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Texas Attorney General Issues Gold Coins Consumer Protection Tips

May 22, 2017 in Bullion, Coins, Coins for sale, Collecting, Education, Fake Coins, Gold, Gold Bullion, Gold Coins, Investing, News, Numismatic Crimes, Numismatic Societies and Clubs, Numismatica, Numismatics, Opinion, Precious Metals, Press Releases, PSA, Rare Coins, US Government, USA Coins, World Coins

News media contacts:

Paul Stein, for Universal Coin & Bullion, 409-860-9077
Texas Attorney General’s office, 800-252-8011

Texas Attorney General Issues
Gold Coins Consumer Protection Tips

(Austin, Texas) May 22, 2017 – With input from numismatic experts, the Attorney General of Texas, Ken Paxton, has issued a consumer protection alert about buying and selling gold coins.  

Award-winning rare coins and precious metals writer, Michael Fuljenz, President of Universal Coin & Bullion in Beaumont, Texas, provided continuing consultation to the attorney general’s office on this important consumer alert. Fuljenz, in coordination with other key numismatic industry leaders, offered guidance on consumer protection best practices for precious metals consumers.

The advisory notes that senior citizens make up about 14% of the U.S. population but account for 60% of the callers to the National Fraud Information Center.

Paxton’s advisory cautions consumers and investors: “If coins you bought as an investment would have to double or triple in value before any gain could be realized, you may have been a victim of fraud.”

Entitled “Consumers Should Do Their Research Before and After Investing in Gold Coins,” the advisory emphasizes the crucial importance of working with reputable dealers to help avoid paying too much when buying or receiving too little when selling.  Paxton’s office recommends researching dealers through the Better Business Bureau, the American Numismatic Association, the Professional Numismatists Guild, Professional Coin Grading Service and Numismatic Guaranty Corporation.

“By issuing this important consumer protection advisory, Texas is not only assisting Lone Star state residents but providing nationwide benefits to the public who can access this useful information online.  Attorneys general across the country now also have a template to provide consumer protection advice to their residents about buying and selling gold bullion and gold coins,” said Fuljenz.

Among other tips in the Texas Attorney General’s advisory:

Do not respond to callers not previously contacted. Cold callers often are not registered in Texas to legally telemarket and often try to pressure customers to act quickly.

Do not do business with a dealer who guarantees your purchases are totally safe, will go up in value or can’t go down, stresses government gold confiscation or says he will buy them back for what you paid at any time.

The full consumer protection advisory from Texas Attorney General Paxton is available online and as a printable PDF document at www.texasattorneygeneral.gov/cpd/gold-coins.

Regretfully, due to print limitations, additional buying and selling tips were excluded, said Fuljenz, including avoiding false grading claims, advice about return privileges and urging caution if sellers receive certified money orders or certified checks from unknown buyers because they could be counterfeit.  All ten of the additional consumer protection tips are available online at www.MikeFuljenz.com/goldtips.

At Fuljenz’ request, the following are among the precious metal industry leaders who provided input to him for the advisory. Their names are listed alphabetically with affiliations given only for identification purposes.

Gary Adkins, American Numismatic Association Vice President and former Professional Numismatists Guild President

John Albanese, co-founder of Professional Coin Grading Service, Numismatic Guaranty Corporation and CAC

Doug Davis, Founder of Numismatic Crime Information Center, City Manager and former Police Chief of Pantego, Texas

Beth Deisher, Director of Anti-Counterfeiting for the Industry Council for Tangible Assets and former Editor of Coin World

Terry Hanlon, Dillon Gage Metals President, former PNG President

Jerry Jordan, award-winning investigative reporter and former Texas newspaper editor

Kathy McFadden, ICTA Executive Director

Rick Montgomery, NGC President

Donn Pearlman, public relations consultant, ANA Zerbe Award recipient, former ANA Governor and former journalist/broadcaster

Jay Sheppard, Better Business Bureau Serving Southeast Texas Dispute Resolution Director

Miles Standish, NGC Vice President

Universal Coin & Bullion (www.UniversalCoin.com) President Michael Fuljenz has won more than 60 prestigious national and regional awards and honors for his consumer education and protection work in rare coins and precious metals.  He is on the Boards of Directors of the influential Industry Council For Tangible Assets, Crime Stoppers of Jefferson and Hardin Counties Texas, and is a member of the prestigious Professional Numismatists Guild which honored him along with Doug Davis and Jerry Jordan in 2016 with its Sol Kaplan Award for helping to fight numismatic-related crimes.

