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Iccoin is a precious metals dealer that focuses chiefly on coins. It has been selling coins since being founded in 1975, and the headquarters are located in the capital of Vermont. This is one of the oldest coin dealers in the US, but is it actually the best?
We've taken a look at some of what Iccoin has to offer. Here's what you need to know before you get started.
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Since being established in 1975, Iccoin has become one of the longest-lived coin dealerships in the industry. You can peruse multiple different collections and single collectible rarities, which can be purchased using a mail order or an eCommerce order.
The main products that the company deals in are collectibles and coins. It's important to note that collectible coins are not as solid an investment as pure precious metals. The coins are only worth as much as someone is willing to pay for them, and liquidating them can be difficult.
The company does guarantee that your items will ship in the condition described through their site. There is also a guarantee of authenticity, so you can be certain that your coins are the quality and purity described.
Collectors are interested in the large amount of inventory that Iccoin has. The company acquires coins from all over the world and sells to international clients, making them great for people who collect international currency. For the collectors, there are collectible coins ranging from new launches to classic designs.
If you're located outside the US, it's possible to check the company website and see whether shipping to your area is possible. For those in the US, the shipping fee is often less than $7.
One important note is that this company does not offer coins that are compatible with an IRA. If you want to put precious metals into an IRA, you need to comply with IRS regulations. There are strict rules about the types of coins that you can use, and you won't find them with Iccoin.
For this reason, this isn't a good company to look to if you need to open a self-directed IRA. You're better off working with a firm that specializes in streamlining the IRA setup process.
The company is outfitted with an eCommerce platform, so you can make purchases online. Keep in mind that the billing address of your card might need to match your shipping address, or the company will not send the items to the right place.
In order to use the eCommerce platform, you'll have to create an account. This is where you can store information about your shipping address and make a secure payment.
The checkout process is fairly straightforward. Since the company doesn't tend to deal with extremely pure precious metals, there's nothing that would be unusual about the eCommerce transactions.
The company facilitates payments through its online shopping platform. In keeping with this, you'll need to have a credit card, debit card, or a Paypal account. Many coin dealers don't accept Paypal, so this option is ideal for anyone who wants the convenience of a Paypal transaction.
The company even encourages people to use Paypal. Paypal transactions are processed more quickly than credit or debit cards, which means there's less of a delay before your metals are shipped out. Some consumers have even created a Paypal account just to take advantage of this.
If you do use your debit or credit card, you should be aware that there may be a delay of a few days before the items are shipped out.
The payment methods are the same for international clients, though you'll want to double check that the company ships to your address first. When calculating how much time it will take for the package to arrive, you'll want to add a few extra days for international handling.
The company does its best to ship packages quickly and conveniently. If your order is less than $500, you will need to pay for shipping. But the shipping price is often very low.
In fact, some customers have reported that they've been charged less than a dollar for shipping within the US. Even with orders that are relatively heavy, it's rare for any of the shipping costs to be higher than $7.
Shipping times can vary depending on the products you choose. For example, if a product is in high demand or out of stock, there might be delays. You can also expect it to take up to a month for the international shipping process to finish.
Returns and Refunds
There are company policies regarding the return of the coins you buy. But one important note is that they do not have a buyback program. Once you own the coins, you cannot sell them back to Iccoin at the market value when you're ready to liquidate. You'll need to find another buyer.
This has led to some disgruntled reviews from past customers. It's hard to liquidate coins for a fair price if you don't already have a buyer lined up.
There is a guarantee that you can get your money back if you return the product you received. The product must be in its original packaging and condition. You can either receive a refund or an exchange, but there is a limit of 30 days to take advantage of this offer.
The refund policy is a little shorter for items that were ordered specially. You'll need to send it back in ten days or less. In addition, for people who purchase collectible sets of coins, you have to return the full set rather than just returning a single item.
Prior to returning anything to the company, you must contact them and let them know. They will then give you a return authorization number either over the phone or through an email. Returns also need a letter included that explains why you've chosen to return the item.
It's surprisingly difficult to find reliable consumer reviews of the company online, especially considering that they've been in business for almost half a century. Sometimes this is the case with companies that do most of their business in person.
But what's more concerning is that quite a bit of the existing feedback is overwhelmingly negative.
Better Business Bureau
Let's take a look at the Better Business Bureau. There have been no customer reviews on this website, but there have been two complaints filed within the prior 12 months. The company has an A+ rating from the organization itself, but this doesn't take customer reviews into account.
