Navigating the Minefield: My Insights on FOR SALE SCAMs in Coin Collecting

I’ve been collecting coins for years, and recently I noticed something troubling spreading through trading circles—scammers posing as trusted sellers to push unbelievable deals. It really opened my eyes, and I want to share what I’ve learned to help protect both your collection and your wallet.

How the Scam Works

Here’s what I discovered: fraudsters hijack established collector accounts to post fake “for sale” ads. They often target gold eagles or buffalos, listing them at laughably low prices—like $2880 when spot’s way higher. I saw buffalos offered $400 under spot, which should set off alarm bells. Their game? Lure buyers into paying with Bitcoin or other crypto, then vanish. One Bitcoin wallet linked to this racket pulled in over $12k in a single day—proof that even savvy collectors get taken.

Spotting the Red Flags

Based on what I’ve seen, watch for these warning signs:

• Prices that defy logic: If gold coins are priced way under spot, run. Legitimate sellers simply don’t discount that heavily.
• Crypto-only demands: Insistence on Bitcoin payments is a giant red flag—it’s their escape hatch.
• False urgency: “Must sell today!” is pure pressure tactic to bypass your due diligence.
• Account weirdness: Older accounts posting uncharacteristic deals? Hackers love these—the real owners often can’t even log in to warn you.

Protecting Yourself and Your Collection

After seeing this mess, I’ve tightened up my own habits. First, always verify sellers through trusted platforms like NGC or PCGS marketplaces—forum ads alone won’t cut it. I now rotate passwords religiously and use two-step verification everywhere; that extra layer stops most hacks. Remember: responding to “Want to Sell” posts requires direct messages—no public replies. Use that channel to ask careful questions. If something smells funny, alert moderators immediately—I’ve watched sketchy posts disappear within minutes when collectors speak up.

Why This Matters to Collectors

This whole mess reminds us how vital trust and authenticity are in our hobby. These scams poison our community and prove why certified coins from reputable dealers matter. Precious metals remain prime targets—stay current on spot prices and market shifts. And remember: this isn’t just about losing cash. It’s wire fraud with real prison time attached. By staying alert and sharing what we know, we keep our shared passion for coins secure and enjoyable.

Keep your eyes open, friends—vigilance is what stands between collectors and these thieves.