Code of Ethics (Undated)


Professional Numismatists Guild


CSEP Library

Date Approved: 


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Code of Ethics

As a coin dealer, I recognize my obligation towards the public and towards my fellow members of the PNG and my industry. It is my intention to be worthy of the confidence and respect of those with whom I come in contact in the numismatic trade. For this purpose I have pledged myself as follows:

In my relations with the public:

To furnish my clientele advice on numismatic matters to the best of my ability.

To sell at prices that commensurate with a reasonable return on my investment and then prevailing market conditions.

To purchase coins from the public at reasonable prices with due allowance for buyer's risk and prevailing market conditions.

To neither broadcast, publish, nor advertise, in any manner, any representation or any implication with intent to create a false or incorrect conclusion with regard to my own goods, prices, or services, or those of a competitor or to make false claims to a policy, or to make any false representation as to my prices or those of my competitors.

To assist recognized governmental authorities in the prosecution of violators of the law in numismatic matters.

To refrain from knowingly dealing in stolen coins, medals or other numismatic material or publications or offering counterfeits or altered specimens, that are legal to own, to furnish the buyer with an invoice showing in detail, the nature of such coins sold and when selling a processed coin or a treated coin, where known, to furnish the buyer with an invoice showing in detail the nature of such coin sold.

To accurately grade merchandise, giving cognizance to the fact that grading is inherently subjective and a matter of personal opinion, yet utilize recognized industry standards.

To disclose to my customers materials sufficient to allow my customers to properly understand the risks associated with the purchase and sale of coins in either oral or written form as the circumstances may dictate. A written disclosure policy, which may appear on the invoice utilized by a member or in other form, shall contain the following language:

"The coin market is speculative and unregulated. Many areas of numismatics lend themselves to third party grading and authentication. Certification does not eliminate all risks associated with the grading of coins".

Each member of the PNG shall notify their employer in writing of the provisions of the bylaws and furnish a copy of such notice to the Executive Director. Complaint against a member for violating the Code of Ethics may be brought by any member or non-member of the PNG. A PNG member against whom a complaint is filed, by virtue of membership in the PNG, agrees to resolve the dispute by binding arbitration under the rules of the Professional Numismatists Guild, Inc..

The following constitute unfair or deceptive acts which a PNG member pledges they will not do in their dealings with consumers and the general public:

a. Representing to a consumer that a coin that has been graded by a captive grading service is of equal fungibility (salability) to that of an independent grading service, unless that statement is factual.

b. Representing to a consumer that grade of a numismatic item that is encapsulated by an independent grading service is equal to the value quoted for a similarly dated and similarly described coin of a different independent grading service, unless that statement is factual.

c. Offering any misleading price comparison.

d. Misleading use of the survey of any financial institution or other institution or investment guide or use of examples in a way calculated to create an inaccurate impression.

e. Misrepresenting the origin of a coin, its provenance, pedigree or deceptively stating a source of a coin. Representing that a coin is from a hoard, an estate or of a particular provenance unless such statement is true.

f. Misrepresenting the grade of a coin, giving cognizance to the fact that grading is inherently subjective and a matter of personal opinion, yet utilizing recognized industry standards.

g. Misrepresenting the value of a coin.

h. Misrepresenting the weight of a coin. It is deceptive to state the weight of a coin or medal in pounds or ounces without making it clear whether the weight is in troy ounces or avoir dupois ounces.

i. Failing to identify whizzed coins.

j. Using high pressure sales techniques.

k. Reporting or utilizing price realized at any auction sale unless such use is of a coin that actually sold at the price and circumstances represented.

l. Repairing any coin without disclosure.

m. Representing that holding coins for a specific period insures profitability.

n. Representing affiliation with any government agency unless such representation is true.

o. Failing to take cognizance of and compliance with the blue sky laws of various jurisdictions and the Federal securities laws, as may be applicable.

p. Promising immediate delivery of goods where the same is not possible, and not disclosing in a deferred delivery the reasons therefore in a manner consistent with all local, state and federal requirements.

q. That each member comply with the law and regulations under the Hobby Protection Act.

Each auctioneer member of the PNG shall in his dealing with the public, make full, complete and conspicuous disclosure of all terms necessary and material for a consumer to make an informed judgment concerning bidding, consigning and conduct associated with an auction sale. The PNG Board shall from time to time issue regulations which shall evidence industry practices and be binding upon auctioneer-members.

In my relations with my fellow members of this Association, I have pledged to:

  1. Refrain from the voluntary public expressions of adverse criticism of other members or their merchandise.
  2. To recognize my own contracts and undertakings as well as those of fellow members.
  3. To freely exchange information with other members when requested.
  4. To avoid making false statements or representations in my relations with my competitors and to cooperate generally towards the betterment of our industry and the hobby in my relations with fellow members.
  5. To obey this code of ethics and the terms and conditions of these bylaws and membership in the Guild.

Registered PNG Numismatist

  1. Any non-member employee or a member of firm that a member is affiliated with that utilizes the PNG logo or trademark, or who seeks a bourse table at any convention at which PNG membership is a requisite for entitlement to such table, and who actively buys, sells or deals with the public shall be required to register with the Professional Numismatists Guild, Inc. and agree to abide by its Code of Ethics.

  2. Such non-member or his employer or affiliated company shall file a Registered PNG Numismatist application and pay an annual assessment to be determined by the Board from time to time, and sign a copy of the Code of Ethics acknowledging receipt thereof. Such document, or in the failure of the PNG member or non-member to supply it, the use of the PNG logo or any other privileges of membership, shall bear the employee and employer's signature and shall indicate that the employee agrees to be bound by the Code of Ethics as now or hereafter adopted. The employer shall also agree to be bound thereby, including the provisions in the PNG Bylaw for mandatory and binding arbitration. Such document shall thereupon be returned to the PNG.

  3. By executing such document, such non-member or the employer understands that they shall have personal liability for any transaction undertaken, with member or non-member without regard to the actual legal identity or personae of the seller.

  4. Each member shall be required to notify the PNG within three days of such time when such non-member employee is no longer in their employ, and each member shall promptly notify the PNG of a new non-member employee which is added, in which case such notice shall be accompanied by the application and the registration fee.