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.
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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 learned a lot.
Later, he claims he realized 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
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 crucial 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 order 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 percent 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 grow their wealth, why are there only 3 customer reviews on Better Business Bureau?
The company has only 3 customer reviews on BBB, although it claims 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.
On Google, the business has 4.6-star ratings out of 5 stars. A total of 49 customers reviewed them on this platform. These such ratings suggest that the company has great customer service.
Positive Customer Reviews:
#1. Denise Roff shares that Aiden assisted him in organizing a collection of old coins that once belonged to his father. Aiden’s politeness shone through as he patiently explained every step of the process. Denise wholeheartedly recommends the Truman Company, emphasizing the extensive drive he made from Albertville based on their stellar reviews, a decision he’s truly grateful for. A big thank you to Aiden for his outstanding service.
#2. Raymond expresses his appreciation for the exceptionally helpful and amiable staff at the Truman Company. Both he and his wife felt extremely confident while conducting their transactions with them. Raymond firmly establishes that the Truman Company has now become their preferred choice for future dealings.
#3. Jim Christen had a collection of coins inherited from his parents that required appraisal. The process was smooth, and he received excellent treatment throughout. Importantly, there was no pressure to part with the coins. The entire appraisal was done at no charge, and Jim received a detailed printout. He left with a positive experience and expressed his intention to return to the same place if he decides to sell the coins or needs any future appraisals.
#4. Gordy reached out to the Truman Company via email to inquire about the overall worth of certain gold and silver coins he intended to sell. He received a swift response that provided him with candid and aligning information, mirroring his independent research findings. Today, he visited their easily accessible and secure premises to sell his coins. The staff proved to be highly professional, courteous, and a pleasure to collaborate with. Gordy expressed his utmost satisfaction with the exceptional service he received.
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
Impressive online presence
Received mixed reviews
They do not disclose fees & charges on their website
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.