Modern Coin Mart Review: Trusted Trader or Collectors’ Caveat?
Will Modern Coin Mart meet your coin collecting and investment needs? This modern coin mart review provides an uncompromising look at MCM’s services, quality, and customer feedback. As a notable player since 2004, it’s time to see if they stand up to investor and collector demands.
Key Takeaways
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Modern Coin Mart (MCM) is a well-established participant in the online coin and bullion market since 2004 with a diversified product range catering to collectors and investors, focusing on customer service under the ownership of Asset Marketing Services LLC.
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MCM offers products suitable for both collectors and investment purposes, including a wide range of IRA-eligible bullion and collectible ancient coins, with an assurance of authenticity through third-party grading services.
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Customer reviews of MCM are mixed, pointing to competitive prices and good customer service but also room for improvement in shipping efficiency and product satisfaction; comparisons with other dealers highlight variations in service and offerings.
Exploring Modern Coin Mart
Modern Coin Mart, often referred to as MCM, has been a significant player in the online modern coin and bullion market since its inception in 2004. Based in Sarasota, Florida, MCM is known for dealing in precious metals bullion and collectible coins. From ancient coins to modern coin offerings, the company’s product offerings are as diverse as the numismatics field itself.
Established in 2004 by John Maben, MCM initially operated out of Lakewood Ranch, Florida. It has since been taken over by Asset Marketing Services LLC. Despite the change in ownership, MCM continues to operate independently, maintaining its staff and commitment to customer service.
MCM’s status extends beyond that of a mere subsidiary following the acquisition by Asset Marketing Services. Rather, it has a significant degree of autonomy which allows it to cater to the specific needs of its customers, from seasoned investors to beginner collectors. This focus on customer service, coupled with a wide array of offerings, makes MCM a notable presence in the precious metals market.
Management and Ownership
Despite the well-known history and product range of Modern Coin Mart, the specifics of its current management and ownership remain unclear. This uncertainty complicates efforts to understand the company’s strategic direction and operational decision-making.
John Maben, the founder and former CEO, reduced his involvement to a consulting role following a change in ownership. Speculations persist regarding who currently owns Modern Coin Mart, with numismatic forums and industry insiders lacking official confirmation.
Despite these speculations, it’s clear that Modern Coin Mart operates under the umbrella of Asset Marketing Services, LLC. This ensures that customer service remains a significant focus for the team, a testament to the company’s commitment to its clients.
Products Offered by Modern Coin Mart
Catering to both investors and collectors, Modern Coin Mart offers a diverse and captivating range of products. From gold, silver, platinum, and palladium products to a wide variety of specific coin products, MCM provides a broad spectrum of assets.
It’s worth examining the specifics of how to hold IRA-eligible bullion and collectible coins in their IRA.
IRA-Eligible Bullion
Modern Coin Mart offers a range of existing precious metals IRAs, including IRA-eligible precious metals such as platinum group metal coins:
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Gold
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Silver
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Platinum
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Palladium, including the Palladium American Eagle
These assets provide a tangible and secure investment option for retirement savers who prefer to hold physical assets in their retirement accounts, managed by a self directed ira custodian.
The selection of IRA-eligible products offered by MCM includes:
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Gold American Eagle
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Gold American Buffalo
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Canadian Gold Maple Leaf
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Silver American Eagle
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Silver Canadian Maple Leaf
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Platinum American Eagle
These products adhere to the minimum fineness requirements set by the IRS.
One must bear in mind that, although MCM offers an extensive collection of coins, those with numismatic value do not qualify for IRA purposes under IRS regulations. This is a crucial factor for investors to consider when planning their retirement portfolios.
Collectibles and Ancient Coins
In addition to contemporary precious metals, Modern Coin Mart also stocks a variety of collectible and ancient coins. These coins span across various periods and cultures, offering numismatists an opportunity to add unique pieces to their collections. For those interested in learning more about the company, searching for “modern coin mart reviews” online can provide valuable insights.
To ensure the authenticity and quality of these collectible and ancient coins, MCM provides third-party grading and authentication services. Both the American Numismatic Association Certification Service and the Numismatic Guaranty Corporation excel in expert grading and authentication services, offering peace of mind to collectors and dealers alike. Their reputations for accuracy and reliability make them trusted choices in the numismatic community..
This focus on providing authenticated and high-quality collectible coins, along with their diversity of offerings, makes MCM a preferred choice for many coin collectors and numismatists.
