SilverTowne Review 2023: Scam Risk or Safe?

SilverTowne Background

Leon Hendrickson started SilverTowne in 1949. It’s now one of the country’s biggest and most respected sellers of precious metals, modern and rare coins.

Leon and his wife, Ruhama, built the business on honesty and trust. Leon believed you could tell if you could trust someone by shaking their hand.

SilverTowne, one of the respected precious metals dealers, sells a lot of different coins and bars made of palladium, platinum, silver, and gold. They also have IRS-approved bars and coins. Some examples include:

• American Gold Eagle
• Gold American Buffalos
• Canadian Silver Maple Leaf
• Gold Canadian Maple Leaf
• Gold Austrian Philharmonic
• Platinum Eagles
• American Silver Eagle
• Australia Gold Kangaroo
• Palladium Canadian Maple Leaf
• Silver Britannia

At first, it was just a small store for coins, but now it’s much bigger. It’s one of the largest and oldest precious metals dealers for valuable IRA metals in the United States. They’ve come a long way from where they started.

SilverTowne lets you buy their stuff in two ways. You can go to their store in Winchester, or you can visit their website online. They don’t just sell valuable precious metals dealers but also rare coins, regular coins, and things you can use for your retirement savings.

They are part of groups that love coins, like the Professional Numismatists Guild (PNG), American Numismatic Association (ANA), Certified Coin Exchange (CCE), Industry Council for Tangible Assets (ICTA), Numismatic Guaranty Corporation (NGC), Numismatic Conservation Services (NCS), and Professional Coin Grading Service (PCGS), among others.

Where is SilverTowne Located?

SilverTowne is in Winchester, Indiana. Their main office and where they make coins are there. They also have another place in Indianapolis, Indiana, where you can go and see their stuff.

If you want to visit the showroom in Indianapolis, they’re open from Monday to Friday, 8 a.m. to 5 p.m. EST, and on Saturdays from 9 a.m. to 1 p.m. EST.

Product Offerings

SilverTowne sells valuable stuff like gold, silver, platinum, and palladium in forms like bars, rounds, and coins. They have different types of coins on their website:

1. Gold Coins

   They have popular coins like American Eagle Gold, Buffalo Gold, and Maple Leaf Gold.

2. Silver Coins

   They offer many silver options, like Buffalo Round, Walking Liberty Round, and Peace Dollar.

3. Platinum Coins

   They have a few platinum choices, including rounds and bars, like American Eagle Platinum, Buffalo Platinum, and Maple Leaf Platinum.

4. Palladium Coins

   They also sell limited palladium coins, including rounds and bars, like American Eagle Palladium, Buffalo Palladium, and Maple Leaf Palladium.

Besides precious metals, SilverTowne also has unique gifts and jewelry like necklaces, pendants, and bracelets. You can even ask them to engrave your name on precious metals.

How to Set Up Your Precious Metals IRA with SilverTowne

Step 1: Open Your Account and Add Money

To start, you must create an account for your precious metals IRA. The IRS requires that precious metals like gold be kept in a special account managed by a trustee or custodian. Setting up your account usually takes 1 to 2 business days, but the time can vary depending on your chosen custodian. Once your account is ready, you can put money into it through a transfer, rollover, or contribution.

Remember that rollovers can take several weeks, so plan accordingly if you have a specific timeline. Some popular custodians are The Entrust Group, New Direction IRA, Millennium Trust, and The Self Directed IRA Services. SilverTowne recommends New Direction IRA as their preferred custodian.

Step 2: Choose a Safe Place for Your Precious Metals

You can’t keep your IRA’s precious metals with you; they must be stored in a secure, third-party place. Your chosen custodian will set up your account with a depository of your choice, and any precious metals you buy will be sent directly to that depository.

Common depositories include the International Depository Services of Delaware, the International Depository Services of Canada, and CNT Depository Inc. SilverTowne doesn’t have a specific preference for a depository since they’re all similar in quality, so you can pick the one that suits your needs best.

Step 3: Pick and Purchase Your Precious Metals

Your IRA allows you to buy precious metals from reputable sources like SilverTowne. After making your selection, SilverTowne will send an invoice to your custodian. Your custodian will use the money in your IRA to buy the actual precious metals. SilverTowne will then deliver your precious metals IRAs to your chosen depository.

It’s important to note that the precious metals you buy for your IRA must meet specific purity standards the IRS sets. For example, gold should be at least 99.5% pure (except for Gold American Eagles, which can be 91.67% pure). Silver needs to be 99.9% pure, palladium should be 99.95% pure, and platinum must also be 99.95% pure to be eligible for an IRA.

SilverTowne Special Deals

Its exciting special offers attract customers and potential investors to buy from SilverTowne. These are available all year round or when you create an account with them.

