It is no accident that seniors and the elderly are often the targets of rare coin scammers; seniors are often trusting, often have a large nest egg to spend, and don’t often have the resources or know-how to research coins online. If you have a senior loved one, such as a parent or grandparent, who you believe may be taken in by a coin scam or gold scam, it is vital that you speak with them about fraudulent coins and shady sales practices.
- Expect some defensiveness. Your elder loved one may not hear that you are trying to help. They might hear that you think they are dimwitted and too old to care for themselves. Be gentle and explain that you are bringing up the subject simply because you have heard of many other smart, capable people being scammed in the same way.
- Voice your concern. Make it clear that you aren’t against investing in coins and gold and that rare coins can indeed be an excellent investment and hobby when armed the right knowledge. Instead of warning them off all coin investments, simply state that it is easy to be conned into buying poor investments or even fake coins.
- Share the red flags of coin fraud. Make sure that your loved one knows how to recognize a rare coin scam: dealers wishing to “keep your coins safe for you” after purchase, dealers promising huge returns, and dealers using high-pressure sales tactics.
- Give them resources. Instead of taking the lead, let them do their own research into the coin dealer. The Better Business Bureau, the American Numismatic Association (ANA), and the Professional Numismatists Guild (PNG) are three great places to start.
- Come from a place of love. Explain that you are warning them because you care about them and that you care about the money that they saved over many, many years—money that should be used for their long-term care.
Whether your senior loved one has already made coin purchases or whether they just voiced interest in rare coins, letting them know about the potential hazards of collecting coins is vital to protecting their nest egg.
Has your senior loved one already been the victim of rare coin fraud? Call the Voss Law Firm today to speak with a coin fraud attorney: 888-614-7730.