Customer Experiences: Reviews and Complaints
As with any business, there are both commendations and criticisms of MCM. With an average rating of 3/5 on Focus on the User, customer sentiments are mixed. Positive experiences often highlight:
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MCM’s competitive prices
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Top-notch customer service
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Free shipping
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The pleasant process of purchase and fast delivery.
There are also instances of MCM going beyond to ensure customer satisfaction. In one case, MCM upgraded a customer’s order and refunded shipping costs due to a lost parcel by the courier. However, it’s not all roses. Common complaints include a cumbersome verification process, slower delivery times when compared to competitors, and dissatisfaction with the quality of received coins.
These mixed reviews suggest that while MCM excels in customer care and competitive pricing, there are areas such as shipping efficiency and product quality that have room for improvement.
Buyback Program and Storage Options
In addition to its products, MCM also provides a buyback program, enabling customers to resell their coins and metals to the company, subject to specific conditions. This program adds another layer of convenience, providing customers with a ready buyer for their precious metals and coins.
While MCM offers this buyback program, it does not provide direct storage options. This leaves customers with the autonomy to choose their preferred custodian or depository for storing their metals and coins, offering flexibility in terms of storage arrangements.
Comparing Modern Coin Mart with Other Coin Dealers
For a balanced viewpoint, a comparison of MCM with other coin dealers is vital. With an ‘Average’ Trustpilot rating of 3.1 out of 5, MCM’s customer satisfaction level seems to align with that of BGASC, another large coin and bullion dealer in the United States. It’s worth noting that checking their ratings on the Better Business Bureau can provide additional insights.
Packaging and shipping quality are important factors for customers. Some consider APMEX’s packaging very secure but difficult to open, while others feel more secure about MCM’s packaging, which is described as good but not as excessive as APMEX’s.
In terms of pricing and inventory, here are some comparisons of different coin services:
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Aydin Coin Services is known for offering lower prices with weekend specials and a bonus points reward system.
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JM Bullion offers decent prices.
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Provident Metals reportedly has a less extensive inventory and longer shipping times.
These comparisons indicate variations in service and offerings in the dealer market.
Making an Informed Decision: Tips for Choosing a Precious Metals Dealer
Selecting a trustworthy precious metals dealer necessitates meticulous consideration. Here are some steps to help you make an informed decision:
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Establish the dealer’s reputation through memberships in respected organizations like the Professional Numismatists Guild or the American Numismatic Association.
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Assess customer reviews to get an idea of the dealer’s track record and customer satisfaction.
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Compare pricing from different dealers to ensure fairness and reliability.
By following these steps and consulting the business bureau, you can find a reputable precious metals dealer.
Evaluating a dealer’s great customer service is equally crucial. By reaching out to their support team, assessing their responsiveness, and reviewing customer satisfaction, you can gauge their ability to assist customers effectively.
Another critical factor is pricing transparency and potential volume discounts or reduced fees. Reviewing the dealer’s pricing structures can provide insights into the fairness of their pricing. Additionally, checking for a diverse product selection and the dealer’s necessary certifications and licenses can ensure authenticity and legality.
Summary
Modern Coin Mart, with its broad product offerings and commitment to customer service, is undeniably a prominent player in the precious metals and numismatics industry. However, customer experiences and comparisons with other dealers reveal room for improvement in areas such as shipping efficiency and product quality.
When choosing a precious metals dealer, it’s vital to perform due diligence, considering factors such as reputation, customer service, pricing transparency, product diversity, and necessary certifications/licenses. As the saying goes, “knowledge is power.” Empower yourself with information to make an informed decision.
Frequently Asked Questions
Is Modern Coin Mart legit?
Yes, ModernCoinMart is considered legitimate as they have an A rating with the Better Business Bureau and over 375,000 positive feedback on eBay, reflecting their dedication to exceptional customer service.
Is it safe to buy coins online?
It is safe to buy coins online if you purchase from a reputable dealer and are aware of what to look for. The American Numismatic Association offers an online directory to help find trustworthy dealers.
Who currently owns Modern Coin Mart?
Modern Coin Mart is currently operated by Asset Marketing Services, LLC, and the specific owners of the company have not been officially confirmed.
What products does Modern Coin Mart offer?
Modern Coin Mart offers a wide range of gold, silver, platinum, and palladium products, including IRA-eligible bullion and collectible coins. They have a diverse selection to choose from.
Does Modern Coin Mart provide direct storage options for precious metals and coins?
No, Modern Coin Mart does not provide direct storage options; customers must choose their own custodian or depository.
