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In the world of precious metals and collectibles, finding a trustworthy dealer with top-tier products and dependable service is essential. Scotsman Coin and Jewelry stands out as a respected name in this field.
With a legacy that spans several decades, Scotsman Coin and Jewelry has solidified its reputation as a reliable destination for both numismatic enthusiasts and investors.
In this review, we’ll explore what makes Scotsman Coin and Jewelry a prominent player in the market, including their extensive product selection, customer service, expertise, and overall standing in the industry.
Whether you're an experienced collector or a first-time buyer, read on to learn what sets Scotsman Coin and Jewelry apart in the realm of coins and jewelry.
Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?
That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.
Read the list to see if Scotsman Coin and Jewelry passed our strict customer service standards to become one of our top recommendations.
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When inflation rises and consumer confidence drops, you may see your traditional investments decline in value. If the state of the economy is making you nervous, you may want to invest in precious metals.
Gold, silver, platinum, and palladium provide stability when economic and political times are tough. Precious metals provide a hedge against inflation. When a crisis hits, precious metals often remain stable or increase in value.
Investing in precious metals isn't as simple as buying gold coins at your local pawn shop or jewelry store. The IRS has specific rules and regulations for precious metal investments. For tax purposes, the IRS considers gold, silver, and other precious metals to be collectibles.
To invest in precious metals, investors need to open a self-directed IRA, often called a Gold IRA. With a self-directed IRA, the account holder makes the investment decisions. A custodian executes the transactions but does not make investment decisions. Once you open a Gold IRA, you can purchase investment-grade precious metals.
Not every coin on the market is IRA-approved. Before you purchase precious metals, you need to find a reputable dealer with an excellent customer service record. There are a lot of companies offering self-directed IRAs and precious metals. One company you may have heard about is Scotsman Coin and Jewelry.
What is Scotsman Coin and Jewelry?
Located in St. Louis, Missouri, Scotsman Coin, and Jewelry is a precious metals and jewelry dealer. The company buys and sells coins, bullion, and fine jewelry. Scotsman Coin and Jewelry specialists also hold auctions around the St. Louis area. The team at Scotsman Coin and Jewelry also can connect you with a self-directed IRA specialist to open a new account.
Scotsman Coin and Jewelry is a member of the ANA (American Numismatic Association), PNG (Professional Numismatic Guild), PCGS (Professional Coin Grading Service), NGC (Numismatic Guaranty Corporation), and other professional organizations.
Company Info & History
Scotsman Coin and Jewelry is a family-owned and operated business. Robert Woodside founded Scotsman Coin and Jewelry in the 1970s. He and his son, John "Jay" Woodside, traded and collected numismatics.
When Robert passed away in 1982, Jay Woodside purchased Scotsman Coin and Jewelry from his father's two partners. Today, Jay Woodside serves as the company's President. Jay's son, John B. Woodside, joined the company in 2001 as Vice President.
Today, Scotsman Coin and Jewelry operate a physical storefront and an online store. Customers can browse current inventory, view prices, and complete a purchase. On the Auctions tab, buyers will find information on upcoming auctions. Investors also may register for an account or sign up for the Bullion Club. The Bullion Club offers special discounts for Scotsman Coin and Jewelry customers.
Management Team
President: John "Jay" Woodside is the President of Scotsman Coin and Jewelry. He began actively trading in numismatics with his father in 1977. He specializes in numismatic authentication, grading, and evaluation.
Woodside is a member of the
- ANA (American Numismatic Association)
- PNG (Professional Numismatic Guild)
- PCGS (Professional Coin Grading Service)
- NGC (Numismatic Guaranty Corporation)
- SLNA (Saint Louis Numismatic Society)
- MNS (Missouri Numismatic Society)
- CSNS (Central States Numismatic Society)
- FUN (Florida United Numismatists),
- and several other organizations.
Vice President: Scotsman Coin and Jewelry's Vice President, John Woodside, is a graduate of the ANA Advanced Coin Grading course. He also is a life member of many national numismatic organizations. Woodside graduated with a degree in business from Missouri State University.
He served as a Corresponding Secretary for the Missouri Numismatic Society and an intern for the Missouri State House of Representatives. Woodside was the recipient of the Silver Dollar Roundtable President’s Award.
Chief Executive Officer: Julie Crawford is responsible for the financial planning and accounting functions at Scotsman. She is responsible for the collection, disbursement, and daily management of funds. Crawford is an honors graduate from The University of Missouri – Columbia, where she majored in business administration and management.
IRA Specialist: Andy Nugent has 10 years of corporate sales experience around the country. Nugent joined Scotsman Coin and Jewelry in 2001 as the IRA Specialist. His focus is on alternative bullion investing ideas. He earned a graduate degree from Missouri State University. Today, Nugent is working on ANA-certified training.
