The global economic landscape went through a massive downturn during the COVID-19 pandemic. Many investors could do nothing but stand by and watch as their investments were slowly depleted.
However, as with all financial disasters in the past, those who had chosen to invest in precious metals remained untouched. During such turbulent times, precious metals tend to do very well on the global market, which is why investors flock to such investments at the first sign of trouble.
As it stands, the global economy is still in danger of suffering a major downturn that could lead to another economic depression. Smart investors are busy diversifying their portfolios by buying as many precious metals as they can.
This is where companies such as Scotsman Coin and Jewelry come in. If you are going to buy precious metals for investment purposes, you will need a reliable gold dealer to work with.
This Scotsman Coin and Jewelry review will look at the reasons why this company should be on your radar in 2023.
Choosing the Best Precious Metals Dealer
Deciding to be a part of the growing precious metals industry is a good choice for any serious investor who wants to safeguard their funds from the effects of inflation. However, many investors make the mistake of choosing to work with unreliable gold and silver traders.
No matter how good your investment strategy is, if you are working with an untrustworthy gold dealer, you face a high risk of losing all your funds.
The precious metals industry is plagued by many scammers and fraudsters, which is something every investor needs to be wary of.
When choosing the best gold and silver dealer, consider the following crucial attributes:
- Good track record of providing an unmatched experience for customers
- Transparent buying and selling process
- Good customer support system
- Wide range of precious metals inventory
- Knowledgeable and experienced staff
- Positive customer reviews
- Fair price on gold, silver, platinum, and palladium coins and bars
What Is Scotsman Coin and Jewelry?
When I noticed that my investment portfolio was not as diversified as it should be, I decided to look for a way to invest in precious metals. In my search for the right dealer, I came across many companies that offered various types of precious metals services.
However, while some turned out to be scams or unreliable gold dealers, a few stood out as potential options for a serious investor. One such promising company was Scotsman Coin and Jewelry. Here is what you need to know about this dealer:
About the Company
Scotsman Coin and Jewelry is a Missouri-based precious metals and jewelry dealer that has been steadily making a name for itself over the past couple of decades. It is a company that specializes in the purchase and sale of bullion, fine jewelry, and precious metal coins.
While there are many precious metals dealers in Missouri, very few have enjoyed the kind of success that Scotsman Coin and Jewelry has. This can be attributed to the staff working hard behind the scenes to make sure that the company maintains its position as one of the most reliable gold and silver traders in the state.
Scotsman Coin and Jewelry is also known in the St. Louis, MO, area as a specialist in the auction of fine jewelry and precious metals bullion products.
The company’s address is 11005 Olive Boulevard, St. Louis, MO, 63141. If you want to talk to a coin and jewelry specialist, you can call 314-692-2646. Scotsman Coin and Jewelry’s retail store is open from Monday to Friday from 8 a.m. to 5 p.m. (CT) and on Saturday from 8 a.m. to 4 p.m. (CT).
Such flexible operating hours are perfect for a shopper like me. At least Wednesday to Friday I get a few hours to myself, and in the last few weeks, I have been dedicating that time to growing my investment portfolio with Scotsman Coin and Jewelry as my partner.
Having around 30 years’ worth of expertise in the coin and jewelry industry is not something many precious metals dealers can boast of. Scotsman Coin and Jewelry is part of a rare group of gold dealers that have been pioneering this industry since its early days.
The company opened its doors in the 1970s. Back then, it was mainly focused on the trading and collecting of numismatics, which is something Scotsman Coin and Jewelry is still passionate about to this day.
However, like all successful businesses, Scotsman Coin and Jewelry had to evolve with the times. Today, the company deals with the buying, selling, and auctioning of precious metals to investors all over Missouri and beyond.
The founder of the company is Robert Woodside, and he is responsible for creating many of the ideals that have made Scotsman Coin and Jewelry into the respected gold and silver trader it is today. Upon his death in 1982, his son, John “Jay” Woodside decided to continue his father’s legacy.
Jay’s son, John B. Woodside joined the company in 2001, ensuring that Scotsman Coin and Jewelry’s future will remain in good hands for many more years to come.
