.
.

...so states the Headline on page 20 of the March, 2002 issue of "Bank Note Reporter".....

In February, the Professional Currency Dealers Association released a statement of its position on third-party grading services for paper money. In full, the satement read:

"The board of directors of the Professional Currency Dealers Association voted unanimously at its recent meeting to reiterate its position on third-party grading of currency. According to Hugh Shull, president of the association, the stand is a "fundamental one, aimed at furthering the concept of currency as a collectible, not an investment medium."

"The position expressed by PCDA stated that 1) as an organization it does not approve of currency 'slabbing' (third-party grading); 2) PCDA believes curreny should be purchased as a collectible on the basis of historical interest and not primarily as an investment vehicle for financial gain; 3) PCDA does not consider currency to be an investment vehicle and does not recommend it as such; and 4) the foregoing points are a reaffirmation of the standing policy of PCDA on the issue, publicly stated in the past.

Shull also pointed out several of the goals of the organization which numbers over 100 of the leading dealers in currency, stocks and bonds, fiscal paper and related items. "PCDA aims to promote, stimulate and advance the profession of dealing in all forms of currency and related items; to advance the study of paper money; and to promote honest knowledgeable and ethical dealing between member dealers and the public. It also seeks to promote public awareness through education, and currently sponsors several projects aimed specifically at accomplishing that goal."

According to Shull, some of those are; the National Bank Note research project; publication of a series of informative booklets, available to the public, concerning various specialty areas of the hobby; sponsorship of the John Hickman National Bank Note Exhibit Award, presented each June at the Memphis Paper Money Convention; and other ongoing projects of an educational nature. PCDA aims to increase people's awareness of the joys of collecting, and the knowledge that can be acquired through participation and study.