Jan 31, 2018 | Announcements, PNG
(Temecula, California) January 31, 2018 — The Professional Numismatists Guild (www.PNGdealers.org) will provide a scholarship to a deserving young numismatist (YN) to attend one of the six-day sessions of the 2018 American Numismatic Association (www.money.org) Summer Seminar in Colorado Springs, Colorado.
“This is the 14th consecutive year of PNG YN scholarships for the popular, annual ANA educational programs. The PNG scholarship will cover airfare, tuition for one of the two week-long Summer Seminar sessions, meals and five nights of dormitory accommodations on the campus of Colorado College, site of the ANA headquarters,” said PNG Executive Director Robert Brueggeman.
“All young numismatists between the ages of 13 and 22 are eligible to enter and are cordially invited to apply for the scholarship. Entrants must submit a short essay outlining why they should be chosen as this year’s scholarship recipient. The deadline for receipt of the entries is Friday, March 30, 2018,” explained Brueggeman.
Entries must include the applicant’s name and contact information. The essays can be sent by email to info@PNGdealers.org or by mail to the PNG Executive Director, 28441 Rancho California Road, Suite 106, Temecula, CA 92590.
The two separate 50th Annual ANA Summer Seminar six-day sessions will be held Saturday, June 16, to Thursday, June 21, and from Saturday, June 23, to Thursday, June 28, 2018. Participants ranging from teenagers to seniors take class instruction on specific coin and paper money collecting topics or the hobby’s technical and business aspects. Additional information about the ANA Summer Seminar can be found on the ANA website at www.money.org/summer-seminar/register.
“We are grateful for the continued commitment of PNG to the ANA’s educational programs,” said ANA Seminar Manager Amber L. Bradish. “As a result of their support, a young numismatist will be able to experience the finest numismatic education available while attending the 2018 ANA Summer Seminar. This investment in the growth of our YN’s and our hobby helps to ensure the continued availability of ANA educational opportunities throughout the country.”
“The money to pay for the annual PNG YN Scholarship is administered from the PNG’s Gerald Bauman Memorial Fund. Bauman, who died in 2001, served for many years as a prominent coin dealer with Manfra, Tordella & Brookes in New York City,” explained PNG President Barry Stuppler.
The PNG is a nonprofit organization composed of many of the top rare coin and paper money dealers in the United States and four other countries. PNG member-dealers must adhere to a strict Code of Ethics in the buying and selling of numismatic merchandise. For additional information about PNG or the young numismatists scholarship program, visit online at www.PNGdealers.org or call (951) 587-8300.
Jan 25, 2018 | News, PNG
(Temecula, California) January 25, 2018 – Gold is anticipated to reach $1,460 or potentially more, silver about $20 and platinum at about $1,150 by the end of the year, according to an informal survey conducted between January 16-24, 2018 of some of the country’s leading precious metals retail dealers, according to the nonprofit Professional Numismatists Guild (www.PNGdealers.org).
Members of the Guild’s Accredited Precious Metals Dealer program (www.APMDdealers.org) were asked if their estimates for precious metals prices at the end of 2018 now had changed since the year-end New York spot closing prices on December 29, 2017. Several respondents indicated they have increased their 2018 year-end projections for gold in the last few weeks because of such things as speculation about additional Federal Reserve interest hikes, potentially higher oil prices, higher inflation in the United States and Europe or a weaker U.S. dollar.
“A majority of the respondents, who are on the front lines of buying and selling physical precious metals coins and ingots with the public, have slightly revised their estimates upward. Of course, prices fluctuate during the year, but the average of their estimates now is for gold to be $1,461.33 an ounce at the end of 2018. Gold ended 2017 at $1,306.30, so a predicted close at $1,461.33 would be a $155.03 increase; 11.8 percent,” said PNG President Barry Stuppler.
Two of the 25 respondents thought gold would be a little lower than $1,400 by year’s end, and three thought it could be $1,500 or more.
Estimates on silver by the end of the year varied quite a bit, from a low of $16.25 to a predicted high of $30.70. The combined average estimate for the end of 2018 was $20.00. Silver closed in New York at $17.06 at the end of 2017.
