What is The Truman Company?The Truman Company Locations, Timings, Email, Phone, Services
The Truman Company claims to be the top rare coin and precious metals dealer in Minneapolis and St. Paul.
The Truman Company’s owner, Roger Westerling says to have over 35 years of expertise in the industry.
The company provides several services, including appraisals and estate valuations.
If you have a coin that you want evaluated, you may email the coin evaluation form to the company and they will give you the current value of your coin collection.
If you have a large estate or collection, the company would meet you and offer you a personal appraisal at no cost.
According to The Truman Company, they also provide market placement services. In a few instances, an investor may have coins that have lost value even while the price of gold and silver has risen significantly. This is due to specific segments of the market that have experienced bad conditions and may never recover.
The firm also provides 1031 Tax-Free Exchange services. Investors can use the IRS code 1031 “Like-Kind Exchange” to take advantage of tax-free exchanges to diversify their holdings.
Overall, it appears that they not only provide a wide range of services but also serve an array of gold and silver investors looking to diversify their portfolios.
However, are they worth investing in? maybe they are simply trying to hide their flaws. In this article, we’ll see how much of what they say is true along with a few unknown facts.
Address: 2585 Hamline Ave N STE E, Roseville, MN 55113, United States
Phone: +1 651-582-3865
People Behind The Truman Company: CEO, Owner, Co-Founders & MoreWho owns The Truman Company? What is the management team behind The Truman Company?
The Truman Company only discloses information about its owner and does not provide information about its team, which is not a positive sign for potential investors.
Roger Westerling: Owner
On its website, there is a lengthy summary about its owner; have a look:
Roger Westerling is the owner and founder of The Truman Company. He grew up in Grand Rapids, Michigan, and he claims that his Uncle Truman taught him about precious metals when he was a child. Every time his Uncle visited him, he gave him a coin with an interesting history. He also provided The Red Book of Coins for Roger to learn from.
Roger moved to Southern California in 1975, and he was happy because he could be close to Uncle Truman and learn about all the coins he had at his coin company headquarters in Glendora, California.
Roger reports that he began working at the age of 17 after moving there. By the time he graduated from Montclair High School in 1976, he was attending coin and metal shows on a regular basis, looking for deals for himself and Uncle Truman’s clients.
Education & Profession
He later attended Chaffey College in Cucamonga, California. He continued working with Uncle Truman while studying for his business degree until he sold his business to his partner and retired.
Roger claims that after completing his degree, he had the great fortune to work with some of the best and most prominent people in the business. His first work was as a shipping clerk for a local coin shop.
He quickly climbed through promotions to become the Senior Vice President of Purchasing. He discovered certain coins that were ideal for the company’s clients after going on to scour coin shows on weekends.
Furthermore, Fred Weinberg hired him for a job as Senior VP to assist him with his expertise in fine mint mistake coins. It was a different market sector, and he learnt a lot.
Later, he claims he realised he wanted to assist people to conserve and grow their wealth, much like his Uncle Truman. That is why he founded Truman and Company.
Now Some Facts
It was everything about owner Roger Westerling that was stated on its website, but now let’s look at some facts:
If Roger is an accomplished industry expert who has worked at multiple companies before starting his own, why is there no information available on the internet to confirm that whatever he says is completely true?
When you look at his LinkedIn profile, you will find nothing but an anonymous individual profile with no information other than the fact that he owns The Truman Company.
Pete Smith, a historian, posted a report on the History of Coin dealers in the Twin Cities Area in which he mentioned several coin dealers, including Roger Westerling.
He has declared that he has done this research for memory because most of the dealers came to a bad end.
It’s interesting that many of the coin dealers are still working in the industry, including Roger. According to the report, many of the dealers have been sued but why Roger is included and what he did is still unknown.
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The Truman Company Products: Bullion Coins, Bars, And Rare CoinsAll products offered by The Truman Company
The Truman Company Gold & Silver provides precious metals to investors and collectors. Overall, their precious metals collection appears to be of high quality.
However, as compared to competitors, the company has a small inventory of products. There are now only 15 gold products and 7 silver products available. This is a small selection of items for investors looking for better diversification.
Here are a few featured products:
1 oz-1/10 oz American Gold Eagle
1 oz-1/10 oz Canadian Gold Maple Leaf
1oz-1/10 oz Gold South African Krugerrand
British Sovereign .2354 AGW
Swiss 20 FRANC .1867 AGW
1 oz .999 Gold Bar
20 Gram .999 Gold Bar
10 Gram .999 Gold Bar
5 Gram .999 Gold Bar
2.5 Gram .999 Gold Bar
1 Gram .999 Gold Bar
1oz .9999 Fine Silver Truman Round
1oz American Silver Eagle
1 Kilo.999 Silver Bar
10oz .999 Fine Silver Bars
1 oz .999 Platinum Bar
1 oz .999 Palladium Bar
Selling to The Truman Company
According to the company, customers will receive free coin appraisals. Whether you’re interested in liquidity, looking to trade, or simply want to know the value of your coins, someone from the team will be happy to help.
