The Professional Numismatists Guild (PNG), a non-profit organization founded in 1954 and composed today of many of the country’s top rare coin, banknote and precious metals dealers, has now created the PNG Accredited Precious Metals Dealer (PNG-APMD) program. The new accreditation program is intended to help the public learn about bullion coins and ingots, and avoid problems when they make purchases or sell.
PNG officials caution that recent cases involving non-PNG dealers in California and Texas who failed to deliver gold coins ordered by customers underscore the crucial need for investors to know their precious metals dealer before buying or selling.
“If you don’t know bullion coins, you’d better know your precious metals dealer,” said Robert Brueggeman, PNG Executive Director.
All PNG member-dealers already must adhere to a strict code of ethics in the buying and selling of numismatic material. PNG-AMPD members now must also follow an additional code specifically regarding the buying and selling of bullion coins and ingots.
As part of the 20-point PNG-AMPD code of ethics, accredited dealers pledge to promptly deliver precious metals they sell unless otherwise agreed between the dealer and customer, and to promptly pay for precious metals they purchase unless otherwise agreed in writing between the dealer and customer.
They also pledge to furnish “sound educational resources to … non-professional customers on precious metals matters” to the best of their abilities, and must consent to PNG arbitration of all disputes involving the purchase, sale, or trade of numismatic or related items.
The complete code of ethics and list of PNG-APMD dealers can be found online at www.pngdealers.org/apmd.
“In recent weeks, there have been reports of investigators claiming customers of a Costa Mesa, California dealer reportedly failed to receive more than $17 million of gold coins they ordered. And investigators in Austin, Texas are trying to locate an estimated $30 million of precious metal coins and cash missing from a dealer there who allegedly failed to deliver promised orders. It is crucial that you deal only with reputable experts,” emphasized PNG President Dana Samuelson.
For additional information about the Professional Numismatists Guild and the PNG Accredited Precious Metals Dealer, contact the PNG by phone at (951) 587-8300 or by email at [email protected].