Hello! Have you recently came across SilverTowne and wanted to do some business with them? However, as a responsible customer as yourself you wanted to know every detail about this company first. Well, look no further than this SilverTowne review.
I will be telling you everything about this company and if they deserve your precious time and money. Are their products worth your while? Do people trust them?
So, sit back and let's start learning about this precious metals company.
SilverTowne Summary Review
- Name: SilverTowne
- Website: https://www.silvertowne.com/
- Founder: Leon Hendrickson
- Price: Varies
- Rating: 3/5
SilverTowne Company Background
Leon Hendrickson founded SilverTowne as a precious metals seller in 1949. Furthermore, they also sell rare coins because they started as a small coin shop.
Over the years, they grew to be one of the most established precious metals, modern and rare coins dealers worldwide. They are headquartered in Winchester, Indiana where they have a showroom you can visit. However, they also have a website you can use for your needs.
Who is the founder?
Leon Hendrickson is a World War II veteran serving in the U.S. Navy during the war. He is well respected individual in the coin industry having worked for 60 plus years in it. Furthermore, he was also the former president of Professional Numismatics Guild (PNG), Indiana State Numismatic Association (ISNA), and Central States Numismatic Society. He has also garnered a lot of awards and is a member of more than 30 numismatic organizations.
Plus, he values hard work, honesty, and integrity. Furthermore, people say that he can easily inspire or motivate people around him.
However, it seems that Leon Hendrickson pleaded guilty to eight counts of money laundering in which he could've been sentenced to twenty-seven up to thirty-three months in prison. Luckily, the court only sentenced him to five months imprisonment, five months home detention and two years probation. This is because the district court saw his "extraordinary acceptance of responsibility" by paying the mandatory forfeiture amount of $742,555. Furthermore, the money that got him into this trouble was from a person linked to a Colombian drug cartel in which he failed to file the required forms for the IRS for the said transactions. The government conceded that Hendrickson did not know the money was from drug trade.
However, the U.S. government appealed this decision and his sentence was remanded to the district court for resentencing.
Leon Hendrickson passed away in 2017 surrounded by his family at the age of 90.
If you want to read more about this case you can do so here.
SilverTowne Products and Services
SilverTowne's precious metal products are mainly in the form bullions or coins. Below, you can see the products that they sell on their website:
Silver Bullion and Coins
Gold Bullion and Coins
Aside from these, you can also have them prepare your purchases as gifts depending on the occasion. Furthermore, they sell IRA approved silver, gold, or platinum bullions which you can put into a self-directed IRA.
How to avail of SilverTowne products and services?
If you want to buy products from SilverTowne's e-commerce website, then you would need to create an account first. After that, you would need to identify yourself if you are a buyer or a seller. You can then select products that you want and add them to your cart. If you are done choosing, then you can proceed to checkout, fill out your billing address, and start paying for it. Furthermore, your billing address must match the address written on the credit card that you are going to use.
Below, you can see the payment methods that they accept:
- Credit Card
- Wire or Check (with 3% discount)
SilverTowne gives its customers a simple 3 step program to follow if they want to invest in self-directed IRA. Keep in mind that SilverTowne IRA does not offer custodian or depository services for you. However, they only provide you the option to buy IRA approved bullions from them.
So, first you must choose a third party custodian and depository for your precious metals. After that, you can then begin buying IRA approved bullions from SilverTowne in which they will then contact your preferred custodian. Your custodian will then use your IRA funds to purchase those products.
These seems too complicated that's why this precious metals company is my most recommended for IRA services.
SilverTowne Review and Ratings (2023)
Below, you can find customers review and ratings for SilverTowne:
For a company with half a decade of experience, it seems that there aren't a lot of reviews of them from customers online. Furthermore, they are still not accredited by the BBB even though they have been around for a long time now. This is why I recommend this IRA company because they have thousands of positive reviews online.
What I Like About SilverTowne
- Well known in the coin industry
- Has been operating for more than 50 years
- Functioning e-commerce website
- Owns a physical store/showroom
- Wide array of products
What I Don't Like About SilverTowne
- Only sells IRA approved bullion and does not offer other IRA services
- Small number of customer ratings and reviews for a company operating for more than 50 years.
SilverTowne Review: Final Verdict
Now, we have reached the conclusion of this SilverTowne review. So, is SilverTowne a scam? can they be trusted? Well, looking upon all the information stated above. It is safe to say that SilverTowne is not a scam. They have been operating since 1949; plus, they are also using modern technology to further their reach. However, I would still advise you to tread carefully and clarify any questions that you have with them. You can do so through their customer support hotline or email in their website.
Their recommended process of setting up an IRA account is complicated. So, I recommend you check out GOLDCO. Goldco is a reputable company that offers IRA services for people who don't want to complicate things.
Learn more about Goldco by clicking the button below!