SilverTowne Review 2023: Legit or Scam? (Know More)

Welcome to my SilverTowne Review!

Precious metals, such as Gold and Silver, has been an excellent form of investment through history. It has furtherly risen and grown due to the fact that precious metals can help diversify investment portfolios and be a good hedge against inflation.

Today, there are numerous companies that extend their precious metal products and services to potential customers. You can purchase and hold physical precious metals, or you could also opt to open a self-directed retirement account such as Gold IRAs.

Have you ever heard of SilverTowne and got intrigued by this company? Are you planning to purchase precious metals from them this 2023? Well, first things first, you deserve an assurance that you will not be scammed.

That is why I have written this SilverTowne Review to give you everything you need to know about this company. Are they legit or just an IRA scam? Without any further ado, let's start getting answers.

SilverTowne Review Quick Summary

What is SilverTowne?

SilverTowne is a precious metals and rare coins dealer that was founded by Leon Hendrickson back in 1949. In its long history of providing high-quality products, it has built up excellent reputation and regard.

The company actually started as a small coin shop to a retail department. Since then, it has grown to become one of the largest and most respected precious metal companies in the United States. From humble beginnings, they have quite achieved a lot. 

SilverTowne provides its clients with products in two ways, its retail showroom in Winchester and its functional website. They offer not only precious metals, but also rare coins, modern coins, and they've got IRA eligible products too.

The company is a member of various numismatics organizations such as the following Professional Numismatists Guild (PNG), American Numismatic Association (ANA), Certified Coin Exchange (CCE), Industry Council for Tangible Assets (ICTA), Numismatic Guaranty Corporation (NGC), Numismatic Conservation Services (NCS), Professional Coin Grading Service (PCGS), and many more.

Where is SilverTowne Located?

The company SilverTowne is headquartered at Union City Pike, Winchester, Indiana, where the company's mint is located. They have another office at Washington St., Indianapolis, Indiana as their showroom.

The showroom is where customers can inquire and purchase SilverTowne products. They are open Monday-Friday from 8am to 5pm EST and Saturday from 9am to 1pm EST.

SilverTowne Products

SilverTowne mainly provides precious metals in forms of bullion bars, rounds, and coins. There are various product categories available but the website shows these main coin categories:

• Gold Coins: Some of the most popular SilverTowne gold coins include the American Eagle Gold Coin, Buffalo Gold Coin, and the Maple Leaf Gold Coin.
• Silver Coins: SilverTowne offers a wide variety of silver metals including the Buffalo Round, Walking Liberty Round, and the Peace Dollar.
• Platinum Coins: SilverTowne offers a limited selection of platinum coins, including rounds and bars. These include American Eagle Platinum Coin, Buffalo Platinum Coin, and the Maple Leaf Platinum Coin.
• Palladium Coins: SilverTowne also offers a limited selection of palladium coins, including rounds and bars. These include the American Eagle Palladium Coin, Buffalo Palladium Coin, and the Maple Leaf Palladium Coin.

Other than precious metals, SilverTowne offers their own unique line of special gifts. They also have jewelries such as necklaces, pendants, bracelets. Plus, you can even request a customized name engravings on precious metals.

How To Purchase Products From SilverTowne?

To start purchasing products from SilverTowne, you only need to create an account on its e-commerce website. Moreover, you will have to identify yourself as a buyer or seller.

Afterwards, you will be able to see the available products that you can buy. Then when you are done choosing, you add them to your cart and proceed to the payment.

There are other products in which you cannot see their prices on the website. You need to contact SilverTowne to ask about these products and to order them.

SilverTowne Special Offers

What entices more customers and potential investors to purchase from SilverTowne is its exciting special offers. These are offered throughout the year, or upon opening an account with them.

The following are the hottest and biggest SilverTowne special offers that are available continuously:

• 20% off your first order: This offer is available to new customers only.
• 10% off select products: This offer is available on a rotating selection of products.
• $10 off your next order: This offer is available to customers who sign up for the SilverTowne email list.

Also, SilverTowne is active on social media. You should follow them on their pages because they often post about special offers and big discounts from time to time.

Does It Offer IRA Services?

SilverTowne offers IRA-eligible precious metals. This is very good for those who are looking to start a precious metals IRA. This can help you to grow your wealth over time without having to pay taxes on the gains.