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Be Wary of So-Called “Trump Coins,” Cautions Professional Numismatists Guild

January 28, 2017 in Collecting, Education, Investing, Medals, News, Numismatica, Numismatics, Opinion, PNG Professional Numismatists Guild, Press Releases, PSA, Tokens, US Mint

CORRECTED: January 27, 2017
News media contact:
Robert Brueggeman, (917) 587-8300

Be Wary of So-Called “Trump Coins,”
Cautions Professional Numismatists Guild

 

(Temecula, California) – So-called “Trump coins” are being offered in the marketplace, and they may be delightful souvenirs, but in many cases should not be mistaken for “rare coins,” cautions the Professional Numismatists Guild (www.PNGdealers.org).  In some cases, the items being offered are not even actually coins despite how they’re advertised, according to the PNG.

“Buyers today may be bitterly disappointed tomorrow if they mistakenly thought these kinds of souvenir items would be great investments,” stated PNG Executive Director Robert Brueggeman.

The PNG is a nonprofit organization composed of many of the top rare coin and paper money experts in the United States and six other countries.

PNG President Dana Samuelson points out that the United States Mint has not issued any coins or medals depicting President Donald J. Trump.  

“The so-called Trump coins now in the marketplace are either privately issued tokens or medals and not legal tender coins; or are genuine U.S. Mint-produced coins that have been deliberately altered by private parties after they left the Mint; or are coins produced by foreign countries but usually intended only for collectors and not for circulation in those countries,” explained Samuelson.

Some of the “Trump coins” being sold to the public are touted as gold or silver plated, but PNG cautions that can be confusing or misleading to potential buyers.

“The plating may be simply a microscopically thin layer of silver or gold that’s worth only a dollar or two. These should not be considered as investments in precious metals.  These kinds of novelty items often have little or no secondary market value,” stated PNG Executive Director Robert Brueggeman.

PNG officials recommend that buyers and sellers contact members of their Accredited Precious Metals Dealers (APMD) program.  PNG-APMD members must adhere to a strict code of ethics in the buying and selling of coins and precious metals.

Information about APMD, its code of ethics and a directory of accredited dealers can be found at www.APMDdealers.org, or call the Professional Numismatists Guild at (917) 587-8300.

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Buyers Beware! Fake British Virgin Islands Collector Coins from Unauthorized Distributor

November 3, 2016 in Coins, Collecting, Counterfeit, Education, Fake Coins, News, Numismatic Crimes, Numismatica, Numismatics, Opinion, PSA

By: Michael Alexander News.CoinUpdate.com (Coin Update News)

(Thursday, October 27)–The government of the British Virgin Islands is advising the public, especially coin collectors, that “coins” purported to be issued in the name of the British Virgin Islands have been offered for sale to coin dealers and the general public. (Two examples are shown above.) The coins are being sold from a website originating in Russia, by a company calling themselves “Katz Coins & Notes” or “Coinsking” with offices in Novosibirsk. The designs feature the Sibir Hockey Club in Russia and animals from Novosibirsk Zoo. The seller also purport to have offices in Prague, Czech Republic. The coins… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Citizens Coinage Advisory Committee Seeks Two New Members

March 18, 2016 in Coins, Collecting, Education, History, News, Numismatica, Numismatics, Politics, PSA, US Government, US Mint, USA Coins

By: Coin Update News.CoinUpdate.com (Coin Update News)

ccacSMALL

The Citizens Coinage Advisory Committee has announced that it is seeking applications for two new members–one qualified to represent the “interests of the general public” and the other known for expertise in “numismatic curation.”

The positions entail making recommendations to the Secretary of the U.S. Treasury on topics such as coin and medal designs, commemorative themes, and mintage levels for commemorative coins. Each member serves a four-year term and is reimbursed for travel expenses related to the committee’s 6-8 yearly meetings. Aside from these expenses, the position is not salaried; officers or employees of the Federal Government are not eligible for… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Currency Readers Available for the Blind and Visually Impaired at No Cost to Them

February 8, 2016 in Bureau of Engraving and Printing, Currency, News, Press Releases, PSA, US Government

Press Release
Currency Readers Available for the Blind and Visually Impaired at No Cost to Them

 

In Observance of Low Vision Awareness Month, the Bureau of Engraving and Printing Encourages Eligible Individuals to Apply

Contact: Lydia Washington (202) 874-3487

Washington, DC – February 8, 2016 – The Bureau of Engraving and Printing (BEP), in partnership with the Library of Congress’ National Library Services for the Blind and Physically Handicapped (NLS), launched the U.S. Currency Reader Program in 2015 as a means for blind or visually impaired individuals to denominate U.S. currency. Now in its second year, the program provides U.S. citizens or legal residents with vision impairments a free currency reader device at no cost to them.

