Beware of buying gold collector coins from the Wells Fargo Find

Another expensive trap to avoid is buying coins from the Wells Fargo Find. Why? Because these coins are for collectors or speculators only, not for people looking to preserve wealth.

A number of years ago, according to the story, and everyone has a story to spin, 15 bags (1,000 coins per bag) of newly minted $20 St. Gaudens gold pieces (minted from 1908-1933), were found in a Wells Fargo bank in Colorado. Supposedly, these 15 bags of $20 St. Gaudens were found under a bunch of boxes in the bank vault. Apparently, they were put there and forgotten right after they were minted in 1933. All 15,000 of these coins had very little visible wear and were in pristine condition. The discovery of these coins became known as the Wells Fargo Find.

Rumor has it that these coins were actually found in a bank in Brazil, but it always helps to spin the story a little to sell the product. The two independent grading firms, PCGS and NGC graded and certified all these coins at MS65, MS66, and MS67. Many coin shops around the country started selling these coins for $3,000 to $5,000 a piece, as extremely rare, one-of-a-kind collector items. In fact, now one gold coin company is selling these MS67 - $20 St. Gaudens for $10,000 a piece. Whatever you do, don’t buy one of these high-priced Wells Fargo Find coins. They are a huge rip-off.