The stock market is erratic, but gold prices are at a record high. Many people whose retirement funds have been affected by the recession have been advised to diversify in order to protect their assets. At times like this gold, silver and rare coins seem likewise investments.
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Did you know that gold has been valued as an investment for more than 5,000 years? The first record of gold’s worth comes from an ancient Egyptian tablet; at that time, gold had twice the value of silver.
Gold still could be a good investment if you work with a reputable dealer. Unfortunately, the rare coin market is unregulated, and there are many unscrupulous dealers who are more than happy to reassure you that a $20 coin is worth $20,000. Just like the coins they sell, these fraudulent dealers appear to be genuine. They have posh offices, glossy brochures and earn millions of dollars in business every month. Unfortunately, these millions come at the expense of people just like you.
Are you one of the thousands of Americans who have invested in rare coins only to find out the coins are worth less than you paid and will never appreciate in value?
The Voss Law Firm, P.C. works to prevent coin fraud and protect your hard earned money. Learn more about rare coin fraud by requesting a copy of our free guide: Coin Fraud - Is Your Investment at Risk?
Signs that you may be a victim of rare coin fraud
- High pressure sales tactics
- Unauthorized credit card charges
- Being promised a certain coin and receiving another coin
- Guarantees that your coin will go up in value
- Refusal to buy back or sell your coins as was promised at the time of purchase
- Receiving coins that you did not order
- Getting the run-around when you call to complain about your purchase
Examples of Rare Coin Fraud
False Grading Claims and False Slab Certification Schemes
Coin grading is the process of determining the grade or the condition of a coin based on its condition and appearance. Coins that have not been graded and authenticated are called raw coins. There is no guarantee of the value of ungraded coins.
Sometimes graded coins are encapsulated in a plastic holder with some form of grading certificate or “slab.” But the presence of a certificate is not enough to guarantee the coin’s value. Fraudulent sellers often inflate the grade of the coin they are selling so they can charge you many times the coin’s actual value. Others use false grading services or grading services with inconsistent standards. Some dealers will use slabs and certificates that are out of date and reflect lower, past standards.
Look for coins that have been graded and authenticated by a reliable third party coin grading service with a first rate reputation such as PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation), and always check the date on any certificate or slab that you are offered.
False Claims about Value and the Salomon Index
The Salomon Index is a list of twenty very rare coins whose values appreciate at the rate of 12 to 25 percent a year. However, most coins will not appreciate at this rate. Many dishonest coin dealers will misrepresent the appreciation value of the coins they are selling by quoting from this index.
Bullion Coins and Gold Bullion Fraud
The value of gold bullion and silver bullion coins is determined by their gold or silver bullion content rather than by their rarity or condition. The value of these coins changes daily depending on the price of gold and silver in the world markets.
Popular bullion coins include:
- U.S. American Eagle
- Canadian Maple Leaf
- South African Krugerrand
Disreputable dealers will overprice their bullion coins or mislead consumers about the bullion content. Some sell imitation medals created by fake “mints” rather than bullion coins.
How can I avoid being cheated?
If you are considering investing in rare coins, research the coins you are considering before making a purchase. You may want to call other dealers to compare prices and values.
The Voss Law Firm offers a free coin appraisal service. Just fill out the online form.
What Can I Do?
The rare coin fraud attorneys at The Voss Law Firm believe it is wrong to cheat American families out of their savings. If you are a victim of rare coin fraud, you can take action against dishonest coin dealers. Call The Voss Law Firm, P.C. and let our coin fraud lawyers go after the disreputable coin dealers and help you recover your hard-earned money.
We have helped rare coin fraud victims recover their investment due to fraud in Gold Bullion, Silver Bullion, Platinum Bullion, Bullion Coins, American Gold Eagle Coins, American Silver Eagle Coins, Canadian Maple Leaf Gold Coins, Canadian Maple Leaf silver Coins, Gold Buffalo coins, American Buffalo Coins, Saint-Gaudens Gold Double Eagle, Liberty Five Dollar Coin, Liberty Ten Dollar Coin, Morgan Dollars and Ungraded Coins.
If you think you may have been taken advantage of, contact the coin fraud attorneys at The Voss Law Firm to learn more about your rights.
The Voss Law Firm, P.C. handles most cases on a contingency fee basis. This means that if you win, we get a percentage of your settlement. If you lose, you pay nothing except costs such as materials, copying, and phone calls. To schedule a free consultation, call The Voss Law Firm, P.C.at 1-888-614-7730.