PNG Credentials

JSsson · August 9, 2005 5:44PM

Recently while browsing the websites and advertisements of many of the larger dealers, I noticed that many of the larger firms make a big deal about being a member of the Professional Numismatists Guild or PNG. The wierd PNG logo is usually displayed prominently on most of the websites and ads.

What exactly is the PNG, and why is it such a big deal to be a member? Is it difficult to become a member of that group, and is it similar to being a member of the ANA?

What do dealers have to do to become a member? Is membership pretty exclusive?

ER · August 9, 2005 6:33PM

Has no meaning to me.

Longacre · August 9, 2005 11:10PM

I give a little more weight to dealers who are members, but not much. I understand that the rules are somewhat strict (I think there is an inventory value rule or something like that which is pretty high), so if someone does not belong, I don't hold it against them.

Julian · August 9, 2005 11:23PM

If a dispute arises with a PNG member, that member cannot escape arbitration simply by resigning. Unfortunately Laura is not correct with her assertion.

If the event occurred while the dealer was a member, he must still submit to binding arbitration.

There are many steps in the application and acceptance process to be a member of the PNG.

I would invite you to the PNG website, www.pngdealers.com.

The executive director is Robert Brueggeman.

Barry · August 9, 2005 11:25PM

A few years ago, I reported a PNG dealer to Ebay for shilling. He was suspended for 30 days (pretty hefty punishment for a power seller.) From what I've seen in his auction descriptions, he's up there with the full-page ad guys in Coin World in terms of selling overgraded crap. Is he representative of all PNG dealers? Obviously not. To me, PNG membership means as much as the "you can trust me, I'm a life member of the ANA" line you see in some auctions.

goose3 · August 9, 2005 11:27PM

no offense to those here that are members but when I see all of these titles and whatnot, I can't help to think that it is basically a do nothing group of people that came up with a title to try and make people feel all warm and fuzzy.

ER · August 9, 2005 11:31PM

<< <i>A few years ago, I reported a PNG dealer to Ebay for shilling. He was suspended for 30 days (pretty hefty punishment for a power seller.) From what I've seen in his auction descriptions, he's up there with the full-page ad guys in Coin World in terms of selling overgraded crap. Is he representative of all PNG dealers? Obviously not. To me, PNG membership means as much as the "you can trust me, I'm a life member of the ANA" line you see in some auctions. >>

Exactly! I respect a dealer because of how he/she treats clients, not because of which organization he/she belongs to.
Julian, I respect you even if you were not a PNG dealer.

Mark · August 10, 2005 12:23AM

I agree with ER that I'd respect Julian even if he was not a PNG member. And I respect the PNG a bit more because he is a member. I also think that PNG membership means a lot more than ANA membership. Are all PNG members angels? Of course not--Barry's expeirence shows that plus a few members, since booted from the PNG, were apparently rotten apples.

I appreciate that one of the requirements to be a member of the PNG is 5 years of experience. On the one hand, 5 years isn't all that much. But on the other hand, 5 years sure keeps out some of the "wannabes" that flood the market everytime coins get hot. Another requirement is $175,000 numismatic net worth. Again, this requirement is helpful in sorting out some of the "wannabes." So, while I surely wouldn't buy from a dealer simply because he or she is a PNG member, I do count this as a positive mark on the dealer's ledger.

Mark

MrEureka · August 10, 2005 12:27AM

Membership is $1000 a year. That should tell you something about the value of the organization.

Julian · August 10, 2005 1:09AM

Thanx, ER and Mark!!!

Barry, Why didn't you report the offender to the PNG?

The PNG does take action. I promise you that.

Barry · August 10, 2005 1:36AM

Julian,
I'll talk to you about it on Friday, if you have a free moment. Having been involved in the ACG suit, I'd rather not go into more detail on the forum.
Barry

Halfsense · August 10, 2005 4:15AM

For those who are interested, here are links to

The PNG Code of Ethics

and

The PNG Collectors' Bill of Rights

All PNG Member-Dealers and members of their staffs are ogliged to adhere to the above. PNG has suspended and/or expelled some members for non-compliance. Is the system perfect? What system is? But these PNG rules and regulations are serious, and designed to assist buyers and sellers in the numismatic marketplace.

Questions or comments can be directed to:

Mr. Robert Brueggeman
Executive Director
Professional Numismatists Guild
3950 Concordia Lane
Fallbrook, California 92028

Phone: (760) 728-1300
Fax: (760) 728-8507
E-mail: info@PNGdealers.com
Web: www.PNGdealers.com

By the way, Jeff Garrett has been selected to serve as PNG President the next two years. As many of you know, he is a strong proponent of numismatic education and consumer protection.

-donn-
PNG Affiliate Member #498

geb209 · August 10, 2005 4:48AM

I purchased a coin from a large auction house and the coin was grossly misrepresented. I contacted PNG to get a copy of the arbitration rules and then contacted the auction house to notify them that, pursuant to their auction rules, I was electing PNG binding arbitration. They promptly refunded my money.

dorkkarl · August 10, 2005 11:25PM

w/ all due respects to some dealers, like julian, who are 1st class, the png logo means absolutely ZILCH to me.

K S

bushmaster8 · August 11, 2005 1:44AM

<< <i>Membership is $1000 a year. That should tell you something about the value of the organization. >>

Unless you are Rick Tomaska!

A few years ago he was using the PNG logo in all of his Coin World ads (R&I Coins) even though he was NOT a PNG member!

JSsson · August 13, 2005 12:04PM

ER,

Okay, I meant "many" collectors.

ER · August 13, 2005 12:09PM

I have no data to back it up, but I suspect that most

collectors put a lot of weight into these labels/credentials.

PNG Credentials

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