Is it safe to buy precious metals from MJPM? If you, like me, are concerned about inflation, you may want to consider acquiring investment-grade gold, silver, platinum, or palladium from MJPM. However, before you proceed, please read our unbiased MJPM review to see whether they are legitimate or a scam.
Table of Contents
- 1 What Is MJPM?
- 2 Does MJPM Offer IRAs?
- 3 MJPM Review Summary
- 4 Location:
- 5 Address:
- 6 Year Founded:
- 7 Management:
- 8 Website:
- 9 Rating:
- 10 MJPM Products & Services
- 11 How to Get Started
- 12 Pros of MJPM
- 13 Wide Selection of Coins
- 14 They Have Been in Operation for Many Years.
- 15 Cons of MJPM
- 16 Complicated Ordering Process
- 17 Limited Payment Options
- 18 Not BBB-Accredited
- 19 Does Not Offer IRAs
- 20 MJPM Reviews & Ratings
- 21 Can You Trust MJPM?
- 22 MJPM Alternatives
- 23 Conclusion
What Is MJPM?
MJPM is an acronym that refers to Michael’s Jewelers Precious Metals. Michael Chambers founded the company in 1985, and it is one of the few authorized dealers of the Professional Coin Grading Service (PCGS). Moreover, MJPM is an accredited member of the Numismatic Guaranty Corporation (NGC). MJPM asserts it provides a secure and competitive online trading platform.
Does MJPM Offer IRAs?
Although MJPM has indicated that it receives payments from and delivers directly to IRA custodians, it is unclear whether they are in fact partnered with any IRA custodian. If you are seeking to open a gold or silver IRA, you should select a firm that works with reputable IRA custodians. Goldco is our top pick for precious metals IRAs; learn more about them in this review.
MJPM Review Summary
425 SW 3rd St, Corvallis, OR 97333, United States
Michael Chambers (President)
MJPM Products & Services
MJPM specializes in the sale of coins. As such, it sells primarily gold, silver, and platinum bullion coins, as well as rare coins and jewelry, at extremely competitive prices. Among their most popular products are the American Gold and Silver Eagles, Canadian Gold and Silver Maple Leafs, South African Krugerrand, 1 oz Silver Rounds, and Chinese Pandas, to mention a few. Due to its location in Oregon, MJPM is exempt from billing sales tax on the sale of precious metals.
How to Get Started
Unlike other companies that offer an online store with a shopping cart, MJPM requires customers to call in order to purchase or sell precious metals. Their ordering policy is relatively straightforward, as they do not charge sales tax. Their procuring and selling procedure is outlined below:
- Call MJPM and describe the products you wish to purchase or sell.
- You will receive an estimate based on their current market prices.
- The company will assign a confirmation number for your transaction. You are then required to email MJPM with your details including your name, address, phone number, and confirmation number.
- Upon receiving your email, MJPM will execute your trade and a legally binding contract will be formed. You will receive an invoice via email.
- The final step requires you to review your invoice. No changes or cancellations are allowed at this stage
MJPM Costs & Fees
Prices will differ depending on the product type. The greatest part is that MJPM offers discounts and promotions on a dedicated page. Personal checks, cashier’s checks, direct deposits, and wire transfers are all acceptable payment methods. They do not accept credit cards, debit cards, or other electronic payment methods.
Pros of MJPM
Wide Selection of Coins
MJPM is well-known for its extensive inventory of bullion, rare coins, and jewelry. They also provide excellent customer service.
They Have Been in Operation for Many Years.
Since 1985, the company has been in operation. The company’s proprietor is a well-known veteran of the precious metals industry and can therefore be relied upon.
Cons of MJPM
Complicated Ordering Process
Due to the lack of an e-commerce platform, MJPM makes the ordering process somewhat challenging. You must place orders and sell to them over the phone, which can be extremely inconvenient.
Limited Payment Options
Multiple payment methods provide flexibility when placing an online order. Unfortunately, MJPM only offers four payment options.
They are not accredited by the Better Business Bureau, one of the greatest consumer protection websites, despite the fact that they have been in business for nearly four decades. In general, MJPM does not have many positive web reviews and ratings.
Does Not Offer IRAs
MJPM has not stated whether it provides precious metals IRAs. There is no indication of any partnership with legitimate IRA custodians on their website.
MJPM Reviews & Ratings
The BBB contains no reviews or complaints about MJPM. Similarly, Business Consumer Alliance, Trustlink, and Trustpilot do not accredit or rate them. Nonetheless, based on two customer reviews, the business has earned a 3-star rating on Yelp.
Can You Trust MJPM?
With over 30 years of experience and membership in the Numismatic Guaranty Corporation, MJPM is one of Oregon’s few authentic coin dealers. In addition, MJPM is listed as a trusted vendor by the US Mint.
MJPM is a well-known coin dealer in Corvallis, Oregon. Since 1985, the company has provided an extensive range of gold, silver, and platinum bullion. Additionally, they are experts in rare coins and jewelry.
Because they do not accept electronic payment methods, MJPM’s ordering procedure is somewhat complicated. Additionally, the company lacks online reviews and ratings.