However, the company is not a custodian, therefore, it is on your end to find one that is reputable and legit that services self-directed IRAs. Fortunately, SilverTowne can help you find a qualified custodian. This can save you time and hassle.

Once done, SilverTowne will work with you on choosing the right coins or bars for your precious metal IRA. They offer IRA education services so you can make the best informed decisions regarding your investments.

The contribution limit for SilverTowne IRA is just similar to traditional or Roth IRAs. It is $6000 for normal individuals, and $7000 if you are aged 50 or older, if you additional catch-up contribution. 

SilverTowne Gold and Silver IRA

Between the 3 precious metals, SilverTowne Gold, SilverTowne Silver, SilverTowne Platinum, the company offers a wide range of IRA eligible products since it is their specialty.

SilverTowne Silver coins, bars, and rounds in particular, are one of their most best selling products. You just need to choose the right options for you. Below are a short summary list of the products you can have for your precious metal IRA:

Gold Bullion

• Gold American Eagle
• Australian Perth Gold Bar
• Rand Refinery Gold Bar
• Canada Gold Maple Leaf Coin
• Royal Canadian Mint Gold Bar
• Valcambi Gold CombiBar Bar
• Australia Gold Kangaroo Coin
• Austria Gold Philharmonic Coin
• Great Britain Gold Britannia

Silver

• .999 Silver Bullion Bars
• .999 Silver Bullion Rounds
• Silver American Eagles (SAE)
• Silver Maples
• Silver Kangaroos
• Silver Philharmonics
• Silver Britannia
• Silver Krugerrand

Platinum

• Austria Platinum Philharmonic
• Australia Platinum Kangaroo
• Great Britain Platinum Britannia
• Platinum American Eagle
• Pamp Suisse Platinum Bar
• Valcambi Suisse Platinum Bar

How To Open an IRA With Them?

If you want to invest in precious metals IRA, the Internal Revenue Service (IRS) requires them to be stored in a custodian account. Thus, that is the first step. You need to create an IRA with a custodian.

It usually takes up one to two business days to complete. SilverTowne's preferred custodian is New Direction Trust Company. However, there are still other options such as, The Entrust Group, Millennium Trust Company, and Madison Trust.

After opening your account, you need to fund it. You can either contribute to it, or rollover/transfer your existing IRAs to your new self-directed IRA or precious metals IRA. This may take long but don't worry because the custodian will help you through it.

The next step is to choose a depository who will protect and secure your precious metals in a safe location. Moreover, depositories must be third-party companies, as required by the IRS. There are 3 options you can choose from: CNT Depository, Inc., IDS OF DELAWARE and IDS OF CANADA.

Lastly, you buy precious metals for your IRA. If you buy from SilverTowne, your custodian will use your IRA funds to pay for it. Then SilverTowne will ship your precious metals to your depository for storage.

SilverTowne Precious Metal Prices

The company's precious metals products are slightly comparable in price to other top companies. However, the prices really are competitive for specific products, especially their best selling ones.

SilverTowne's website are updated in real time to reflect the current spot market price. In addition to this, the company adds a premium which is around 1-3% depending on the precious metal.

The SilverTowne Silver bar, rounds, and coins are the company's most popular products. The following below are the prices that they offer as of July 2, 2023.

• 1 oz. SilverTowne Silver Bar: $28.71
• 1 oz. SilverTowne Buffalo Replica Medallion: $32.02
• 1 oz. SilverTowne Prospector Silver Bar: $29.22
• 1 oz. SilverTowne Saint-Gaudens Silver Round: $33.66
• 1 oz. SilverTowne American Flag Silver Bar: $33.81
• 1 oz. SilverTowne Gold Bar: $1,854.40
• 1/2 oz. SilverTowne Gold Bar: $927.20
• 1/10 oz. SilverTowne Gold Bar: $185.44
• 1/20 oz. SilverTowne Gold Bar: $92.72

SilverTowne IRA Fees

Currently, SilverTowne does not have any information on any IRA fees. This may be because, they are just a dealer of IRA eligible precious metals, and not custodians themselves. They do not charge any fees for IRA products, nor manage IRA accounts.

If you want to know the fees, it really varies depending on the custodian you choose, as well as the size of your IRA account. It is important to compare prices and fees between custodians because most likely they will vary.

The most usual fees custodians charge you are account opening fee, annual account fee, storage services fee, and also transaction fees. Take note that there are custodians who charge you for more fees.

