What is Scottsdale Bullion and Coin?
Scottsdale Bullion and Coin is a precious metals dealer based in Scottsdale, Arizona. The company specializes in the buying and selling of gold, silver, platinum, and palladium in the form of bars, coins, and rounds. Scottsdale Bullion and Coin is known for offering high-quality bullion products from around the world, including well-known government mints such as the United States Mint, the Royal Canadian Mint, and the Perth Mint in Australia.
The company also offers storage solutions for customers who wish to keep their precious metals in a secure location. Additionally, Scottsdale Bullion and Coin provides educational resources and market analysis for investors interested in precious metals.
People Behind Scottsdale Bullion and Coin:
Scottsdale Bullion and Coin was founded by Eric Sepanek in 2005. Eric Sepanek serves as the company’s CEO and its Founder. Sepanek has extensive experience in the precious metals industry and is widely recognized for its expertise and leadership in the field. In addition to Sepanek, Scottsdale Bullion and Coin has a team of experienced professionals who are committed to providing exceptional customer service and helping investors achieve their financial goals through the acquisition of precious metals.
The company’s team includes precious metals specialists, IRA specialists, numismatic experts, and security professionals who work together to provide a comprehensive and seamless experience for customers.
Steve Rand serves as General Manager and Senior Advisor, while Michelle Ellis is the Manager and IRA Liaison. The team of advisors includes Dr. Fred Goldstein, Damian White, Tim Murphy, Richard Otto, John Karow, Joe Elkjer, Todd Graf, and Brian Conneely. The information consultants include Wally Gordon, Quentin Spillane, and Sebastian Gonzales, while the administrative team consists of Anthony Arenas (Vault Manager), Travis Stratton (Coin Appraiser), Rachel Kasper (Assistant Manager), Megan Skaggs (Accounting), Jacqueline Orellana (Receptionist).
How to Invest in a Scottsdale Bullion and Coin IRA:
To invest in a Scottsdale Bullion and Coin IRA, you can follow these steps:
- Open a self-directed IRA account: The first step is to open a self-directed IRA account with a custodian of your choice. Scottsdale Bullion and Coin works with several custodians, including New Direction Trust Company and Equity Trust Company, to facilitate IRA investments in precious metals.
- Fund your self-directed IRA account: Once you have opened a self-directed IRA account, you can fund it by transferring funds from an existing IRA, rolling over a 401(k) or other retirement plan, or making a contribution to the account.
- Choose your bullion products: With your self-directed IRA account funded, you can work with a precious metals specialist at Scottsdale Bullion and Coin to select the bullion products that you wish to purchase for your IRA. The company offers a wide range of gold, silver, platinum, and palladium bullion products, including coins, bars, and rounds.
- Purchase your bullion products: Once you have selected the bullion products for your IRA, you can make your purchase through Scottsdale Bullion and Coin. The company will facilitate the purchase and delivery of the products to your IRA custodian for safekeeping.
- Store your bullion products: Your precious metals will be stored in a secure, third-party depository that is approved by the IRS. Scottsdale Bullion and Coin works with several depositories, including Brink’s Global Services and Delaware Depository, to ensure the safe and secure storage of your precious metals.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer of your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
Scottsdale Bullion and Coin Products:
Scottsdale Bullion and Coin offers a wide range of precious metal coins in their SBC Gold product catalog, including silver, gold, platinum, and palladium options.
Many popular IRA-approved coins are available for purchase, such as the Gold Austrian Philharmonic, Gold Canadian Maple Leaf, Gold Australian Kangaroo, Gold American Eagle, Platinum Canadian Maple Leaf, Platinum American Eagle, Gold American Buffalo, Palladium Canadian Maple Leaf, and Silver American Eagle.
However, if you are specifically interested in precious metal bars, you will need to seek them elsewhere as they are not currently available in the SBC Gold product catalog.
Scottsdale Bullion and Coin Fees and Charges:
Scottsdale Bullion and Coin does not provide readily available information on its website or any other website about the fees and charges associated with purchasing precious metals. They only provide live spot prices. This lack of transparency can make it challenging for potential buyers to accurately determine the total cost of their investment. As a result, interested individuals are advised to contact Scottsdale Bullion and Coin directly to inquire about their specific fees and charges.