Who Runs Scotsman Coin and Jewelry’s Retail Store?
The dedicated management team of Scotsman Coin and Jewelry is the heart and soul of the gold dealer and a big part of the reason for its continued success.
As I always do before investing in a new company, I decided to do a bit of research about the people running Scotsman Coin and Jewelry.
President: John “Jay” Woodside
The company’s president is John “Jay” Woodside, the son of the founder of Scotsman Coin and Jewelry. He is the only member of the team who had the opportunity to work with the founder of the company. As such, Jay is well-suited to make sure the company stays true to its vision and remains competitive in such a tough industry.
Jay’s specialty is in numismatic evaluation, grading, and authentication of rare gold and silver coins and other precious metals bullion. He is highly regarded in the precious metals and fine jewelry industry and is a member of many numismatic societies, such as the Central States Numismatic Society, the Professional Numismatic Guild, and the American Numismatic Association.
Vice President: John Woodside
The vice president of Scotsman Coin and Jewelry, John Woodside, also happens to be the son of the current president. He is a graduate of the prestigious Advanced Coin Grading course and brings with him a lot of knowledge on current industry standards.
Like his father, John Woodside is also a member of many national numismatic organizations and has a lot of additional expertise from his time as an intern for the Missouri State House of Representatives.
Chief Executive Officer: Julie Crawford
The challenging role of CEO of Scotsman Coin and Jewelry lies on the shoulders of Julie Crawford. Judging by the success of the company, it is a role she handles very well. Julie is responsible for all the accounting and financial planning for the business. She is a business administration and management honors graduate from The University of Missouri–Columbia.
Numismatist: Robert Koziatek
Numismatics is a very important part of Scotsman Coin and Jewelry’s goals and values, and Robert Koziatek is the man entrusted with keeping things running smoothly. As manager and numismatist of the company, Robert has done a stellar job and is one of the reasons why Scotsman Coin and Jewelry has very positive reviews from satisfied customers.
IRA Specialist: Andy Nugent
Diversifying my IRA by investing some of my money into precious metals is something I have always been interested in doing. As such, I was pleasantly surprised to find out that Scotsman Coin and Jewelry has an IRA specialist on board.
Andy Nugent is the guy you will speak to when you want the best advice about buying gold and silver for your individual retirement account. With a graduate degree from Missouri State University, and studying towards an ANA certification, Nugent has the knowledge to guide you as you buy and sell your precious metals.
Is Scotsman Coin and Jewelry an IRA Custodian?
Even though Scotsman Coin and Jewelry has a dedicated IRA specialist available, it is not an IRA custodian. This means you cannot open an IRA account with the company.
You might be wondering why the company needs an IRA specialist if it is not a custodian. Well, at Scotsman Coin and Jewelry, you can purchase gold and silver coins that are IRS-approved and use them as part of your IRA.
If you want to add some bullion coins to your IRA but you are on a tight budget, Scotsman Coin and Jewelry can offer you a great price and flexible payment options that you will not be able to find from IRA custodians.
Delivery and Storage Options
Once you purchase your gold, silver, and other bullion products from Scotsman Coin and Jewelry, you can request the physical delivery of your valuables to a storage facility of your choice.
If you are investing in an IRA, there are many IRS-approved depositories to choose from, such as the Delaware Depository in Wilmington. Depending on how big and heavy the item is, you can choose to have it delivered using USPS Registered Mail or USPS Priority Mail.
