Oklahoma Coin Dealer Warns Of Counterfeit Gold, Silver Coins - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |

Oklahoma Coin Dealer Warns Of Counterfeit Gold, Silver Coins

Posted: Updated:
Rod Powers, an Oklahoma City numismatist, is warning dealers and consumers who are in the market to buy or sell gold and silver to take extra precautions of the coins they buy. Rod Powers, an Oklahoma City numismatist, is warning dealers and consumers who are in the market to buy or sell gold and silver to take extra precautions of the coins they buy.
He says one of his employees recently was fooled by this $1,270 bogus collection. He says one of his employees recently was fooled by this $1,270 bogus collection.
Powers says Gabriel Owen is suspected of selling $10,000 in fake gold and silver coins in Tulsa and $6,000 in Oklahoma City during the week of April 8. Powers says Gabriel Owen is suspected of selling $10,000 in fake gold and silver coins in Tulsa and $6,000 in Oklahoma City during the week of April 8.
OKLAHOMA CITY -

Coin dealers are seeing a rise in theft with people trying to sell fake coins in the Oklahoma City and Tulsa area.

Rod Powers, an Oklahoma City numismatist, is warning dealers and consumers who are in the market to buy or sell gold and silver to take extra precautions of the coins they buy.

"If it's too good, it probably is not real," he said.

However, even the best can fall victim to fake coins. He says one of his employees recently was fooled by a collection.

"It looked good but $1,270 worth of product that is worthless," Powers said.

While Powers believes these sellers didn't know they were fakes, he says many people do know what they're doing. In fact, dealers are keeping a watch out for Gabriel G. Owen, who is suspected of selling $10,000 in fake gold and silver coins in Tulsa and $6,000 in Oklahoma City during the week of April 8.

"They're great counterfeits, beautiful counterfeits," he said. "It would be hard to tell without spending a lot of time from what I've seen."

Powers said he fears it will only get worse with the prices of metals rising.

"We get crime reports every other day, somebody that's either been robbed or duped with coins that are not real," he said.

So, if some dealers are getting fooled, he said general consumer doesn't stand a chance.

"The flea markets, gun shows, the consumer is wide open for fraud," he said. "They don't know what to look for and if they spent the time, they probably wouldn't."

Powers says if they won't give you their ID when selling coins, don't buy it.

Ways to find reputable coin dealers:

1. Check their Better Business Bureau rating

2. See how long they have been in business

3. Use those dealers you have successfully used previously

Those who are buying gold and silver can always check coins against publications to verify if there were ever such coins minted.

Find out more about certified coins!

  • NewsMore>>

  • Retired Oklahoma Paramedic Scammed By Predatory Lender

    Retired Oklahoma Paramedic Scammed By Predatory Lender

    Brian Martin says he received an unsolicited call from a South Carolina phone number last Friday. Martin says that call came two days after he scanned the internet for a $300 to $400 loan.Brian Martin says he received an unsolicited call from a South Carolina phone number last Friday. Martin says that call came two days after he scanned the internet for a $300 to $400 loan.
    A retired Lincoln County Paramedic looking for extra cash says he got scammed by a predatory lender.More >>
    A retired Lincoln County Paramedic looking for extra cash says he got scammed by a predatory lender.More >>
  • Police To Allow Media To View Mixon Security Video

    Police To Allow Media To View Mixon Security Video

    Norman Police refuse to provide copies of the video that allegedly shows an altercation between OU running back Joe Mixon, and OU Junior Amelia Molitor from late July. Norman Police refuse to provide copies of the video that allegedly shows an altercation between OU running back Joe Mixon, and OU Junior Amelia Molitor from late July.
    The media received an open invitation by Norman Police to view that alleged assault video of OU running back Joe Mixon. But, it was made clear no cameras or any other recording devices are allowed. So that means the public won't be allowed to see it yet, and a media law expert calls that an absurd twisting of the Open Records Law.More >>
    The media received an open invitation by Norman Police to view that alleged assault video of OU running back Joe Mixon. But, it was made clear no cameras or any other recording devices are allowed. So that means the public won't be allowed to see it yet, and a media law expert calls that an absurd twisting of the Open Records Law.More >>

Live Radar

ESP Interactive

Featured On News9.com

  • Consumer Watch

    Been a victim of a scam? The Consumer Watch team investigates and gives helpful advice.

  • Local News

    Get the latest breaking news, current events and headlines effecting Oklahomans.

  • My 2 Cents

    Join Kelly Ogle in a community conversation about important Oklahoma issues.

  • 9 Investigates

    Are you aware of incidents of fraud, corruption, government waste? We investigate.

Powered by WorldNow
News 9
7401 N. Kelley Ave.
Oklahoma City, OK 73111
OKLAHOMA CITY'S OWN TM
Oklahoma's Own News9.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state including Oklahoma City's Own.
All content © Copyright 2000 - 2014, WorldNow and KWTV. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.