(Edina, Minnesota) – The new President of the Professional Numismatists Guild (PNG) is calling for PNG and the American Numismatic Association (ANA) to adopt a “unified code of conduct” in the buying and selling of numismatic merchandise.

“PNG will take a key role in consumer protection by working with key organizations, such as the ANA, to define criteria for a unified code of conduct and to devise ways to enforce the code,” said Gary Adkins of Edina, Minnesota who became PNG President in August.

PNG member-dealers and their employees already must adhere to a strict 17-point PNG Code of Ethics. Violation of the code can result in censure, suspension or expulsion. In the past three years, two PNG members were suspended from membership, and a third resigned prior to being suspended or expelled.

“PNG also has a 10-point Collector’s Bill of Rights that outlines what every collector should expect from the dealers they do business with,” said Adkins. “It forbids high pressure sales tactics or misrepresenting the value, quality or investment potential of numismatic items.”

In addition, PNG offers legally-binding arbitration to resolve any disagreement that may arise between a collector and a PNG member.

“In the past two years we received 23 complaints filed against PNG members by collectors or non-PNG dealers. Most of them involved simple misunderstandings, and all but one case was successfully and quickly resolved prior to going to arbitration. That process saved collectors and dealers a lot of time and legal expenses,” said Robert Brueggeman, PNG Executive Director.

“The approximate total value of the items in those 23 complaints was $200,000. In a booming, multi-billion dollar numismatic market, that’s a relatively small amount, but still important to the individuals involved. The PNG’s dispute resolution and arbitration process worked well for everyone.”
The ANA has a Code of Ethics to which all ANA members must abide.

“As a 25 year member of the PNG and a founding member of the Board of Directors of the Industry Council for Tangible Assets (ICTA), I applaud the efforts to strengthen consumer protection and education. I look forward to working with Gary Adkins and others to reinforce safeguards for honesty and integrity in the marketplace,” said Barry Stuppler, ANA President.

Adkins said the organization plans to again conduct an opinion survey of PNG and ICTA members about third-party grading and authentication services. Information from the most recent 2006-2007 survey was used by eBay in helping to formulate its new policies about online auction listings of third-party grading services.

“PNG will continue to take an active role in our grading survey co-sponsored by ICTA because these help collectors make educated decisions on the grading services’ products offered in the marketplace,” he said.

“I would like to see us take on the responsibility to provide leadership for both dealers and collectors, providing direction and energy to the marketplace and creating opportunities for growth and sustainability. PNG and ICTA also will continue to monitor regulatory and taxation issues for our members and to protect collectors from legislation that is adverse to the hobby. The challenge before us is to create goals that are definable and measurable.”