Attorney general issues gold consumer protection
- Published: Jun 14, 2017, 7 AM
Press release from Universal Coin & Bullion:
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.
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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.
Regrettably, 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 from Fuljenz.
Did a former automaker once issue scrip notes? Plus, some alternative collecting methods: Another column in the June 26 Coin World profiles John J. Pittman, a czar of numismatic knowledge.
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 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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