Lot

An item or group of items offered as a single unit at auction. A lot may contain one medal, a complete medal group, or a collection of militaria and related historical material.

Understanding medal terminology can help when researching military medals, campaign awards, gallantry decorations, medal groups, and inherited collections. If you have medals you would like to have assessed, learn more about our medal valuation service.

Related Medal Collecting Terms

Medal Valuation

An assessment of a medal or collection's likely market value. Factors can include the award, recipient, rarity, condition, provenance, completeness, and current collector demand.

Auction Estimate

A price range or guide published by an auction house to indicate the anticipated selling price of a lot. An estimate is not a guarantee of the final result.

Hammer Price

The final bid accepted by the auctioneer when the lot is sold, before any buyer's premium, taxes, or other applicable charges are added.

Buyer’s Premium

An additional fee charged to the successful bidder by an auction house, usually calculated as a percentage of the hammer price. The rate and any applicable taxes depend on the auction's terms.

Reserve Price

The minimum price at which a lot may be sold under the auction agreement. If bidding does not reach the reserve, the lot may remain unsold.

Provenance Research

The process of investigating an item's ownership history and supporting documentation. For medals, this may involve archives, service records, medal rolls, family papers, and previous auction records.