The FOR SALE SCAM Threat: My Wake-Up Call in Coin Collecting

Lately, I’ve been thinking a lot about the darker side of our hobby. A surge in coin sale scams—especially impersonation schemes—has hit our community hard, preying on the trust we’ve built over years. It’s been a real wake-up call for me to stay sharp.

How the Scam Unfolds

Here’s what happens: crooks hijack respected collector accounts to pose as legitimate sellers. They’ll offer high-value coins like gold eagles or buffalos at impossible prices—I’m talking $400 below spot gold. Payment demands lean heavily toward cryptocurrency to avoid tracing, and victims often find themselves locked out of their own accounts afterward. It’s a nasty bit of wire fraud, made tougher to fight because many operate overseas.

Red Flags Every Collector Should Spot

Through my own close calls and hearing others’ stories, I’ve noticed these patterns:

• Unrealistic prices: Gold coins priced thousands below market? That’s not a bargain—it’s bait.
• Rushed sales tactics: When sellers push you to “act fast,” take a step back.
• Private message pressure: If they avoid public comments and insist on DMs, be wary—scammers love shadows.
• Hijacked veteran accounts: Even 10-year-old profiles aren’t safe. I’ve seen trusted names turn into traps overnight.

Practical Security Steps to Protect Yourself

After my own near-miss, I’ve tightened up my routines. Try these:

• Refresh passwords regularly—don’t wait for platform alerts. I set calendar reminders quarterly.
• Enable two-step verification everywhere. That extra step saved me last month.
• Verify sellers like you’re authenticating a rare coin: Cross-check through multiple channels before sending funds.
• Treat crypto deals like raw Morgans: Assume they’re problematic until proven otherwise. Once sent, that money’s gone.

Market Impact and Personal Takeaways

The damage is real—I’ve watched collectors lose $12,000 in Bitcoin before lunch. While these scams erode trust in online trading, they also show how our community’s vigilance works. Remember that buffalo nickel ad last spring? A collector noticed the price was suspiciously low, asked specific grading questions, and when the “seller” fumbled the answers, alerted moderators within minutes. That ad disappeared before anyone got burned.

At the end of the day, trust your instincts like you trust your loupe. If something feels wrong in a deal, walk away. Keep learning, lock down your accounts, and remember—in numismatics, our best protection is between our ears.