Staying Away From Fraud Coin Dealers

As most rare coin collectors are well aware, it is nearly impossible to decipher fraudulent dealers from genuine ones. That is because the frauds aren't going to do anything to announce themselves as such; chances are, they will have an office that is top class luxury, with all sorts of investment counselors or investors on staff to guide you through the process of eventually laying down a bunch of money for some bunk coins.

They might bombard you with a bunch of slick, impressive-looking brochures about the right investment strategies to make (i.e. with them, of course.) They might tell you that they are the largest dealer of rare coins in -INSERT THE NAME OF YOUR TOWN HERE, OR YOUR STATE, OR EVEN YOUR COUNTRY-

In fact, the frauds use nearly the very same techniques and strategies that genuine rare coin dealers employ. So how do you tell them apart?

The best way is to keep up-to-date on the latest scams the frauds are pulling. One recent trend has been the rise of telemarketing fraud. If you weren't expecting any offers, then why would you accept one made by a random stranger?

A lot of frauds have been utilizing multi-level marketing systems in recent years. These are basically pyramid schemes that sell rare coins and bullion.

If you happen to fall victim to a fraudulent coin seller and the seller refuses to resolve the problem in your favor, then there are a number of places you can go to for help. A lot of dealers will take care of disputes through binding arbitration by an independent third party. The Federal Trade Commission or other consumer protection groups will likely be very interested in getting the details of your complaint as a means of building a case against a dealer they detect to be a fraud. If a dealer is a member of a particular coin organization, go directly to that organization and ask for help – it is in the organization's best interest to come to your aid!