Collectible Coin Scams: Scammers Falsely Promise Significant Profit to Victims

Scammers “cold call” victims to market their alleged collectible coin business. If victims already have collectible coins, scammers promise them a high rate

Collectible Coin Scams

Scammers “cold call” victims to market their alleged collectible coin business. If victims already have collectible coins, they promise them a high rate of return for selling the coins. In some instances, scammers travel to victims’ homes and offer to take victims’ coin collections to have them appraised or to sell them. If scammers obtain collectible coins from victims as part of a proposed appraisal or sale, they later provide a small amount of money or coins of significantly less value to the victims and keep the victims’ coins.

Scammers may also offer to sell collectible coins of allegedly significant value to victims. They use high pressure tactics to force a sale, such as fake imminent auctions or distressed sales, to coerce victims into promptly purchasing collectible coins. Ultimately, victims never receive the coins, for which they paid in advance.

TIPS TO PROTECT YOURSELF

Tips for Avoiding Collectible Coin Scams

Be wary of any unsolicited phone calls, emails, or text messages offering to buy or sell collectible coins.

If you are interested in selling collectible coins, do your own research and find a reputable dealer or auction house.

Never give your collectible coins to someone you do not know or trust.

Be skeptical of any high-pressure sales tactics, such as claims that an auction is about to close or that a coin is being sold at a deep discount.

If you believe you have been a victim of a collectible coin scam, report it to the FBI’s Internet Crime Complaint Center at www.ic3.gov. Be sure to include as much information as possible.

Victims aged 60 or over who need assistance with filing an IC3 complaint, can contact the DOJ Elder Justice Hotline, 1-833-FRAUD-11 (or 833-372-8311).