Estimates for platinum by the end of 2018 ranged from a low of $1,000 to a high of $1,400, with the combined average estimate at $1,150.23. Platinum closed at $935 at the end of New York spot trading in 2017.
“Precious metals investors should consider cost averaging by making purchases over intervals of time, and always be mindful of the premiums being charged over the intrinsic value of the precious metal coins or ingots. You absolutely need to know your precious metals dealer,” advised Stuppler.
All members of the Professional Numismatists Guild Accredited Precious Metals Dealer (PNG-APMD) program undergo a background check, must adhere to a strict code of ethics in the buying and selling of numismatic items and guarantee the authenticity of the numismatic merchandise they sell.
A directory of PNG-APMD members can be found at https://apmddealers.org/apmd-dealers.
Dec 26, 2017 | News, PNG
(Temecula, California) December 26, 2017 — U.S. rare coins selling for $50,000 or more and those selling for $500 or less generally did well during 2017, according to the Professional Numismatists Guild (www.PNGdealers.org), a nonprofit organization composed of many of the top rare coin and paper money dealers. Four historic, vintage U.S. coins sold for $1 million or more during the year; two at public auctions and two by private transactions.
The PNG estimates the overall U.S. rare coin market in 2017 was between $3.4 and $3.8 billion, not including sales by the United States Mint or bullion coins, such as gold and silver American Eagles.
The aggregate prices realized for U.S. coins sold at major public auctions in 2017 totaled $306,199,305. Two auction houses accounted for nearly 80 percent of the overall total with Heritage Auctions reporting $169,100,000 sold at auction and Stack’s Bowers Galleries at $74,099,305.
Stack’s Bowers sold at auction an 1804-dated U.S. Class I silver dollar for $3,290,000 and a 1794 silver dollar for $2,820,000.
The most valuable U.S. rare coin purchased at auction in 2017 was the Dexter/Pogue 1804 Class I Draped Bust silver dollar (BB-304), PCGS Proof 65, sold by Stack’s Bowers Galleries for $3,290,000. (Image courtesy of Stack’s Bowers Galleries.)
All totals include the buyer’s premium to reflect the actual, full prices paid by winning bidders.
“Over the decades, the rare coin market has moved in cycles,” explained PNG President Barry Stuppler.
“High-grade, historic coins valued at over $50,000 and so-called ‘collector’ coins under $500 generally did well in 2017. Unlike the last few years, there were few old-time collections that came into the marketplace, and some of the investment money that may have gone into numismatic purchases went into the booming stock market and the speculative cybercurrency market,” said Stuppler. “Despite that, demand for extremely rare investor-collector coins rose in 2017.”
The auction firms that responded to the PNG survey are: Bonham’s; Ira & Larry Goldberg Auctioneers; GreatCollections Coin Auctions; Heritage Auctions; David Lawrence Rare Coins (which reported private sales of two coins for $1 million or more); Legend Rare Coin Auctions; Scotsman Coin & Jewelry; and Stack’s Bowers Galleries.
The Professional Numismatists Guild was founded in 1955. PNG member-dealers must adhere to a strict code of ethics in the buying and selling of numismatic merchandise.
For additional information about the PNG and a complete list of member-dealers, visit online at www.PNGdealers.org or call the PNG headquarters in Temecula, California at (951) 587-8300.
Dec 20, 2017 | News, PNG
All dealers should be cautious about possible
long-term ramifications of cashing fraudulent checks
(Temecula, California) December 19, 2017 – A long-time member of the Professional Numismatists Guild (www.PNGdealers.org) assisted the Federal Bureau of Investigation in solving a case involving an attempt by suspected thieves to purchase $2 million of gold using a bank check with the forged signature of a deceased New York City woman.
It is a cautionary tale for all dealers about the potential long-term effects of cashing a fraudulent check, even if they first verified the account with the bank.
On December 6, 2017, the Acting United States Attorney for the Southern District of New York, Joon H. Kim, and the Assistant Director-in-Charge of the New York Field Office of the FBI, William F. Sweeney Jr., announced the arrests that day of two suspects in the case.
