Welcome to my Great American Coins Inc. review!
Do you have any old coins lying around? Or are you so intrigued with them that you passionately collect them? Whether you want to sell or buy coins, Great American Coins Inc. has got you covered.
This company has had a long standing in the numismatics industry, thanks to their promised high prices and high-quality customer service. Aside from coins and precious metals, they also accept other valuables such as diamonds, luxury watches, jewelry, and more.
This review will talk about a little bit of the company’s history, their services, and whether they are a suitable company to transact with. Read on to find out more.
Great American Coins Inc. Quick Summary
Name: Great American Coins. Inc
Fees: $175 - $225 per year
Rating: 3/5
What is Great American Coins Inc.?
Great American Coins Inc. is one of the biggest coin dealers in New York. It was founded in 1979 and is currently located at 11 Clearbrook Rd. Elmsford, NY 10523. But, they also do business in Connecticut and New Jersey.
They are basically appraisers of precious metals, as well as valuable items like jewelry, watches, vintage sports cards and more, which they then buy if the owner of such items sells them.
On the flip side, they also sell coins and other items of the sort to avid collectors and people who are looking to invest in precious metals.
Furthermore, Great American Coins Inc. is recognized as an authorized dealer by the Professional Coin Grading Service (PCGS), certified by Numismatic Guaranty Company (NGC), and is part of the Certified Coin Exchange (CCE).
Having been in operation in the field of numismatics for almost five decades, they have, without a doubt, great expertise in precious metals, among other things, and may be a trusted choice for you when dealing with coins.
Great American Coins Inc. Products And Services
According to their website, Great American Coins Inc. accepts all coins, may they be gold, silver, platinum, or palladium. Of course, this extends to bar form. And as mentioned, they also buy other items that have great value such as watches. The following list shows the things you could sell to or buy from them:
U.S. Gold Bullion Coins
U.S. Silver Bullion Coins
World Gold Bullion Coins
World Silver Bullion Coins
U.S. Gold Coins
U.S. Silver Coins
United States Cents
United States Nickels
United States Dimes
United States Quarters
United States Half Dollars
United States Dollars
Rare Certified Coins
Pre-1965 Us Silver Coins
Us And International Paper Money
Large Sterling Silver Items (E.G. Flatware, Holloware, Serving Pieces)
Scrap Gold And Sterling Silver Jewelry
Diamonds Of All Color And Sizes (Loose Or Set)
Vintage And Luxury Wrist/Pocket Watches
Egl- Or Gia-Certified And Precious Stones
Vintage Sports Cards & Memorabilia
Trading Cards
Estate Appraisals
Proof & Mint Sets
It’s important to note that this list is not exhaustive; thus there may be other items that they accept. So if you have a valuable or rare item, you can bring it to their location and have them assessed.
How To Get Started?
If you are new to selling or buying coins, it’s best to learn the mechanics from the company that you’re planning to deal with. You can contact Great American Coins Inc. by phone or email.
When selling coins, Great American Coins Inc. advises to identify and sort your coins first. Luckily, they have laid out a coin guide on their website to help you get started.
Basically, you need to let your coins undergo a process called coin grading to determine its condition and value. When analyzing coins, you can use the following criteria:
Condition - Determines the amount of damage that a coin has, whether on the details, markings or edges. If the coin still maintains its shape, and the words are still legible, it will result in a higher value.
Rarity - Some coins were made during a time where the quantity of mintage is low, making it a rare item in the present. Usually, coins made in the 19th century or even earlier are considered rare.
Content - This is the material that the coin is made of. Usually, coins are derived from copper, nickel, and zinc but they can also be made of gold, silver, platinum or palladium.
Demand - Depends on the popularity of coins or specific dates in which it is made.
Once you have sorted your coins, you can take them to the company and have their experts determine their fair value. They say that they provide the best and highest prices. After the evaluation, they will pay you the value of your coins or other precious metals.
On the hand, when you’re planning to buy from Great American Coins Inc., you need to set an appointment first in order to proceed. Once confirmed, you can visit their showroom at their current location from 10:00am to 6:00pm during Monday to Friday. You can then browse through their selection and pick whatever you want.
You can also navigate through their website beforehand and see the products available. You can see attributes of every coin, including weight, denomination, designer, etc.
Referral System
Aside from selling to Great American Coins Inc., another way where you can make money with them is through their referral compensation program. Essentially, when you refer someone to them, you get to receive an amount of money.
For you to qualify, you must be a former or current client. When referring, contact the company using their number, 914-968-7900, and inform them of your intention to refer someone.
Then, one of their representatives will check your previous transaction with them to prove that you are or were indeed a client. Once confirmed, they will give you a 7-digit code that is unique only to you. You can then send this code to anyone who’s planning on transacting with Great American Coins Inc.
You should inform your friends or relatives that when they call the company, they have to mention that you referred them. Also, your referred person must sell at least 1 Troy ounce of gold to the company. These criteria are required for you to be properly compensated.
Ratings And Reviews
For a company that has been established since 1979, you’d be surprised to know that it has little to no online presence at all. Although they have a website, it is not as comprehensive or detailed as other companies. In fact, it could need some refining so people would get more out of it.
Based on their website and on Yelp, customers are satisfied with the company’s customer service and professionalism. They were able to get a higher price on their coins and jewelry than they expected. However, one customer said the complete opposite and complained about how rude and condescending the staff were.
If the number of reviews matter to you when evaluating a company’s legitimacy, this company’s lack of reviews may be a red flag to you. But, you can still try to make a transaction with them in person because the mixed reviews, as little as they may be, may indicate that the experience is not the same for every person.
Great American Coins Inc. Pros and Cons
Pros
Cons
Great American Coins Inc. FAQ
What are the payment methods when transacting with Great American Coins Inc.?
You can pay them using three methods: cash, check or Paypal.
What are the advantages of choosing Great American Coins Inc.?
The company prides itself in offering the best prices for precious metals and other items presented to them in a way that customers can save money, and providing exceptional customer service. Their team of professional experts thoroughly analyzes the conditions of items and provide the customers a fair and true price. They also convert your precious metals into cash promptly, perfect for when you need the money ASAP.
How is the value of my item determined?
The company would consider certain attributes of the precious metals or other items such as the weight, karat percentage, and current market price. They use an increasing sliding scale method for payment depending on the item’s weight and material (or karat percentage). This means that you’ll be paid a higher amount if the weight and material are also high or great.
Even if you paid retail price for your item, you’ll still get a markup when you sell it because retail jewelers have the highest price markups in the industry. In fact, the company approximates that 99% of their customers are content with the amount of money they receive from selling their items.
Is Great American Coins Inc. A Scam?
Compared to other precious metals companies, little is known about Great American Coins Inc. mainly due to their lack of online presence. Even if they have been around for over 40 years, they might have been operating in person only, given that their website is quite new.
Still, this isn’t enough reason to conclude that they are a scam. They do sell and buy numerous items in good faith and provide appropriate prices for them. They are also part of several reputable coin grading and numismatics companies.
Since you can’t get much information about them online, your best option is to contact them directly or visit their showroom.
