Experts at Universal Coin & Bullion warn that counterfeit rare coins and fake gold and silver bullion coins made in China are fraudulently being offered to unsuspecting buyers by unscrupulous online advertisers.
BEAUMONT, Texas, July 27, 2022 /PRNewswire-PRWeb/ -- Universal Coin & Bullion and its President Dr. Mike Fuljenz warn collectors and investors that counterfeit coins and fake "gold and silver" bars manufactured in China are being sold to American buyers through fraudulent advertising on various social media platforms and by uninformed coin dealers.
"Remember, in investing, "there is no 'free lunch' and 'there is no Santa Claus in numismatics,' advises Fuljenz who was recently interviewed by CNBC about the proliferation of counterfeit coins from China entering the United States. "If something seems too good to be true, that's because it is literally too bad for you to be true. If a so-called coin dealer is offering you gold or silver coins well below the spot price or melt value, that is a fraud! They can't survive as a company that way, even if they call it an 'introductory offer' or a 'loss leader.' Beware!"
Counterfeiters are using eBay, Facebook, Wish, Esty, Craigslist, and other platforms to sell their knock-offs. The counterfeit issue is a major problem for buyers who purchase from unknowns instead of from established precious metal dealers.
Millions of dollars of fake coins are being shipped into the United States each year. The FBI posted a warning (Alert # I-090921-PSA) reporting that in April 2021, U.S. Customs and Border Protection (CBP) officers at Chicago's international mail facility seized 279 shipments from China containing counterfeit coins and currency. Similarly, in 2020, CBP seized over $1.64 million in counterfeit cash and coins at Chicago O'Hare International Airport. They also strongly advise to purchase only from reputable, registered coin dealers.
"Facebook and many other social media platforms have been very lax in policing their advertisers. Fly-by-night counterfeiters take advantage of those lax policies and use these venues to sell their counterfeits. The end result is many collectors are fleeced out of a good chunk of their life savings," cautioned Fuljenz.
Fuljenz advised "when you see a one-ounce gold coin priced at one-third the price of gold spot value, or a roll of 20 one ounce silver dollars priced at $199, you know they're all fakes. Even if the photograph in the advertisement looks like a genuine coin, at such suspiciously low prices they're counterfeits. So, if you don't know rare coins or precious metals, you better know a reputable dealer."
About Mike Fuljenz:
A volunteer expert for the Anti-Counterfeiting Educational Foundation, Fuljenz is on the Board of Directors of CrimeStoppers of Southeast Texas and has taught counterfeit detection classes for collectors and investors as well as coin and bullion-related crime investigation techniques to law enforcement agencies. He was named 2021 Dealer of the Year by the American Numismatic Association.
About Universal Coin & Bullion:
Whether investor or collector, Universal Coin & Bullion® provides leading edge acquisition strategies for the gold and rare coin markets, along with award-winning numismatic materials and comprehensive coin consultation services. Universal Coin & Bullion® [UCB] specializes in rare United States coins as well as gold and silver bullion coins to clients nationwide. UCB is Better Business Bureau accredited. Since 1994, UCB has transacted over $1.1 billion in business with over 250,000 satisfied customers. For more information about Universal Coin & Bullion®, contact us at 800-822-4653.
Media Contact
Jill Mitchell, Universal Coin & Bullion, 1 409-291-0777, [email protected]
SOURCE Universal Coin & Bullion
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