According to a joint statement by the Justice Department and the FBI (https://www.justice.gov/usao-sdny/pr/two-men-charged-theft-over-2-million-stock-certificates-deceased-manhattan-woman), Stephen Decker, 59, of Secaucus, New Jersey, and Luis Mercado, 53, of Manhattan, New York, are charged with wire fraud, conspiracy to commit wire fraud and aggravated identity theft.
The case began in January 2017 when the PNG member-dealer, who wants to remain anonymous, received a phone call on a Friday afternoon from a man who stated he wanted to purchase $2 million worth of gold, but didn’t care what he purchased as long as it could be quickly delivered.
The dealer said he would get back to the caller to get more information, but on Monday morning the dealer received a check sent by the man in the amount of $2 million drawn on an account at the Bank of New York; however, the account was in a woman’s name.
“When someone’s buying $2 million worth of gold, they want to know what they’re getting and when they’re getting it. This just smelled bad,” explained the PNG member who wanted to delay any delivery of gold until he could verify the authenticity of the bank check.
“As the days went on, the caller changed his story, first claiming he was the grandson of the woman whose name and signature were on the check, and then claimed he was a grandnephew. He also only called me and refused to give his direct phone number. He only provided a number for an answering service where I could leave a message,” added the veteran rare coin and precious metals dealer.
The dealer repeatedly contacted the Bank of New York to verify the funds were good and repeatedly was told they were, but he remained suspicious. He contacted the FBI in New York to report his suspicions, and also contacted a former FBI agent he’s known for years. The FBI subsequently opened an investigation.
According to the Acting U.S. Attorney Kim, the two suspects allegedly “preyed on a deceased New Yorker’s estate by stealing millions in stock certificates from her home. Then, in an attempt to cover their tracks, the defendants allegedly sold the certificates and tried to purchase more than $2 million in gold coins so that the ill-gotten gains couldn’t be traced to them.”
The FBI’s Sweeney stated: “As alleged, when Decker and Mercado cashed out on stolen stock certificates, their right to ownership was nothing more than fool’s gold. Not only did the certificates not belong to them, their rightful owner was an elderly deceased woman with no representatives to stake her claim.”
The PNG dealer had cashed the $2 million check, but kept the funds knowing the money eventually would be returned to the bank.
“This experienced dealer knew what some other dealers may not realize,” explained PNG Executive Director Robert Brueggeman. “The bank could have up to six months to reclaim the money once they learned the check was not good.”
“In this case, had a dealer cashed the bad check, used those funds and sent the merchandise to the suspects, within days, weeks or months, he could have been ‘out’ millions of dollars,” cautioned Brueggeman.
“I asked the Bank of New York for a simple ‘thank you’ note, but even though I saved them $2 million and returned the funds as planned, they never said ‘thanks.’ I did get a nice note from one of the FBI agents who investigated the case. In any event, I’m happy my suspicions helped resolve a theft case,” said the PNG member who is a PNG Accredited Precious Metals Dealer (https://apmddealers.org).
Founded in 1955, the Professional Numismatists Guild (www.PNGdealers.org) is a nonprofit organization composed of many of the country’s top rare coin and paper money experts who undergo a background check, must adhere to a strict code of ethics in the buying and selling of numismatic items and who guarantee the authenticity of the numismatic merchandise they sell. The PNG mission statement is: Ensuring integrity, instilling confidence, and promoting professionalism for the benefit of all numismatic collectors and professionals.
A directory of PNG member-dealers is online at https://png.memberclicks.net/find-a-png-dealer and a directory of PNG-Accredited Precious Metals Dealers can be found at https://apmddealers.org/apmd-dealers.
Nov 6, 2017 | News, PNG
(Temecula, California) November 6, 2017 – The Professional Numismatist Guild’s Accredited Precious Metals Dealers program (www.APMDdealers.org) has created special one-ounce .999 fine silver bullion rounds. Participating PNG-APMD dealers will be selling the rounds to collectors and investors at competitive prices lower than some other one-ounce silver bullion products on the market.
“These handsome rounds with a proof-like luster are slightly larger than U.S. Morgan and Peace silver dollars. They were professionally created as a way for the public to advantageously invest in a premium precious metals product guaranteed for weight and silver fineness purity, and to emphasize the importance of doing business with knowledgeable, reputable dealers. PNG-APMD members must follow a strict Code of Ethics (https://apmddealers.org/apmd-code-of-ethics/) in the buying and selling of numismatic precious metals objects, such as bullion coins and ingots, as well as rare coins and other numismatic items,” explained PNG President Barry Stuppler.
