The Requirements to Be a Coin Dealer

Numismatic Assets

• The PNG requires all of its coin dealers to demonstrate numismatic net worth (total worth of all coins in their collection) of at least $250,000 at all times. When you apply, you must provide a notarized statement from a certified public accountant that you meet the financial requirements of the group.

Experience

• PNG requires its coin dealers to have at least 5 years of numismatic experience. They must be full-time coin dealers and be at least 21 years old. The PNG offers other levels of membership for younger coin enthusiasts, those with less experience and those with a net worth of less than $250,000.

Election

• Coin dealers must be elected to the Professional Numismatists' Guild by a majority of the membership. To apply, you must submit an application to the executive director and be sponsored by two full members. If you meet the qualifications, the executive director will submit your application to all regular PNG members. The board of directors will then vote to admit all applicants approved by the membership.

Binding Arbitration

• Qualified coin dealers must submit to binding arbitration to resolve disputes. Members are bound to the binding arbitration process regarding the purchase, sale or trade of coins. This includes being willing and able to provide evidence regarding the transaction in question to PNG when the guild requests it. According to the PNG, "If you have a grievance, the PNG will settle it!"

Code of Ethics

• PNG coin dealers agree to honor the Coin Collectors' Code of Ethics. This includes promising to provide sound advice, refraining from knowingly dealing counterfeit coins without informing the customer, and respecting all contracts. The Code of Ethics is binding for all members and their employees and representatives. According to the Code, if you violate the Code of Ethics, you are subject to "censure, suspension or expulsion from PNG, in addition to any other remedies available under these bylaws or applicable law."