Modern Coin Mart Review: Is it good anyway?

By Altay Gursel | July 7, 2020
Home / Precious Metals / Investment Company / Modern Coin Mart Review: Is it good anyway?

All To Know About Modern Coin Mart

Modern Coin Mart

First off, you should know the precious metals industry today is a thriving bed for unscrupulous dealers. There has been a constant rise in the number of dealers who pressure unsuspecting customers into buying invaluable products at high premiums.

And do you know what sets the process of fraud in motion? A customer who puts a call across to a dealer enters the risk of being a victim. So what if you can buy your metals without having to put a call across?

Do you think that is impossible? Have you heard about Modern Coin Mart?

About Modern Coin Mart (MCM)

Modern Coin Mart (MCM) is a company that makes it possible to get your precious metals without putting a call to ‘an expert.’ And they have made this possible since they started business in 2004.

Since then, they have laid down the standards for online sales of bullion, U.S. Coins, and world coins.

MCM’s mission has always been to build confidence, trust, and reliability with their customers. And this they seem to have kept to as they are often called the Modern Coin Superstore and Your Trusted Source for Modern Coins.

To help maintain this standard, MCM keeps around about 40 professionals, the majority of whom are members of the American Numismatic Association (AMA). MCM’s staff also includes some Numismatists, of whom some are also members of the Professional Numismatists Guild (PNG).

Until recently, MCM began running a store of silver and gold products, when they added Classic U.S. and Ancient Coins to their list of offers to customers. They are also a top-bet when it comes to getting a dealer with the latest coin products.

In other words, you can get about any precious metals products from their online store. MCM also offers its products on eBay and has been involved in over 500,000 transactions. To present them even better will be to tell you that the company is not limited to its online service.

It also has a customer service team that can help you out if you are having trouble using the online store. They remain one of the fastest-growing dealers in the United States today with shipping that reaches several destinations globally.

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When you think ‘Modern Coin Mart,’ you think of an online precious metals retail store with a wide selection of products, free domestic shipping, competitive pricing, and customer service that will amaze you.

Whether you are interested in buying or selling (which we will talk about later), from the United States, or about anywhere in the world, Modern Coin Mart offers you the opportunity to satisfy every numismatic need.

Management

So, who was the brain that started ModernCoinMart? And who are the ones that have brought it to its present conditions? 

John Maben started Modern Coin Mart in 2004. He has been part of the coins and precious metals world since 1978, and is currently a member of the Professional Numismatist Guild- was a member of its board of directors.

He is also a life member of the American Numismatic Association. John Maben is a leader in the coins and precious metals industry and is well known as the dealer’s dealer in the United States.

In 2015, he stopped being part of MCM’s day-to-day activities, retaining only a consulting role after Asset Marketing Services, LLC acquired it as another of its numismatic company in 2015. 

Asset Marketing Services, LLC has existed since 1984, providing collectors, history buffs, and others with ancient coins that are as old as 2000 years. Every other historical product up to the newest 3-dimensional products of the modern coin world.

The other companies currently owned by Asset Marketing Services include:

  • GovMint.com
  • LPM Group Limited

The current management at Modern Coin Mart includes, among others: 

  •  Mr. Andrew Salzberg, the General Manager, and the Vice President of Product Development at Assets Marketing Services, LLC
  • Mr. Hayden Tubbs, the Vice President; and
  • Mr. David Ward, the Operations Manager.

Contact Details

Apart from the online store that is always available, you can call their sales staff from Monday to Friday. And if you are hoping to drop by their office, that is located at 5260 Paylor Lane, Lakewood Ranch in Florida.

Services at Modern Coin Mart

From all that I mentioned above, it is clear that ModernCoinMart exists primarily to offer its customers an online platform for the purchase of coins and other precious metals products. To give a better overview of what you can get from them, I will be discussing their services in detail.

Purchase of Coins & Precious Metals

You can buy from Modern Coin Mart either through its online store or by putting a call through to them. 

When buying from the online store, you are required to create a user account. This step makes sure your future transactions go smoothly without always having to update trade information.

And in case you are worried about being spammed, this account is not included in MCM’s email list. To be added to their email list, you are required to fill a separate form.

Also, Modern Coin Mart doesn’t help customers open a precious metals IRA. Instead, they make sure to have IRA-approved metals in their store. You can also still buy from them if you are looking to purchase precious metals for your IRA.

