Rare coin collecting and investing is on the rise for several reasons—and the increase in interest in numismatics and coin hobbyists is in turn having multiple effects on the industry as a whole.
According to Forbes, coin dealers at the American Numismatic Association’s World’s Fair of Money reported that hobbyist coin collectors and coin investors have both increased in number in recent years. They believe that the growing interest is due to the falling prices of precious metals like gold, and due to the improving economy in the wake of the recent recession. In addition, dealers say that wealthier investors are entering the market in search of a non-tradition or more interesting way to keep their funds, such as rare coins or artwork.
The increased interest in rare coins and gold bullion means that certain types of rare coins are now harder to find and that increasing demand will result in higher prices. Generally, it has become more difficult to secure rare coins.
What does this growing interest in numismatic coin collecting mean for rare coin fraud and related scams? Officials fear that new scams will appear that take advantage of the uptick in popularity, the paucity of certain coins, and the increasing prices of rare coins. Because new hobbyists and investors are entering the market in large numbers, scammers will have the advantage of customers who aren’t as knowledgeable or educated as those who have been collecting for years.
If you or a loved one has been the victim of a rare coin scam, you may wish to speak with an attorney about your case. The Texas rare coin lawyers at the Voss Law Firm are equipped with the knowledge and tools needed to assist you with your case. Call today: 888-614-7730.