Nationwide Coin & Bullion Reserve Review

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Nationwide Coin & Bullion Reserve is a company that sells precious metals to consumers located in Europe and North America. They claim to be one of the top precious metals firms on the market, but is that actually the case? A little research yields some concerning results.

This is everything that you should know about Nationwide prior to making a purchase. Most importantly: there have been patterns of complaints alleging deceptive sales tactics.

  • Product Type: Precious Metals
  • Owner: Lawrence Kuykendall
  • Rating: 1.5/5

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About Nationwide Coin & Bullion Reserve

Nationwide Coin & Bullion Reserve Review

Nationwide Coin & Bullion Reserve was founded in 2009 and operates out of Houston, Texas. The company is an online precious metals dealer that offers a variety of precious metals. In addition to selling classic coins, they also sell collectible coins, like the Don Everhart series.

The company has a wide range of gold and silver items available. Some of the options include:

  • Old bullion and rare coins from prior to 1933
  • Modern collectible coins
  • American and foreign bullion and coins
  • Items that can be held in precious metals IRAs
  • Startup packages of gold and silver for beginning investors

All in all, they have one of the most expansive catalogues in the industry. Their goal is to connect consumers to the right products for their investment portfolios. In addition to serving clients in the US, they also serve an international clientele.

One thing to note is that some customers have reported that the coins they bought were not actually valued as highly as they were led to believe. In fact, some people have said that they overpaid by thousands of dollars. So if you do business with this company, you'll want to research the coins you buy independently before confirming your purchase.

The company employs quite a few people. These include economic analysts, rarities and precious metals consultants, and numismatic experts. It's important to know that numismatic collectibles are a risky investment, as they are only worth as much as people are willing to pay.

Satisfaction Guarantee

Nationwide Coin & Bullion Reserve Review

Nationwide claims to be one of the best precious metals dealers that can handle both foreign and US currency. The team of employees has more than a century of total experience with precious metals. According to their website, their biggest goal is for customers to get a good return on investment.

The company claims that customers have seen a large financial gain through their investments. However, that isn't necessarily true. While some customers might have seen their investments grow over time, there have been a lot of complaints about people overpaying for coins that would never recoup their value.

Company Promise

Nationwide Coin & Bullion Reserve Review

The company has made a promise that customers will always receive the exact coins that they ordered. Refunds are available if any mistakes are made. The company also promises that they will be honest, and they mention that there is no way to guarantee that precious metals will increase in value.

The company also recommends that clients diversify their holdings instead of investing exclusively in precious metals. They promise that they will use their industry expertise to give customers solid advice regarding their purchases.

Another promise is that they will never lie about how rare a coin is. They say that they have ethical practices, and they link to their compliance department. They say that they won't falsely advertise any products that they have no intention of selling.

All of that is good to hear -- but it's not the full story. The truth is that the company only created its compliance department after repeated complaints of them doing everything they've promised not to do. And while the complaints have slowed, they haven't stopped yet as of 2021.

Owning Gold and Silver

Nationwide Coin & Bullion Reserve Review

There are multiple reasons to invest in gold and silver. Investment experts recommend putting a small portion of your portfolio into precious metals, as these are a relatively stable investment that offer a hedge against inflation.

For people in the US, it's also possible to invest part of your retirement in precious metals. To do this, you will need to open a self-directed IRA with a licensed custodian. There are strict regulations regarding what types of metals can be held and how they must be stored.

Some companies specialize in streamlining the IRA process. Nationwide has some IRA rollover services, but it's not their main area of focus. If you are interested in an IRA, it's better to work with a company that specializes in this. They can help you with the paperwork and keep the process from being confusing.

Companies like Nationwide are better for people who want to make small coin investments. But since there are so many complaints about the products being subpar quality, it's probably better to turn to other dealers for this, too.

Company Reviews

Nationwide Coin & Bullion Reserve Review

The company has quite a good rating on Trustpilot, with about 4.6 out of 5 stars. This indicates that customers are largely satisfied. Many customers left five star reviews and praised the company's customer service department.

But when you go to the Better Business Bureau, there's a different story.

Despite being in business for twelve years, the company does not have any BBB accreditation. They also have a D+ rating, and the organization has notified consumers about a pattern of complaint that started in 2017.

It's possible that the company had good management before 2017. But in the past four years or so, something has gone wrong. That pattern of complaint has not stopped despite the company acknowledging it. There have been ongoing complaints filed in 2020 and 2021.

The BBB does not factor consumer reviews into their rating. Instead, they rate businesses based on how well they respond to complaints and how well they are managed. The reason given for the D+ rating is a failure to resolve the underlying issues that have led to the pattern of complaints.

BBB ratings reflect how well businesses work with customers to resolve issues. This low rating indicates that the organization does not trust this company to resolve problems with customers or use ethical sales practices.

BBB Warning

There has been an alert issued by the BBB for this company. It indicates that there is an ongoing pattern of negligence with regards to the management.

Complaints and negative reviews started occurring in June of 2017. It's possible that there was a change in ownership or management that led to these complaints. The consumers said that there were bait-and-switch sales tactics used to convince them to spend thousands of dollars on coins worth a fraction of that.