SilverTowne Payment Methods

SilverTowne accepts Paypal or credit card as a form of payment, but only for orders $2500 below. If the amount of your order goes over this, you must pay via check or bank wire. The following below are the a short summary of the options:

• Credit cards: Visa, MasterCard, American Express, and Discover.
• PayPal: You can pay with your PayPal balance or with a credit card linked to your PayPal account.
• Wire transfer: This is the only payment method available for orders over $1,000.
• Check: You can mail a check to SilverTowne's address.

Please note that there is a 3% discount for payments made by wire transfer or check. Money orders are also accepted. For those paying via physical check or money order, there are additional policies.

• Qualifying orders can get a 3% discount off of the retail/list price
• A 10% credit card authorization is required
• This will be voided once the receipt of money order or physical check is received
• 10% will be charged if the payment is not yet received within 10 business days
• Order will be processed and shipped when the receipt of your payment is received by SilverTowne.

Shipping Services

The company of course ships throughout the Unites States, but they also extend their services to Alaska, Hawaii, Puerto Rico, and Canada. Below are the shipping fee rates of SilverTowne to different countries:

SilverTowne offers free shipping on orders over $99 within the continental United States. For orders under $99, the shipping fees are as follows:

For orders shipping to Alaska, Hawaii, Puerto Rico, or Canada, the standard shipping fees apply regardless of the order amount. These fees are as follows:

As you can see, for U.S. orders, you can enjoy free shipping. However, your order must meet the minimum cost of $99 and the shipping location must only be within the continental U.S. (domestic orders).

Furthermore, SilverTowne does not accept shipping to mailbox rental stores. Otherwise, they will void or refund the order. All orders are shipped via USPS First Class Package Service or Priority Mail

Usually, shipping takes 5 to 10 business days. SilverTowne also offers expedited shipping for an additional fee. The expedited shipping fees are as follows:

• 2-Day Shipping: $19.95
• Next Day Shipping: $29.95

Storage Services

SilverTowne does not offer their own storage services. If you purchase precious metal products or open an IRA account with them and you do not want to opt for home-storage, they can connect you with their partnered third-party storage providers.

Rest assured, SilverTowne's storage partners are reputable and trusted. With that being said, you'll still need to compare them as the fees and features of these storage providers will differ. SilverTowne can help you with your decision making.

In my research, the third-party storage partners are GoldSilver.com, Provault, and Safe Harbor Gold. It is up to your personal preferences on what storage services you are looking for your precious metals.

Educational Services

SilverTowne has a variety of educational services that can help clients be more knowledgeable about precious metal investments. The services are free and can be accessed on their websites.

The company has something called as The SilverTowne Academy. It is a free extensive online course that teaches you everything you need to know about precious metals. You can find articles, videos, infographics and even watch their webinars. 

Their website also has a FAQ page, ideal for those who want direct answers to their queries. Lastly, the company has a helpful customer support team that can assist you if you prefer a detailed conversation.

Does SilverTowne Have Buybacks?

Yes, SilverTowne accepts buybacks. In order to qualify for a buyback, you must be able to show the valid receipt for the product, present the product damage free and in its original packaging. In addition, they only accept buybacks of 1oz minimum quantity.

The buyback price will be based on the current spot price of the precious metal in the open market. The company also deducts a small fee from the buyback price for the costs.

If you want to initiate a buyback, you must contact SilverTowne's customer service team. From then, they will give you a buyback quote. If you wish to proceed, shipping fees will be at your own expense.

Precious Metal Return Policy

If you do wish to return the orders you have to SilverTowne, you are given 10 days for a full refund. To make sure that the return/refund request is processed properly, you need to call SilverTowne and ask a return confirmation number before you ship the products back to them.

There are other conditions that must be met for the return, so be sure to just communicate with the company. Some of the major exceptions for product returns are as follows below:

• SilverTowne does not accept returns on bullion items.
• Products that are damaged cannot be returned.
• Products that have been opened cannot be returned.

The refund will be issued in the same form as your original purchase and payment method. The processing typically takes 1-2 weeks to finish. Also, you need to take note that other fees such as shipping are not refundable.

Who is SilverTowne Founder?

SilverTowne was founded by Leon Hendrickson in 1949. His love for coins started when he became interested at the coins that his customers in his restaurant owned.