Sales of Coins & Precious Metals

You can also sell your collectibles and bullion to Modern Coin Mart, and they make sure the process is an easy one. You only need to call their precious metals trader, Barry McCarthy, or send him an email to get started.  

They only buy products that are in good condition, and I think I should mention that they only buy products based on current inventory needs. If they already have an ample supply of what you are hoping to sell to them, they may refuse your offer.

However, if your offer gets accepted, you will have to agree on a price indication with the trader and wait for your purchase order. After printing the purchase order, you are to ship your product to them within 48 hours.

Shipping remains your responsibility as the seller. You are to choose the shipping carrier (though MCM’s recommendation is the Registered Mail with the United States Postal Service) and pay for insurance.

After MCM receives your product, it will test its quality. Upon its confirmation, they will send your payments within three business days after arrival.

MCM makes its payments under $3,000 by check, while those above $3,000 are by check or ACH transfer.

Making Payments

When buying from Modern Coin Mart, you can pay via Visa, MasterCard, American Express, and Discover. They also accept PayPal, checks, money orders, and Bank Wires. 

They do not accept traveler’s checks or digital currency.

Shipping

MCM ships out orders on the second day after the order placement. They will also email you the tracking information to help you monitor your package.

They offer a SmartShip service to local addresses within the United States with free shipping. Their shipping carriers to international grounds include USPS, FedEx, and at times, UPS.

Their decision of which carrier to use depends on several factors such as:

  • The weight of the package
  • The value of the package
  • The geographical location the shipment is going to

These factors also affect the shipping costs, which is automatically calculated with the sales price by their online checkout system, or by calling their sales staff. You are also required to handle all import duties, taxes, and charges.

Ratings

Modern Coin Mart has been around for quite a long time, providing its services to thousands of customers. You will find on MCM’s website many customer reviews that show that they have been excellent in satisfying their customers.

But, what do third-party consumer advocacy websites currently have to say about Modern Coin Mart?

  • BBB RatingA-
  • BCA Rating: Not Listed
  • TrustLink: Not Rated
  • Trustpilot3.3-star rating based on two reviews

I find it surprising that they currently have a rating of ‘A-‘ at BBB. It’s a high rating, but it’s less than perfect. And that isn’t encouraging, especially when hoping to deal with MCM.

Are There Complaints?

I couldn’t find any complaints among the reviews published on their website. However, third-party websites such as BBB and Trustpilot revealed MCM complaints that majorly involved poor customer service.

One such case on BBB was the frequent mailing of products catalog to a customer who had earlier requested MCM to remove him from their mailing list.

He stated in his complaint, the security threat in which he was being placed in by MCM who kept sending the mail catalogs as it reveals to postal service workers his hubby as a collector.

⚠️Is Modern Coin Mart a Legit Company?

With six complaints out of nine reviews on BBB, I find it strange that I couldn’t spot a complaint about MCM among the reviews published on the website. But then, why would anyone publish complaints about themselves on their websites, which is the reason we have these third-party websites anyway. 

However, none of the complaints I saw mentioned anything against the quality of products at MCM. I also couldn’t find an allegation against the legitimacy of Modern Coin Mart. But a rating of A- from BBB may have you thinking twice before dealing with MCM.

In short, I can’t give a definite answer to this question, and I strongly recommend that you check out other dealers with similar, and better ratings to play safe.

Pros and Cons

Well, if you still want to try dealing with ModernCoinMart, I ask you to take the final step of checking their positives and negatives to be sure they are all you want.

👍 Pros

  • No minimum on orders
  • Free domestic shipping
  • User-friendly e-commerce interface
  • A wide selection of coins and precious metals to choose from
  • Several payment options to satisfy every need and location
  • Transparent and competitive pricing

👎 Cons

  • Use of mail catalogs with a risk of information leakage
  • No direct precious metals IRA service
  • No storage facility offers to customers 
  • MCM only buy collectibles and bullion based on current inventory needs

Conclusion

Modern Coin Mart is a company with a strong presence in the precious metals industry. And their e-commerce service is something customers will always be grateful for due to the ease it affords them when buying their coins and precious metals.

Regarding MCM’s fall to an A- rating with BBB, you may decide to see this as a red flag- or not. But to play safe, I recommend that you check out other alternatives with better ratings from trusted third-party websites.

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