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Modern Coin Mart was established in 2004 and has helped to pioneer the modern coin and bullion market online.
MCM is known for sourcing gold and silver from around the world and making it available for purchase through the company's online shop.
Keep reading and in this review we'll tell you everything you need to know to see if this is a good company for you to do business with.
Before we get started with this review:
We understand how difficult it is to pick a company that you can trust with your hard earned savings. That's why we create informative and useful information to give you as much knowledge as possible to make the right decision.
We created a list of our highest recommended investment companies, to make comparing and choosing the company best suited to your needs as easy as possible.
Look to see if the Modern Coin Mart was selected to our "highest recommendation" list this year!
Modern Coin Mart Products
Modern Coin Mart is dedicated to providing investors with a variety of precious metals for physical delivery. Investors will find a range of silver, gold, bullion, and US coins.
Let's take a closer look at what Modern Coin Mart has to offer.
If you're interested in gold, you will find many popular products like Gold American Eagle coins, Gold Buffalo coins, Modern Commemorative coins, and more.
Modern Coin Mart has no shortage of silver products. Investors will find products like American Silver Eagle Coins, Morgan Silver Dollars, Peace Silver Dollars, and more.
MCM also has a great selection of U.S Coins, including U.S. cents, U.S. nickels, and U.S. dimes.
If you're interested in more diversity, you'll find world coins in Modern Coin Mart's inventory. Some coins include South African coins, Great Britain coins, Australian coins, Mexican coins, and more.
Selling Coins to Modern Coin Mart
Aside from buying coins with Modern Coin Mart, you also have the option to sell coins with the company. Modern Coin Mart prides itself on confidence, trust, and reliability and seems to make it easy to buy and sell with them.
Modern Coin Mart states on its website that they are a nationally trusted online source for coins. If you would like to sell with them, the process will be relatively quick and easy.
Here are a few reasons why investors should deal with them, according to MCM:
Growing Retailer: They state that they are one of the largest and fastest-growing retailers of U.S. coins and precious metals bullion industry in the country.
Even more, Modern Coin Mart claims to have a 99.5% positive feedback score on eBay and is known for their honest dealings.
Sell Where Other Dealers Sell: They also state that most of their purchases are from other dealers. This means that many of the coins they originate are from people like you.
Competitive Offers: Modern Coin Mart is an active and major buyer of popular coins. They have extensive contacts throughout the dealer, collector, and investor community.
This means it's much easier to provide competitive prices that give you confidence that you're receiving the best offer.
How to Create an Account at Modern Coin Mart
Creating an account is relatively simple with Modern Coin Mart. All you need to do is click the link in the top right corner of the homepage that says "Create an Account".
On the next screen, you'll provide some basic information, including your name, email, and password for the account.
Customer Service
MCM offers light customer service support to its customers. You can get in touch with them Monday-Friday from 8 am to 5 pm by calling them at 1-800-362-9004. You can also email their support team at [email protected].
Reviews
MCM doesn't have a lot of reviews but they have collected a few reviews from Google and Trustpilot. With that said, it's safe to say that reviews of the company are quite mixed. MCM has an average rating of 4.3/5 on Google but has 2.4/5 stars on Trustpilot.
One customer said that Modern Coin Mart is their go-to dealer for bullion and numismatic items. The customer stated that MCM is a first-class dealer with a price match and free shipping.
This same customer also said that service after the sale was top-notch and that they will go to any lengths to make the customer happy.
Another customer said that MCM offers affordably-priced modern coins and bullion. This same customer also said that they specifically enjoy MCM's forum where you can ask questions and hold discussions.
One thing to point out with MCM's positive reviews on Google is that the best reviews from customers were over several years ago. The last positive review with 4 or 5 stars was at least a year ago with many of them 6 to 8 years ago.
As far as negative experiences, one customer placed an order with MCM but the order was canceled by the company. According to the customer, MCM said that the card would be refunded the next day but they have been waiting 3 days for their refund.
It's unclear whether this is the fault of MCM or whether the refund process takes longer than 3 days to complete.
However, a representative of MCM did respond to the review stating that there is no record in their system of an order placed under the name provided in the review. But the representative left information for the customer to talk in further detail about their issue.
Another customer said that they placed an order with MCM on July 25, 2022, and that they mailed their check the same day. According to MCM, the check did not arrive until August 15, which prompted the customer to complain.
The customer stated that when they complained about this delay, the representative hung up the phone.
Another customer placed a $600+ order with MCM on July 27, 2022. The customer said that they hadn't heard anything from the company until August 12th with the company saying that they were having website issues.
Unfortunately, the customer has not been able to access their account since then and no one is answering the phone.
Modern Coin Mart Pros and Cons
Let's take a look at a few pros and cons of buying and selling from MCM:
MCM offers an intuitive website that's ideal for those interested in buying and selling. While some companies offer a complex website that's hard to navigate, it's quite simple to find the information you need like products, prices, and more on MCM's platform.
Another advantage is that MCM offers clear prices on its website. There's no need to call a representative every time you're interested in a product. MCM makes it easier for investors to see what they're paying for.
MCM has a large variety of products for you to choose from. Whether you're interested in gold, silver, bullion, U.S. coins, or World coins, you'll find something you need.
What's even better is that MCM has the potential to be your one-stop shop for your precious metals, enabling you to save time and make more purchases.
For investors that are new to the precious metals industry or those that just want to buy an item or two, you'll be glad to know that Modern Coin Mart has no minimum on orders.
This means that you can purchase as much or as little as you would like, giving you flexibility when making decisions.
Unfortunately, you won't find a direct precious metals IRA service with Modern Coin Mart. Some companies provide options for direct delivery and gold IRAs but MCM focuses strictly on buying and selling.
Another downside to working with MCM is that the company only buys bullion and collectibles based on its current inventory needs. As a result, not every precious metal or collectible item you buy will be bought by them.
If your main goal is to sell items, MCM won't be the best option since many precious metal dealers do not have these types of limitations.
Most companies will have a mix of positive and negative reviews. Unfortunately, MCM is showing a very distinct trend. Most of their positive reviews seem to be from years ago while they have been experiencing mostly negative reviews lately.
It appears that there has been some sort of switch in the company and these poor reviews should not be taken lightly.
Conclusion
Modern Coin Mart is a precious metal dealer that's specifically focused on buying and selling precious metals and other collectibles.
The company offers an easy-to-navigate website and transparent prices, making it easier for investors to scan their inventory and quickly make a purchasing decision.
MCM has a nice inventory of products featured on its website and ultimately has something for every type of investor.
Investors will also appreciate the live chart on MCM's website that allows you to see the market value of products you're interested in.
While MCM has a lot of strong suits, many customers have not been satisfied with the company's service recently.
Some customers aren't receiving refunds for canceled items while other customers state that the representatives at MCM are rude.
Given the fact that they seem to be getting an overwhelming number of negative reviews with many of them within the last few weeks, it may be in your best interest to conduct a little more research before moving forward.
Modern Coin Mart is decent company, they are not a scam, but we do not recommend them.
There are better companies to work with if you are looking to make cash purchases of precious metals and much better companies to work with if you are looking to invest in a precious metals IRA that we have researched extensively on this website.
>> CLICK HERE to read our list of the Top Gold Investing Companies. <<
Or, if you like what you have read about Modern Coin Mart, you can go to their website below:
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.