Directly contacting the company provides potential buyers with more accurate and detailed information regarding the fees associated with the products and services they offer. This information will help you make informed investment decisions and ensure that you have a clear understanding of the total cost of your investment. While it may require a bit more effort to obtain this information, taking the time to do so will ultimately allow you to invest in precious metals with confidence, knowing that you have a clear understanding of the fees and charges involved.
Scottsdale Bullion and Coin Reviews and Complaints:
Better Business Bureau (BBB):
On the Better Business Bureau website, Scottsdale Bullion and Coin has an A+ rating and 5 stars out of 5-star ratings based on only 3 customer reviews. There are mostly positive reviews. Customer commending the company’s customer service, knowledge, and prompt delivery. They are since 18 years in the industry. A total of 0 complaints have been closed in the last 3 years. This business is BBB accredited on Better Business Bureau website.
Yelp:
On Yelp, Scottsdale Bullion and Coin has 3.5 stars out of 5-star ratings based on 18 customer reviews. The reviews are mostly positive. The customer praised their services and products. While there are some complaints too regarding its products and their shipping.
Google Reviews:
On Google, Scottsdale Bullion and Coin has 4.8 stars out of 5-star ratings based on various customer reviews. There are a total of 198 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
Are There Any Scottsdale Bullion and Coin Complaints? Should You Be Concerned?
Yes, as with any other company Scottsdale Bullion and Coin has also received some complaints. However, it is important to note that the number of complaints is relatively low compared to the number of satisfied customers. Additionally, the company has a good rating from the Better Business Bureau and has resolved the majority of the complaints they have received.
That being said, it is always a good idea to do your research before investing in any company. Take the time to read reviews, check the company’s rating with the Better Business Bureau, and review their website thoroughly to ensure that they offer the products and services that meet your needs. If you have any concerns or questions, it is recommended that you contact the company directly and inquire about your concerns before making any investment decisions.
Overall, while there have been some complaints about Scottsdale Bullion and Coin, the company has a good reputation and a track record of resolving customer complaints. As with any investment, it is important to do your due diligence and carefully consider all factors before making any investment decisions.
Some Negative Customer Reviews From Various Online Business Rating Websites:
#1. Rich Parker commented that billionaires regularly sell stocks to invest in other stocks rather than gold. He finds the blog’s suggestion of investing in gold to be a joke, especially given that gold prices are currently at a two-year low. He also questions the wisdom of investing in a depreciating asset with a 25% markup.
#2. Josey Wales strongly recommends Valley Coin Company and gives Scottsdale Bullion and Coin a zero rating for their poor customer service. She emphasizes that Valley Coin Company has low premiums and a hassle-free experience.
#3. According to Bob Haz, he dislikes being misled, as he was promised one thing, but a different action was taken without any prior discussion. Additionally, he is hesitant to purchase any more Scottsdale silver due to the significant amount of counterfeit silver on eBay. Bob finds it challenging to differentiate between real and fake silver, as even fake silver passes the magnet and weight tests and appears to be in perfect condition. He is concerned that using acid to identify the authenticity of silver may damage it.
#4. Don P. claims that anyone who gives a positive review of this establishment is likely being paid to do so. He alleges that Scottsdale Bullion and Coin only sells coins without allowing customers to inspect them first. Don P. personally bought two coins that were supposedly graded MS63, but upon receiving them, he found that they were in poor condition, with blemishes and dirt. He feels that he paid too much for low-quality coins. Don P. warns potential customers not to be deceived by their business model of requiring payment before seeing the coin. He suggests that if a company cannot afford to maintain an inventory, then it may not be trustworthy.
Some More Negative Reviews:
#1. Sandeep Lohia has expressed dissatisfaction with their experience at this company. He claim that once an advisor is assigned to you, no other person from the company can serve you, except for the designated advisor. According to Sandeep, Fred is the worst advisor to work with because he prioritizes his lunch breaks over his clients.
#2. Jon Ford claims that he was overcharged for nearly every coin he bought, and they were not worth what he paid for them in 2014. For example, he paid $163 each for Morgan one dollar MS 65 coins. Which he believes is too high since silver dollars cannot be found on the market for that much money. He feels that he received better deals from used car salesmen.
