The American Philatelic Expertizing Service (APEX) guarantees this opinion as follows. If you purchased this item with an APEX certificate describing this item as genuine, and it subsequently is proven to be counterfeit, altered, or misidentified, APEX will compensate you up to $5,000 under the conditions listed below. The guarantee is valid for five years after the date of the certificate. There are no other guarantees or warranties, express, or implied.

The APEX guarantee does not apply to condition, such as thins, creases, gum disturbance, tears or gum loss, since condition can change after the certificate is issued. The guarantee terminates immediately if the item is altered (e.g., cleaned, repaired, reperfed, regummed) after the certificate is issued.

If, during the validity period of the guarantee, APEX agrees that its original decision is incorrect and that the material is counterfeit, altered, or misidentified, APEX will purchase the guaranteed material from the owner. APEX reserves the right to determine the value of the material. In establishing the value, APEX will consider 1) the sale price, 2) receipts or other documentation provided by the owner, 3) value placed on the item when submitted for certification, and 4) the judgement of experts in the field. In no case will APEX pay more than $5,000 per certificate or the value of the item, whichever is less.

If APEX does not agree that its original decision is in error, the owner may, as his or her sole remedy refer the matter to a disputes panel, consisting of three APS members — one selected by APEX, one selected by the owner of the material, and one selected by the other two. The panel would function under the laws of Pennsylvania and its decision will be binding on both parties.

This APEX guarantee is issued by the American Philatelic Society and not by individual members of the APEX expertizing committee or its staff.

For more information contact Mercer Bristow, Director of Expertizing.