One of the complaints said that the customer had decided to return his purchase. He had followed all of the return instructions. But weeks went by, and he didn't get his refund. As of writing the complaint, it had been over two months.
The company did respond to this complaint. They said that they would reach out personally to the customer by telephone to try to resolve the issue. The customer never responded to say whether he did or did not accept the resolution, but it is good to see the company being proactive.
The other complaint was from someone who placed an order that totaled just $6.95, including the low price of shipping. Their debit card was charged nearly double that amount. The customer said that they had not been refunded the extra $6 that was charged, even after they sent an internal complaint.
The president of the company responded to apologize for the issue. He said that the website was being upgraded so that there wouldn't be any more glitches with people's debit cards. He finished by stating that the money would be refunded.
This would be a satisfactory conclusion, except that the customer followed up to say that they were not satisfied. Instead of being resolved as promised, the customer's debit card still had the incorrect charge on it.
There was another response from the company a few days later, stating that their records showed the refund had finally processed. As the customer did not respond, it seems that that was finally the end of the issue.
There are only a few reviews of the company on Yelp, but they aren't very favorable. In fact, the star average is just 2 out of 5 stars, indicating that most customers had an extremely negative experience.
Of the five reviews, only one is positive. This was from a customer who lives in Vermont and dealt with them in person. They stated that they aren't a coin collector, but that they worked with the company to purchase birthday gifts. The customer was pleased by the efficiency and accommodations.
Now for the complaints.
One customer said that they had bought gold coins from the company as part of their investment portfolio. But when they wanted to liquidate the assets, they were told that Iccoin doesn't have any buyback program. That makes it much harder to find a buyer and liquidate for a fair price.
Another customer stated that he placed an order for more than $300 worth of coins. The company refused to send the package to any address but the billing address, which the customer doesn't often frequent. The customer said that the customer service rep he spoke to was extremely rude.
This customer was angry enough with the service to contact a lawyer about taking the company to small claims court. However, his attorney said that there wasn't enough information to start a legal case.
One of the first reviews of the company states that the customer ordered coins in good condition. When the products arrived, they were tarnished. The customer reached out through email and letter to facilitate an exchange, but the company ignored him. An exchange was finally granted after a phone call, but the customer service representative was extremely rude in the process.
The most descriptive review on Yelp was written in 2015. The customer said that they had a hard time placing an online order. There were apparently problems with the eCommerce platform that caused the shipping and billing addresses to be mixed up.
The customer noticed the problem and called the company. Like several other reviewers, she reported that the customer service rep she spoke to was extremely rude and condescending.
Since the customer was unsatisfied with their experience, they called again and asked to speak to the manager. The manager took the side of the rude customer service rep, so the customer asked for her order to be canceled.
Is Iccoin a Scam?
Iccoin does not appear to be a scam. The company has an A+ rating with the Better Business Bureau, and they have resolved both of the complaints that were filed with the BBB. This is a legitimate business with legitimate products.
But there are a few red flags. Even though a company is legitimate, it might still not be the best place to spend your money.
One of the red flags is a lack of customer reviews. Aside from the complaints on the BBB website, there have been very few verifiable third party reviews. It's impossible to tell how the company's customer service team works or what their strengths are without any consumer feedback.
If you dig deeper into the internet, you can find some customer reviews. But there is a concerning amount of negative feedback. And it seems like the company might be working to bury the bad reviews in search engines so that digging is required to find them.
Another potential red flag is that there isn't a lot of transparency regarding company ownership. There is information about who the company president and CEO is, along with information about other managerial employees. But it's not clear whether the CEO is also the owner of the company, or what entities hold shares in it.
Even if you can get past all of this, the company doesn't have any precious metals IRA services. So if you want to invest some of your retirement money in gold and silver, you're better off working with a specialty IRA company instead.
Pros & Cons of Iccoin
Iccoin brands itself as the next big thing. Judging by the setup, you'd think that the company had revolutionized the precious metals industry. But they really don't offer anything new. They have a wide selection of precious metals, yes, but no more than other large competing retailers.
The company has been in business for decades, making it one of the oldest precious metals firms in the US. But they seem to have fallen behind the times. Poor customer reviews show that there are managerial and customer service issues.
When you invest in precious metals, you want to be sure that you're getting a quality product. And you want to know that the company has your best interests in mind. If you don't have that confidence, then the company isn't right for you. That's the final verdict on Iccoin. There are other options that offer the same and better services for lower prices.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit Iccoin below!