Beware Coin Scams

The Tweet with a picture of billionaire entrepreneur Elon Musk exclaims, “I just invested in Trump Coin!” An apparent retweet claims, “The price is gonna grow so high in the upcoming months! We’re running out of stock!” Then it directs readers to a site where they can purchase “Trump Coins.” 

The Twitter postings, though, are part of a scam to sell virtually worthless trinkets. 

Scammers are also targeting followers of the conservative social network Parler. A fake account under the name of former Vice President Mike Pence promoted a bogus Trump coin, and one under the name of Sidney Powell, the attorney who worked with the former president to overturn the 2020 election, directs followers to a page promoting a $39.95 “President Trump 2020 coin” from the “Raw Conservatives Store.” The page includes a fake Tweet from Speaker of the House Nancy Pelosi saying, “I’m calling for a complete ban on all sales of Trump’s presidential coin” and a claim that the price “will go out at least 400%.”

Beware of such scams, particularly on the internet. These kinds of cheap memorabilia are not investment quality coins and have virtually no potential for price appreciation.

Serious investors who seek to boost the security of their financial portfolios should purchase only genuine gold or silver bullion coins such as the American Eagle Gold Bullion coins that are produced by the U.S. Mint and sold only by reputable dealers like Nationwide Coin and Bullion Reserve.