Long Island Rare Coins and Currency is a reputable dealer in collectible coins and paper currency with a long-standing history of providing quality products and services to collectors and investors.
They specialize in offering rare and unique coins, currency, and bullion from all over the world, catering to the needs of both seasoned and novice collectors.
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What is Long Island Rare Coin & Currency?
Long Island Rare Coin & Currency is a precious metals company owned and operated by Buddy Alleva. Alleva has been an industry-leading wholesale in the numismatic industry for over 40 years.
The team at Long Island Rare Coin & Currency is committed to offering precious metals to all numismatic and currency collectors.
Alleva has been a member of the Professional Numismatic Guild since 1980 and a member of the Professional Numismatist Guild's Anti-Counterfeiting Task Force since 2018. Other memberships include ANA, FUN, the Central States Society, and more.
Long Island Rare Coin & Currency believes in treating people the way they want to be treated. This means respect, honesty, and professionalism. Your satisfaction is the greatest goal when it comes to the company.
The company states that if there is something you're looking for or have a concern about something you purchased, you can always contact them.
Products for Numismatics and Currency Collectors
Long Island Rare Coins specializes in delivering quality products to numismatics and currency collectors all around the world.
The company has several categories on its website, including bullion, Colonials - Nickels, Commemoratives 1893, Gold Bullion, and more.
Long Island Rare Coins offers an election selection of precious metals and other rare coins. You'll find gold bullion like the 1/4 oz gold American Eagle, the 1 oz gold Philharmonic, and the 10 oz gold Bar.
You'll also find Colonial Nickels like the 1173 Virginia 1/2P with Period PCGS and the 1804 Half Cent 1/2C S-266 NGC.
After looking at the inventory, it appears that Long Island Rare Coins tries to keep a good amount of products in each category. One advantage of its product inventory is that the company keeps the exact price of its products on its website.
This means you won't need to speak with anyone to see whether a product fits your budget.
Long Island Rare Coin & Currency IRA Rollover
In addition to buying and selling with Long Island Rare Coins, you can also open a precious metals IRA. According to the company, they have non-commission representatives that keep the client's costs low.
Long Island Rare Coins will walk you through the steps needed to open your self-directed IRA. Here are the steps provided on the website:
To start the process, call their toll-free number at 1-866-355-2646 and speak with one of their non-commission representatives. The representative will answer any questions you may have regarding IRAs.
They will also walk you through the steps to get your account open. Lastly, your representative will provide you with the required paperwork needed to get your account open.
Once all the necessary paperwork is completed, a Long Island Rare Coin representative will be able to open your account for you. Next, you'll need to fund your account.
Clients have the option to fund their account from an existing retirement account or they can make a first-time contribution. Whatever you decide, Long Island Rare Coins will provide you with the paperwork you need to make a decision.
Once your account is opened, Long Island Rare Coin's custodian will notify the company. At this point, you'll be ready to start purchasing precious metals. If you have any questions, feel free to speak with a representative for assistance.
Long Island Rare Coins offers precious metals available on its website that are eligible for your self-directed IRA. Here are some options available to you:
Gold: American Gold Eagle Bullion, American Gold Eagle Proof, and Canadian Gold Maple Leaf.
Silver: American Silver Eagle Bullion, American Silver Eagle Proof, and Canadian Silver Maple Leaf.
Platinum: Platinum Bars, Platinum American Eagles, and Platinum Maple Leafs.
Palladium: Palladium Maple Leafs and Palladium Bars.
To see a full list of IRS-approved precious metals, be sure to visit their website.
Sell Your Coins with Long Island Rare Coins
According to the company, they pay top prices for any coins offered to them. If you choose to ship your collection to them, Long Island Rare Coins states that they will be ready to assist you promptly and professionally.
Any item that you decide not to sell will be returned to you immediately.
What if my collection is too large to ship?
If your collection is deemed too large to ship or carry, Long Island Rare Coins says they will come to you. This allows those with a larger collection to work with the company if they're interested.
