This article was originally printed in the latest issue of Numismatic News.
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The following is a joint statement from Robert Brueggeman, Professional Numismatists Guild executive director, and Paul Montgomery, PNG president, issued Jan. 12:
In July 2010, the board of directors of the Professional Numismatists Guild (PNG) partnered with Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Service (PCGS) to review and adopt a new definition of “coin doctoring” to help combat the deliberate and unacceptable alteration of coins in an effort to deceive.
This decision was reversed by PNG members during the PNG membership meeting at the recent Florida United Numismatists convention. The PNG by-laws provide the general membership the opportunity to override decisions made by the PNG board of directors. In this specific case, the membership overwhelmingly voted to keep the previous PNG Code of Ethics definition in place and not to adopt a more substantive new wording specifically about “coin doctoring” until the issue can be more clearly defined.
This move by the PNG membership in no way diminishes the position of the PNG. We are wholly resolved to do our best as Guild members to protect and serve the collector and investor community. This is a very challenging issue we face as an industry. The PNG board will continue its efforts to pursue this issue in conjunction with the grading services and our membership.
Section seven of the PNG Code of Ethics specifically states that PNG member-dealers must refrain from knowingly dealing in counterfeit, altered or repaired numismatic items without fully disclosing their status to their customers. Section four of the Code prohibits misrepresenting the quality of a coin.
The PNG has and always will take action against any member charged with any type of deceptive trade practice, including, but not limited to coin doctoring. This is covered by our bylaws that every member must adhere to. Under our bylaws we offer binding arbitration to anyone, regardless of being a collector or dealer. We urge anyone who has a grievance against a PNG member to contact Executive Director Robert Brueggeman.
Please note that as of January 11, 2011, no individual or entity has filed a formal complaint with the PNG or presented evidence directly to the PNG of alleged “coin doctoring” by any of its members.