Watch those online auction ?bargains,? warns the Professional Numismatists Guild. Inaccurate descriptions can drastically affect market value of purchases.
?The value of a rare coin is highly dependent on its specific grade, its state of preservation,? says Jeff Garrett, PNG president. ?Often, very small differences in quality translate to very large differences in value.
?In looking at online coin auctions, we?ve recently counted references to nearly two dozen different numismatic certification companies. Many collectors and investors are under the potentially costly false assumption that all of these certification services abide by similar criteria,? says Garrett.
PNG Executive Director Robert Brueggeman emphasizes there is no substitute for knowledge: ?If you don?t know rare coins, then you?d better know your coin dealer.?
For a copy of ?What You Should Know Before You Buy Rare Coins For Investment? and ?The Pleasure of Coin Collecting,? send $1 to cover postage costs to: Robert Brueggeman, PNG Executive Director, 3950 Concordia Lane, Fallbrook, CA 92028. Phone: (760) 728-1300. Fax: (760) 728-8507. E-mail: info@PNGdealers.com.
All PNG members must adhere to a strict code of ethics in the buying and selling of numismatic merchandise, and demonstrate knowledge, responsibility and integrity in their business dealings, Brueggeman says. PNG members must agree to binding arbitration to settle any unresolved disagreements over numismatic property. An online directory of PNG members is available at www.PNGdealers.com. The organization was founded in 1955.