Here are the top and biggest SilverTowne special deals that are always available:

• 20% off your first order: This offer is for new customers only.
• 10% off certain products: This offer applies to a changing selection of products.
• $10 off your next order: This offer is for customers who join the SilverTowne email list.

SilverTowne is also active on social media. You should follow them on their pages because they frequently share information about special offers and significant discounts.

Does It Help with IRA Services?

SilverTowne offers precious metals eligible for Individual Retirement Accounts (IRAs). This is great for those interested in starting a precious metals IRA. It can help your wealth grow without paying taxes on the profits.

However, the company isn’t a custodian, so it’s up to you to find a reputable and legitimate one that manages self-directed IRAs. Luckily, SilverTowne can assist you in finding a qualified custodian. This can save you time and effort.

Once that’s sorted, SilverTowne will assist you in selecting the right coins or bars for your precious metal IRA. They provide IRA education services to help you make well-informed investment decisions.

The contribution limit for a SilverTowne IRA is similar to traditional or Roth IRAs. It’s $6,000 for regular individuals and $7,000 if you’re 50 or older, with an additional catch-up contribution option.

SilverTowne Gold and Silver IRA

SilverTowne specializes in offering a variety of precious metals for your retirement savings account, known as an IRA. They have three main types: SilverTowne Gold, SilverTowne Silver, and SilverTowne Platinum.

Among these, SilverTowne Silver is very popular. They sell silver coins, bars, and rounds. Pick the products that suit you best to set up your precious metal IRA. Here’s a short list of the products you can use for your IRA:

Gold:

• Gold American Eagle
• Australian Perth Gold Bar
• Rand Refinery Gold Bar
• Canada Gold Maple Leaf Coin
• Royal Canadian Mint Gold Bar
• Valcambi Gold CombiBar Bar
• Australia Gold Kangaroo Coin
• Austria Gold Philharmonic Coin
• Great Britain Gold Britannia

Silver:

• .999 Silver Bullion Bars
• .999 Silver Bullion Rounds
• Silver American Eagles (SAE)
• Silver Maples
• Silver Kangaroos
• Silver Philharmonics
• Silver Britannia
• Silver Krugerrand

Platinum:

• Austria Platinum Philharmonic
• Australia Platinum Kangaroo
• Great Britain Platinum Britannia
• Platinum American Eagle
• Pamp Suisse Platinum Bar
• Valcambi Suisse Platinum Bar

SilverTowne IRA Fees

SilverTowne doesn’t have any information about IRA fees. This might be because they’re not in charge of IRAs; they only deal with precious metals products that can be used for IRAs. They don’t ask for fees for IRA stuff, and they don’t manage IRA accounts.

If you want to know about fees, it depends on who’s taking care of your IRA and how much money you have. It’s essential to compare prices and fees from different IRA custodians because they can differ.

Most custodians might charge you for opening your account, an annual fee, fees for storing your stuff, and fees for doing transactions. Some custodians might have even more fees.

SilverTowne Payment Methods

You can use PayPal or a credit card to pay SilverTowne, but only if your order is less than $2500. You must pay with a check or bank transfer if your order exceeds that. Here are the payment options:

• Credit cards: You can use Visa, MasterCard, American Express, and Discover.
• PayPal: You can pay with your PayPal balance or a credit card linked to your PayPal account.
• Wire transfer: This is the only way to pay for orders over $1,000.
• Check: You can mail a check to SilverTowne.

If you pay with a wire transfer or check, you get a 3% discount. They also accept money orders. But if you pay with a physical check or money order, there are some extra rules:

• You get a 3% discount if your order qualifies.
• They need a 10% credit card hold for authorization.
• They’ll remove it once they get your money order or check.
• If they don’t get your payment within 10 business days, they’ll charge you 10%.
• They’ll send your order when they get your payment.

SilverTowne Precious Metal Prices

SilverTowne’s precious metal products have prices similar to other top companies. But, their prices are very competitive for certain items, especially their best-sellers.

Their website keeps the prices up to date with the current market price for precious metals. On top of that, they add a little extra cost, usually between 1% to 3%, depending on the type of precious metals dealer the metal.

The most popular items from SilverTowne are their Silver Bars, Rounds, and Coins. Here are the prices for these products as of July 2, 2023:

• 1-ounce SilverTowne Silver Bar: $28.71
• 1-ounce SilverTowne Buffalo Replica Medallion: $32.02
• 1-ounce SilverTowne Prospector Silver Bar: $29.22
• 1-ounce SilverTowne Saint-Gaudens Silver Round: $33.66
• 1-ounce SilverTowne American Flag Silver Bar: $33.81
• 1-ounce SilverTowne Gold Bar: $1,854.40
• 1/2-ounce SilverTowne Gold Bar: $927.20
• 1/10-ounce SilverTowne Gold Bar: $185.44
• 1/20-ounce SilverTowne Gold Bar: $92.72

Delivery Services

Our company delivers to various places, including all over the United States, Alaska, Hawaii, Puerto Rico, and Canada. Here are the costs for sending things with SilverTowne to different countries:

Additionally, SilverTowne doesn’t send items to mailbox rental shops. If you do, they might cancel or give your money back. All orders are sent using USPS First Class Package Service or Priority Mail.