Payments for all items purchased will be sent immediately either by check or bank wire. If you would like to talk with a representative about your collection, coins, or currency, you can call them at 1-866-355-2646.
They also have a fax number that you can send information to at 516-797-8421. One last way to contact them for selling is by filling out the contact form on the company's website. Just include your name, contact, number, email address, and a description.
Shipping and Payment
Note that Long Island Rare Coins has experienced a significant increase in fraudulent payments. For this reason, the company has adopted a new payment and shipping schedule outlined below:
Postage
Orders that are under $1000.00 will need to add $15.00 for postage and insurance. Orders that are above this amount will receive shipping and insurance free.
Shipping Methods
The shipping method will depend on what is being purchased and where the items are being shipped. Long Island Rare Coins does not provide additional details aside from this and they do not ship outside the United States.
For more details, be sure to reach out to a representative.
Bank Wire
Instructions for bank wire will be emailed to you upon request. If you are placing a numismatic order, wires must be received within 48 hours of it being placed.
If you are placing a bullion order, prices will be locked in once there is confirmation of wired funds in their bank account.
Cashier and/or Certified Bank Checks
Instructions will be emailed to you upon placing an order. All checks need to be postmarked within 48 hours of your order and received within 7 business days.
Postal Money Orders
Accepted for orders up to $9,000.00.
Credit/Debit Card, PayPal
Accepted for orders up to $5,000.00. Long Island Rare Coins accepts Discover, Master, and Visa Cards.
Refund Policy
Long Island Rare Coins says that postage is non-refundable. Returns for PayPal and credit card includes a 4% charge. All numismatic coins and currency have a 7-day privilege. However, there is no return privilege for bullion.
Any items being returned must be sent by registered mail with insurance. Additionally, items must be returned to their original holders without any alterations.
Long Island Rare Coins states that they are not responsible for misprints or typographical errors. Note that prices may change without notice.
Want List
A precious metals company dedicated to finding clients what they need is a company to watch. Long Island Rare Coins offers a Find Something/Want List to help their clients find even the rarest coins.
Long Island Rare Coins state that they have been traveling to national shows for over 40 years. This has enabled them to build long-lasting relationships with dealers, shop owners, and collectors.
With that said, if you have a specific coin that you're interested in or you want to assemble a better collection, you can always email them at [email protected], fax them at 516-797-842, or call at 11-866-355-coin.
Long Island Rare Coins: Pros and Cons
If you're interested in learning more about this precious metals company, read on to learn about the pros and cons:
One great advantage of Long Island Rare Coins is that the company has a great selection of precious metals and rare coins. This makes this company ideal for investors, numismatics, and collectors who are interested in meeting a specific goal.
Another advantage of Long Island Rare Coins is the company's price transparency. All prices for products are listed on its website so you know exactly what you're paying without needing to speak with someone.
Don't see something you're interested in on the website? Long Island's Want List is one of the most useful features for clients. This company goes to great lengths to see if it can help its customers find unique precious metals and rare coins to meet their needs.
While it's not guaranteed that they'll find what you're looking for, it's nice to know that Long Island Rare Coins will attempt to find what you need.
Unfortunately, the company has an apparent lack of reviews online. There's only one review from Yelp in 2021.
While this particular customer had a great experience with their representative, this one review is not enough to give an honest view of the company.
Long Island Rare Coins is not as established as other precious metal companies. If you were hoping to work with a company with a more solid reputation, Long Island Rare Coins may not be the best option for you.
Final Thoughts on Long Island Rare Coins
Long Island Rare Coins is a precious metals and rare coin dealer serving investors, collectors, and numismatics alike. They also offer a precious metals IRA for those that are interested in this type of service.
Long Island Rare Coins does not have a strong online reputation.
However, the company appears to offer quality products and services and could be worth a try. Be sure to talk with a representative for more information.
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I started BMOGAM Viewpoints as a way to compile all my views on investing in one place. I own my home, have some real estate, and own a few stocks like most people, but what really drives my interest in investing is I have a strong love of precious metals, especially gold.
