Facebook (FB) climbs to new highs on Q2 beat >>> READ MORE

5 Sleazy Gold Coin Scams

Avoid being duped by unscrupulous gold scam artists

      View All  

Gold Scam 1: Grading Games

gold scam 1

The Coin Con: In gold coins, MS-70 is the top of the heap — a “mint state” coin that has never been handled. But what’s an easier way to increase the value of a coin than to lie about the condition? For instance, a 2002-W $50 Gold Eagle is worth $1,915 at a grade of MS-63 — a very clean condition, but not perfect. MS-70 for the same coin tallies a tag of $2,850. Unsuspecting coin buyers might not be able to tell the difference, thereby overpaying by hundreds of dollars.

Solution: Check the grades of coins with an independent source before buying. A reputable dealer will stand by his product and welcome a third-party appraisal. Just make sure that third party is of your choosing and not a rubber stamp on the dealer’s payroll.

Article printed from InvestorPlace Media, http://investorplace.com/2012/06/5-sleazy-gold-coin-scams-to-avoid-3-safe-ways/.

©2017 InvestorPlace Media, LLC