Is MJPM a credible place to buy precious metals? If you’re worried about inflation like me, you might be considering purchasing investment-grade gold, silver, platinum or palladium from MJPM. But before you proceed, please read this unbiased review to find out whether they are legit or 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 Been In Business for Long
- 15 Cons of MJPM
- 16 Complicated Ordering Process
- 17 Limited Payment Options
- 18 Not BBB Accredited
- 19 Does Not Offer IRAs
- 20 Accreditation, Reviews & Ratings
- 21 Can You Trust MJPM?
- 22 MJPM Reviews- Summary
What Is MJPM?
MJPM stands for Michael’s Jewelers Precious Metals. The company was founded in1985 by Michael Chambers and is among a few authorized dealers of the Professional Coin Grading Service (PCGS). What is more, MJPM is a certified member of the Numismatic Guaranty Corporation (NGC). MJPM claims to offer a highly secure and competitive online trading platform.
Does MJPM Offer IRAs?
While MJPM has indicated that it accepts payments from and deliver directly to IRA custodians, it is unclear whether they are actually in partnership with any IRA custodian. If looking to open a gold or silver IRA, we recommend you choose a firm that partners with reliable IRA custodians. Our top choice for precious metals IRAs is Goldco Direct, read more about them in this review.
MJPM Review Summary
425 SW 3rd St, Corvallis, OR 97333, United States
Michael Chambers (President)
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MJPM Products & Services
MJPM is primarily a coin dealer. As such, it mainly sells gold, silver and platinum bullion coins, in addition to rare coins and jewelry at highly competitive prices. Some of their top sellers include the American Gold and Silver Eagles, Canadian Gold and Silver Maple Leafs, South Africa Krugerrand, 1 oz Silver Round and China Pandas, just to name a few. Being an Oregon based company, MJPM is able to sell its precious metals without charging sales tax.
How to Get Started
Unlike other companies that offer an ecommerce store complete with an online cart, MJPM requires those wishing to buy or sell precious metals to call them. Their ordering policy is not that complicated as they do not charge any sales tax. Below is their ordering and selling procedure:
- Call MJPM and explain the products you are interested in buying or selling
- You will get a quote based on their live 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 lock-in your trade and you will have entered into a legally binding contract. An invoice will be sent to you via email
- The final step requires you to review you invoice. No changes or cancellations are allowed at this stage
MJPM Costs & Fees
Costs will vary depending on the type of product. The best part is that MJPM has a special page where they offer discounts and promotions. Accepted payment methods include personal checks, cashier checks, direct deposit and wire transfer. They do not accept credit cards, debit cards or any other forms of electronic payment.
Pros of MJPM
Wide Selection of Coins
MJPM is known to offer a vast selections of bullion, rare coins and jewelry. They also offer excellent customer service.
They Been In Business for Long
The company has been in business since 1985. Its founder is also a known veteran in the precious metals industry hence can be trusted.
Cons of MJPM
Complicated Ordering Process
Since they do not have an ecommerce platform, MJPM makes the ordering process a bit difficult. You are required to place orders or sell to them through phone calls which can be extremely inconveniencing.
Limited Payment Options
Multiple payment options gives you flexibility when ordering online. Unfortunately, MJPM restricts you to only 4 payment options.
Not BBB Accredited
They are not accredited with the BBB, one of the best consumer protection websites. This is despite the fact that they’ve been in business for almost four decades. Generally, MJPM lacks good reviews and ratings online.
Does Not Offer IRAs
MJPM is not clear on whether it offers precious metals IRAs. There’s no mention on their website about any partnership with legit IRA custodians.
Find Out Our Top-rated Gold IRA Provider Here>>
Accreditation, Reviews & Ratings
MJPM has zero customer reviews, ratings and complaints on the BBB. Likewise, they are not accredited or rated by the Business Consumer Alliance, Trustlink and Trustpilot.
However, the firm boasts a 5-star rating on Yelp based on a single customer review.
Can You Trust MJPM?
With over 30 years in business and membership at the Numismatic Guaranty Corporation, MJPM is one of the few genuine coin dealers in Oregon. Besides, MJPM is listed by the US Mint as a trusted vendor.
MJPM Reviews- Summary
MJPM is a popular coin dealer located in Corvallis, Oregon. Since 1985, the company has been offering a wide selection of gold, silver and platinum bullion. They also specialize in rare coins and jewelry.
The downside of MJPM is that their ordering process is a bit complicated as they do not accept electronic payment methods. Also, the firm lacks reviews and ratings online.