SilverTowne Reviews

SilverTowne Reviews: Scam Or Legit? (Fees, BBB, Lawsuits, Complaints)
SilverTowne is a major precious metals dealer with multiple decades of industry experience. They are a well-established name in the precious metals sector.
Fees & Charges
Honesty & Transparency
Customer Service
Several decades of experience
A+ rating on BBB
Mixed reviews
Not BBB accredited
Expert Score

What is SilverTowne?SilverTowne Locations, Timings, Email, Phone, Services

SilverTowne has been one of the largest and most reputable numismatic dealers in the United States since 1949. It has evolved from a little coin shop to two retail departments under one roof, and from a cigar box under a lunch counter to a multi-million dollar enterprise.

SilverTowne company logo

SilverTowne sells bullion and coins to collectors and investors nationally via its website and catalogues, in addition to its retail presence in historic Winchester, Indiana.

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Founded by Leon Hendrickson over a half-century ago in 1949, it is one of the country’s largest and most regarded dealers of rare, contemporary, and valuable metals.

It provides its clients with products in two ways: its retail showroom in Winchester and its functional website. The SilverTowne website provides everything from a free “Guide to Gold and Silver” to market details, a television series, a blog, and an industry vocabulary dictionary.

Address: 120 E Union City Pike, Winchester, IN 47394
Phone: 800-788-7481

People Behind SilverTowne: CEO, Owner, & CFOWho owns SilverTowne? What is the management team behind SilverTowne?

Leon Hendrickson established SilverTowne in 1949. Hendrickson and his wife Ruhama founded SilverTowne which has survived and thrived for decades. SilverTowne is one of the country’s oldest precious metals traders.

Leon Hendrickson: Founder & CEO

Leon Hendrickson, founder and CEO of SilverTowne

Leon Hendrickson established SilverTowne in 1949. His fascination with coins began when he became intrigued by the coins that his restaurant patrons possessed.

Leon began working full-time with coins in 1967. The company expanded over time, as did Leon’s reputation in the industry. He was quite active in the numismatic community.

Cory Adams: Chief Financial Officer

SilverTowne CFO: Cory Adams

According to LinkedIn, Cory Adams began working in 2002 and has since moved 5 companies and 5 jobs. Cory Adams usually works for one firm for 3 years and 5 months. Cory Adams has been employed with SilverTowne LP as Chief Financial Officer for 1826 days.

SilverTowne Products: Bullion Coins, Bars, And Rare CoinsAll products offered by SilverTowne


SilverTowne has been in business for so long, therefore they have amassed quite a diverse product line. They sell gold, silver, and platinum bullion. It also comes in a variety of forms. Customers can select from numerous coins, rounds, and bars, for example.

SilverTowne silver bar collection

Investors may be interested in silver bullet or Buffalo rounds replicas as well. Silvertowne appeals to both the collector and the investor in everyone. They’ve even designated a section for IRS-approved bullion.

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SilverTowne’s coin collection is where it really shines. Investors can select from American or World silver or gold coins. They have coin sets and Silver American Eagle coins that are certified. Investors have several options for their collections, ranging from silver dollars to ancient United States coins.

SilverTowne silver coins and medals

Their silver coin bags are especially intriguing since each one contains a surprise. However, keep in mind that these coins are largely for personal amusement or home savings. They cannot be tax incentives from a self-directed IRA unless they are IRS-approved coins saved in a depository.


The “Gifts” option in SilverTowne is a useful resource for beginners. Investors might look for things oriented towards specific holidays, such as Mother’s Day or birthday gifts. Each subcategory directs the investor to a page with an array of precious metals products.

Gift catalog of ST

Investors who are strong admirers of this historic company can get hats and shirts in addition to the coins. This intriguing section of the website re-legitimizes SilverTowne’s long-standing position in the precious metals world.


Although SilverTowne caters to serious investors, it also recognises the rich history of coin collecting. As a result, many supplies are beneficial to the common collector.

Staple-ups coin supplies

SilverTowne sells storage tubes, plastic capsules, and other collection tools. Look through their albums and coin holders as well. These supplies are valuable to collectors, but they can be misleading to investors.

Other Offerings


The “Deals” category will appeal to precious metals investors. To see the daily deals, click on it. SilverTowne advertises that the page changes every day, which is an effective marketing technique.

SilverTowne deals page screenshot

Discover articles from all throughout the site. Low premiums are frequently offered on products that are about to be transferred out of inventory. It’s a terrific way to add to any collector’s collection.