Reviews and Complaints
Scotsman Coin and Jewelry have an A+ rating from the Better Business Bureau. The company does not have Better Business Bureau accreditation. On the BBB website, Scotsman received two five-star reviews and zero complaints. Both reviewers praised Scotsman Coin and Jewelry's prices.
One reviewer noted that other area coin dealers use Scotsman's trade sheets. The other reviewer - a longtime customer - praised the company's ethical business practices, reasonable fees, and fast payments.
However, for a company with over 40 years in the industry, Scotsman Coin and Jewelry should have more reviews on the Better Business Bureau website.
Scotsman Coin and Jewelry do not have a listing on TrustPilot. The team has over 40 reviews on Yelp, with an average rating of four stars. Reviewers praised their customer service and professionalism. Customers will find more than just coins and bars. The store offers a wide selection of antiques, estate jewelry, diamonds, and other unique items.
On Facebook, Scotsman Coin and Jewelry have an average 4.7 rating from 146 reviews. Many reviews are posts from crypto scammers that are common on precious metal dealers' pages. Legitimate reviews praise the Scotsman team for fair prices and honest, professional customer service.
Custodian and Storage
Scotsman Coin and Jewelry do not offer custodian and storage services. The company does employ an IRA specialist who can help new investors open an account with Certified IRA Services Professional. Scotsman often recommends new investors work with New Direction IRA, Inc. or The Entrust Group.
Scotsman Coin and Jewelry will not store your precious metals. Investors will need to store their investments in an approved depository or an FDIC-insured bank safe deposit box.
Contact Scotsman Coin and Jewelry
Customers may contact Scotsman Coin and Jewelry by phone or email. The business also operates a storefront in St. Louis. The company has a detailed FAQ on its website, but they encourage new customers to call or email with any additional questions.
Consultation
Scotsman Coin and Jewelry do not mention consultations on its website. Potential customers should call or email the team with any questions.
Account Setup
New customers can set up an account on the Scotsman Coin and Jewelry website. To purchase precious metals or bid on auctions, customers must set up an account. Scotsman Coin and Jewelry also offer customers the option of enrolling in the Bullion Club. This membership gives customers a discount on all purchases.
Scotsman Coin and Jewelry do not offer gold IRAs directly, but they can refer new investors to several recommended SDIRA firms. Once you select a firm, you will complete an application.
Funding
Investors can fund their new gold IRA by transferring or rolling over their current retirement plan. Keep in mind that transfers and rollovers have tax implications. You also may have the option of indirect rollover.
With this type of rollover, you withdraw funds from your IRA. Then, you have 60 days to contribute those funds to your new IRA. If you do not deposit the funds, the IRS will assess taxes and penalties.
Purchase
Scotsman Coin and Gallery offer IRA-approved precious metals. The Scotsman team can discuss your investment goals and budget. They can recommend items for purchase. If you visit their store, they can show live examples of IRA-approved precious metals. The company prides itself on offering one-on-one customer support.
Delivery and Storage
When you set up a Gold IRA, you will select an approved depository to store your investments. You also may take physical delivery of your purchases and store them in your bank's safe deposit box.
Depending on the weight and volume of your purchases, Scotsman will ship the items through USPS Priority Mail or USPS Registered Mail. Your purchases are always fully insured.
Scotsman Coin and Jewelry Products
Scotsman Coin and Jewelry offer popular precious metal products approved for IRA investments including:
Buyback Policy
Scotsman Coin and Jewelry do not list a buyback policy on its website. Customers may be able to sell their purchases back to Scotsman at the current rate.
Scotsman Coin and Jewelry Fees
Scotsman Coin and Jewelry's website offers a Trading Sheet with prices on all inventory. Unlike some precious metal dealers, Scotsman does not charge hidden commissions or fees. The company's website also has charts for pre-1933 gold, pre-1936 silver, and Gold Panda coins.
For SD-IRA purchases, Scotsman charges a $15 bank wire fee for transferring funds from your SDIRA to Scotsman. First-time customers pay $15 for shipping to the depository of their choice. Established customers receive free shipping and insurance on orders over $5000.
Our Rating
Pros & Cons
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Conclusion
Scotsman Coin and Jewelry is a family-owned and operated company that has been in the precious metal and jewelry business for over 40 years. The company offers a huge inventory of precious metals, jewelry, antiques, and estate pieces in its store and on its website. They also run auctions in the St. Louis area.
Scotsman prides itself on building long-term relationships with customers. The Scotsman team offers every customer personalized advice, and customers frequently mention this care and attention in online reviews. Scotsman Coin and Jewelry feature a Trading Sheet with transparent pricing. They do not charge hidden fees.
The Scotsman website is a strength of the business. The website features numerous FAQs and articles to educate new and experienced investors. While the depth and breadth of information on the website may be overwhelming for new investors, the Scotsman team invites customers to contact the company directly.
Remember to read out list of the Top Gold Companies to see if Scotsman Coin and Jewelry made the cut.
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