“Is there a coin dealer near me?”. There surely will be. Coin dealers can be anyone and everyone. Yet, it is best to know whether they are members of the Professional Numismatists Guild or the PNG.
The Professional Numismatists Guild (PNG) is a non-profit organization composed of rare coin and paper money experts. They went through extensive background checks, follow an austere code of ethics in the trading of coin collections and warrant the legitimacy of the numismatic commodities they market.
PNG members have to follow rigorous requirements which include:
- a PNG coin dealer must have five (5) years or more of numismatic experience.
- a PNG coin dealer must have a net worth of more than five hundred thousand dollars ($500, 000)
- a PNG coin dealer must be elected by a majority of its members
- a PNG coin dealer must respect and abide by the Coin Collectors Bill of Rights
- a PNG coin dealer must be agreeable to conform with binding arbitration for the resolution of disputes relating to the trading of numismatic items
- a PNG coin dealer agrees to strictly abide by the Professional Numismatists Guild Code of Ethics
The PNG sets a very strict standard especially with regard to adherence to their code of ethics. A PNG member pledges to the following, among others:
- to offer sound advice to their clientele on matters of numismatics
- to promptly deliver sold items unless otherwise agreed upon
- to promptly settle payments for purchases unless otherwise agreed upon
- to desist from fraudulent trading practices particularly on prices, quality, and guarantee
- to assist in the government’s efforts to investigate and prosecute erring numismatic dealers
- to avoid trading in stolen items, counterfeit coins or currency and other illegal numismatic materials
- to refrain from participating in the trade of doctored or counterfeit numismatic items
- to be truthful and accurate in the grading of coins according to industry standards
Why Transact With a PNG Coin Dealer
Rare and very old coins are quite difficult to come by and can easily cause a fortune. A dishonest coin dealer can defraud you of a large amount of money. They buy your coins at a much lower price than its real worth. In the same manner, buying from them may rob you of your hard-earned money. There are very good counterfeits that even an individual with some expertise on numismatics can still be duped.
Transactions made with a PNG accredited coin dealer assures that you are in good hands. They have the skill to decipher genuine from counterfeit. They will give you quality numismatic products.
But if unfortunately, you were given less than what you paid for, there is no need to worry. The PNG guarantees that procedures are in place for the resolution of any dispute that may arise.
Aside from being under oath to abide by the PNG’s final decision, your dealer would not put their reputation at stake by dealing fraudulently. They would definitely not want to lose their credibility, especially among their peers.
PNG is a very prestigious group. Not every coin dealer is a member. And U.S. Coins and Jewelry is a very proud member as you can see if you visit this site right here.