What is Modern Coin Mart?
Modern Coin Mart is a precious metal dealer based in Florida. Their address is 5260 Paylor Ln, Lakewood Ranch, FL 34240. Similarly, their contact number is 941-907-8050.
The company promotes itself as “Moderncoinmart” or MCM in short. They have been in the industry since 2004 and have a significant collection of gold, silver, platinum and palladium products.
Modern Coin Mart offers both IRA approved products as well as numismatic products to customers.
The company has no minimum order limit for domestic orders and their collection contains plenty of popular gold and silver coins. They have multiple pre-sales and MCM exclusives on their website as well.
People Behind Modern Coin Mart
Unfortunately, there is no “About Us’ section on the website of Modern Coin Mart. It seems the company doesn’t want to disclose much information about the people running its operations.
However, the company is under the ownership of Asset Marketing Services, which is pretty transparent about its leadership team.
There is no clear information about the CEO or executive team of ModernCoinMart but there is ample information on the leadership team of AMS.
The CEO of AMS is Bill Gale. He is the co-auther of the first reference book for modern United States Proof Sets and Mint Sets. Bill has over 35 years of industry experience and is a renowned expert in numismatics.
Similarly, the Chief Financial Officer of this company is Natalie Mehrhoff. She has been the CFO of the company since 2018 after being its corporate controller for over 3 years.
Natalie has 20+ years of experience in finance roles. She has a CPA license and earned her bachelor’s degree in Accounting from College of St. Benedict in St. Joseph, MN.
Also, she has expertise in cash management, financial reporting, banking, budgeting and financial planning.
Other notable in AMS include:
- Katie Wilhoit (General Counsel)
- Brian Larson (VP of Sales & Marketing)
- Bob Wilkie (VP of Product Development)
- Dena Rieken (VP of Human Resources)
All of these people are in the leadership team of the parent organization of Modern Coin Mart. There isn’t any information available on the company’s online profiles about its own operations team.
This can be a disappointment for many investors who value transparency.
Can You Open a Precious Metals IRA with Modern Coin Mart?
Just like the company’s lack of transparency regarding its leadership team, it doesn’t share any information about precious metals IRAs as well.
Similarly, they don’t offer any storage services to clients.
The company only sells IRA eligible and numismatic coins and bars. It doesn’t provide any precious metals IRA services to customers. They are only a bullion dealer, not an IRA company.
So, the answer is: No, you cannot set up a gold IRA with MCM.
Only selling bullion products and not providing any additional services allows ModernCoinMart to offer competitive pricing to its customers. You will need to handle the storage of any precious metals you purchase here for your gold IRA.
If you’re interested in a precious metals IRA, you can look into companies that specialize in that department. Notable companies that allow customers to set up precious metal IRAs are Noble Gold and Birch Gold Group.
Modern Coin Mart Products:
The product catalog of ModernCoinMart is quite extensive. However, most of the precious metals available here are non-IRA, i.e., they are not eligible for a gold IRA. This is why you should be extremely cautious when buying gold, silver or platinum products here for your precious metals IRA.
For someone who’s interested in buying numismatic coins, MCM’s collection might be suitable.
You will find all the popular IRA approved gold products here, including:
- American Gold Eagle
- Gold American Buffalo
- Canadian Gold Maple Leaf
- Austrian Gold Philharmonic
- American Gold Eagle (Proof)
On top of that, you can also invest in plenty of numismatic and rare gold coins here. Some of the notable sections in that category available here are:
- Pre-1933 gold coins
- Modern commemorative coins
- First Spouse coins
You can also divide coins based on their country of origin. For example, you’d find Australian, Chinese, British and Canadian coins here apart from coins from the US Mint.
Also, you will find many gold bullion bars here of various sizes ( 1 oz, 100 oz and more)
Similar to their gold collection, the catalog of silver products at Modern Coin Mart is pretty extensive as well. Some of the IRA approved silver coins you can get here are:
- Canadian Silver Maple Leaf
- American Silver Eagle
- Austrian Silver Philharmonic
In numismatics, you can choose from a large selection of silver products:
- Morgan silver dollars
- Peace silver dollars
- Silver rounds
Also, you can purchase silver bars here of various sizes.
Other Precious Metal Products:
While MCM’s gold and silver catalog is quite vast, they also offer several platinum, palladium and other precious metals’ products.
You will find ancient coins, rare notes as well as medals.
Certainly, Modern Coin Mart has an amazing product catalog for collectors. Also, the company shares all the prices on the product listings, making it easier for investors to determine how much they would be spending before checkout.
Modern Coin Mart Fees:
There is no information on the company’s website regarding fees. They only buy and sell precious metal products and don’t offer any IRA-related services.
So, it’s clear that the company doesn’t charge any IRA-related fees such as setup, maintenance or any other charges.
They make their profit through the markup prices on their products.
Modern Coin Mart Reviews:
While MCM has been in business for over 18 years, there aren’t many Modern Coin Mart reviews available online. However, the company has profiles on several consumer review platforms.
Below is a detailed breakdown of their reviews on each platform:
On BBB, ModernCoinMart has received an A rating. There are 8 Modern Coin Mart reviews on the platform and the average rating is 3 out of 5.
Most of the reviews are regarding shipment and delivery issues.
On Trustpilot, there are 7 Modern Coin Mart reviews and based on these reviews, their rating is 2.4 out of 5-stars.
Are There Any Modern Coin Mart Complaints?
While the number of reviews on this bullion dealer is rather limited, many of them are complaints. Most of the complaints are regarding receiving a defective or damaged product.
Some complaints also talked about facing too much delay on orders.
On BBB, MCM has received a total of 4 complaints in the last 3 years. They received one of them within the last 12 months.
I must point out that the company responds to every complaint. They have a 100% response rate on BBB, which shows that MCM takes customer complaints very seriously. Also, it reflects the fact that they put a lot of emphasis on customer support.
Is Modern Coin Mart Legit?
- Over 18 years of experience
- Large and varied catalog
- Mixed reviews
- No IRA services
- No storage services
- Lack of transparency
Yes, Modern Coin Mart is a legitimate bullion dealer. They have been in the industry for 18 years and have a vast collection of precious metal products.
The company offers gold, silver, platinum and palladium products to its customers with a large variety of offerings present in their catalog. For collectors, it might be the perfect fit as they offer ancient coins, Pre-1933 US coins, rare notes, collectible medals and more.
However, I must add that you should be extremely cautious when investing in numismatics as their value depends largely on the individual product. How much profit you can make on numismatics depends greatly on whether you find the right buyer or not.
Also, the company has several issues.
It has received mixed reviews across multiple review platforms and the company doesn’t offer any IRA-related services to customers. These can be significant issues for IRA investors.
Opening a gold IRA can be extremely helpful when you’re looking to preserve your wealth. Whether it’s the recession or growing inflation, precious metals can help you conserve your savings in an economic downturn.
However, your returns would depend largely on the provider you choose. THeir product selection, fee structure, service-quality, all of it will affect your returns.
That’s why I recommend checking out multiple gold IRA providers before choosing one. You can learn about the best gold IRA companies here.
Have you dealt with Modern Coin Mart in the past? Share your review below!