Regarding the universe of numismatics, every coin tells a story. This is why collectors seek rare treasures; some go to Modern Coin Mart (MCM), which emerged as an established brand. Are its products authentic? Find Out in this Modern Coin Mart review!
This company acts as a direct North American distributor for several renowned mints globally. Because of this, MCM has become synonymous with reliability in the numismatic industry. In this review, you will delve into the world that Modern Coin Mart has set up for its owners.
You will see and explore its rich history and affiliations. You will also witness the recent developments that continue to shape its journey. Continue reading to unravel the layers of this well-established numismatic company. Come and discover what sets MCM apart in the world of rare and valuable coins.
But before we get started with this review, here is something important that you should know!
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Table of Contents
What Is Modern Coin Mart?
Established in 2004, this online platform has recently been a trailblazer. The modern coin and bullion market offers a diverse range of precious metals. These include standard silver, gold, and other classic US and ancient coins.
Over the years, the company has evolved to become a significant online source for precious metal products. It continues to expand its offerings to include some less standard materials as well. MCM prides itself on dealing with each customer on an individual basis.
Being a distributor for dozens of mints worldwide, MCM has established itself as a reliable source of bullion. The company’s affiliation with these mints underscores its expertise and reliability in the industry. These affiliations include The Perth Mint of Australia, The China Mint, and Monnaie du Paris.
With a reputation for individualized customer service, MCM has earned the trust of both seasoned collectors and first-time buyers. It also has shown itself to provide professional and courteous service through its customer service team.
The company’s is also affiliated with prestigious organizations. These include The Professional Numismatists Guild, The American Numismatic Association, and Florida United Numismatists.
All this shows its commitment to upholding the highest standards as required by the law.
The company’s dedication to quality service and customer satisfaction is reflected in its A rating with the Better Business Bureau. It has also received overwhelmingly positive feedback from over 375,000 buyers on eBay. In doing so, it can also boast a 99.9% Positive Detailed Seller Rating.
Who Owns This Company?
In June 2015, Modern Coin Mart was acquired by Asset Marketing Services, Inc. (AMS). This is a trusted leader in multi-channel direct-to-consumer marketing of coins. AMS was founded in 1984 and initially began as a client service company for telemarketing collectibles.
Over the years, it shifted its focus to develop its own customer base, enhancing its e-commerce capabilities. It established a global footprint with brands including Gov Mint, Modern Coin Mart, and LPM.
The company underwent a significant management change in March of the current year. The former CEO, Bill Gale, stepped down from his role. Despite this, he continues to contribute as a valuable member of the Board of Directors. He is also a trusted industry advisor to the new CEO, Jim Hilt.
Jim brings over 25 years of consumer-focused business experience to the company. His appointment also marks a new chapter in the company’s leadership.
The combined strengths of Modern Coin Mart and AMS position them as reliable and experienced sources. This is for both seasoned collectors and first-time buyers in the modern coin market.
The company’s commitment to professionalism is unparalleled. This, combined with strategic partnerships with renowned mints, contributes to its standing in the industry.
Modern Coin Mart Products
Being a modern coin shop, you can expect a wide range of bullion and products from the company. This is easily seen when you go and visit their website.
To facilitate you in browsing their options, take a look below! You will find the various different categories that you can browse when it comes to their products.
Gold
Gold is an essential metal when it comes to investment. Naturally, they would have this metal in their stock and wares. Gold is probably the most sought-after metal when it comes to this industry. This is why this store has plenty of different coins and bullion.
Here are just a few of the categories that you can get your hands on:
- United States Gold Coins
- Great Britain Gold Coins
- Australian Gold Coins
- South African Gold Coins
Silver
After gold, most investors gravitate towards silver precious metals. These are not as in high demand as gold products. However, they still offer great investment incentives. They also aid in a diverse portfolio.
This is why many people buy silver from the following categories of this business:
- United States Silver Coins
- Great Britain Silver Coins
- Canadian Silver Coins
- Chinese Silver Coins
US Coins
Collectors and enthusiasts highly seek coins produced by the United States Mint. Since the early 1790s, the US Mint has been minting a diverse range of coins from all sorts of precious metals.
Here are all the coins that Modern Coin Mart offers, along with its wide range of modern commemorative coins:
- American Innovation
- Presidential Dollar Coins
- Vintage Commemorative Coins
- U.S. Cents
World Coins
Many people tend to collect more diverse and rare coins like US coins. These coins can be about anything, and this is what this business’ world coins collection looks like. They have a wide array of coins, from landscapes to entertainment.
Here are a few categories to choose from:
- Movies and Entertainment
- History and War Coins
- Floral and Horticultural Coins
- Holiday and Seasonal Coins
Platinum / Palladium
Platinum and palladium are precious metals that are mostly known for their scarcity. They tend to find extensive applications in various other industries. That being said, these precious metals have gained traction among bullion and coin enthusiasts.
While less in number, here are the products you can get based on these metals:
- Platinum American Eagle Coins
- Palladium American Eagle Coins
- Palladium Coins
- Other World Platinum Coins
US Paper Money
Aside from these coins, the firm also has a wide range of paper money. Many of these notes stand out as a favorite among collectors. Others, despite their relative youth compared, hold considerable value as well. Along with these, you can get some certificates as well.
