In a recent press conference, the Chair of the Federal Reserve of the United States, Jerome Powell, talked about how inflation continued to impact Americans, and he discussed the possibility of an economic downturn.
During economic uncertainty, the dollar’s value can go down, adversely impacting the purchasing power of the citizens in the country. Fortunately, you can invest part of your savings in precious metals. Jefferson Coin is a family-run business that buys and sells gold and silver.
In this Jefferson Coin review, we will be learning more about the company, the products it offers, and whether or not it can help you set up an IRA. Keep reading until the end, as we will go over how you can sell your precious metals to this Charlottesville business.
Let’s get started!
Before you read this review:
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About Jefferson Coin
Located in Charlottesville, Virginia, Jefferson Coin Shop opened in 1962. When Malcolm Luck retired, his son, Mac Luck, started a business where he could bond with his retiring father over the hobby of coin collecting. At the time, the shop catered to the needs of coin collectors.
The next generation of the Jefferson family decided to take this father-and-son hobby built around coin collecting to the next level.
In 1979, Jim Luck joined his father, Mac Luck, after attending several coin shows with him. During this time, the family expanded business operations, and Jefferson Coin Shop started buying gold coins, silver bars, and other precious metals.
By the early 1980s, Jefferson Coin Shop moved locations from a tiny store to a massive 25-feet office building. In the 1990s, Jim Luck took charge and continued business expansion, focusing on increasing sales through coin shows across the East Coast.
On the shop’s 50th anniversary, Luck changed the name of his family business from Jefferson Coin Shop to Jefferson Coin. By 2014, he relocated the headquarters to a place near Route 29 in Charlottesville.
With the goal to become “America’s local coin shop,” Jefferson Coin and its team help educate people and create awareness of the importance of owning precious metals through coin shows.
The business caters to the needs of investors and collectors, ranging from novices to experienced professionals.
What Types of Products Does Jefferson Coin Offer?
Jefferson Coin Shop sells many different products, including gold coins, rare coins, silver bullion, holiday rounds, paper money, and other precious metals.
Whether you’re a seasoned coin collector or simply looking to buy precious metals, Jefferson Coin has an extensive range of inventory. Simply click on the “Shop” tab and navigate through the different product categories.
Jefferson Coin has a number of gold coins in its inventory, some of which include the following:
Kennedy Proof Half Dollar (United States Mint)
Thomas Jefferson Presidential $1 Coin
1/10 Troy Ounce Gold Maple Leaf
2008 $5 Gold Buffalo MS70
50 grams .999 Gold Pamp Bar
Canadian Maplegram 25 1 gram .9999 Fine
Gold Pamp Suisse Bar
Valcambi 50g Gold CombiBar
Gold Maple Leaf (different variants)
If you’re looking for silver bullion and coins, Jefferson Coin has a wide range of products in this category, including the following:
100 Troy Ounce Silver Bar
One Troy Ounce Silver Britannia (King)
40% Silver Proof Ike Dollar
Cleaned Silver Peace Dollars
90% Silver Franklin Half Dollars (United States Mint)
Silver Kilo Bar
When you click on a gold or silver bullion or coin, it’ll take you to the description page, where you’ll find more information about the product, including its mintage, composition, fineness, weight, and design details.
Although the information is not as extensive as we had hoped for, it is sufficient for coin collectors and investors to help them determine whether the product is the right investment for them. To purchase a product on Jefferson Coin’s website, simply click on the “Add to Cart” before checking out.
Another thing that we liked about Jefferson Coin is that it has a wide range of inventory. It has many different product categories to choose from.
Although we’ve seen more products with other coin and precious metals dealers, Jefferson Coin has a lot of variety to offer.
When visiting Jefferson Coin Shop’s website, we came across a section titled “Paper Money,” which has four categories: large, small, confederate, and obsolete notes.
However, when we visited these web pages, we found that there were no products on display. As a result, we aren’t sure whether they’re out of stock or if the coin dealer no longer carries these items.
Jefferson Coin sticks to its humble origins and sells coin supplies to collectors. Some of these include the following:
1941-1974 Harris Lincoln Cent Folder
JCSGOLD Money Bag
Air-Tite 40mm Holder – Black Ring
What Are Free Ship Items at Jefferson Coin?
When we were doing our research into Jefferson Coin, we found a section on its website called “free ship item.” Here, you’ll find the different gold and silver products that are eligible for free shipping without any minimum order requirements.
At the time of writing this Jefferson Coin review, some of the products under the “free ship item” tab included the following:
$100 1971-1978 Eisenhower Dollars
90% $100 Silver Half Dollars
40pc V-Nickel Bag
40pc Buffalo Nickels
90% Silver Quarters $50 Face Value
Weirdly enough, there is a product on the website titled “DAILY DEAL: Free Shipping!”. After digging a bit more into the item, we found that it is a coupon code that customers must enter during checkout to avoid paying delivery charges for orders above $50.
Does Jefferson Coin Shop Provide an IRA?
A precious metals individual retirement account (IRA) is similar to your traditional, Roth, or 401(k) IRA. However, instead of investing in financial assets, you purchase IRS-eligible gold, silver, platinum, and palladium products.
An IRA is a fantastic way to diversify your retirement savings. It can help you mitigate the effects of inflation and protect your money during economic uncertainty.
Unfortunately, Jefferson Coin Shop does not offer an IRA. When you visit its website, there isn’t even a single mention of this type of retirement account. Those who are looking to set up an individual retirement account to hold precious metals should look elsewhere.
