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Message:: [QUOTE="kaparthy, post: 862, member: 57463"]He's a friend of a friend The other side of the coin is Regulation.  So far, there are (gratefully) only the usual laws against fraud, conversion, misrepresentation, etc.  However, the federal government has in the past taken an interest in the numismatic market.  Not Congress but the Federal Trade Commission has put coin dealers under a microscope.  About 15 or 20 years ago, Heritage, Tulving, PCGS, and a few other firms were brought to court and made to sign statements that grading is subjective and that coins are not investments. Most of the regulation is internal to the hobby.  I was at a local coin show and I was introduced to the town's largest coin dealer but when I asked him if he was an ANA member, he said he could not remember.  Then, he said that they charge $45 or $50 a year (actually, it's $35) when they should just keep the Numismatist and only charge $10.  I walked away.  I will never step foot in his shop. I prefer shopping at shows (usually) because being on the bourse floor at a show indicates to me some kind of endorsement of ethics.  At least, that was true in Michigan with MSNS, and with Central States and of course with the PNG at the NYINC and ANA shows.  Apparently, it is not true here in Albuquerque.  But now I know.   And it might keep me from joining the local club if this is how they run their shows. I believe that agoric (market) regulation is best.[/QUOTE]