Modern Coin Mart Review: Is This Coin Dealer the Real Deal?

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Modern Coin Mart
Modern Coin Mart - byMark T., April 1, 2011
3/ 5stars
on
Modern Coin Mart
  • Global Rating
  • (3)
  • Good
Review Summary :

Founded in 2004, Modern Coin Mart (also known as MCM) is a precious metals dealer. Its catalog of inventory is expensive, offering a myriad of coins for retirement savers and collectors. Based upon the company website, it would appear that Modern Coin Mart has not partnered with any self-directed IRA custodian, nor does it offer storage options.

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Pros:

  • Outstanding customer reviews
  • Fast shipping times
  • Great selection of bullion and collectibles

Cons:

  • No partnerships with IRA providers or custodians
  • Fees can run a little high
Quick Facts about Modern Coin Mart
Year Founded:2004
Company Headquarters:Sarasota, Florida
Annual Fees:Variable
Supports 401(k)?:No
Supports Roth IRA?:No
Crypto Offered?:No
Assets Offered:Gold, Silver, Palladium, and Platinum
Offers Other Assets?:Nickel and Copper
Custodian:N/A
Current Promotion:N/A
Supports Home Storage?:Yes, for collectible products
International Storage?:N/A
Segregated Storage?:N/A
Preferred Storage Location:N/A
Preferred Storage Vault:N/A
Reviewed By:Sarah Bauder
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Modern Coin Mart Company Info and Background

Modern Coin Mart (www.moderncoinmart.com), also known as MCM or stylized as “Moderncoinmart”, is a precious metals bullion dealer located in the Sarasota, Florida area. Established in 2004, the company has an extensive catalog of gold, silver, platinum, and palladium products. The available selection will appeal to customers wanting to hold IRA-eligible bullion in their existing Precious Metals IRAs, and for collectors interested in numismatics.

The company has a buyback program for individuals wishing to sell their coins or precious metals bullion. However, MCM stipulates the following regarding their buyback program:

“Please note that market conditions, as well as supply and demand, are constantly changing. Our ability to make an offer is based on current needs. We assess and purchase at our own discretion with no commitment to buy, even if the appraised item(s) was purchased from us. In some cases, we may decline making an offer if the item(s) is/are not something we wish to stock or already have an ample supply.”

Modern Coin Mart Management Team

According to Dun and Bradstreet, Modern Coin Mart is operated by the following senior management team:

  • Andrew Salzberg: General Manager
  • David Ward: Operations Manager
  • Dillon Grilley: Wholesale Trader

However, Mr. Salzberg's LinkedIn page indicates that he left Modern Coin Mart in 2015. Therefore, there's a degree of ambiguity regarding who is currently at the helm of the company.

Modern Coin Mart Custodian and Storage

Based upon the MCM website, the company does not appear to have partnered with any IRA custodian providing custodial services. It's important to note that Modern Coin Mart is explicitly not a gold or silver IRA company. Therefore, they don't provide all-in-one services to store and vault your precious metals with a registered third-party custodian.

Likewise, pertaining to vault storage, there does not seem to be any options for partnered depository services through the company. Simply put, Modern Coin Mart sells coins and bullion items that you yourself are responsible for storing, either at home or in a trusted vault off-site. This allows the company to command more competitive prices, and gives you the freedom to choose where you want your bullion to be stored.

Modern Coin Mart Products

MCM has an extensive catalog of inventory available to clients. Depending on preference, there are collectible and ancient coins for collectors, IRA-eligible products for retirement savers. Some of the available coins include the Gold American Eagle, Gold American Buffalo, Silver Canadian Maple Leaf, Silver American Eagle, Platinum American Eagle, and Palladium American Eagle. 

There are a wide variety of coin offerings available to collectors or investors alike, including platinum-group metal coins, gold, silver, and various alloys.

You can view more Modern Coin Mart products here.

Modern Coin Mart Precious Metals IRA Info

Company Modern Coin Mart
Annual CostVariable
Scaled or Flat Fees? Flat Fees
Partnered Storage Vault N/A
Partnered CustodianN/A
Metals Available Gold, silver, platinum, palladium
Years in Business17 years (2004)

Modern Coin Mart Reviews, Ratings, and Complaints

Below we offer a diverse selection of reviews, ratings, and complaints pertaining to Modern Coin Mart from trusted consumer reporting and rating agencies sites. Simply click on the links provided to study the reviews in greater detail.

  • BBB Rating: ⭐⭐⭐, A (Details)
  • BBB Complaints: 5 complaints in last 3 years (Details)
  • TrustLink: Profile (Details)
  • Yellow Pages: ⭐⭐⭐⭐⭐ (Details)
  • Trustpilot: ⭐⭐⭐ (Details)
  • Yelp: ⭐⭐⭐ (Details)
  • Facebook: Profile (Details)

Overall, Moderm Coin Mart has fairly positive reviews and very few, if any, negative reviews available online. Shopping for MCM coins presents, in our estimation, a low risk profile and, in our experience, one of the best quality-price ratios in the business.

Modern Coin Mart Contact Information

  • Address: 5260 Paylor Lane, Sarasota, FL 34240-896
  • Phone: (800) 362-9004
  • Local Phone: (941) 907-8050
  • Email: info@moderncoinmart.com
  • Website: www.moderncoinmart.com

Do We Recommend Modern Coin Mart?

Yes, Modern Coin Mart offers a wide variety of competitively-priced coins and precious metals assets that leaves more money in your pocket at the end of the day. Although you won't be able to partner with an IRA or 401(k) custodian directly through MCM, the company gives you the freedom to choose whichever custodian or depository you want to store your metals and coins.

Review All IRA Options Before Investing with Modern Coin Mart

It is essential to carefully consider the different precious metals companies available, prior to making any purchases as part of your IRA investment strategy. In addition to its overall reputation, be mindful of a company’s bullion prices, policies, practices, and most importantly, storage fees for precious metals.

Modern Coin Mart
Modern Coin Mart - byMark T., April 1, 2011
3/ 5stars
on
Modern Coin Mart
  • Global Rating
  • (3)
  • Good
Review Summary :

Founded in 2004, Modern Coin Mart (also known as MCM) is a precious metals dealer. Its catalog of inventory is expensive, offering a myriad of coins for retirement savers and collectors. Based upon the company website, it would appear that Modern Coin Mart has not partnered with any self-directed IRA custodian, nor does it offer storage options.

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