Keep in mind that while SilverTowne may sell specific coins at a reduced price, they have full control over which dates are sold under this arrangement. It could be difficult to locate a specific dated coin without paying for spot prices on their other websites.

The Vault

Clicking on “The Vault” will take you to a page where you may buy unusual things from all around the world. Each item is properly priced, photographed, and documented. These products, presumably, change on a regular basis. 

SilverTowne vault page screenshot

Prices will vary depending on the payment method, such as PayPal versus bank wire. The price differences reflect the numerous merchant fees levied by either service. It’s good to have price transparency.

Also, investors see the costs slapped onto the products near the conclusion of the transaction. This condition is frequently frustrating for investors.

How to Invest in SilverTowne IRA?Step-by-step guide for investing in SilverTowne IRA

Time needed: 15 days.

To invest in a precious metals IRA through SilverTowne, here are the general steps:

  1. Open a Self-Directed IRA

    Select an IRA company that handles opening precious metals IRA accounts and fill out an application. You can work with SilverTowne to recommend an IRA company and provide the necessary paperwork. However, I don’t recommend doing so.

  2. Fund Your IRA

    Once you have selected an IRA company, you can move your funds into your new IRA account. You can work with the IRA company representative to transfer or rollover funds into the new account.

  3. Select a Precious Metals Dealer

    One of the forms you need to fill out along the way is typically called a Buy Direction Letter. This is where you list the precious metals dealer you have selected, such as SilverTowne.

  4. Decide Which Precious Metals to Purchase

    You can choose to invest in gold, silver, platinum, or palladium for your IRA. There are some restrictions regarding fineness requirements and allowable coin types, so it’s important to get guidance from SilverTowne in this area.

  5. Place Your Order

    Once the funds are available in your IRA account, you can call them to place your order for the desired 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 in 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.

SilverTowne gold IRA page

SilverTowne Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?

Below are the shipping rates of SilverTowne in the U.S., as well as to other countries.

Shipping and handling fees table

Shipping charges to Hawaii, Puerto Rico and Canada

As you can see, free delivery is available for orders placed in the United States. However, your order must be at least $99 in value and shipped exclusively within the continental United States (domestic orders).

Shipping usually takes 5 to 10 business days. SilverTowne also does not accept shipping to mailbox rental stores. Otherwise, the order will be cancelled or refunded.

Sadly, there is no information available on the fees associated with their IRA services. Certainly, it can be a major disappointment for retirement investors because it exposes you to the risk of facing ‘hidden charges’.

SilverTowne Payment Methods

SilverTowne allows Paypal or credit card payments for orders under $2500. If the total of your order exceeds this amount, you must pay by check or bank wire. Money orders are also accepted.

There are additional policies for people who pay with a physical chrck or money order.

  • Qualifying orders can get a 3% discount off of the retail/list price
  • A 10% credit card authorization is required
  • This will be voided once the receipt of a money order or physical check is received
  • 10% will be charged if the payment is not yet received within 10 business days
  • Order will be processed and shipped when the receipt of your payment is received by SilverTowne.

Companies like Augusta charge ZERO fees for up to 10 years and allow you to choose your own gold & silver. SilverTowne on the other hand provides fewer options.

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SilverTowne Reviews and Complaints: BBB, Trustpilot, Yelp Read all the SilverTowne reviews & complaints

Better Business Bureau (BBB)

There are no SilverTowne reviews on the Better Business Bureau, either. Investors may need to rely on a few online ratings from other websites to make investment decisions.

SilverTowne BBB page. They don't have a BBB accreditation.

The company has an A+ rating with the Better Business Bureau, but there are no client reviews that support this rating. They have been in the industry for 73 years and yet have no reviews, which is incredibly disappointing and casts doubt on their reliability.

Furthermore, they don’t have an accreditation.

This can be a major red flag for many investors because all of the popular gold IRA companies have a BBB accreditation.


SilverTowne has received four stars out of five on the Trustpilot website, based on consumer feedback. There are just four customer reviews on the website.

SilverTowne Trustpilot page screenshot. They have 4 reviews there.


SilverTowne has received a 2.5/5 rating based on 15 reviews on Yelp. Only four customers gave SilverTowne appealing reviews, while nine others complained.

SilverTowne Yelp page. They have a 2.5 out of 5 stars rating.

To be honest, this isn’t the best performance for a company that deals with such expensive products. Furthermore, for a well-known company that has been in the industry for a long time, the ratings and reviews are not highly impressive, especially when compared to comparable companies with more and higher ratings and reviews.

