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Interactives
What Is Y2K?
An Explanation
Y2K and You: How It
May Affect Your Life
Y2K Compliance Chart
The American Red
Cross Y2K Checklist
Progress Report
Greenspan: Y2K Could Prove Boon to Robbers
U.S. Optimistic But Unsure How 2000 Will Dawn
Media Seen as Key to Preventing Y2K Panic
U.S. Government
FAA Exec Books New Year's Eve Flight in Show of Confidence
House Panel Backs Plan to Curb Y2K Lawsuits
Fed Printing Billions of Dollars for Y2K Bank Run
Senate Moves to Curb Y2K Litigation
Regulators Say U.S. Banks Meeting Y2K Goals
Private Industry
U.S. Firm Says Y2K Bug a Priceless Pest
Businesses Begin to Lobby Congress On Possible Y2K Litigation
National Y2K Drill to Test Communication Alternatives
Reaction Abroad
Taiwan Military to Be Millennium-Ready in June
Australia Puts Faith in Y2K Defences
Low-Tech China Traditions Temper Y2K Fears
Buyer Beware When Purchasing Gold, Silver Coins
12.09 p.m. ET (1609 GMT) May 11, 1999
<FN_ARTICLEWASHINGTON — Consumers planning top purchase gold or silver coins to protect themselves against possible Year 2000 problems should watch out for possible investment scams, groups representing coin and paper money experts are warning.
Some con artists have tried to persuade people to take their money out of banks to avoid computer foulups because of the millennial date change, then turn it over to be invested with them in gold, silver, small-company stocks or other assets.
The trade groups said Monday that potential investors in coins should be aware of three key factors: the cost per ounce of precious metals, the delivery time for the coins and the difference between bullion value and collector value.
The value of bullion coins fluctuates in tandem with gold or silver prices, while collector coins have an additional value based on historical supply and demand.
"If you don't know your bullion coins, you'd better know your bullion coin dealer," said Richard Schwary, president of the Professional Numismatists Guild.
He noted that guild members, who study and collect coins, must follow a code of ethics and agree to binding arbitration to settle disputes with customers.
The group issued an advisory along with the American Numismatic Association and the Industry Council for Tangible Assets, whose members are experts on paper money.
Schwary said American Eagle coins generally have higher retail prices than comparable Canadian Maple Leaf coins or South African Krugerrands.
He said some older U.S. coins may be readily available in circulated condition for a "modest" premium over the value of their gold or silver content, but the same coins in pristine condition may have a significantly higher value, sometimes thousands of dollars more.
If immediate delivery of coins is not possible once you have bought them, Schwary advised, get in writing from the seller specific confirmation of the delivery date.
Recent increased demand has caused the U.S. Mint and its distributors to have delays in delivering coins, and retail buyers may encounter delays of several weeks or more, he said.
Consumers can get a free copy of the Professional Numismatists Guild's membership directory and a guide titled What You Should Know Before You Buy Rare Coins by writing to Robert Brueggeman, PNG executive director, 3950 Concordia Lane, Fallbrook, Calif. 92028. The phone number is 760-728-1300 and the e-mail address is info@pngdealers.com. The group's Web site is at www.pngdealers.com.
foxnews.com
Well, well, look who else has been bought off.
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