One gold coin scam that you should be aware of is the skewed Salomon Index. At one time this annual index, maintained by a New York investment bank known as Salomon Brothers, tracked the appreciation of approximately 20 very rare coins over a period of several years. Many of the rare coins on this list did significantly appreciate in value through the years. Presently there are some coin sellers that use the Salomon Brothers Index in an attempt to sell more gold coins to novice investors.
Coin Dealers Use False Claims About Value and the Salomon Index
There are some coin dealers who still use the Salomon Brothers Index to entice beginning investors to purchase rare coins. These coin sellers will compare a certain rare coin to the Salomon Index in a skewed manner. The problem is that most new rare gold coin investors do not realize that the coin that the dealer is trying to sell them will not increase in value as much as those that are listed on the index list. The rare coins that were on the list appreciated at a rate of 12 to 25 percent annually. The issue with a dealer using this tactic is that most coins will not appreciate in value as drastically as the ones on the Salomon Index.
How to Determine if You are a Victim of a Salomon Index False Value Claim?
In order to determine if the dealer you are working with is dishonest, be on the lookout for a dealer who compares their coins to the Salomon Index. If a dealer misrepresents the appreciation of the value of coins they are selling by quoting from the Salomon Index, you may have a false appreciate claim.
Also, some dealers will promise that the coins they are selling will double or triple in worth. Although there is never a guarantee of how much a coin will appreciate in value, you may have a fraud claim against a dishonest dealer.
You need to speak with an experienced coin fraud attorney if you believe you have been a victim of a rare gold coin scam. Call Bill Voss, a skilled Texas coin fraud lawyer, at the Voss Law Firm at 888-614-7730 for a free consultation today.
Make sure to download a FREE copy of attorney Bill Voss's book, Coin Fraud - Is Your Investment At Risk? for more information on this subject.