Some Negative Customer Reviews From Various Online Business Rating Websites:

#1. A customer stated that he had previously purchased coins from SilverTowne. On his prior order, the firm back-ordered a coin without informing him; it was simply stated on the packaging slip.

Then he waited for nearly two months without hearing anything from the company. They also charged him extra shipping costs for the other coin and never repaid the extra fees. Lastly, the customer said that there are several other options to purchase coins/metals and that he would not recommend SilverTowne.

#2. Chaley highlighted her bad experience with SilverTown as “awful and rude.” She claimed that the staff had been very rude to her and her husband. She claimed it was her fault she decided to buy from SilverTowne and that she will never purchase there again.

SilverTowne complaints on Yelp by Chaley.

Some Positive Customer Reviews From Various Online Business Rating Websites:

#1. Ron recently purchased five 10 oz. silver bars from Silvertown. He received them in a timely manner, and he is satisfied. They shipped by UPS, which worked very well.

Screenshot of positive SilverTowne reviews on Trustpilot.

#2. Swanson purchased Bullion for the first time online and had a positive experience. He also mentioned that customer service was good for him, with quick responses, and that delivery was fast, with a satisfactory product.

Positive review praising the company's quick delivery.

#3. Leon stated that whether you are a silver investor or collector, SilverTowne is the best option for you. They offer a wide selection of silver items, including their own rounds struck at their mint, as well as bars and poured silver.

He has been a customer since 2013 and has never had a problem with any of his orders. Leon also stated that you will find Silvertowne ships quickly and accurately. He recommended anyone looking for a fair price and timely delivery give them a try.

SilverTowne review by Leon for their quick support and service.

#4. Michael stated that SilverTowne offers a good price over the spot and free shipping when ordering home-brand silver. They provide fast and well-packed shipping too.

Positive review on the pricing of this precious metals dealer.

#5. Marco expressed his positive experience, stating that he had purchased from SilverTowne on multiple occasions and received nothing but the best service. The vast majority of his purchases have been SilverTowne’s own bullion items, all of which have been of high quality.

Positive review about the service quality of the company on Yelp.

SilverTowne Silver Bar Fake: How to Spot the Fake Ones

Many SilverTowne customers have stated that they found SilverTowne’s fake silver bars. SilverTowne bar analysis is complicated because the company has made many minor alterations to its standard bar design over the years, resulting in at least three generations of genuine bars that all look slightly different.

Photo of SilverTowne silver bars fake.

Even with at least three different kinds of genuine SilverTowne bars in play, the sharp radius on the corners of this counterfeit is immediately identifiable. However, there have been seen updated versions of other counterfeit bars that fix that problem and it is entirely likely that newer counterfeit Silvertowne bars do not have this weakness, thus it is critical to examine SilverTowne bars carefully.

image 343

Customers must be cautious of fake bullion, therefore we’ve compiled a list of methods for detecting fake silver bars, which are as follows:

1. Take a Look at the Stamping Quality

Because all silver bars are sold in foreign markets, they should be marked with the amount of silver they contain. If the silver bar lacks a stamp, it is most likely fake. International silver bar sellers stamp ratings such as 800, 900, and so on for their silver goods.

2. Examine the Sale Price 

Silver and its derivatives, such as bars, coins, and other items, are prohibitively expensive. If the price per ounce or gram of silver is much less than the current price, it is almost certainly not genuine silver. Why would someone sell actual silver for less than the spot price? As a result, if you paid less for a silver bar, it is likely that it is not 100% genuine. 

3. Silver Testing on Ice   

Silver has the highest heat conductivity of any ordinary metal or alloy. You may put your silver bar through a test at home by using ice. Keep your sight locked on the silver bar as you place your chunk of ice on it. When heat is applied quickly, it begins to melt almost instantly.

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Is SilverTowne Legit? Should You Invest With Them?Is SilverTowne a scam or legit? Are they worth it?

No, I don’t think you should invest with them.


  • Several decades of experience
  • A+ rating on BBB


  • Mixed reviews online
  • Not BBB accredited

SilverTowne is not a scam, but rather an established precious metals dealer. The fact that it has been in service since 1949 says a lot. Furthermore, it offers fundamentally valid services and products.

There’s no doubt about SilverTowne’s trustworthiness. However, you should always check a company’s online reviews before dealing with them. These are obviously important considerations to think about before making a final selection. Other than BBB, they are also not rated on Yelp, and Trustpilot.

If you want companies with great ratings and reviews, you should consider another option.

I recommend checking out our top gold IRA companies of 2023.

Each state has its own regulations and rules, so we’ve sorted and found the best Gold IRA company for each state.

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