Leon started to deal with coins full time in 1967. Over the years, the business grew, as well as Leon's name in the industry. He was very involved in the numismatics community. In fact, he received several awards such as the following listed below.

• 2012- Coin Dealer Hall of Fame Award, PCGS CoinFacts™
• 2008 -Numismatist of the Year, American Numismatic Association
• 2003 - Lifetime Achievement Award, Professional Numismatists Guild
• 1999 - Manufacturer of the Year, Economic Development Foundation
• 1995 - Lifetime Achievement Award, Blue Ridge Numismatic Association
• 1993 - Numismatic Ambassador, Numismatic News
• 1993 - "Just for being you" Special Tribute Award, Alabama Numismatic Association
• 1991 - Outstanding Member Award, Tennessee State Numismatic Society
• 1990 - Medal of Merit, American Numismatic Association
• 1989 - Man of the Year Award, National Silver Dollar Roundtable
• 1988 - Award of Merit, Central States Numismatic Society
• 1987 - Founders Award, Indiana State Numismatic Association
• 1982 - Citizen of the Year, Winchester Lions Club
• 1978 - President's Award, National Silver Dollar Roundtable

It was because of Leon's hardwork and dedication to his passion and interest in coins that led SilverTowne to its success today.

SilverTowne Against Competitors

Before you invest in precious metals, it is important to do your research and understand the risks involved. There are many reputable precious metals companies, but there are also some scams out there.

The following below is how SilverTowne fares against major competitors like Goldco, Money Metals Exchange, and US Money Reserve.

SilverTowne Ratings and Reviews

If you are a constant reader of our website, you will know that we really are keen on showing how these precious metals companies are rated by trusted experts in the industry.

We're going to see how SilverTowne is rated and reviewed from several reputable websites. You can see the following below (UPDATED July 2023).

SilverTowne BBB Rating

SilverTowne has an A+ grading in their BBB profile. However, even after 73 years being in business, they are still not accredited with BBB. 

Due to this, they do not have customer reviews, nor customer complaints. As a result, cannot see how they are rated out of 5 stars. This seems to be concerning, why would they not be accredited?

SilverTowne Yelp Rating

In their Yelp profile, they have a poor grading. Out of 15 reviews, they only had 2.5/5 star rating. Again, we can't draw out any conclusions basing from the ratings because there's too few customer reviews.

SilverTowne Facebook Rating

Fortunately, SilverTowne's Facebook profile seems to be our best measurement as to how good or bad their business is. They have a 4.1/5 star rating out of 577 reviews, which is a lot compared to the others above.

Under their facebook profile, they customers seem to have high satisfaction and most reviewers have had positive experiences with the company.

SilverTowne Trustpilot Rating

For their Trustpilot page, SilverTowne has a great grading. But although they have a 4.0/5 star rating, there's only 4 reviews.  Nevertheless, this again is too few to conclude anything. 

To be honest, this is not the greatest showing ever for a company that handles such valuable products. Moreover, for a company that is renowned and has been in the industry for a long time, the ratings and reviews are not that impressive, considering that there are other companies with more and better ratings and reviews.

Goldco, our number-one recommended gold IRA company not only handles large retirement accounts on a daily basis, but can boast extremely high ratings across the web (one of the main reasons we singled them out as a great choice).

SilverTowne Complaints

In my research, there are too few complaints by customers across Yelp, Trustpilot, and even on Facebook. Well, maybe this is because there are minimal reviews to begin with. However, the following ones might be useful for you.

As you can see, a customer claimed that he received a fake silver bar from SilverTowne, only to be replied in the comments by SilverTowne customer service that he got scammed by buying from unreputable websites.

The other 2 complaints are regarding delayed replies or follow up transactions from the customer service. These complaints are important so you will know what to expect when you transact business with SilverTowne.

SilverTowne Pros and Cons

Is SilverTowne a Scam?

For the conclusion of this SilverTowne Review, let me answer this question. SilverTowne is not a scam and is a legitimate precious metals dealer. Moreover, it provides foundationally good services and products.

I also like the fact that it adapted to the modern world, utilizing websites to offer products, considering that they have already been in business for over 73 years. 

However, it does have its downsides. It has poor ratings and reviews despite its longevity. If you prefer companies with high ratings and reviews, you are better off with another choice.

Thank you so much for reading my SilverTowne Review. If you have any comments or questions, feel free to leave them in the comments section.