“The rounds will be available from participating Platinum Level APMD members (https://apmddealers.org/apmd-dealers/). They will be sold in groups of 20 rounds protectively packaged in sturdy, inert plastic tubes with a tamper-evident PNG-APMD seal on the lids,” said PNG Executive Director Robert Brueggeman. “They will be offered to the public at prices that are only a small fraction over their intrinsic silver value.”
The rounds measure 39 millimeters in diameter. They were custom made by the Highland Mint of Melbourne, Florida with an “HM” mintmark.
The obverse depicts a spread-wings eagle on a rock with the legends, “APMD” near the top and “ONE TROY OUNCE .999 FINE SILVER” near the bottom. The reverse legend around the design reads “ACCREDITED PRECIOUS METALS DEALERS/KNOWLEDGE INTEGRITY RESPONSIBILITY.” The center design is the APMD logo depicting an image of Aequitas, the Roman goddess of honest merchants and fair trade, a cornucopia and the words “GUARANTEED BY APMD ACCREDITED PRECIOUS METALS DEALERS/PNG SINCE 1955.”
For additional information about the PNG-APMD silver rounds and participating dealers, contact the Temecula, California-based Professional Numismatists Guild at 951-587-8300 or at info@PNGdealers.org.
Sep 12, 2017 | News, PNG
Experts’ Three Tips To Avoid Gold Scams, According to Professional Numismatists Guild
(Temecula, California) September 12, 2017 – Following the recent fraud charges filed by the Commodity Futures Trading Commission against a California gold seller, a trade group composed of veteran precious metals experts is urging investors to take three important steps before making any purchases of gold, silver or platinum bullion coins or ingots.
“To avoid paying too much when you buy or receiving too little when you sell, and to avoid potential scams, investors absolutely must know the credentials of the bullion dealer, not just what the dealer may tout on TV advertisements or with a fancy website,” cautioned Barry Stuppler of Woodland Hills, California, President of the nonprofit Professional Numismatists Guild (www.PNGdealers.org). “If you don’t know gold, you’d better know your gold dealer,” Stuppler emphasized.
The Temecula, California-based Professional Numismatists Guild (PNG) was founded in 1955. Two years ago, PNG established an Accredited Precious Metals Dealer program, APMD (www.APMDdealers.org), to provide consumer and investor protection in the marketplace. APMD members must adhere to a strict Code of Ethics (https://apmddealers.org/apmd-code-of-ethics/) in the buying and selling of precious metals. The firm that was recently sued by the CFTC is not a member of the APMD program.
“The second step investors must take is know the current spot price of the precious metal they want to buy or sell. Bullion items, such as the American Eagle, Canadian Maple Leaf and South African Krugerrand usually sell for only about three to five percent above the current spot price depending on the quantity purchased. Beware of high-pressure selling prices that would force you to wait for gold or silver to double or triple in value before you could make a profit,” warned Stuppler.
“The third step is to take prompt delivery of the bullion items you purchase. Be wary of sellers who want to keep and store your gold, or claim it will take months to deliver items to you. The reason many people buy precious metal coins and ingots is because of their liquidity, but if you don’t have possession of the items then you can’t act quickly when you want to sell,” said Stuppler who also is President of the California Coin and Bullion Merchants Association.
For additional information about the Accredited Precious Metals Dealer program, call the Professional Numismatists Guild at 951-587-8300 or visit www.APMDdealers.org. A list of APMD member-dealers is online at https://apmddealers.org/apmd-dealers.
Aug 1, 2017 | News, PNG
(Denver, Colorado) August 1, 2017 – Officers of the Professional Numismatists Guild (www.PNGdealers.org) have selected Barry Stuppler to be the organization’s President for the 2017 – 2019 term. Stuppler was selected during the PNG Board of Directors meeting in Denver, Colorado on July 30, 2017.