“To date, more than 35,000 currency readers have been distributed to eligible individuals and we have received a very positive response from the visually impaired community about their functionality. February is Low Vision Awareness Month and what better time to create additional awareness about the program and encourage others to apply for one,” said BEP Director Len Olijar.

The currency reader, called iBill®, is a small hand-held device that denominates all U.S. currency in circulation in one of three modes: a clear natural voice, a pattern of tones, or a pattern of vibrations for privacy. The vibration mode also assists people who are deaf and blind in identifying a note’s denomination. The device uses a single AAA battery, which is included.

Currency reader applications are processed and readers are shipped by the NLS, which also administers a free library program of braille and audio materials for U.S. residents and citizens living abroad.

To request a currency reader, individuals should complete the application located on BEP’s website at http://www.bep.gov/uscurrencyreaderform.html or call (844) 815-9388, toll free to request that an application be mailed.

BEP also offers two mobile device applications that allow users to scan a note and have the note’s value communicated back to the user. EyeNote®, an Apple iOS mobile application for denominating currency can be downloaded free from the Apple App Store and the IDEAL® Currency Identifier app for Android devices can be downloaded free from Google Play.

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Beware of Frighteningly Deceptive Counterfeits Statement By Dwight Manley

November 12, 2015 in African Coins, Coins, Collecting, Education, Fake Coins, Gold, Gold Coins, Numismatica, Numismatics, Opinion, Precious Metals, PSA, World Coins

November 12, 2015

 

News Media Contact:
Dwight Manley, (714) 526-5460

Beware of Frighteningly Deceptive Counterfeits
Statement By Dwight Manley

 

Prominent rare coin dealer and collector Dwight Manley, owner of Fullerton Coins & Stamps in Fullerton, California and Managing Partner of the California Gold Marketing Group, who assisted a quarter-century ago in breaking up a counterfeit coin and counterfeit holder scheme, has issued the following statement.

The counterfeit quarter-ounce Krugerrand in a counterfeit NGC holder that was purchased in Fullerton, California. (Photo courtesy of Dwight Manley.)

The counterfeit quarter-ounce Krugerrand in a counterfeit NGC holder that was purchased in Fullerton, California. (Photo courtesy of Dwight Manley.)

“A frighteningly deceptive counterfeit has been encountered, and the world needs to be told about it. We recently realized that a 2005-dated quarter-ounce South African Krugerrand labeled NGC Proof 70 is not only a counterfeit coin, it is housed in a counterfeit Numismatic Guaranty Corporation holder that has the same certification number on the label as a genuine 2005 PF 70 one-quarter ounce Krugerrand listed in the NGC data base.”

“The fake was purchased on October 23, 2015 by a knowledgeable employee of Fullerton Coins & Stamps over the counter from a semi-regular customer. Before making the purchase, the employee checked the NGC website to see if the certification number and coin description matched. They did: cert number 3676849-006.”

“I recently examined the coin, and it just didn’t look quite right. I did a side-by-side, inch-by-inch comparison between the encapsulated coin the store purchased and the obverse and reverse photos on the NGC website. The reproduction of the NGC hologram on the fake is almost dead on the same; however, there is one distinct difference between fake and genuine on the left side of the front insert label. On the fake coin, the circle in the NGC logo (an encircled balance scale) goes almost entirely around the P in the grade PF 70. On the genuine coin’s label, the P is outside the logo circle.”

“An amazing amount of effort obviously went into creating a fake coin and a fake holder with a cert number and description that match a genuine coin. I’ve notified NGC, but in the meantime, I caution collectors and dealers to watch out for any similar, deceitful and dangerous counterfeits.”

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$5,000 Reward Offered By Numismatic Crime Information Center (NCIC) in Coin Shop Murders

August 5, 2015 in News, Numismatic Crimes, Numismatic Societies and Clubs, Numismatica, Numismatics, Press Releases, PSA

By: NCIC 08/03/2015 (http://numismaticcrimes.org/)

The Numismatic Crime Information Center is offering a $5,000 reward for information that leads to the arrest and conviction of the person or persons responsible for shooting and killing two men at a rare-coin shop in Cheyenne, Wyoming.

Police identify the victims of the July 20 shooting as 67-year-old Dwight Brockman, the shop owner, and 76-year-old George Manley. The two men were found dead at The Coin Shop.

Investigators say the suspect is a man around 5 feet, 7 inches tall, who was wearing a dark shirt at the time.

Anyone with information should contact:

Det.Pederson 307-637-6510 or Doug Davis 817-723-7231 Doug@numismaticcrimes.org

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