Bullion coins are defined by Minnesota law as any coin containing more than one percent by weight of silver, gold, platinum, or other precious metal. Bullion coin dealers are licensed by the Minnesota Department of Commerce and must undergo background checks.
There are many reputable bullion dealers in the industry, but consumers need to be aware that there are disreputable or dishonest dealers that may not have your best interests in mind.
Following are some "red flags" that may assist you in determining if you are NOT working with a legitimate or honest dealer.
Shady dealers will use the same tactics as legitimate and trustworthy dealers to get your contact information. Telemarketing is often a favored approach. As with any investment, use the tried and true approach of researching and talking to experts. Avoid investing in products that are unfamiliar to you.
End the call: Don’t be a “courtesy victim.” When it comes to protecting yourself, there is no such thing as being rude. Trust your instincts.
Phone a friend: You should identify a trusted friend or family member you call for questions or advice.
Report the fraud: If you suspect a coin dealer might be fraudulent, contact the Minnesota Department of Commerce. We cannot stop fraud that we don’t know about. Your actions will help protect others who might be victims of fraud. If you have questions or concerns, contact the Department at 651-539-1600 or 1-800-657-3602.