The customers say that the coins they received didn't have the value that they were told over the phone. In addition, some customers have stated that even though they paid for their purchases, they were never actually sent the coins they'd bought.

The BBB contacted the company in 2018 to tell them about this issue. Despite doing this, the company's rating remains poor, and there are still these same types of complaints being filed in 2020 and 2021.

It should be noted that the company has responded to the complaints, and that some of the customers have found the response satisfactory. That isn't the case with everyone, though. And with a good customer service team, there shouldn't be this many complaints filed in the first place.

Company Response

After receiving notification of the problems from the BBB, the company did respond. These were some of the things they had to say:

  • The company doesn't use bait-and-switch methods to deceive customers.
  • The coins in stock are produced by the federal US government.
  • All packages are insured, and every order is shipped either by Fed-Ex or USPS.
  • The company does not make any credit card charges without having the full authorization of the customer.
  • The company's customer service team will resolve complaints.

They also provided a direct number and email that customers can use if they have issues. Those go to the company's Compliance Director, who is in charge of the Compliance Department created for these issues.

Unfortunately, despite saying that they were going to fix the problems, the complaints have continued. It doesn't seem that the compliance director has done much to solve the problems. In fact, it seems that customers have had to file BBB complaints before they can even get the company to respond to their concerns at all.

Specific Complaints

There have been a whopping 21 complaints closed in the prior three years, with 6 of those being in the last twelve months. While that's far too many to investigate individually, let's take a look at a few of the most recent issues.

One of the most recent complaints was filed in May of 2021. The person stated that they spent over $10,000 on coins, received a tracking number for their package, and then never got the package in the mail. The package was supposed to require a signature, but the customer was never asked to sign.

The customer did contact a representative at the company about this. However, the representative never responded to them to tell them about their findings. The customer was told that an insurance claim had been filed, but then they weren't contacted for three weeks.

The company did respond a few weeks later to say that the insurance claim couldn't be approved until the company had received the police report regarding the package. Once this was done, the customer received a full refund. They replied to indicate that that was the case.

Another customer complained about bait-and-switch tactics in November of 2020. They said that they called about purchasing one coin, were talked into a different purchase, and then discovered that their actual purchase was worth a fraction of what they paid.

When the customer called about the issue, they were told that the coin would become more valuable in a decade. Then the customer talked to a local dealer, who confirmed that they had majorly overpaid.

The company did not respond to this complaint on the BBB website. However, the customer did follow up to say that a resolution was proposed to their satisfaction, and the issue was resolved.

Another 2020 review came from someone who had recently lost their father to cancer. Part of his estate included a coin collection that had been purchased from Nationwide. The customer stated that they believed that predatory sales practices were used purposefully on their father due to his illness and weakness.

When the coins were appraised, they were not worth anywhere near what the father had paid for them. The appraisers also said that the coins were polished, which caused them to lose some of their value.

The customer followed up to say that the company had resolved the complaint, though there was no public information about exactly what the resolution was.

Trustpilot Reviews

Nationwide Coin & Bullion Reserve Review

The company reviews on Trustpilot, as a whole, are much more favorable. Out of more than 600 reviews, the company has a total rating of 4.5 out of 5 stars.

The majority of the reviews are excellent, with 75% of them being 5 stars. Only 5% in total are ranked as either "poor" or "bad."

Many of the positive reviews are recent, which seems to indicate that more customers have had good experiences than bad over the past year or so. However, the BBB has yet to take down the alert or to raise the company rating, which is still a huge red flag.

Positive feedback includes people saying that the company representatives are pleasant, the sales process is simple, and the delivery was prompt. A few other mixed reviews do mention long processing and delivery times, though, so your experience might be a matter of chance.

Is Nationwide Coin & Bullion Reserve a Scam?

Nationwide Coin & Bullion Reserve Review

Nationwide Coin & Bullion Reserve does not appear to be a scam. They are a legitimate business with a legitimate CEO, and they have been in business for twelve years. But they also aren't the best place to invest your money.

In addition to having a D+ rating with the BBB, there is also an active alert from the organization. Customers have alleged that the company has used bait and switch tactics to scam them out of thousands of dollars.

Despite the company stating that they don't do this, the pattern has continued through 2020 and 2021. It seems that the company's compliance department has not actually changed any of the issues with the way the organization is run from the top down.

Pros & Cons of Nationwide Coin & Bullion Reserve

Pros

  • Multiple different products available.
  • Website is relatively easy to navigate.

Cons

  • Many, many complaints with the BBB.
  • Warning from the BBB about buying with them.
  • Extremely poor customer service.

Final Thoughts

Nationwide Coin & Bullion Reserve might seem like a good company. They might even have been a good company when they first started out. And they do seem to be a legitimate business, despite the lack of information about the owners or management.

However, there are far too many red flags for us to recommend them. Perhaps the most damning of those is the alert for the company on the BBB website. This indicates that for almost five years, there have been consistent complaints stating that the business uses deceptive and fraudulent practices.

When you're entrusting a company with your hard-earned money, you want to make sure that they actually have your best interests at heart. And Nationwide doesn't seem to. There are much better gold companies that you can invest with instead.

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 Nationwide Coin & Bullion Reserve below!

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