I realize scams have been around pretty much forever. It’s pathetic human nature to take advantage of someone else, to want something for nothing, or both. You’d hope that, over time, such inclinations might wane. Nope. In my lifetime, I’ve never seen crime so rampant and pervasive.
Forget simple shoplifting. Gangs perpetrating smash-and-grab robberies in stores and malls are now commonplace. It happens even “off-site.” Video footage shows packs of masked youths swarming FedEx and Amazon delivery trucks stealing all the packages they can. Evidently, a lack of prosecution when caught allows them to do this repeatedly without consequence.
Collectors are no strangers to scams. I’ve mentioned the spate of top-quality counterfeits flowing into the US from China. (That’s not political. Just a fact.) Add to that, swindles aplenty found online and in full-page print ads....
This month, the AARP reported on a company called “Safeguard Metals.” They’ve been charged with targeting elderly investors with significantly overpriced silver coins. According to authorities, many coins were sold for double or more their actual worth. Worse, many of the $26 million in funds came from the retirement accounts of over 450 elderly investors. Charges against the company are pending with a slim possibility of some level of restitution. I wouldn’t hold my breath.
A recurring mail-order scam features full-page print ads hawking US golden dollar coins in stacks, rolls and cardboard boxes resembling gold bars. These golden dollars are the exact same zinc and nickel coated copper coins sold by the US Mint. The difference is in the packaging and sales pitch. The ads convince readers they can only buy them for a limited time depending on their area code. Not surprisingly, virtually every area code is included. Still, people get sucked in.
In actuality, each of the “golden dollars” is worth only its face-value of one dollar but are foisted on unsuspecting collectors or investors for many times that. Those buying them don’t discover the actual minimal value until they go to resell them to a local coin dealer. Then, it’s too late.
The countless scams go on and on. On the “good news” front, there are ways to avoid such schemes.
First, whether it be coins, stamps, old currency, baseball cards or literally any such collectible, the ideal rule-of-thumb is to Know Your Dealer. Honest dealers are members of recognized national collector organizations such as the American Stamp Dealers Association (ASDA); American Numismatic Association (ANA); Professional Numismatists Guild (PNG); or the American Philatelic Society (APS).
When doing business with dealers belonging to those organizations, should a problem arise, customers can contact and appeal to the association. They will step in and mediate a resolution. The reason is simple…they have a vested interest in making sure the hobbies are fair, legit and trustworthy. They too are sick of fly-by-night dealer operations that prey on people.
For those who enjoy collecting, subscribing to a leading weekly hobby trade newspaper is ideal for the new year. For stamps, coins and currency, there are recognized and trusted publications with great stories behind the items, ways to avoid scams, transparent pricing and ads from reputable national dealers who have been in business for decades or longer.
Coin World is the go-to publication for the numismatic hobby. It also doubles as a recognized resource for paper currency and dealers who specialize in both. Along with the weekly issues is a thicker monthly guide listing dealer prices for most every US coin ever issued in grades ranging from “About Good” to “Mint State” and “Proof.” Few price guides offer more.
Linn’s Stamp News is far-and-away the definitive twice-monthly compendium for anything having to do with stamps or valuable postal history. Started just shy of 100 years ago, in 1928, it has outlasted many other hobby publications that have faded into the collecting backdrop.
Both Linn’s and Coin World are published by Amos Media. The cost for a one-year subscription to Coin World is: $59.99 for print and digital or $109.99 for just the print version of the weekly and monthly issues. For the bi-weekly print version of Linn’s plus the monthly magazine, the cost is $70.95. Either way, it’s a markedly inexpensive way to stay abreast of all the collectible market news and pricing for the world’s most popular hobbies.
For more information on either publication, log onto www.AmosMedia.com or phone toll-free: 800-448-7293. For those seeking a last-minute gift, this could be the ideal solution.
For more collecting information and advice, log on to: http://prexford.com/.