Collectible coin scam on the rise, FBI warns

The FBI is warning the public about scammers falsely promising victims, many of whom are older Americans, a significant profit on purchases or sales of collectible coins.

The scams have impacted over 100 victims across at least 30 states, causing over $9 million in losses, the FBI says.

Scammers cold call victims to try to market their collectible coin business. If the victims already have collectible coins, the scammers promise a high rate of return for selling them. In some instances, scammers travel to victims’ homes and offer to take victims’ coin collections to have them appraised or to sell them.

Scammers may also offer to sell collectible coins of allegedly significant value to victims. They use high-pressure tactics to force a sale, such as fake imminent auctions or distressed sales, to coerce victims into quickly purchasing collectible coins. Ultimately, victims never receive the coins for which they paid in advance.

The FBI says not to pay in advance for collectible coins and don’t give your coins to someone who wants to take them for appraisal.

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