Counterfeit collector coins appears to be on the rise. It looks like much of it originates from China, as mine did.
Numismatic News posted an article on this problem with information on what to do about it.
They begin with:
Looking to buy gold and silver, “Oliver,” an investor in Texas, responded to advertisements on Facebook from two companies that touted exceptionally low “introductory offer” prices for silver and gold bullion coins.
He paid $1,000 and now is trying to get his money back because the “gold coin” and all 50 “silver coins” he received are counterfeits apparently made in China, according to the non-profit Anti-Counterfeiting Educational Foundation (ACEF).
“I started suspecting they were not genuine when tracking information for my orders was in Chinese,” said Oliver. “That was a red flag. I also saw the same advertisement online with the same format and same pricing but with different company names. When I received the orders, I thought I had gotten taken.”
At the time he placed his order, a 1-ounce United States Mint-produced American gold Eagle would have been priced at about $1,950. He paid $499 but got a counterfeit. Each of the 50 1-ounce American silver Eagle coins he ordered should have sold for about $40 each, a total of about $2,000 for 50 genuine examples. Oliver paid $499.98 for 50 but received only fakes.
He now is working with his credit card companies to reverse the charges on his two purchases and is assisting the ACEF to alert investigators and the public.
It looks like "Oliver" dealt with the same crooks as I did. The circumstances are the same. Fortunately, I only bought two coins. Thanks to this article, I filed a report with ACEF.
Facebook could be liable. "Oliver's" fraud matter took place before July (at least), yet Facebook allowed the ads to continue into December. I am sure they had been notified and but did nothing.
To read more, go here.
Note: Since possession of counterfeit money is illegal, this forced me to file a police report with the local sheriff. They came over and took a report and took possession of the coins. I'd imagine they would (at least they should) refer this matter to the U.S. Secret Service for further action.
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