He is President of Stuppler & Company, Inc. in Woodland Hills, California as well as President of the California Coin and Bullion Merchants Association and Chairman of the Gold and Silver Political Action Committee. He also is a former President of the American Numismatic Association (ANA).
“One of the first projects I want to launch during my presidency is to have PNG jointly work with the ANA and the United States Mint to create for April 2018 the largest, most exciting National Coin Week we’ve ever seen. Virtually everyone is interested in ‘money.’ We need to capture the public’s underlying interest and show them the enjoyment of numismatics,” said Stuppler.
Other goals during his presidency will be on-going counterfeit detection and fraud detection educational programs for PNG members, and increasing the benefits of PNG membership. Stuppler also wants to establish professional marketing programs for PNG and the PNG Accredited Precious Metals Dealer program (PNG-APMD).
The other PNG officers selected for the 2017 – 2019 term are: Vice President Richard Weaver of Delaware Valley Rare Coin, Broomall, Pennsylvania; Treasure Wade Milas of RARCOA, Willowbrook, Illinois; and Secretary James A. Simek of Numisgraphic Enterprises, Westchester, Illinois.
In addition to the officers, PNG Board members for the new term are Immediate Past President Dana Samuelson of American Gold Exchange, Austin, Texas and three new Board members: John Brush of David Lawrence Rare Coins, Virginia Beach, Virginia; Brett Charville of Standard Numismatics, Chicago, Illinois; Don Ketterling of D.H. Ketterling Consulting, Reno, Nevada; and Don Rinkor of Rinkor Rare Coins, Santa Rosa, California.
“Under PNG Bylaws, member-dealers of the organization elect the board members at large, and then the elected board members select the officers from within their group. During their July 30, 2017 meeting in Denver, Colorado the nine-member board chose the President, Vice President, Treasurer and Secretary,” explained PNG Executive Director Robert Brueggeman.
Founded in 1955, the Professional Numismatists Guild is a nonprofit organization composed of many of the country’s top rare coin and paper money dealers. A directory of dealers, the PNG Member Code of Ethics and the organization’s Collector’s Bill of Rights can be found at www.PNGdealers.org.
For additional information, contact the PNG by email at info@PNGdealers.org or by phone at 951-587-8300.
Aug 1, 2017 | Announcements, PNG
(Denver, Colorado) July 31, 2017 – The Professional Numismatists Guild (www.PNGdealers.org) presented its 2017 PNG Lifetime Achievement Award to prominent and influential hobby leader Beth Deisher. The award was announced during the PNG’s annual banquet held this year in Denver, Colorado on July 31, 2017.
Deisher is the Anti-Counterfeiting Task Force Director of the Industry Council for Tangible Assets (www.ictaonline.org). She was the award-winning Editor of Coin World for 27 years until her retirement in 2012. Over the years Deisher also has conducted workshops and classes on the problems of counterfeit coins produced in China.
Former Coin World Editor Beth Deisher received the Professional Numismatists Guild Lifetime Achievement Award from PNG Executive Director Robert Brueggeman (left) and PNG President Barry Stuppler (right) at the organization’s awards banquet in Denver, Colorado on July 31, 2017. (Photo credit: Donn Pearlman)
These are the other 2017 awards and winners announced at the PNG Denver banquet.
The Robert Friedberg Award for an outstanding book or other literature was jointly presented to authors Pete Smith, Joel J. Orosz and Leonard Augsburger for their reference book, 1792: Birth of a Nation’s Coinage, published by Ivy Press.
The Sol Kaplan Award was presented to four people this year: Bill Walker, a Senior Numismatist at Heritage Auctions in Dallas, Texas, and jointly to three Missouri law enforcement officials: Sheriff Cory Hutcheson, Chief Deputy Branden E. Caid and Captain Barry Morgan, all of the Mississippi County Missouri Sheriff’s Department.
In early 2017 while in Florida, Walker recovered and subsequently returned to their grateful owner five rare coins that had been stolen a year earlier, apparently while in transit in the United States Postal Service mail. The coins had a combined value of about $30,000.
