Press release from Universal Coin & Bullion:
input from numismatic experts, the Attorney General of Texas, Ken
Paxton, has issued a consumer protection alert about buying and selling
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.
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
Connect with Coin World:
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.”
“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.
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.
other tips in the Texas Attorney General’s advisory:
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.
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.
full consumer protection advisory from Texas Attorney General Paxton
is available online and as a printable PDF document.
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
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Another column in the June 26 Coin World profiles John J. Pittman,
a czar of numismatic knowledge.
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
& Bullion 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