Truman Company claims to be a PGGS and NGC-authorised dealer. They also claim to have over 40 years of coin grading and evaluation experience.
On its website, they provide no more information regarding selling services.
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How to Invest in The Truman Company IRA?Step-by-step guide for investing in The Truman Company IRA
Time needed: 15 days
To invest in a precious metals IRA through The Truman Company, here are the general steps:
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 The Truman Company to recommend an IRA company and provide the necessary paperwork. However, I don’t recommend doing so.
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.
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 The Truman Company
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 The Truman Company in this area.
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 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.
The Truman Company Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
According to the Truman Company, they accept buying coins and bars from customers at the current market price and do not charge any additional fees. They can secure transactions on your behalf with simply a phone call.
They say that all shipments are insured by Lloyds of London for $75,000.00 per package up to $450,000.00 per shipment for additional peace of mind.
Aside from that, they do not disclose any information on fees and charges, as well as return & cancellation fees.
In its FAQ section, there is little information; they simply state that if the customer pays by cheque, he must wait at least 10 business days before shipment. If a customer pays with a credit card, the company charges an additional 4 per cent fee, which makes no sense.
In this scenario, it appears that the company intends to hide fees and charges information, which may be a red flag for potential clients who value transparency. Displaying charges and prizes allows buyers to compare charges from different dealers and make better decisions.
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The Truman Company Reviews and Complaints: BBB & YepRead all the The Truman Company reviews & complaints
Better Business Bureau (BBB)
If Truman Company is truly prominent and committed to helping investors in growing their wealth, why are there only 3 customer reviews on Better Business Bureau?
The company has only 3 customer reviews on BBB, although claiming to be in business for over 35 years. They do, however, have an A+ rating and are a BBB-accredited business.
On Yelp, a platform that publishes crowd-sourced reviews about companies, The Truman Company has only 2 customer reviews. However, both customers have praised customer service and pointed out how pleasant and knowledgeable the staff is.
Note: They are indicating to the employees, about which the company does not disclose anything.
Customers who want to grow their wealth by investing in precious metals should be aware that this company lacks reviews and ratings on other platforms such as Trustpilot, which is regarded as one of the most trustworthy rating platforms.
I don’t think Truman’s poor online presence is a very positive sign for potential customers.
Customer Reviews & Complaints
Let’s have a look at what customers have to say about Trueman Company:
On Google reviews, a customer named Jason expressed his disappointment, stating that he went to the Truman Company with a full book of wheat pennies, including 1909 s and 1909 s VDB, and they offered him $3 for the entire book, despite the fact that the book is worth over $3,000 with just two coins, even if they are cleaned.
Jason realised they were trying to defraud him, so he decided to not deal with this company again, but their staff tried to contact Jason and convince him that the American coins he had were not worth so much money.
They tried to convince him that a 1914 s isn’t worth anything, which is a lie because even the worst coin is worth around $15, and he had several more coins worth a lot that they told Jason was all clean just so they could get them at a lower price.
At last, Jason advised the potential customer not to sell any of their coins to The Truman Company because they would defraud them.
The Truman Company has received #7 complaints on Google
The Truman Company has received several unresolved complaints from customers. There are also several unresolved negative reviews on different platforms. Our #1 rated gold IRA company has ZERO unanswered complaints on BBB.
Another customer, De Nicoya, expressed her frustration by detailing her terrible experience. The Truman Company cheated her; although other dealers were paying $2 more for silver, Truman only offered her a spot. Despite the fact that their prices are high.
De advised other new customers to look for another firm because she failed to do so and this company had duped her.
Customers have left numerous similar accusations in which they have pointed out how Trueman Company fraudulently makes money.
Another customer, Hoss, reported that he went to this company to sell coins but received just $18, per ounce when the spot price was $25.50. He stated that it is the biggest scam and that if you buy coins from them, you won’t get your money back. He also stated that he lost hundreds of dollars when he sold his coins.
On Revdex, a few customers have filed complaints about The Truman Company, where the customers have accused this company of a variety of misleading activities.
There have been complaints from customers about how poorly the company’s customer service operates, and one client has also complained about how Truman overcharged him for the shipping service.
According to the above-mentioned reviews, it appears that Truman Company doesn’t put a high priority on customer satisfaction.
Is The Truman Company Legit? Should You Invest With Them?Is The Truman Company a scam or legit? Are they worth it?
No, I don’t think you should invest in them.
Free coin appraisals
Too many customer complaints
They do not disclose fees & charges
Provides no information about team members except the owner
Poor online presence
The Truman Company is a precious metals dealer that offers gold, silver, and platinum.
Although they are not a scam, we do not recommend them. Why?
There are many major red flags, such as failure to provide information on fees and charges, as well as team members. Numerous customers have left negative reviews and complaints, such as being misled into selling coins at low prices.