In the rare coins market, there are so many dealers, most of whom are honest and fair businessman, but a select few that choose to disregard legalities and value money over everything.
The most common rip-offs in the rare coins industry, or in any industry for that matter involve selling a product at a price that does not accurately reflect the value of that item or service. This type of scam is certainly seen in the rare coin world from time to time and is easily avoided, but there is another, more discreet scam that has been known to circulate through rare coins dealerships. This scam involves dealers or individuals selling information, claiming to know which way the market will turn and which coins will be the most valuable investments.
Some of these scams can be wildly creative, while others are subtle and believable, but people have fallen into the snares of every sham that has been fabricated by hoax artists. One surprisingly common scam involves sharing certain words with bank tellers, and receiving “free silver” in return.
Another method that people have used to get their hands on “free rare silver coins” is by going to the bank and requesting a roll of silver half-dollar coins. If you happen to be lucky enough to get a coin minted before the year 1971, you’ve just hit the jackpot, as these coins were cast with abnormally high concentrations of silver. While your chances of finding one of these coins is low, you can in theory, make a profit on a coin that you received from the bank.
These coins are harder to find than you might think however, so don’t go running off to the bank with ideas of exchanging your life savings for silver half-dollar rolls in a crazed hunt for cash. If you do decide that it’s worth your while to go exchanging all your coins for half-dollar rolls, be prepared to spend the time checking each and every coin’s date, a task which will minimize any profit you might make from selling the pre-1971 coins. When you’re done, unless you feel like putting all those coins back in rolls, be prepared to cut your profits even more with the fee for coin counting. This so-called secret isn’t such a secret after all, it would appear. At least now you know.
So, if after all of that discouragement and determent from believing this “trick” you still believe that this tactic for “free silver” is a believable one, think again. While you may be able to make a few bucks sifting through hundreds of half-dollar coins, consider the scammer who is directing people to this purported secret. For absolutely no costs and no time whatsoever, this mountebank was able to weasel out $20, $50, or even $100 from a couple of gullible folks who, if lucky, will find a handful of these coins for a profit of around an hour or two of work at minimum wage.
This is just one example of how a scam artist can have you believing he or she has the key to rare coin outlook, and can provide valuable secrets that will lead to profits. Some hoaxes may be more apparent than others, but con artists will unfortunately for the rest of us, always find their way into our lives if we let them.
When purchasing rare coins, don’t buy into any shortcuts, just trust yourself, and if you research and study the trends of rare coins, you will have access to the greatest secrets in the market.