#3. A customer expressed their disappointment and gave them a one-star rating. Because the silver coins they brought in for appraisal were boxed. However, after the appraisal, the customer felt like they were either being seriously lowballed. Or there was a mistake in the process. The customer then took the coins to The Coin Gallery in Phoenix. Where they were taken seriously and got 33% more for their coins. He hope his review helps others.
#4. Terry L. suggests finding an alternative place to conduct transactions involving gold coins. In particular, Terry’s review pertains to American 1oz gold eagles. According to Terry, SBC offered to buy the gold eagles for $1163 despite the spot price being $1292, which would earn SBC an instant 15% profit.
#5. Mo S. stated that he was offered 90% of the spot for his gold eagles and he immediately walked out. He expressed surprise that the offer was so low. He also suggested that he could have gotten a better deal selling them on eBay.
Some Positive Customer Reviews From Various Online Business Rating Websites:
#1. Brett W. highly recommends SBC, stating that the company was always responsive and provided him with the necessary information at every step of the process. He was impressed with the level of service and the willingness of the team to answer his questions promptly. Brett looks forward to conducting business with SBC in the future and expresses his satisfaction with the overall experience.
#2. According to Stephen H., Steve and Michelle were instrumental in assisting him with setting up a Gold IRA. They provided a step-by-step guide to the entire process. Steve helped him understand the available options to meet government requirements. Eric also explained the associated costs, which Stephen found to be highly competitive. Overall, Stephen was impressed with the team’s responsiveness and timeliness in completing the work. He expressed his gratitude for their valuable assistance.
#3. Jim Smith expresses his satisfaction with this company. Stating that his experience was great and that everything went smoothly as expected. He also praises the intelligent suggestions provided by the company. Jim remarks that it seems like integrity is part of their core values. Jim switched from another company to do business exclusively with SBC.
#4. Ronny Leger shares that working with Wally was an exceptional experience. Wally actively listened, followed up, and explained things with professional knowledge. Ronny sincerely appreciated Wally’s willingness to help him without feeling any pressure to make a purchase.
#5. According to John Bryant, the team at Scottsdale Bullion and Coin is both professional and friendly. They consistently follow through with what they promise, and he has had multiple transactions with them without any issues. If you are looking to buy precious metals, he highly recommends considering Scottsdale Bullion and Coin.
Some More Positive Reviews:
#1. Gabriel V. shares that he was a novice in investing in gold and silver. But he thanks to the assistance of Fred and Eric. Because from their support and guidance he was able to make a well-informed purchase. The staff was professional and the products were of top quality. He would definitely return in the future.
#2. Jim H. shares that he had several conversations with Richard. He found him to be very helpful despite his initial skepticism. Richard never pressured him and even suggested taking things slow. Jim has an appointment with Richard on Tuesday to look at the coins and take them home with him. Since this is a significant investment for him, he trusts that God has led him to Richard.
#3. Amelia P. shares that she and her partner made their first purchase from Scottsdale Bullion and Coin and were very satisfied with the experience. Since then, they have realized that the advice given to them by their advisor was excellent.
#4. Chris D. shared that SBC is a standout company that prioritizes the customer’s interests. Their team takes the time to understand you as an individual before making recommendations on products, which he found very impressive. After shopping around, he found that their prices are the best. He highly recommends SBC.
#5. According to Kristin H., Scottsdale Bullion and Coin is the best gold and silver company she has ever worked with. She praises their honest and fair pricing, professionalism. Also she highly recommends making them the sole source for purchasing gold and silver. Kristin also adds that their IRA program is the best.
Is Scottsdale Bullion and Coin Legit? Should You Invest with Them?
No. I don’t think you should invest with them.
Pros:
- Over 15 years of industry experience
- High ratings on BBB
Cons:
- Lack of transparency
- No fee-related information available on the website
- Limited online presence
- Very few reviews available online
While it’s true that SBC is a legitimate precious metals dealer, it also has too many red flags.
Moreover, there are better alternatives to them available where you can get better services.
The company has received numerous complaints for poor customer service and shipping delays. Many of their reviews allege that the company doesn’t give proper attention to their customers’ orders.
So, while I would say SBC is a prominent gold IRA provider, they are certainly not the best.
To learn about the best, I recommend checking out my top gold IRA recommendations.
There, you will also learn about the highest-rated precious metals companies of different US states.
Have you dealt with this company? How was your experience? Let us know in the comments!