Numismatic professional Donald Herres issues a warning about “the gold bar scam” (or the “gold courier scam”) and how to protect oneself and family members from becoming victims. Here’s his account of what happened in one case:

Last week I was able to stop a man from losing $1,050,000 in a scam. He was from the Northern Kentucky area and he went to three shops and bought. I caught it when I received the same order from the second shop. A third shop called and I told them the customer was being scammed. They didn’t take the order.

Targets

Scammers are targeting elderly Americans with a sophisticated fraud that has already stolen hundreds of millions of dollars. Here’s how it usually works:

They convince the person that his or her bank accounts, investments, or identity have been compromised by hackers, the IRS, the government, or a romance or investment scam.

They create panic and urgency, then instruct the person to withdraw large amounts of cash or buy physical gold bars or coins for “safekeeping.”

Shortly after the victim purchases the gold from a coin shop or dealer, a “courier” (sent by the scammer) shows up to pick it up and “deliver it to safety” or transfer it.

Once the “courier” takes the gold, it disappears – and so does your money. Victims rarely recover anything.

This scam has exploded in recent years. The FBI reports over $262 million lost nationwide to “gold courier scams” in just the first 10 months of 2025, with hundreds of millions more stolen since 2023. It continues to hit hard in states like Ohio, Texas, Florida, California, and others, with new arrests still happening in 2026.

Red flags of a likely scam

You’re told by someone (often over the phone) to buy gold right away because of an emergency with your accounts, taxes, or investments.

The caller claims to be from a government agency, tech company (like Microsoft or Apple), or other trusted organization and says your money is in danger.

They insist you buy gold bars specifically (not coins like American Eagles or Canadian Maple Leafs).

They want you to go to a coin dealer, pay in cash, and then hand the gold to a “courier” or someone else who will pick it up immediately.

You feel rushed, nervous, or pressured to act today — “before it’s too late.”

The story involves “protecting” your money from hackers, lawsuits, fines, or secret government issues.

Important Truth: No legitimate government agency (IRS, FBI, etc.), bank, or tech company will ever tell you to buy gold and hand it to a courier. Real authorities never ask you to move money this way.

Protect yourself

Slow down and verify. If someone pressures you to buy gold immediately, hang up and call back whoever they claim to be by using a known, official number (for example, call the IRS or your bank directly from their official website). Scammers hate delays.

Talk to someone you trust. Before buying large amounts of gold or withdrawing big sums of cash, speak with a family member, trusted friend, or financial advisor. Describe exactly what you were told.

Never buy gold for “safekeeping” by a courier. If anyone suggests sending a courier to pick up gold or cash, it is almost certainly a scam. Legitimate ways to buy and store gold do not involve strangers picking it up the same day.

Prefer coins over bars if you truly want gold. Government-issued coins (American Eagles, Canadian Maple Leafs, etc.) are more traceable and less attractive to scammers than plain bars.

Report it immediately

Contact your local police (using the non-emergency line).

File a report with the FBI at tips.fbi.gov or call your local FBI field office.

Alert your bank right away if large withdrawals are involved.

Share this with elderly relatives Forward this warning to parents, grandparents, or any senior loved ones. Many victims are embarrassed and don’t tell family until it’s too late.

Bottom line

If it feels urgent and involves buying gold to “protect” your money from a sudden crisis — especially if a courier is involved — stop and seek a second opinion. These scammers are professional manipulators who prey on trust and fear.

Real protection for your savings comes from legitimate financial advisors, insured banks, and government-backed investments — not gold bars handed to a stranger.

Stay safe, stay skeptical, and look out for one another.

Donald Herres heads the multi-generational firm Dollartowne in Bellbrook, Ohio, serving the interests of dealers, collectors and investors across the United States since 1972..