From the Feb. 26 Numismatic News E-Newsletter
Are silver or other coin scams a concern for you? Why or why not?
These silver scams don’t really bother me. I always buy from trusted sources. I have, on the other hand, had friends tell and show me their great find at a fabulous price. A couple were OK. More than a few were bad choices. I put a magnet to a few pieces. The look on their faces. Priceless!
Never, never buy silver or any precious metals before doing some investigating. If it sounds too good to be true, then it’s probably a scam.
Yes it does because I was a victim of a gold coin scam.
Coin scams are always a concern, both to the collector and the dealer. Education is the key to combat against coin scams or counterfeiting.
Here at our shop, the owner would much rather educate the customer than to take their money. His motto is, “An educated customer, is the best customer.”
Integrity Coin Store
There are a lot of scams going on especially with the 2020-S and the 2021-W silver Eagles. Tried for both from the Mint and they sold out immediately. I fault the Mint for not settling order limits. I’m getting out of coin collecting due to this. The 2020-S was going for over $600 on the market. Been collecting for over 40 years and also have seen counterfeit coins. Not a trustworthy hobby anymore. Two of my younger grandsons are getting out also.
Yes. It does. The government needs to [do] a much better job of protecting the consumers. It needs not to just fine them but ban them from doing business in the U.S. Coin dealers are also the problem as a lot them are cavalier to this, saying the consumer should read the book first. I have seen [dealer name] selling fakes at coin shows and the dealers know it but don’t say anything except among themselves.
Yes they are. Since silver has gone up and COVID is still going, people have changed from coin shops to online shopping. And since people have made that change (including me), scammers are waiting.
No, I only buy American silver Eagles from the U.S. Mint or certified American silver Eagles from reputable dealers.
I am not concerned because I am purchasing collector coins on a monthly basis through an auto saver program with a reputable company.
Of course they are a concern. Stealing isn’t right, but in today’s society it’s often looked at as good business ... sad.
The biggest scam right now is the Mint offering special silver eagles with small mintages like the “V75” ones from a few months ago. You get one in your cart but never can seem to check out. Only the dealers seem to get these coins. Then sell them at insane markups.