Coin Dealer Codes of Ethics
Wednesday May 2, 2007
Like most areas of professional specialization these days, professional numismatists (that's "coin dealers" to most of us) have evolved various Codes of Ethics. One of the most well-known in general numismatics is the PNG Dealer Code of Ethics. PNG, (the Professional Numismatists Guild,) has a stringent Code, coupled with membership requirements that are meant to ensure that coin dealers have enough experience, minimum numismatic assets, esteem in the community, and positive moral values to be able to provide service to their coin collecting customers that is quite a bit above the norm for the business overall. I always recommend PNG Dealers ahead of any other source for this very reason.
However, not all dealers can qualify for the PNG. For some, it's because they do a part time business, and can't meet the minimum asset requirements. For others, they are just starting out in the coin selling business following retirement from their regular careers, and despite extensive knowledge about coins, they lack the 5 years of experience selling coins that PNG certification demands. Whatever the reason, there are many perfectly ethical and qualified coin dealers outside the PNG who are members of the American Numismatic Association (ANA) and therefore are bound by the ANA Code of Ethics.
The ANA Code of Ethics applies to all ANA members who involve themselves in coin transactions, so it's not strictly a "dealer" code of ethics, but it's better than nothing! If you have a dispute with an ANA member dealer, and can't get resolution from him or her directly, you can appeal to the ANA for mediation. Although the ANA has a mixed record for actually acting on complaints about its dealer members, they have been better about this in the past couple of years.
What got me thinking about these Coin Dealer Codes of Ethics today was the announcement by Professor Glenn Simonelli, a prominent member of the ancient uncleaned coins collecting community, that he has organized a Code of Ethics for dealers who sell uncleaned ancient coins. (For those unfamiliar with these amazing coins, they are generally smaller sized bronze coins from ancient Rome and Greece, which have recently been dug up after lying buried in the ground for upwards of 1,500 to 2,000 years! For about $2 a coin, anybody can buy these fascinating hand struck works of ancient art, as long as you don't mind cleaning them yourself!)
However, not all dealers can qualify for the PNG. For some, it's because they do a part time business, and can't meet the minimum asset requirements. For others, they are just starting out in the coin selling business following retirement from their regular careers, and despite extensive knowledge about coins, they lack the 5 years of experience selling coins that PNG certification demands. Whatever the reason, there are many perfectly ethical and qualified coin dealers outside the PNG who are members of the American Numismatic Association (ANA) and therefore are bound by the ANA Code of Ethics.
The ANA Code of Ethics applies to all ANA members who involve themselves in coin transactions, so it's not strictly a "dealer" code of ethics, but it's better than nothing! If you have a dispute with an ANA member dealer, and can't get resolution from him or her directly, you can appeal to the ANA for mediation. Although the ANA has a mixed record for actually acting on complaints about its dealer members, they have been better about this in the past couple of years.
What got me thinking about these Coin Dealer Codes of Ethics today was the announcement by Professor Glenn Simonelli, a prominent member of the ancient uncleaned coins collecting community, that he has organized a Code of Ethics for dealers who sell uncleaned ancient coins. (For those unfamiliar with these amazing coins, they are generally smaller sized bronze coins from ancient Rome and Greece, which have recently been dug up after lying buried in the ground for upwards of 1,500 to 2,000 years! For about $2 a coin, anybody can buy these fascinating hand struck works of ancient art, as long as you don't mind cleaning them yourself!)
Additional Coin Dealer Information and Resources:
- 5 Tips on How to Find an Ethical Coin Dealer
- How to Find a Local Coin Dealer
- My Top 5 Worst Coin Investments and Who Sells Them
Comments
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