E-commerce Coin Scam Targets Elderly Collectors
On.cc · 1 SOURCESabout 2 hours ago2 MIN
Summary
Mainland media reported on August 30 that consumers had complained about a commemorative coin collecting scam on e-commerce platforms targeting elderly buyers. Sellers and livestream hosts allegedly promoted coin sets as central bank-issued, highly authoritative, extremely limited and likely to rise sharply in value, even though some products were found to be ordinary commemorative coins mounted in crude metal casings and sold at marked-up prices.
Key Points
- Consumers told mainland media that some online merchants targeted elderly buyers with commemorative coin offers marketed as “People’s Bank of China-issued”, “limited edition” and “out of print”.
- The report said a so-called scarce collectible sold for 99 yuan was in fact a 10-yuan commemorative coin fitted with an outer casing.
- Livestream sellers recently pushed multiple commemorative coin sets online, with prices ranging from 99 yuan to 238 yuan.
- After the sets were opened, buyers found two ordinary commemorative coins issued by the People’s Bank of China embedded in grooves inside a metal shell.
- Industry insiders who dismantled the products said the metal casing was crudely made and lost paint after repeated rubbing, despite certificates claiming gold and silver content.
- The packaging boxes reportedly did not list a manufacturer name, factory address or contact telephone number, making the products difficult to trace.
Why It Matters
For Hong Kong readers, the case is a warning that collectible-themed online sales pitches can rely on genuine official coins wrapped in misleading packaging and exaggerated investment claims. It also shows how weak product traceability and livestream marketing can make older consumers especially vulnerable when buying across digital platforms.