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‘I believe very strongly that especially in the coin industry, it’s crucial that we have a level playing field based on good business practice and honesty,’ says Andreas. ‘At The Coin Cabinet we see ourselves as custodians of the coins we trade, but unfortunately there are many short-sighted dealers and participants whose practices can undermine our industry.’
Andreas sees membership of the IAPN and BNP as a cornerstone of The Coin Cabinet’s offering to clients. Their members collectively practice and endorse the high professional and ethical standards required by the organisations, which are internationally recognised.
IAPN
Now in its seventh decade, the International Association of Professional Numismatists was founded in Geneva to promote ‘the development of a healthy and prosperous numismatic trade conducted according to the highest standards of business ethics and commercial practice.’
The association works closely with international law-makers in combating counterfeit coins, and significantly, all members of the IAPN (of which there are around 110 across five continents) must guarantee the authenticity of the coins. This is a condition of membership and a founding principle of the organisation. ‘If someone bought something from us today and in 10 years found that it was a forgery, we would refund it regardless of the purchase date,’ Andreas affirms.
Being vetted to become a member of IAPN is both a privilege and obligation for a company of The Coin Cabinet’s ambition. ‘When I found out about IAPN, I knew I had to be a member,’ he continues. ‘It's crucial that we project and nurture trust with our clients — it can take years to build and be lost in an instant.’
BNTA
The British Numismatic Trade Association was formed by a group of leading UK coin dealers in 1973. Alongside their maintenance of a database and alert system for forgeries and theft, the BNTA were instrumental in combatting legislation that had the potential to undermine coin collecting and investing. At the time this included laws that might have resulted in the seizing or melting down of gold coin collections.
More relevant today was its fight to ensure that historical British and Commonwealth coins such as sovereigns remained VAT-free in UK jurisdictions. The BNTA’s list of legal tender coins still underpins the trade in coins today, and it regularly meets with customs and excise authorities to discuss VAT legislation and import and export procedures.
Additionally, the BNTA organises the annual COINEX coin fair in London.
