MJPM Review – A Quick Overview
MJPM is a precious metal dealer based in Corvallis, Oregon. The company has been in business since 1985 and offers gold, silver and platinum products including coins, bars and jewelry, Their selection also includes several rare coins including collectibles and ancient coins. However, the company doesn’t offer many IRA-eligible products and has not partnered with any custodians. Their selection doesn’t include any palladium products either.
Pros
- Over 30 years of experience
- Received an A+ rating on BBB
Cons
- Limited product selection
- No IRA services
- No Palladium products
What is MJPM?
MJPM is a coin dealer based in Corvallis, Oregon. Its address is 425 SW 3rd St, Corvallis, OR 97333. Similarly, their contact number is 541-753-4337.
The company has been in business since 1985 and is a member of the Numismatic Guaranty Corporation. Also, they are an authorized dealer of PCGS (Professional Coin Grading Service).
Their store opens from 10 AM to 5 PM from Monday to Friday. As of December 2022, the precious metal dealer is listed as a trusted vendor in the official US Mint database.
MJPM offers clients with a variety of gold, silver, platinum and palladium products. The company runs daily specials to attract investors. They have several resources available on their website to help consumers resolve doubts and get acquainted with the basics of precious metal investing.
Apart from selling bullion, MJPM also provides customers with jewelry and rare coins.
People Behind MJPM:
The founder and President of MJPM is Michael Chambers. He established the business in 1985 and has been running it since.
Michael has a Bachelor of Science from Oregon State University.
Surprisingly, the company doesn’t share any information about its owners or management on its website. This is not a good sign considering how many precious metal dealers are quite transparent about it.
A 2016 study showed that 94% customers prefer companies that are transparent than those that aren’t.
That’s why I found it surprising that MJPM doesn’t share any information about its leadership on its website.
Can You Invest in a Gold IRA with MJPM?
No.
There is no mention of gold IRA or related services on the website of MJPM. The company only focuses on dealing precious metals and jewelry.
Moreover, the website doesn’t mention any IRA custodian so it’s clear that they don’t offer any gold IRA to customers.
While their selection might have a few IRA-eligible products, I recommend investing with a company that specializes in a gold IRA as their services and staff would have expertise in that field as well.
Some specialized gold IRA firms are Noble Gold Investments, Augusta Precious Metals and the Birch Gold Group.
MJPM Products:
MJPM has a varied selection of gold, silver and platinum products along with fine jewelry. Also, there is no sales tax on their precious metals because they are located in Oregon.
The company offers daily specials including discounts and offers on certain purchases. It’s worth pointing out that the company can accept payments from IRA custodians or deliver products directly to one.
However, they haven’t mentioned any preferred custodians.
Gold Products:
You can find plenty of popular gold coins at MJPM including:
- American Gold Eagle
- Canadian Gold Maple Leaf
- American Gold Buffalo
- South African Krugerrand
- Chinese Gold Panda
- Austrian Gold Philharmonic
- $20 Saint Gaudens
- $10 Type Gold Coins
And plenty more.
You can also find scrap or recycle gold here along with 100g gold bars. The company shares the prices of some products on its website while for some, you would need to contact them to find out.
Silver Products:
At MJPM, you can find plenty of popular silver investments including:
- 1 oz Silver Rounds
- 90% Silver Quarters
- American Silver Eagle
- Canadian Silver Maple Leaf
- Peace Silver Dollars
- Morgan SIlver Dollars
And several others.
The company buys silver flatware as well.
Platinum Products:
Their selection of Platinum products is rather limited. You will only find the following products:
- American Eagle Platinum Coin
- Canadian Maple Leaf Platinum COin
- 1 oz Platinum Bar
Fine Jewelry:
The company offers several varieties of coin pendants, rings, chains and cuff links to customers. You will find rope pendants featuring American Eagles, American Buffalo Coins and several other popular bullion coins.
Rare Coins:
Apart from bullion and jewelry, MJPM has a decent selection of rare coins as well. You will find collectible coins, US rare coins and US currency here. Some categories include:
- Half dollars
- Bust dollars
- Nickel 5C
- Flying Eagle
- Indian cent
- Lincoln 1C
- Ancient coins
And many more.
While the selection is impressive, there are plenty of numismatics dealers with much larger selections for collectors such as California Numismatic Investments.
Keep in mind that rare and collectible coins are ineligible for gold IRA. You cannot add them to your IRA portfolio as IRS rules prohibit their addition; adding them might result in severe penalties.
MJPM Fees and Charges:
MJPM doesn’t offer any special services. In fact, the company specializes only in dealing precious metals and jewelry.
As they don’t offer any specific services, the company has no fee-related information available on its website.
Furthermore, they display the prices of most of the products on their website. For others, you would need to get in touch with one of their representatives or visit their physical store.
Keep in mind MJPM offers plenty of specials. You can boost your profits by taking advantage of them. Their website has a dedicated Daily Specials page where they post updates on their latest discounts and offers.
At the time of writing this review, there is an MJPM silver special running.
MJPM Reviews and Complaints:
This precious metal dealer has been in the industry for several decades. However, it hasn’t received many reviews online.
The MJPM BBB page has an A+ rating but there are no customer reviews or complaints.
Their Google profile has a 4 out of 5 stars based on 33 reviews. Most of the reviews praise the company for their pricing and quality service.
For example, Heather writes that Michael Chambers gave her an amazing experience and she can’t recommend him enough. Another jeweler had recommended him to her and he turned out to be quite genuine and respectful when appraising her jewelry.
The reviewer points out that she never felt rushed and overall, it was a great experience.
Although the number of reviews isn’t very high, it’s clear that the company puts in a lot of effort in customer support and has succeeded in maintaining a positive reputation among clients.
Is MJPM Legit?
Yes, MJPM is a legitimate precious metal dealer and jeweler. They have been in the industry since 1985 and have established themselves as a reputable business.
The company has received a decent amount of reviews online. Most customers praise them for their pricing and helpful service.
Also, they haven’t received any complaints on BBB, a commendable highlight.
Their selection includes various popular gold, silver and platinum products including American Eagles and Canadian Maple Leaf coins.
However, the company doesn’t offer any IRA services to clients and only focuses on buying and selling precious metal products.
Another reason why some investors might be skeptical of the place is the lack of Palladium products and a preferred IRA custodian.
Summary: Should You Invest with MJPM?
MJPM has a decent selection of gold and silver products but the lack of IRA specialization is why I can’t recommend them. Their selection is smaller than many major companies and they are only suitable for jewelry buyers.
If you’re a retirement investor, you might want to look elsewhere.
Finding the right gold IRA company is a challenging task. But to help you with that, I have compiled the list of the top gold IRA companies of the current industry. You can check it out and find out what the industry’s best has to offer.
