(UPDATED SEPTEMBER 2023) Welcome to my MJPM Review! Chances are, you found out about this company when you were looking for places to purchase precious metals.
But before you do anything else, you should read this MJPM Review so that you will learn everything about it.
What are its products? Is it legit or a scam? You shall find out in a while. Without further ado, let's get started.
MJPM Review Quick Summary
Name: MJPM
Founder: Michael Chambers
Price: Varies depending on your investments
Rating: 3/5
More...
What is MJPM?
MJPM (Michael's Jewelers Precious Metals) is a dealer of precious metals, located at in Corvallis, Oregon.
It was founded and is owned by Michael Chambers in 1985, who has nearly 3 decades of experience in being a precious metals investment specialist and coin grading expert.
MJPM is a certified and authorized dealer of the Professional Coin Grading Service (PCGS) and a member of the Numismatic Guaranty Corporation (NGC).
In 2022, MJPM was officially listed in the U.S. Mint's database for trusted coin providers in the country.
MJPM Company Management
One thing I learned after reviewing precious metals companies for years is that if they provide public information on their management team, they are pretty much legit and not a scam.
Most scam companies tend to avoid providing information on their owners or employees since this will compromise their illegal operations.
MJPM is open to the public about its owner and president, Michael Chambers. For nearly 30 years, he has been serving the town of Corvallis, Oregon, as a coin grading expert and as a precious metals investment specialist.
Other than that, there are no additional information on MJPM's employees or organizational structure.
MJPM Products
MJPM offers a wide variety of gold, silver, and platinum coins. It also has fine jewelry and rare coins in its inventory.
Since it is based in Oregon, MJPM does not charge sales tax on its precious metals.
Furthermore, its website has a Daily Specials Page where clients can find a list of discounted and promoted items.
Among the products in its catalog are the following:
- Gold
- American Eagle Gold Coins
- Canadian Maple Leaf Gold Coins
- Buffalo Gold Coins
- Krugerrand Gold Coins
- Australia Kangaroo Gold Coins
- Silver
- 1 oz. Buffalo Silver Rounds
- 1 oz. Silver Rounds
- 90% Mixed Half Dollars
- 1 oz. .999 fine Silver Bar
- Morgan Silver Dollars
- Platinum
- American Eagle Platinum Coin
- Canadian Maple Leaf Platinum Coin
- Rare Coins
- Collectible Coins
- U.S. Rare Coins
- U.S. Currency
How to buy from MJPM?
Unlike other precious metals dealers, MJPM does not have an e-commerce website where clients can place their orders online.
To purchase precious metals from MJPM, you can access its product catalog on its website and look for the available products. Moreover, you can see their live prices.
Afterwards, you contact them via their phone number and inform them about the precious metals that you want to buy. During the call, you should give them your email address.
This is where they will send your confirmation number for your purchase. Furthermore, after the call, you should email them some personal information such as your NAME, ADDRESS, DAY-TIME PHONE NUMBER AND CONFIRMATION NUMBER.
Once MJPM receives your email, that signifies that you locked in your purchase and have agreed to a legally binding contract with MJPM. The precious metals company will then send your invoice and then proceed to the payment.
MJPM have stated that here are no changes or cancellations once you have been confirmed.
If you are wondering about your precious metals, you can always check your order status by emailing MJPM or by calling them.
MJPM Payment Methods
When buying precious metals from MJPM, there are a couple of payment methods that you can use. MJPM accepts the following mode of payments:
- Personal checks
- Cashier checks
- Direct deposit
- Wire transfer
MJPM does NOT accepts credit cards, debit cards or any electronic payments.
Furthermore, MJPM may recommend to pay via bank wire for new customers. Also, if you have high value orders, you are advised to pay through bank wire.
MJPM Shipping
MJPM uses U.S. Registered Mail since they believe that is it the safest public system in delivering your precious metals. However, this will add more costs, but at least, it ensures the security that your precious metals investments need.
Below, you can see the current shipping fees that MJPM will charge.
ITEM | ORDER VALUE | SHIPPING |
|---|---|---|
Gold: 1/10, 1/4, 1/2 oz. | 12 total oz's or more | Free |
Gold: 1 oz. | 15 oz's or more | Free |
Silver: 1, 10, 100 oz. | 500 oz box | $70.00 |
90% U.S. Silver Coin | $1,000 Face Value | Free |
Platinum 1 oz. | 20 oz's or more | Free |
How to sell to MJPM?
Other than buying precious metals from MJPM, you can also sell your precious metals to MJPM! This is a great way of liquidating your bullion bars and coins if you want cash.
The process is simple. You just need to contact MJPM and inform them about the precious metals that you want to sell to them. They will then give you a quote based on the live prices.
Once you are satisfied, you can lock in the transaction, a confirmation number confirming your transaction will be sent to you.
Take note that you must ship your precious metals to MJPM within 24 hours after confirmation.
MJPM highly recommends USPS for your shipping.
Does it offer IRA services?
Unfortunately, MJPM does not provide any IRA services. It mainly deals with precious metals and coin products.
However, MJPM stated in its website that it does offer IRA-eligible precious metals. Although it said that Michael, the owner, can help you be in touch with some IRA custodians, it is unclear whether MJPM is partnered with various custodians or not.
MJPM Reviews and Ratings
At the time of writing this MJPM Review, I only found a few online ratings and reviews of the company.
- Better Business Bureau (BBB) - A+ rating based on 0 reviews and not BBB accredited
- Yelp - 3 out of 5 rating based on 2 reviews
- Yellowpages - 5 out o5 rating based on 8 reviews
This is where MJPM is kind of behind compared to its competitors. Although it has been around in the industry, it is still not BBB accredited.
If you are an investor who really wish to work with precious metals companies that garnered thousands of positive ratings and reviews, then you can check out Goldco. It is an outstanding gold company and gold IRA service provider.
MJPM Pros and Cons
Pros
Cons
Is MJPM a scam?
Let's conclude this MJPM Review by answering this commonly asked question regarding the business.
MJPM is a legit and genuine precious metals dealer with a lot of years in the business under its belt. Moreover, the owner, Michael Chambers certainly knows what he is doing since he is a precious metals specialist.
The only downside it has is the fact that it lacks ratings and reviews considering that it has been in the industry for a long time. Furthermore, clients cannot order online compared to other dealers,
If you are not satisfied with MJPM, you can check out my top recommendation below.
Thank you so much for reading my MJPM Review! If you have any comments or questions, feel free to leave them in the comments section.