Precious metals have been a popular vehicle for investment for thousands of years. Thanks to the advent of the internet, you can buy from global dealers without ever leaving your couch. But it's important to make sure you're working with someone trustworthy.
Iccoin is a precious metals dealer in the US that has been operating since 1975. They have a longstanding reputation in the business, but are they actually the best company to work with?
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Iccoin is one of the oldest precious metals dealers in the US, celebrating its 47th year in business this year. Their main goal is to sell collectible coins. You can buy the coins through their online marketplace or through a regular mail order.
Over the past four decades, Iccoin has worked with thousands of global customers. Their inventory selection is surprisingly large, especially in comparison to that of other people. For example, they have international coins, US coins, historic coins, rare coins, and modern coins.
Collectible coins aren't all they sell, though. They also work with other collectors items. For example, you can purchase jewelry, banknotes, stamps, and precious metals rounds. They're much more geared toward collecting than toward serious precious metals investment.
The company's website is relatively easy to navigate and use. You can browse different categories of coin and collectibles. There are also items listed in the Bargain Vault section of the website, which is where you can find the best daily deals on different inventory.
You can easily fill up your cart and complete your purchase online. The eCommerce marketplace takes any credit card, debit card, or Paypal payment. Many other precious metals dealers don't have an option to make purchases with Paypal.
Iccoin has transparent shipping policies listed on their website. When your order is $500 or more, you get shipping for free. There are different shipping rates depending on where you're located and what exactly you're buying.
For example, you might only pay a dollar in shipping for small coin packages. But for larger and heavier packages, that number can become higher.
If you order collectibles or coins from outside the US, you should expect to wait a while for the shipping. It's usually at least three weeks prior to delivery. Sometimes these orders take six weeks because of how long it takes for the credit card to process.
Because of the hold on international credit cards, Iccoin says that it's best for international customers to use Paypal. You can use a credit card if you want, but you'll have faster shipping if you use Paypal instead.
The eCommerce platform makes it super easy to buy your items. Unlike many other precious metals dealers, you don't have to call and confirm the order over the phone. You can just check out like you would at any online store.
Follow these steps:
There is also a customer service number that you can call during business hours if you run into any issues.
One thing to keep in mind is that the shipping addresses must be your residence. Iccoin might not accept a P.O. Box as your address. It might also need to match the card that you use to pay.
While Iccoin is in the business of selling collectibles, they don't purchase collectibles from customers. Whether you're looking to sell a coin collection or jewelry, you'll have to work with a different company.
Returns and Refunds
It's important to know the return and refund policies of a company before you work with them. Precious metals dealers often have stringent rules regarding returns, and you might be liable for market losses.
Iccoin has one of the most flexible return policies in the industry. If you're unhappy with your purchase for any reason, you can return it with no questions asked. It must be in the same condition that it was shipped in. You have 30 days from your receipt of the package to return it, which is significantly longer than most of the competition.
One note is that if you created a special order, you'll need to send the item back within ten days rather than thirty. Also, if you buy a set of items, you cannot return just one item. You have to send back the entire set to either get an exchange or your money back.
Before shipping the package out, you'll need to email or call Iccoin to let them know. They'll give you a return authorization number over the phone or through email. You will need to put a letter inside the package that explains why you're asking for a refund. You'll also need to include contact information like your address, phone number, and name.
It's a good idea to insure your package prior to sending it. While Iccoin doesn't require this, they won't give you a refund if the package never reaches them. Insurance helps to protect you against financial loss in case the package gets lost in the mail.
Available Products and Services
As mentioned, Iccoin has a large inventory comprised of coins and other collectibles. You can browse their website by different categories to see what's in stock. The inventory may change depending on the day, especially when it comes to numismatic rarities.
These are some of the main types of item that are offered:
The bargain vault is a place where you'll find a huge range of different products. When a coin is placed in the vault, it's usually because the coin is the last item in the inventory, or the price has dropped significantly enough to warrant a bargain deal.
Iccoin's most impressive section might be their US Coins. They have more coins from the US Mint than any other category. In fact, you can browse twelve subsections of the US Coins part of the website. You're able to find everything from historic rarities to recently minted modern coins.