- Gold Certificates
- Federal Reserve Notes
- Obsolete Bank Notes
You will find much more on the company’s website regardless of which category you want to purchase. The products there will also come with various prices for your convenience.
Modern Coin Mart Fees & Charges
Product pricing is meticulously determined using an array of factors influencing market conditions. Many resources are utilized to gauge the market in the most accurate way possible. This is done to consistently offer the most competitive prices.
Do note that achieving the absolute lowest price may not always be feasible. However, it remains a constant goal in the company’s commitment to customer satisfaction. This is why you may frequently change product prices. Rest assured that whatever price you see at the time will be the product’s price.
The dynamic pricing strategy for bullion products ensures that prices are updated every minute. This is done to align with the dynamic nature of precious metal values. As you can imagine, this happens to all precious metal products.
Sometimes, the prices of these products will depend on the state or county, and other times, they may vary due to certain regulations imposed by the city that you live in. Depending on them, the company applies appropriate sales tax to all shipped orders.
If your domestic orders exceed $199, you can enjoy free shipping. These will be through their chosen carriers, such as USPS or UPS. The selection of this carrier will depend on factors like weight and location. Note that a signature is required for orders surpassing $250.
For all transactions, credit cards and PayPal are easily accepted. Checks/Money Orders and Bank Wires are also accepted and recommended. This is because customers opting for Check/Money Orders and Wire Transfers enjoy a 2.95% discount.
Aside from the methods mentioned above, they do not have other forms of payment, which include payment methods such as traveler’s checks or any form of digital currency/crypto. You are requested to keep this in mind when you decide to order any product from their shop.
Modern Coin Mart Reviews, Rating & Complaints
Modern Coin Mart has catered to a diverse range of clients over the years, and the feedback from these customers reflects a mixed sentiment, with both positive and concerning aspects.
On Trustpilot, MCM holds a 3.1-star rating based on 9 reviews. Roughly half of them are 1-star reviews. Many of them indicate issues in customer service. This seems to be a theme across many reviews and websites.
Currently, a noteworthy aspect is MCM’s ‘A-‘ rating on the Better Business Bureau website. It is not perfect by any means, but it is still pretty high. This rating might raise concerns for those seeking perfection in their dealings.
Customer testimonials highlight the experience of acquiring unique and appealing coins from MCM. There are instances where customers face challenges in communication. These are often responses that do not fully address their inquiries or concerns.
On the flip side, there are grievances related to order processing. Delays in order updates and issues with their communication have left many frustrated.
Complaints about cracked coin cases and subsequent delays have also floated around. Refunds or replacements also underscore areas that may require attention in MCM’s attention, especially towards quality control processes.
While MCM has lots of positive feedback, there are apparent areas where improvements are needed. Prospective buyers may want to weigh these factors when considering MCM for their bullion needs.
Pros & Cons Of Modern Coin Mart
At this point, you should have a good idea of what to expect from Modern Coin Mart. This section will give you a quick summary of the company’s services. It will also talk about all of the various benefits that you can get as well as the negative aspects that you will have to deal with.
- Free shipping at a certain point
- Prices are transparent
- Wide array of precious metal products
- No minimum order requirements
- Discount on wire transfer
- No IRA services provided
- No vault/storage services provided
- Mixed ratings online
Frequently Asked Questions
Q1: Does Modern Coin Mart Have Any Pending Lawsuits?
There have been various complaints that have been lodged against the company. With that being said, there are no lawsuits that the company has had to fight against.
Being an active company, this can change pretty quickly. For this reason, you should keep track of the company and stay up-to-date as much as you can.
Q2: Is Modern Coin Mart A Legit Company?
Modern Coin Mart has been BBB accredited. This alone is enough to show how the company is legit and not a scam. You should note that this is not a surefire way of confirming this.
A company can always gather the trust of its clients and attempt to scam them in the future. For this, you should remain steadfast at all times.
Q3: Can I Open A Gold IRA With Modern Coin Mart?
If you want to open up an IRA, then sadly, you will not find much luck here. Currently, Modern Coins Mart does not currently offer IRA services or custodians.
This means that you will have to look elsewhere if you are interested in opening an IRA. If you simply want products, this is the place for you.
Conclusion
As this Modern Coin Mart review concludes, you can grasp the full exploration of the company. It becomes evident that MCM’s commitment to excellence is unrivaled.
Modern Coin Mart stands as a beacon for collectors, both seasoned and beginner. Its offerings cement its status as a leader in the field.
While they have their fair share of criticism, you can be sure that they offer just as many positives. This and their lack of IRA services are the only major issues that you should know about the company.
If you simply want to buy precious metal bullion, this is a solid place to do so. While you can always do better, you could definitely do worse!
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Martin Thomas, the owner of Quadra FNX Mining, is a true gold investment aficionado. With decades of experience and a wealth of knowledge, he is the go-to source for anyone navigating the vast world of precious metals. Martin has dedicated decades of his life to understanding the intricacies of the precious metals market and the best strategies for maximizing returns. His expertise in this field is unmatched, and his commitment to helping others make informed investment decisions is unwavering. With him as your guide, you’ll gain a deeper understanding of the gold market and learn how to make smart investment choices that will benefit you for years. With his guidance and wisdom, you will never have to worry about taking the wrong investment step again. Learn more about Martin.
