Coin dealers are pretty easy to find. A Google search returns thousands of them. Hundreds can be found on eBay on any given day. But if you are serious about collecting coins, and see your collection as a sort of investment, you should take care in which coin dealers you do business with. Here are several tips to help you choose wisely:
Are They a Member of the PNG?
Some of these standards include:
- PNG Coin Dealers must have at least 5 years of numismatic experience
- PNG Coin Dealers must demonstrate numismatic assets in excess of $175,000
- PNG Coin Dealers must be elected to the Guild by a majority of the membership
- PNG Coin Dealers must honor the Coin Collectors' Bill of Rights
- PNG Coin Dealers agree to submit to binding arbitration to resolve disputes
There are several other requirements to become a PNG coin dealer, including such things as promising to pay fair prices to folks who sell their items, promptly delivering coins which have been paid for, and other things you'd expect of an honest dealer. However, the five items listed above make an excellent starting point for evaluating any potential coin dealer.
Why Does PNG Matter?
In today's world there are a variety of factors that come into play when buying coins. First of all there is a possibility that the coin you are looking at maybe a counterfeit from China.
Although the chance of your coin being a counterfeit is very slim, you need some method of assurance that the coin you are buying is genuine. Obviously, buying a coin at a flea market is very very risky. With a PNG member dealer you can be assured that the coin dealer you are dealing with has the experience to identify counterfeit coins.
Secondly, if in the very rare chance the coin you purchase from a PNG dealer is identified as a counterfeit, there is a procedure to resolve your differences if the dealer disagrees with your conclusion. Given that a PNG dealer has to have numismatic assets in excess of $175,000 and they need to be elected by a majority of the existing membership, you can rest assure that the dealer has credibility amongst his peers. He or she would not want to jeopardize their reputation by having been known to sell counterfeit coins.
Lastly, if you and a PNG coin dealer cannot come to a resolution over a discrepancy, your case may be submitted to the PNG for an evaluation. Whatever the PNG decides the member coin dealer has already agreed to be bound by the decision. This is almost like having a court of law specifically dedicated to resolving coin dealer and coin collector issues.
Find a Local PNG Dealer
The PNG has an online coin dealer directory where you can search for coin dealers using various criteria.
Edited by: James Bucki