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Modern Coin Mart Review

MCM Logo3_star_ratings

Modern Coin Mart (http://www.moderncoinmart.com/), also known as MCM, is a precious metals provider that specializes in the sale of gold, silver, and platinum bullion. The company is actually an offshoot of its parent company, John Maben Rare Coins (JMRC), Inc. – a firm that employs 35 employees, who collectively have a combined experience of over 225 years in the precious metals industry. They offer free domestic shipping and they also provide assistance in setting up precious metals IRAs through New Direction IRA and GoldStar Trust Company. MCM was originally founded in 2004 and has been a BBB-accredited company since 2007.

About the Management

MCM was founded by John Maben, a veteran in the industry with more than 4 decades experience in Professional Numismatics. The company was started with the goal of becoming a leader in the sale of certified modern coins. Their President is Jay Rudo, another coin dealing expert who founded his own company in 2001 and then partnered with Maben in July 2007 when he started managing MCM's aforementioned parent company, JMRC. If you'd like to learn more about MCM's management, their ‘About Us‘ page provides a detailed mini-bio for all of their management staff.

Modern Coin Mart Ratings and Complaints

Below are some of the most important ratings, reports, and reviews about Modern Coin Mart online:

  • BBB Rating: A+ (Details)
  • BBB Complaints: 1 complaint in the last 3 years (Details)
  • BCA: No Rating
  • BCA Complaints: No Rating
  • CitySearch: No Ratings (Details)
  • Google+: 5 Stars (5 / 5) based on 16 reviews (Profile)
  • RipOff Report: No Reports
  • SiteJabber: No Ratings (Details)
  • Trustlink: No Ratings (Details)
  • Yellow Pages: Not Listed
  • Yelp: 3.0 Stars (3.0 / 5) based on 2 reviews (Details)

MCM has a relatively balanced online reputation, but there is only one site on which it has a flawless record based on user reviews (the single positive review on Yellow Pages). Meanwhile, on Google+ the response is mixed and the company also lacks inclusion in the Business Consumer Alliance database. From this we can gather that there are certainly other precious metals providers with more extensive positive feedback. Still, MCM has managed to amass a fast-growing client base in its 7 years of operation, earning it a spot in the top 30 of our list.

Modern Coin Mart Prices and Products

(shown in the charts below):

GoldStar Trust Company Fee Chart

Fee Cost
Annual Maintenance FeeEight-hundredths of 1% (0.0008) of the total market value of the assets in the account. Minimum fee is $60, maximum fee is $250 - Accounts at or under $75,000 in value will be charged the minimum of $60.
One-time Establishment/Application Fee$25
Processing/Transaction Fee$40
Distribution/Transfer/Wire Fee$25 per transfer
Precious Metals Storage$1.00 per $1,000 value (10 basis points) - $100 minimum and no maximum. Fee is due when the account is established and is then billed annually based on the value of the precious metals in the account during the same month the account was created.

GoldStar Trust Company Fee Examples

Account ValueAnnual Maintenance Fee
$50,000$60
$100,000$80 (approx.)
$250,000$200
$500,000$250 (max)

New Direction IRA Fee Chart

FeeCost
Annual Maintenance/Storage Fee$75 for accounts below $100,000
$125 for accounts valued at or above $100,000
One-time Application Fee$50
Processing/Transaction Fee$40
Distribution/Transfer/Wire fee$25
Precious Metals Storage FeeVaries depending on the storage provider

New Direction IRA Fee Examples

Account ValueAnnual Maintenance Fee
$50,000$75
$99,000$75
$100,000$125
$250,000$125

Modern Coin Mart Contact Details

Key Pages From Modern Coin Mart's Website

Here are some of Modern Coin Mart's most important pages in regard to Gold IRAs:

  • IRA Eligible Precious Metals – Explains that Modern Coin Mart is a provider of IRA-eligible precious metals, but specifies that it does not serve as an investment broker. Also explains that MCM partners with IRA administration firms to make it easier for customers to purchase metals for their IRAs.
  • Gold Bullion – Displays MCM's entire selection of gold bullion bars and coins. Their catalog is currently rather extensive, with a total of 131 product listings.
  • Opening a Precious Metals IRA Account – Provides instructions for opening a precious metals IRA account (with GoldStar Trust Company or New Direction IRA), funding the account, and ordering precious metals from MCM.

Always Review the Competition Before You Buy

With so many companies to choose from, comparing precious metals providers can be an overwhelming task without the right guidance. Lots of companies have good reputations online. However, not all of them offer the same shipping and storage pricing and policies, which is why it's important to thoroughly compare precious metals providers and IRA custodians before investing a portion of your retirement savings.

Contact Us if You Own or Represent Modern Coin Mart

If you're an owner, representative, or associate of Modern Coin Mart and you've noticed information on this page that is inaccurate, misleading, or outdated, please feel free to contact us immediately to express your concerns. We aim to keep all of our company reviews as accurate and up-to-date as possible for the benefit of our readers.

Modern Coin Mart
  • Editor Rating

  • Rated 3 stars
  • Good
  • 0/5 Avg. User Rating

  • Rated 0 stars
  • 0 No reviews yet!

  • Modern Coin Mart
  • Reviewed by:
  • Published on:
  • Last modified: April 19, 2017
  • Quality
    Editor: 90%
  • Customer Support
    Editor: 90%
  • Pricing & Fees
    Editor: 85%

Review Summary:

Modern Coin Mart offers a relatively large selection of gold and silver bullion coins and bars, many of which are eligible to be deposited into an IRA. Their catalog contains a large assortment of gold bars from various mints and refineries. They also have 56 products listed under the “Recent/Current Gold Coins” section of their catalog. In regard to precious metals IRA's, MCM recommends opening an account with GoldStar Trust Company or New Direction IRA, both of which have their own annual administrative and storage fees to consider.

Modern Coin Mart offers a relatively large selection of gold and silver bullion coins and bars, many of which are eligible to be deposited into an IRA. Their catalog contains a large assortment of gold bars from various mints and refineries. They also have 56 products listed under the “Recent/Current Gold Coins” section of their catalog. In regard to precious metals IRA's, MCM recommends opening an account with GoldStar Trust Company or New Direction IRA, both of which have their own annual administrative and storage fees to consider.

Editor rating
Rated 3 stars
User rating
Rated 0 stars
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