U.S. MONEY RESERVE dba United States Rare Coin

Based on the Better Business Bureau investigations and complaints, scamFRAUDalert see it appropriate to issue this ALERT that consumer be aware that US Money Reserve dba United States Rare Coin and Bullion Reserve ~ http://www.usmoneyreserve.com is not affiliated with the US Government in spite of promises made to the BBB and the State of Texas in 2011 to cease and desist deceptive business practices.

In November 2011, the company signed an agreement with Texas Attorney General that the company must provide $5 million in restitution to its customers and comply with the Texas Deceptive Trade Practices Act in the future.

US money reserve

Customer Complaints Summary Read complaint details

31 complaints closed with BBB in last 3 years | 10 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 11
Billing/Collection Issues 0
Delivery Issues 1
Guarantee/Warranty Issues 1
Problems with Product/Service 18
Total Closed Complaints 31

1 reply

  1. Advertising Review

    BBB first contacted this company on Feb. 25, 2011 regarding its print advertisements appearing in the Jan. 7, 2011 edition of the St. Louis Post and the Feb. 23, 2011 edition of the Cincinnati Enquirer. BBB has been working with this company regarding certain claims in print advertising for the sale of U.S Gov’t $5 Gold Eagle Coins “at cost” as well as claims on its website, http://www.usmoneyreserve.com. As a result of this review the company has agreed to modify or discontinue some claims.

    However, as of Mar. 26, 2013 some advertising concerns remain outstanding. A summary of these concerns are as follows.

    Specifically, BBB became concerned that the general layout of this company’s U.S Gov’t $5 Gold Eagle Coins “at cost” advertisements could imply an affiliation with the U.S. Government. The company’s print ads show a picture of the U.S. Capitol Building, and include mentions of “Congress Public Law 99-185.” The advertisements do include a fine print disclaimer indicating the company is not affiliated with the government or U.S. Mint. BBB requested the company make the disclaimer more prominent and easy to read and further requested the company discontinue the use of the illustration.

    The company responded by stating it believes the disclaimers are understandable and readable to the normal customer and stated that it would not discontinue the illustrations or modify the layout. BBB remains concerned that the overall layout or impression of the printed advertisement could imply some affiliation with the U.S. Government.

    This company regularly advertises an offer of U.S Gov’t $5 Gold Eagle Coins “at cost”. These advertisements regularly included several claims regarding the limited release and availability of the coins offered for sale. The ads made ongoing claims such as “For the first time in recent history, U.S. Citizens can buy Gov’t Issued $ 5 Gold Coins…” or “The U.S. Money Reserve Main Vault Facility today announces the final release of U.S. Gov’t-Issued Gold Coins.” The company’s website described the offer as, “For only a limited time you have what could be a once in a lifetime opportunity to purchase $5 American Eagle Gold Coins at our cost.”

    BBB Code of Advertising states that time limit sales and price-reduction offers should be rigidly observed. BBB requested that the company clarify whether or not this offer was temporary, final or ongoing as the offer appeared regularly in the company’s advertising. The company responded by stating that the offer is for new, current-year bullions at the company’s current at-cost price. The company further stated that the “final release” referred to in the advertisement is the final release of the coins at the stated price.

    BBB requested the company clarify its advertising to make it clear that the “limited time” referred to the current at-cost price and to discontinue claiming “final release” unless there was a sincere and imminent possibility that the opportunity to purchase coins at cost would not be offered again.

    The company stated that they would change the language in future advertisements to clarify the offer, including changing their ads to refer to “gold at this price.” The company’s Mar. 8, 2013 U.S Gov’t $5 Gold Eagle Coins at cost advertisement in the Cincinnati Enquirer shows certain claims have been modified to state “what could be the final release” or “may be your final opportunity to buy U.S. government-issued gold coins at this price.” The statement “once in a lifetime opportunity to purchase $5 American Eagle Gold Coins at our cost” was removed from the website.

    However, the ad also included the claim “Beginning today U.S. Citizens can purchase U.S. Gov’t gold at-cost.”

    BBB also reviewed an advertisement for 1 oz. Silver American Eagle coins at cost. The advertised price for these coins, $34.74, is shown with an asterisk. This asterisk referenced a fine print disclosure clarifying that consumers would need to place a minimum order of 5 silver coins. BBB Code of Advertising states that an asterisk should not be used as a means of contradicting or substantially changing the meaning of any advertising statement. In this case, the minimum price charged to a consumer would the price of five coins, not the advertised price of a single coin.

    BBB requested the company modify the advertisement to be more readable and make the conditions of the sale more conspicuous, rather than using an asterisk to provide these additional details in fine print.

    The company responded that they believed their disclaimers to be clearly understandable and readable, and that they felt no modification would be necessary.

    The company’s website and some marketing materials provided in April 2012 described a partnership with former Mint Director, Mr. Phillip Diehl, and indicated that the company worked with him to create a signature series of coins. On the website, this series of coins is described as the “U.S. Mint Director Signature Series” and includes a picture of Mr. Diehl that could be interpreted as being of him during his time as Mint Director. Elsewhere, the advertisement refers to the fact that Mr. Diehl is a former Mint Director only by referring to “his final year” in that position. Mr. Diehl is currently listed as the CEO of United States Gold Exchange, which means he may have a pecuniary interest in the gold coin buying/ selling industry.

    BBB Code of Advertising states that testimonials or endorsements containing representations or statements which would be misleading if otherwise used in advertising should not be used. As such BBB requested Mr. Diehl’s current participation in the gold coin buying/ selling industry be disclosed. BBB further requested the company clarify this header of this section of advertising to more clearly state Mr. Diehl is the former Mint Director, as a typical reasonable consumer could assume that Mr. Diehl is the current Mint Director, or is otherwise acting in an official capacity, based on the company’s advertising.

    The company responded by stating that Mr. Diehl is a consultant and based upon certain representations made by Mr. Diehl, it does “not feel a disclosure regarding any potential pecuniary interest(s) is needed at this time.”

    As of Mar. 26, 2013 the company’s website, http://www.usmoneyreserve.com, no longer directly links consumers to information regarding the signature series of coins. However the page can still be accessed via internet search. BBB is not aware of any changes made or additional disclosure added to advertising referencing Mr. Diehl’s potential pecuniary interest in the gold coin buying/ selling industry. Though the company did agree in their response to modify the header as BBB requested, it does not appear that it has been modified.

    The company’s website advertises a 30 day 100% Money Back Guarantee. As part of our review of this company’s advertising, BBB requested the company clarify provide the typical timeframe it takes from the date of the purchase for a consumer to receive and review the coins and what they are told at the time of sale.

    The company responded by stating that it would update this policy to make it clearer that the refund will be based on the date that the shipment is received by the customer. As of Mar. 26, 2013 the refund policy available on the company’s website states the company “will accept the return of any certified Gold, Silver or Platinum coins within 30 days of purchase and provide a full refund.” BBB recommends consumers clarify the details of the money back guarantee with the company prior to purchase.

    Finally, as part of our review, BBB requested the company provide copies of their current advertising and marking materials. The company responded that it has monthly marketing material and this material changes from time to time. New copies or examples were not provided.

    The company further stated that they would be modifying the “Must See Gold DVD” advertised on their website. On Feb. 22, 2013 the company stated that revisions should be completed within 4-6 weeks. BBB has not received the revised DVD.

    What is BBB Advertising Review?

Leave A Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s