Here are some examples of different categories to browse:
There are also world coins available from official government mints all over the globe. Some of the included countries are Canada, Australia, the UK, Mexico, Germany, China, the British Virgin Islands, and South Africa.
Consumer Support and Privacy
All of your personal information is protected. Your information is used to maintain your account, but not for anything else. You have the option to subscribe to the company's newsletter, but it's not obligatory.
According to documents filed with the Better Business Bureau, Iccoin is a corporation with 11 total employees. They have a dedicated customer service line during business hours. So they should have excellent consumer service. But unfortunately, this doesn't seem to be the case.
There have been a few complaints from people who say that they were never called back about issues with their products. The customer support team sounds like they often fail to resolve issues. However, it's difficult to determine whether this is a pattern.
Since the corporation has less than 15 employees, it makes sense that there isn't 24/7 customer service available. But that can be frustrating if you have an issue to fix outside of business hours. It's especially frustrating for people in international time zones, where US business hours might be in the middle of the night.
If you have a non-urgent issue, there is a form that you can fill out via the website. Supposedly, you'll get a call back. Just be aware that some people have said that they never heard anything back from the company using this avenue.
The company also doesn't allow people to have walk-in appointments at their office. You have to either call or submit the form and wait for them to respond.
Is Iccoin a Scam?
Iccoin is not a scam. The company has been in business since 1975 and has been accredited with the Better Business Bureau since 1987. It is a corporation that has 11 total employees. You can find information about where they operate and the history of their business on their BBB page, which lists Richard W. Thurston as the CEO.
The BBB also gives the company an A+ rating. But it's difficult to find consumer reviews online. There have been two complaints filed in the past three years, one of which was filed within the last twelve months.
Every business will generate some complaints from customers, especially one that's been in the market for this long. But since there's so little feedback from other consumers, the negative feedback drowns out many of the potential positives. Let's take a look at what the complaints have to say.
One of the complaints was related to an issue with a product or service. The other was related to an issue with billing.
The first complaint was filed in September of 2021. The customer said that they had asked the company to refund them for about $100 after they sent back some coins that they ordered. According to the complaint, the company received the package and signed for its return.
However, eight weeks had gone by without any word from the company. The customer said that it seemed like the company had stolen their money.
The president of the company responded three days later to say that he was looking into the situation. He said that someone would contact the customer by the end of the business day.
The customer never responded to indicate whether the issue was resolved or not. Presumably they did receive a call and get their refund, since they didn't follow up with the BBB.
The second complaint was filed in November of 2020. The customer said that they placed an order for a little less than $7. Six dollars were for the coin, while the remaining change was to cover shipping. The customer's computer glitched and cleared their debit card info. After they put it in again, the card was charged twice.
The customer said that they wanted their extra money back. Apparently they had complained to a customer service representative already, but they had never heard back about a resolution.
The president of the company responded to apologize and say that a credit would be issued to the card. The customer said that the credit never went through. Iccoin responded once again to say that the credit should have processed, and that if it wasn't showing up in the customer's bank account, then their bank should contact the company.
The customer never responded again, which seems to indicate that they received the refund without further issue.
These are both fairly minor complaints that were resolved easily. One was the result of a computer error, and the other seems to be related to a clerical error.
The only concern is that both of these customers reached out to the BBB because they couldn't get a response from the company. That might indicate that the customer service team struggles to keep up, or that there's a significant level of disorganization within the company.
Pros & Cons of Iccoin
Iccoin is a legitimate company that has been in business for longer than almost any other US precious metals dealer. It has been accredited with the BBB for over 30 years. Many people use this dealership when they want to make small purchases of numismatic collectibles.
But there are a few drawbacks that indicate that it might not be the best company to purchase from online. For one thing, there are very few online reviews. That may indicate that most of their business is done in person. For another thing, there have been two BBB complaints filed because the company failed to resolve the issues internally.
For these reasons, we believe that it's probably better to work with a different company if you're seeking collectible coins. There's nothing seriously wrong with Iccoin; there are just some competitors that outperform them.
Another potential drawback is that they aren't very interested in investment grade purchases. Most of their sales are smaller. They don't offer any retirement services for opening or maintaining a precious metals IRA. For a precious metals IRA, you definitely want to work with a different business.
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