You just sat down to open up your wedding gifts to find that your grandpa gave you money he wants you to invest. You’ve been hearing a lot about gold, and think you want to purchase some rare gold coins. So, how can you make sure you are getting the most out of your investment while not becoming a victim of gold coin fraud?
Although there are many honest sellers and coin dealers, there are also unethical and unscrupulous ones looking to rip off consumers who are not informed about the gold coins they are purchasing.
There are two things to consider before purchasing any rare gold coin or investing in gold coins:
Price – gold bullion trades for a small premium over the actual gold price. The price is determined based on the coin, its size and the quantity purchased. Some of the most popular gold coins you will encounter are the American Eagle, Canadian Maple Leaf, and South African Krugerrand. Because most precious metal dealers will sell you these coins, you should shop around for the best price. Most dealers will try to sell one, one-ounce American Eagle gold coin for about five percent over the actual gold price.
Rare collector coins vs. bullion – learn the difference between these two types of coins prior to investing. Bullion coins will fluctuate according to the current price of gold, while rare coin values are determined based on historical supply and demand, rarity, grade, and quality of the coin.
If in doubt about whom to do business with, check to see if the dealer belongs to the Professional Numismatists Guild (PNG), a nonprofit organization composed of the nation’s top bullion and rare coin dealers. Dealers that belong to PNG must follow a strict Code of Ethics when selling bullion and numismatic coins and should not misrepresent coin values or engage in high-pressure sales tactics.
All it takes is one unscrupulous dealer to separate you from your investment money. If you were a victim of Texas gold coin fraud, please call the Voss Law Firm and speak with a skilled Texas gold coin fraud attorney at 888-614-7730 to find out your rights. Make sure to ask for a free legal consultation and a FREE book, Coin Fraud – Is Your Investment at Risk?