Usually, free shipping still takes 5 to 10 work days. SilverTowne also offers faster shipping for an extra cost. Here are the prices for faster shipping:

• 2-Day Shipping: $19.95
• Next Day Shipping: $29.95

Storage Services

SilverTowne doesn’t provide its own storage options. If you buy precious metals from them or open an IRA account without storing them at home, they can connect you with trusted outside storage companies. These companies may have different fees and features, so you should compare them. SilverTowne can assist you in making your choice.

In my research, GoldSilver.com, Provault, and Safe Harbor Gold are third-party storage partners. Your choice of storage service depends on your personal preferences.

Educational Services

SilverTowne offers various free educational services to help clients learn more about investing in precious metals. You can access these services on their website.

They have something called “The SilverTowne Academy,” a comprehensive free online course that teaches you everything about precious metals. You can find articles, videos, infographics, and webinars on their website.

Their website also has a FAQ page for quick answers to their questions. Additionally, they have a helpful customer support team available for more detailed assistance.

Does SilverTowne Buy Back Precious Metals?

Yes, SilverTowne accepts buybacks. To qualify, you must provide a valid receipt for the product, ensure it is undamaged and in its original packaging, and the buyback must be a minimum of 1 ounce.

The buyback price is determined based on the current market spot price of the precious metal. The company also deducts a small fee for handling costs.

To initiate a buyback, contact SilverTowne’s customer service team, who will provide you with a buyback quote. If you decide to proceed, you’ll be responsible for shipping fees.

Precious Metal Return Policy

If you wish to return your orders to SilverTowne, you have a 10-day window for a full refund. To ensure your return and refund request is processed correctly, you must call SilverTowne to obtain a return confirmation number before shipping the products back to them.

There are some conditions for returns, so it’s important to communicate with the company. Here are some key exceptions:

• SilverTowne doesn’t accept returns on bullion items.
• Damaged products cannot be returned.
• Opened products cannot be returned.

Refunds will be issued using the same method as your original payment, and it typically takes 1-2 weeks to process. Keep in mind that fees such as shipping are not refundable.

SilverTowne Ratings and Reviews

We want to share how experts rate precious metals companies like SilverTowne. Let’s look at SilverTowne’s ratings and reviews from different trusted websites as of July 2023.

SilverTowne BBB Rating

SilverTowne has an A+ grade on the BBB website. However, even after being in business for 73 years, they aren’t accredited by BBB. They don’t have customer reviews or complaints, so we can’t see their star rating. This is concerning, as accreditation is missing.

SilverTowne Yelp Rating

On Yelp, SilverTowne has a poor rating. Out of 15 reviews, they only have 2.5 out of 5 stars. We can’t make any conclusions from this limited number of reviews.

SilverTowne Facebook Rating

Fortunately, SilverTowne’s Facebook page is a better indicator of their business. They have a 4.1 out of 5-star rating based on 577 reviews, which is more substantial than the other ratings. Customers seem satisfied, and most reviewers share positive experiences with the company.

SilverTowne Trustpilot Rating

SilverTowne has a good rating on Trustpilot, with a global rating of 4.0 out of 5 stars. However, there are only 4 reviews, which is too few to draw meaningful conclusions.

In all honesty, SilverTowne’s ratings and reviews aren’t particularly impressive for a company dealing with valuable products. Especially given their long history in the industry, it’s surprising that they don’t have more and better ratings than other companies. For instance, Goldco, our top recommended gold IRA company, consistently receives high ratings across various websites, making them a standout choice.

SilverTowne: Good and Bad Points

Good Points:

• Offers a wide range of valuable metals.
• Has a store and a website for buying and selling.
• Been around for a long time.
• Gets an A+ rating from BBB (Better Business Bureau).

Bad Points:

• Some negative comments and reviews online.
• Not many reviews overall.
• Not accredited by BBB.

Is SilverTowne Trustworthy?

In conclusion, SilverTowne is not a scam. It’s a real place to buy and sell precious metals, and it’s been around for a while. They’ve even kept up with the times by having a website.

But, there are some issues. Despite their long history, they have some bad reviews. You might want to look elsewhere if you prefer a company with better ratings.

Thanks for reading my SilverTowne Review. If you have any questions or thoughts, please share them in the comments below.

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