Frederick Coin Exchange Review

Frederick Coin Exchange Review

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There are hundreds of businesses that buy and sell precious metals like gold and silver.

The number of options can be overwhelming, but we’re here to help you find out more information about the different companies available so that you can make a more informed decision with your investments.

When searching for a wholesale precious metals dealer, Frederick Coin Exchange has probably appeared in your search.

Just how does Frederick Coin Exchange compare as a company and should you use them?

Let’s take a more in-depth look below. 

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What is the Frederick Coin Exchange?

frederick coin exchange homepage

Frederick Coin Exchange is a certified coin dealer located in Maryland. They specialize in the wholesale of rare coins, precious metals, rare items, and other antique items.

They have a physical showroom in downtown Frederick, Maryland where you can buy and sell items, and get appraisals. Frederick Coin Exchange has been in business for over 14 years.

The Frederick Coin Exchange is a member of coin and precious metals organizations like the American Numismatic Association, Professional Numismatic Guild, Certified Coin Exchange, and several others.

They are also an authorized dealer for Professional Coin Grading Services. In addition to coins and precious metals, they also deal in collectibles such as stamps, watches, sports cards, diamonds, and jewelry. 

Frederick Coin Exchange Executive Team

Frederick Coin Exchange is owned by Matt Lerner who started pursuing coin dealing full-time when he opened the Frederick Coin Exchange back in 2009. Matt has a background in marketing and has held a strong interest in coin dealers since childhood.

The rest of the team consists of retail associates, a wholesale assistant, and a world coin numismatist.

While the team is small, together they’ve grown the company to one of the most competitive coin and precious metal dealers in Maryland and work with a nationwide network of coin dealers to provide their customers with access to a larger network of coins, precious metals, and other products such as collectibles. 

Frederick Coin Exchange Pricing and Fees

With gold, Frederick Coin Exchange offers bulk pricing if the amount is over 20 ounces. They also provide bulk pricing for amounts of 500 ounces of silver or more.

They currently don’t provide prices online, but you can call them to get a current quote or to lock in the price. 

Available Products and Services

services offered by frederick coin exchange

Frederick Coin Exchange offers a free in-person appraisal or appointment where you can get your items appraised. They also provide an online scheduling appointment to meet with one of their experts.

They also provide a free Gold and Silver Guide on their website and you can call them to get a current quote or lock in a price on a particular purchase of a precious metal.   

Regarding their products, they don’t provide a current inventory online, but provide an information sheet of some of the products they offer including:

  • 1 Oz Gold American Eagles
  • 1 Oz Gold Canadian Maple Leafs
  • 1 Oz Gold South African Krugerrand
  • 1 Oz Gold Bars
  • 90% ‘Junk Silver’
  • 1 Oz Silver Bars
  • 10 Oz Silver Bars
  • 100 Oz Silver Bars
  • 1 Oz Silver Canadian Maple Leafs
  • 1 Oz American Silver Eagles

They have also started carrying platinum, palladium, and rhodium products to select precious metals. 

In addition to free verbal appraisals, Frederick Coin Exchange offers written appraisals at $75 per hour for in-store appraisals and $150 per hour for out-of-store appraisals.

Typically appraisals are done after 2:00 pm and require appointments for written appraisals. 

Available Resources from Frederick Coin Exchange

Frederick Coin Exchange offers various resources including videos on their YouTube Channel about how coins are graded, popular gold and silver coins, precious metals testing, and other useful videos.

They also publish information sheets on gold and silver products, current market prices, coin guides, and other useful information.

Their staff is also an available resource and are available to talk to during the week from 10 am to 5 pm and they are knowledgeable about the different precious metals products available.

They can discuss popular precious metal products with additional information on coins and other collectibles.

They even have a team member on staff that is knowledgeable on coins from around the world and many of the staff are enthusiasts of coins and similar collectibles. 

Selling Gold and Silver with Frederick Coin Exchange

Frederick Coin Exchange offers an online step-by-step guide for how to sell your precious metals to them. They only purchase gold and silver in person and don’t purchase precious metals from customers under 25 years old.  

You have to bring your precious metals during their open hours and you can make an appointment if you want as well. Once you arrive, they will sort the precious metals by their gold content and base the prices on the New York precious metals prices.

They take into account the weight of the items as well when calculating the price. Frederick Coin Exchange typically pays at least 75% of the items' melt value and will make an offer for each of the items.   

When selling an item, Frederick Coin Exchange requires a valid ID and you are required to fill out state forms to get paid on the same day. 

IRA Custodian Partners

Frederick Coin Exchange is currently not partnered with any precious metal IRA custodians and doesn't provide resources for setting up a Gold IRA. 

They only offer services to buy and sell gold and silver. You would have to find a separate company to serve as an IRA custodian and to store the physical gold and silver as designated by the IRS. 

Is Frederick Coin Exchange a Scam?

Frederick Coin Exchange isn’t a scam. Most of the customer reviews talk about the friendly staff along with their knowledge about various gold and silver products.

They also tend to have positive reviews regarding the pricing of their products and their purchasing prices. While Frederick Coin Exchange is not a scam, they do lack many online resources such as the ability to see its current inventory and pricing online.

You have to contact them to get a current price or make an appointment to visit them in person. There have been some complaints regarding pricing changes between their over-the-phone quote and what they were asked to pay in person.

In most of these instances, Frederick Coin Exchange reached out to the customer to provide a resolution and in most instances, the customer was satisfied with how Frederick Coin Exchange handled the situation.

Based on the reviews, Frederick Coin Exchange would not be considered a scam. Many of the customers have relied on the reviews from other customers and also report an overall positive experience when working with Frederick Coin Exchange.

But as with any investment, you should independently check out reviews and complaints to make your own decisions about whether to buy and sell with Frederick Coin Exchange.

Pros & Cons of Frederick Coin Exchange

If you live near Frederick, Maryland, Frederick Coin Exchange can be a good option for buying and selling gold and silver. Their main advantage is their professional and friendly staff and their competitive pricing including bulk prices for larger orders.

As a smaller business, you’re able to get a more personalized shopping experience and can schedule an appointment with them directly.

Over their fourteen years of service, they’ve built a strong reputation among their customers and are connected to a network of coin dealers in the Certified Coin Exchange, and can provide more competitive rates and discounts to their customers because of their buying power. 

When it comes to their disadvantages, it can be hard to find out what products are currently offered along with the prices of the various gold and silver products. Another disadvantage is their hours of availability.

They are currently only open from 10-5 pm Tuesday to Friday and open on Saturdays from 10-3 pm eastern standard time. This can be a disadvantage if you need to buy or sell precious metals on a Monday or outside of their open hours.

According to their website, currently, they require all visits to be scheduled by appointment, but this may change in the future. 

Final Thoughts 

Frederick Coin Exchange can be a good option if you’re looking for a national wholesaler of precious metals and rare coins with a physical location.

As a smaller business, you can get a more personalized experience from Frederick Coin Exchange.

They don’t offer some of the same services such as gold storage or offer much information about gold IRAs or similar retirement options, so you may want to go with a company that specializes in these types of products.  

The staff at Frederick Coin Exchange is known for their professional and friendly service and can provide competitive rates when you’re looking to sell your precious metals.

Overall they have positive reviews regarding their service, but you may find a different company that can offer all of the services that you need for your investing future.

Frederick Coin Exchange is a decent company, they are not a scam, but we think there are better options available to precious metals investors that we have researched extensively on this website.

You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:

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