Bullion and Jewelry Scotsman Coin Provides
There is a wide range of top-quality bullion and jewelry Scotsman Coin offers to its customers. If you are looking for the best gold, silver, platinum, palladium, and diamonds for your investment portfolio, consider the following Scotsman Coin and Jewelry products:
- American Eagle Coins
- 2023 American Eagle, Gem Uncut Gold
- 2023 American Buffalo Gem Uncut Gold
- Austrian Philharmonic, Gem Uncut Gold
- Krugerrand, Gem Uncut Gold
- Britannia Gem Uncut Gold
- Australian Kangaroo, Gem Uncut Gold
- Select Uncut Canadian Maple 0.9999 Gold
- Chinese Panda, Common Gem Uncut Gold
- 2023 American Silver Eagle GEMS
- 1921 Morgan Silver $1
- S. African Krugerrand, Gem Uncut Silver
- Armenia Noah’s Ark Gem Uncut Silver
- Australian Kangaroo, Gem Uncut Silver
- UK Britannia, Gem Uncut Silver
- Austrian Philharmonic, Gem Uncut Silver
- GEM Uncut Canadian Maple 0.9999, Silver
Platinum and Palladium
- American Eagle, Gem Uncut Platinum
- Australia Kangaroo, Platinum
- Canadian Maple Leaf, Platinum
- 0.999 Bar, Name Brand, Gem Palladium
- 0.47 Carat Brilliant Cut Round Diamond, I2 Clarity, I Color
- 0.56 Carat Princess Cut Diamond, SI1 Clarity, G Color
- 0.44 Carat Round Brilliant Diamond, I2 Clarity, J Color
- 0.40 Carat Brilliant Cut Round Diamond, SI1 Clarity, L Color
Reviews and Complaints
Although Scotsman Coin and Jewelry has yet to achieve Better Business Bureau accreditation, it has an A+ BBB rating. In addition, the company has two five-star reviews and, more importantly, has not yet received any customer complaints.
Most of the positive reviews that the company receives are regarding the great price options it has for its products. On Yelp, Scotsman Coin and Jewelry has over 40 reviews, with a four-star average rating.
The company impressed me on Facebook, where it has managed over 140 reviews and a 4.6 rating.
Before you can purchase or sell your precious metals through Scotsman Coin and Jewelry, you will need to set up your account first. This is a simple process that should not take you too long to complete. Once your account is up and running, you can consider joining the Bullion Club, where you will have access to great discounts.
How To Fund Your Precious Metals Purchases
If you are thinking of investing in an IRA, you will need to find an IRS-approved custodian to help you roll over funds from existing retirement accounts. To help you decide how much money you will need to fund your precious metals purchases, you can take a look at the Scotsman Coin trading sheet to see the current prices of some of its items.
Buying Precious Metals
Buying precious metals from Scotsman Coin and Jewelry is easy. All you have to do is go to the company’s website and navigate to the Scotsman trading sheet. Here, you will see a list of all the products that are available for purchase and you can choose which gold, silver, or other bullion products you want.
Selling items on Scotsman Coin and Jewelry is a simple and easy process. You can start by contacting the consignment department to discuss the products you want to sell. Your items will be appraised and you will be presented with some viable options.
When selling gold and silver coins, you can choose to go for an outright sale or use the auction process. The higher the valuation of the items, the more you will need to consider selling them through an auction.
The Scotsman Coin and Jewelry Auction Process
Some of the items on the Scotsman Trade Sheet can be bought through the auction process. Simply navigate to the auction page and browse through the available items. Once you find something you like, you can place a bid on it. If you win the bid, you will be given an auction invoice with instructions on how to make the payment.
Scotsman Trading Sheet
The Scotsman Trading Sheet is an easy-to-read document on the company’s website that shows all the products that are available for sale, their descriptions, and the price of each. You can use this if you want to quickly browse through what bullion products the company is offering.
Is There a Buyback Policy?
No, Scotsman Coin and Jewelry does not have a buyback policy. However, you are allowed to sell your items back to the dealer at the current market price. Any market losses will be charged to your account, and you will also need to pay for the shipping.
Should You Invest With Scotsman Coin and Jewelry?
To help you decide whether you should invest with Scotsman Coin and Jewelry, here is a list of the pros and cons you need to consider:
- Four decades of precious metal industry expertise
- Transparent and reliable gold dealer
- Wide selection of gold, silver, and other bullion products
- An unmatched experience for customers
- Discounts offered through the Bullion Club membership
- No sales tax, hidden fees, or commissions
- No BBB accreditation
- No buyback policy
Make sure to also read my recently published Pimbex review.
If you are ready to start investing in precious metals, you should consider visiting the Scotsman Coin and Jewelry website. The company has been in business for over 40 years and has a reputation for providing an unmatched experience for all its customers.