November 25, 2020


Vital rare coin & paper money industry updates

Coin Dealer Organization PNG Clarifies Bylaws & Code of Ethics Language Regarding Counterfeits

Professional Numismatists Guild (PNG) · Apr 1, 2019
Press Release

 Recently adopted anti-counterfeiting language in the Bylaws of the Professional Numismatists Guild has been revised to clarify the organization’s commitment to fighti

 Recently adopted anti-counterfeiting language in the Bylaws of the Professional Numismatists Guild has been revised to clarify the organization’s commitment to fighting against modern fakes entering the marketplace.

PNG leaders also have now amended anti-counterfeiting language in their Code of Ethics.

“A few people mistakenly thought our recent Code of Ethics change meant that we were endorsing the right of dealers to sell any counterfeit U.S. coins if they simply disclosed to buyers that they were fakes. That’s certainly not the position of the PNG, so our Board of Directors again revised the Bylaws language to address those misconceptions,” explained PNG Executive Director Robert Brueggeman.

“Our Code of Ethics has contained anti-counterfeiting language for decades, and now we have updated that section,” added Brueggeman. “We realize that contemporary counterfeits, dating back to ancient coins as well as unauthorized coins that appeared, for example, during the U.S. Colonial era, are part of numismatic collectibles history. Our fight is against the onslaught of dangerous fresh fakes coming in from China and elsewhere.”

The PNG Board originally adopted these changes, indicated in italics, in the Code of Ethics: “To refrain from knowingly participating in, abetting or dealing in counterfeit, altered, repaired or ‘doctored’ numismatic items without fully disclosing their status to my customers.”

Two sections of the Code of Ethics now have been updated (with new text indicated here in italics) to read:

6) To refrain from knowingly dealing in stolen numismatic items, or buying and selling known modern counterfeit coins, currency or other numismatic materials that are, by law, not legal to possess. 7) To refrain from knowingly participating in, abetting or dealing in altered, repaired or “doctored” numismatic items, contemporary counterfeits, electrotypes, or published forgeries, without fully disclosing their status to my customer and/or making any attempt to deceive.”

“Combatting fakes in the marketplace is a major priority for the Professional Numismatists Guild,” emphasized PNG President Barry Stuppler.

PNG provides administrative assistance to the Anti-Counterfeiting Educational Foundation, an independent 501-c-3 nonprofit organization. ACEF oversees the important work of the Anti-Counterfeiting Task Force.

For additional information about the Professional Numismatists Guild or the Anti-Counterfeiting Educational Foundation, contact the organizations at 28441 Rancho California Road, Suite 106, Temecula, CA 92590. The phone number is 951-587-8300. Or contact ACEF Director of Anti-Counterfeiting Beth Deisher at 567-202-1795.


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Professional Numismatists Guild (PNG)

The Professional Numismatists Guild was founded in 1955, due in no small measure to the vision of well-known coin dealer Abe Kosoff. Kosoff and several other coin dealers believed that the hobby of coin collecting would be better served if a professional group was organized. After much effort, the Professional Numismatists Guild was established. Its motto, “Knowledge, Integrity, Responsibility” continues to reflect the aims of our not-for-profit organization. 

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