In a separate case, Sheriff Hutcheson, Chief Deputy Caid and Captain Morgan successfully tracked down a collector in Florida whose rare coins were stolen four decades earlier when he was a youngster in Charleston, Missouri in 1972. During a January 2017 search of the Southeast Missouri home of a drug case suspect, the officers discovered and recovered about two-thirds of the coins stolen 45 years earlier. Through perseverance and solid detective work the officers were able to return the coins, some still housed in their familiar blue Whitman folders, to the now adult and quite surprised collector.
The Kaplan Award recognizes efforts and contributions in combatting crimes against the numismatic community, and is jointly presented by the PNG and the Lewis M. Reagan Foundation. It is named after a former PNG President and Ohio dealer who was personally responsible for the apprehension of several people suspected of committing numismatic-related crimes.
John Maben of JFM Trading, LLC in Lakewood Ranch, Florida received the Significant Contribution Award. It is given to those who have made exceptional, beneficial efforts over the years on behalf of PNG and the profession, and added to the hobby.
Christine Karstedt, Executive Vice President of Stack’s Bowers of Stack’s Bowers Galleries, received the Art Kagin Ambassador Award. This award is named after a former PNG President and nationally-known Iowa dealer who provided distinguished service as an advocate of numismatic goodwill.
PNG Legal Counsel Armen Vartian of Manhattan Beach, California, was recognized during the banquet for 25 years as a PNG Affiliate Member.
The Professional Numismatists Guild is a nonprofit trade association composed of the country’s top rare coin and paper money dealers who must adhere to a strict Code of Ethics in the buying and selling of numismatic merchandise. The organization also has an Accredited Precious Metals Dealer program (http://apmddealers.org). For additional information, contact Robert Brueggeman, PNG Executive Director, 28441 Rancho California Road, Suite 106, Temecula, CA 92590. Phone: (951) 587-8300. Email: info@PNGdealers.org. Online: www.PNGdealers.org.
Jul 24, 2017 | News, PNG
“The Professional Numismatists Guild (www.PNGdealers.org) was saddened to learn of the passing of long-time member Leon Hendrickson of Winchester, Indiana. Hendrickson joined the PNG in 1970, served as the organization’s president from 1985 to 1989 and received the PNG Lifetime Achievement Award in 2003. He was one of the first members approved as a PNG Accredited Precious Metals Dealer when the PNG-APMD program (https://apmddealers.org) was created in 2015,” explained PNG Executive Director Robert Brueggeman.
“Leon was a giant in the profession and hobby. He was a good friend to so many collectors and dealers across the country. Our condolences to his family and friends,” said PNG President Dana Samuelson.
May 26, 2017 | News, PNG, video
(Temecula, California) May 25, 2017 – The award-winning educational video, “Money: History in Your Hands,” narrated by acclaimed actor James Earl Jones, now is available for free viewing on the Professional Numismatists Guild YouTube.com channel.
“We currently have more than a dozen videos about rare coins, paper money and precious metals available for complimentary viewing on PNG’s YouTube channel. They will be helpful for beginners to advanced collectors and investors with informative advice about buying, storing and selling numismatic items as well as gold, silver and platinum bullion items,” said PNG Executive Director Robert Brueggeman.
“An important part of our educational effort is the video, ‘Money: History in Your Hands,’ jointly created by PNG and the American Numismatic Association, and hosted on camera by James Earl Jones. It gives viewers a compelling overview of the history of money, and how it relates to art, culture, history, politics and religion,” explained Brueggeman. “The 29-minute video is available for convenient viewing in two parts.”
Other informative PNG videos focus on topics of discovering the enjoyment of coin collecting, how to determine the value of your coins, and the importance of working with a reputable, knowledgeable dealer when you buy or sell.
All of the videos are can be viewed at: https://www.youtube.com/channel/UCb5co6ZLKPitRAw-6pDxeCw
Founded in 1955, the Professional Numismatists Guild is a nonprofit organization composed of many of the country’s top rare coin and paper money dealers. A directory of dealers, the PNG Member Code of Ethics and the organization’s Collector’s Bill of Rights can be found at www.PNGdealers.org. For additional information, contact the PNG by email at info@PNGdealers.org or by phone at 951-587-8300.
Money: History in Your Hands – Part I (Posted June 3, 2016)
Money: History in Your Hands – Part II (Posted April 3, 2017)
