The FBI and the Department of Treasury are warning the public that counterfeit coins are being sold on various online auction, social media and retail websites, targeting investors and collectors. There are three types of counterfeit coins: transactional coins (quarters, dimes, etc.), numismatics (high value collectables), and bullion (precious metals). Online advertisements used by scammers claim the coins are authentic; however, consumers are receiving fake coins and precious metals.
Online estimates reveal that consumers spend millions of dollars buying valuable or rare coins, but most receive near-worthless foreign-made counterfeits. An increasing number of counterfeit coins are being seized at US ports-of-entry. For example, 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. In 2020, CBP seized over $1.64 million in counterfeit cash and coins at Chicago O’Hare International Airport.
Scammers capitalized on the financial uncertainty and nation-wide coin shortage brought on by the COVID-19 pandemic to take advantage of amateur investors online. Many victims find purchasing online an easy method to make investments, as they can easily find what they are looking for, pay cheaper prices and have their investments delivered right to their door. Do not let online scammers rob you of your investment. Protect your wallet and your personal data by purchasing from reputable, registered coin dealers. If you decide to purchase outside this venue, ensure that the coins are tested by a certified organization, before making a purchase.
The FBI reminds readers to always research online sellers before buying coins and precious metals online. Check online reviews and Better Business Bureau complaints before making a purchase. Protect your investments by dealing with reputable companies and dealers.
If you believe that you are the victim of a counterfeit coin scheme, immediately report the activity to the online payment provider or credit card company used for the transaction. All identified Counterfeit coins involving U.S. currency should be reported to your local U.S. Secret Service office which can be found at https://www.secretservice.gov/contact/field-offices. You can also file a complaint with the U.S. Treasury Office of Inspector General at https://forms.treasury.gov/treasuryforms/Form?templateID=a1Qt00000028jF0EAI. All non-currency coins and bullion should be reported to the Anti-Counterfeiting Task Force at https://acefonline.org/counterfeit-alert/report-a-counterfeit and all cyber-related scams at the FBI’s Internet Crime Complaint Center at www.ic3.gov.
