible and liable to First Fidelity for any and all fees or costs associated with collecting from you. Any market gain shall belong to the company. All pending or future orders shall be held for shipment until all cancellation fees and Market Loss amounts are fully paid.

27. Payments for transactions are due no later than three (5) business days from the date the order is placed online. (Ex. 1, order Placed on Monday, payment is due no later than the following Monday; Ex. 2, order placed on Friday, payment is due no later than the following Friday.)

28. When you choose to pay for an online purchase by using a personal check, we require a credit card on file to enforce our Market Loss Policy, cancellation fee and to verify your identity.

29. Bullion and Special Order Cancellation Policy. The 30 day refund policy does not apply to bullion or special orders. On bullion or special orders, all prices are locked in at the time of purchase on the online store and upon receipt of good funds for phone orders. If you choose to cancel a purchase of bullion or special order products, you must do so by contacting us via phone at (800) 336-1630 during regular business hours. Cancellation of an order cannot be accomplished without speaking to a manager. You may not cancel an order by leaving a message with the answering service or voicemail. All cancelled bullion or special order transactions are subject to our Market Loss Policy plus a $30 cancellation fee. When you speak to the manager regarding the cancellation, any market loss will be calculated and added to the $30 cancellation fee. The cancellation fee and any market loss will be charged to your credit card. Any market gain on cancelled orders shall belong to the company.

30. When you choose to pay for an online purchase by using wire transfer, we require a credit card on file to enforce our Market Loss Policy, cancellation fee and to verify your identity.

31. Force Majeure. If First Fidelity is unable to perform any obligation hereunder as a result of any event beyond its control, First Fidelity’s delay or failure to perform such obligation shall be excused and First Fidelity shall not be liable for any damages as a result of such delay or failure to perform.

32. You shall hold the existence and terms of all your transactions with First Fidelity, including, without limitation, the existence of any disagreement or dispute and the existence and terms of any resolution thereof in the strictest confidence and you shall not disclose or publish on the internet or elsewhere, any such information to any person or entity without written consent of First Fidelity, or an order by a court of competent jurisdiction. If you become aware you may be required to make a disclosure, you shall promptly notify First Fidelity in writing and shall cooperate in good faith with First Fidelity in obtaining a protective order or other appropriate relief, if any, with respect to such disclosure.

33. Severability. This Coin Transaction and Website User Agreement is intended to be enforceable to the fullest extent permitted by applicable law. If any term of this Agreement is held to be unenforceable for any reason, such unenforceability shall not affect the other terms of this Agreement.

34. Amendment. First Fidelity may amend this Agreement at any time by posting the amended terms on the website. Except as otherwise provided in this Agreement, the amended terms will become automatically effective thirty (30) days after their initial posting on the website. You acknowledge and agree that it is your responsibility to review the Website and this Coin Transaction and Website User Agreement periodically, and to be aware of any modifications. Your continued use of this Website and/or your continued use of any services provided by First Fidelity after such modifications will constitute your acknowledgement of the Modified Coin Transaction and Website User Agreement and your agreement to abide and be bound by the Modified Coin Transaction and Website User Agreement. This Agreement may not be otherwise amended except by written agreement between First Fidelity and you.