Avoiding Scams on Social Media

In recent years buying and selling coins via social media has become more prevalent, which can be great for dealers with brick-and-mortar locations looking to get more eyes on their inventory, and as we’ve seen in some of our young numismatist features, younger collectors who are just breaking into the coin business. Unfortunately, as we see on a fairly regular basis in our social inboxes, it also has provided a platform for individuals who are looking to take advantage of collectors. Below are a few things to keep in mind when considering online coin transactions.

PCGS Does Not Buy or Sell Coins

One of the most common scenarios we see involves individuals claiming to be purchasing coins on behalf of PCGS, or that they are representatives of PCGS in some way, with their only proof being a link to our website. There are a couple things to keep in mind in a situation like this, the first of which is in big bold letters above this paragraph: PCGS does not buy or sell coins. Now, does this mean that PCGS employees are not allowed to buy coins at all? Of course not. As long as it is for their personal collection, employees can purchase any number of collectible items, but they cannot act as a dealer.

PCGS Authorized Dealers

Let’s say the account soliciting a transaction doesn’t claim to work at PCGS, but instead claims to be an authorized dealer. It just so happens that we offer a PCGS Authorized Dealer Directory on our website that can be accessed for free at any time. Not only is this a useful tool for verifying that an individual or company is in fact what they are representing themselves to be, but it can also be used if you are looking to buy or sell coins, or for assistance with submissions to PCGS. Dealers can be looked up by name, location, and/or specialty. Most results also include contact information, the primary contact, further details, and a link to their website. If you don’t find who you are looking for, feel free to reach out through social media or to Customer Service at [email protected], as either will be able to connect with our dealer liaisons to confirm whether or not a person or company is indeed a PCGS Authorized Dealer.

Other Considerations

In addition to what we’ve explored above, we do from time to time unfortunately hear from people who have already sent a payment or shared sensitive information to the scammers. Keep in mind, there are a number of secure third-party payment options available, with buyer protection, some of which now may be integrated with your financial institutions, eliminating the need to even download a separate app. If a friend or co-worker can accept multiple forms of protected payment, so can a reputable seller. In the end, whether it’s because there’s a bunch of red flags or it just didn’t feel like the right time, you can always walk away from a purchase you haven’t made yet. And yes, while that coin or other collectible might be “the one that got away,” you may have saved yourself some financial regret and an untold amount of time fighting identity theft.