Although Jefferson Coin Shop does not offer a retirement account, it does have some IRS-eligible bullion and coins that you can purchase and store in your individual retirement account. You can learn more about the fineness of the product by clicking on it to determine whether it would qualify for an IRA.
Once you purchase the IRS-eligible precious metals for your IRA, you must have them shipped to the third-party custodian for storage.
However, it’s essential that the gold or silver you purchase from Jefferson Coin Shop must meet the minimum requirements set by the Internal Revenue Service.
Does Jefferson Coin Shop Buy Your Gold or Silver?
You can sell your gold, diamonds, silver, and other precious metals to Jefferson Coin Shop. There is a tab called “Sell to Us” on the business’s website, and when you click on it, it guides you through the entire process.
On its website, Jefferson Coin Shop claims that it has been operating for more than 50 years and can offer customers a fair price for their precious metals. The company promises to not only provide you more for your valuables but also ensure fantastic customer service.
The website has a “Live Price Board” that shows real-time data on the prices of precious metals and the cash value of certain types of products. When you call the company for a quotation for the item you wish to sell, Jefferson Coin Shop will help give you an accurate estimate of what you should expect for your gold, silver, platinum, or palladium.
Does Jefferson Coin Shop Provide Any Educational Resources?
Investing in precious metals can be a scary experience for first-timers, which is why many coin and bullion dealers provide educational resources on their websites to guide novice and aspiring investors.
Some precious metals dealers have podcast videos on their websites where coin experts create awareness of investing in gold, silver, platinum, and palladium.
On the other hand, other precious metal dealers have comprehensive guides on IRA investing and analysis of historical data of the different coins and bullion on offer.
Unfortunately, the resources provided by Jefferson Coin Shop are, at best, “mediocre.” The company has a live price chart that keeps updating the prices of different precious metals instantly. Other than that, it has a blog page that we weren’t really impressed with.
Although Jefferson Coin Shop reviews different products on its blog, the web page barely has any educational content, and it’s not even updated. The recent post is from September 6, 2023, which is more than a month old at the time of writing this review.
Besides the live price chart and the outdated blog, there is not much educational content available for aspiring investors. Those looking for more information about precious metal investing may find the resources provided by Jefferson Coin a bit disappointing.
How to Buy Gold and Other Precious Metals from Jefferson Coin
You can buy gold and other precious metals by adding the item to the cart and checking out. When you check out, you must provide basic billing and shipping details, including name, contact number, and address.
If you’re away from your computer or want a personalized experience, you can call Jefferson Coin on its designated contact number during trading hours (9:00 AM – 5:00 PM EST). The experts at the precious metal dealer will guide you and help you with your transaction.
What Are the Payment Options Accepted by Jefferson Coin?
When you select a product and check out, there are several payment options you can choose from, including the following:
Cash, check, cashier’s check, or money order;
Direct bank transfer; and
Credit card or PayPal.
You can pay using your debit or credit card when purchasing precious metals online. The website will complete the transaction through PayPal. However, there is a $5,000 limit, and there are no cash discounts on card payments.
If you’re purchasing more than $10,000 worth of precious metals, Jefferson Coin recommends paying through bank wire, which is the fastest and safest mode of payment.
What Are the Shipping Charges at Jefferson Coin?
The company uses the U.S. Postal Service to ship all of the orders within the United States. Jefferson Coin offers insured shipping for all orders, and the rates vary according to the transaction value.
Below are the shipping rates according to the order amount:
$0 – $100: $7.95
$100.01 – $600: $6.95
$600.01 – $4,999.99: $4.95
$5,000+: Free shipping
Currently, Jefferson Coin does not offer international shipping.
How to Contact Jefferson Coin
There are several ways you can reach out to the team at Jefferson Coin. The following are the contact details if you’re looking for more information about a particular product or service:
Telephone: (434) 979-2646
Email address: email@example.com
You can also visit Jefferson Coin at 1718 Seminole Trail, Charlottesville, VA 22901, United States, to learn more about coin collecting or the products in its inventory.
Alternatively, the website has a contact form that you can fill out and wait for one of the representatives to reach out to you.
Is Jefferson Coin Legit?
When you’re investing your hard-earned savings into gold coins and other precious metals, it’s essential to work with a dealer that is legit and has a good reputation in the industry. An easy way to determine whether a business is worth your time is by reading about the customer experiences.
After a quick Google search, we found that Jefferson Coin has an average rating of 4.4 out of five stars across 40 reviews left by previous clients. Most of the comments praise the professionalism and honesty of the experienced team members.
The business also has a Facebook page. It has an average rating of 4.1 out of five stars across 26 reviews on the social media platform.
We didn’t find any negative reviews left by previous customers or any news that would suggest that Jefferson Coin is running a scam. The business is legit and has been serving residents in Charlottesville for over five decades.
Final Thoughts – Should You Purchase from Jefferson Coin?
Jefferson Coin has a website that is clean and clutter-free. It’s easy to navigate the different web pages, and placing an order is extremely simple. Even if you’re not tech-savvy, you’ll find that the company has done an excellent job of creating a user-friendly interface.
Although its inventory is not as extensive as other dealers, Jefferson Coin offers a good range of options for investors and collectors.
Unfortunately, the business does not provide IRAs, and it does not focus on offering educational resources to guide aspiring investors and potential customers.
If you find something that you’re interested in, you can buy it from Jefferson Coin without any fear, as it is a legitimate business. However, searching through the website for items can be challenging.
It’s best to search for the product with other reputable dealers and compare the prices before conducting the transaction.