American Coin Co. Review: A Legit Precious Metals Company?

There are plenty of ways to invest, but if you want a secure one that hedges against inflation and economic uncertainty, is suitable for long-term conditions, and allows you to diversify your portfolio, you need to get into precious metals.

Aside from these economic benefits, you can also secure retirement funds with the help of a precious metals IRA. Given that these metals hold so much value, it’s no wonder why many companies offer gold, silver, and precious metals IRA to investors. With this, picking the right company that understands and helps you with your investment goals is crucial.

For this post, I will look into a new player in the industry, American Coin Co., to see if it’s worth trying.

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American Coin Co. Review Summary

Company Name: American Coin Co. (Formerly known as Red Rock Secured)

Website: https://www.americancoinco.com/

President: David Clemen

Price: Undisclosed

Rating: 3.5 out of 5

What Is American Coin Co.?

American Coin Co., situated in Spokane, Washington, was founded in 2022 and focuses on providing gold and silver IRA to investors. According to their website, their goal is to help people and their families improve their financial situation with the help of precious metals and provide them with a hassle-free and stable retirement.

The reason why American Coin Co. is relatively new is because it’s actually a rebranded form of Red Rock Secured. This happened mainly partly due to the litigations it faced regarding fraud schemes.

Basically, the company was charged by the Securities and Exchange Commission (SEC) due to a fraud scheme targeting retirement accounts. Its former CEO, Sean Kelly, and two former Senior Account Executives, Anthony Spencer and Jeffrey Ward, were also charged with the fraudulent scheme.

The complaint states that they convinced or tricked their numerous clients into selling their securities to buy precious metals at very extreme markups. This began in 2017, wherein the defendants misled their clients by instructing them to sell their securities held in their IRAs, Thrift Savings Plan Accounts, and 401(k) at 1%-5% markup plans to protect their savings.

But the truth is that they charged up to a whopping 130% markup, misappropriating up to $30 million from the more than $50 million that their investors gave them. They also allegedly used deceit and fear to push their clients into their scheme.

As a result, the SEC seeks disgorgement permanent injunctions and charges the defendants with civil penalties and interest for violating the antifraud provisions. Sean Kelly will also be barred from being an officer and director.

This lawsuit is a tragedy, but it shouldn’t be a reason for raising your eyebrow at American Coin Co. because it is now under new management and has tons of high-quality precious metals and services to offer.

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American Coin Co. Products

As mentioned, American Coin Co. specializes in gold and silver, which are eligible for IRA and approved by the IRS. When you navigate their website, you can see that their list of products is not as extensive as other companies. Still, they are guaranteed high quality and beneficial for IRAs. Here are their products:

Red Lion Gold Coin
Red Lion Silver Coin
90% Silver U.S. Coin or Junk Silver
Gold American Buffalo
Silver Red-Tailed Hawk
American Palladium Eagle
American Eagle Platinum
Silver American Eagle
Gold American Eagle
Red-Tailed Hawk
Silver Sovereign

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Educational Resources And Tools

For now, American Coin Co. only has limited products to offer. Thankfully, they enrich investors’ experience with their comprehensive educational resources and overall services, which are as follows:

Customer Care - They provide a free detailed guide that educates investors about the mechanics of IRA investments and how to set them up through comprehensive consultations. Not only do they provide step-by-step instructions but also answer inquiries timely and provide constant support. They also assist you in rolling over IRAs and 401(k) into precious metals.
Real-Time Gold Price Charts - This feature helps investors evaluate their precious metals' performance and how the price of precious metals changes with time.
Latest News About Precious Metals - This provides perspective to investors about the latest updates on precious metals and their performance in the market. It also guides people in their decisions to continually invest in precious metals.

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Price Protection Policy of American Coin Co.

It can’t be avoided that the prices of precious metals fluctuate from time to time. When they do decline, it’ll pose a problem to the investor. Thankfully, American Coin Co. provides a way to combat this issue with its convenient Price Protection Policy.

Basically, this allows investors to recover the difference between the metals’ prices on qualified accounts if the decline occurred within seven days of your purchase. They quickly deliver more metals to you to compensate for the difference.

Because of this vital service, investors feel more at ease knowing that their investments are protected from market decline.

Prices and Fees

As you navigate American Coin Co.’s website, you can see that the prices are not shown; there are only specifications about each product. The lack of product prices might inconvenience potential customers since it will be difficult for them to gauge their options compared to other companies.

Meanwhile, the minimum requirement for cash transactions is $2,000 and $10,000 for IRA investments.

In terms of fees, the company states that most clients are entitled to their free lifetime services. Also, they don’t charge extra for opening and funding an IRA with their preferred custodian, Accuplan, for 1-10 years, and they have no fees for management and account services.

For shipping, the company guarantees free and fully insured shipping every time you buy precious metals.

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How To Start An IRA With American Coin Co.?

Getting into an investment can be a confusing process, especially for beginners. Luckily, American Coin Co. designed a hassle-free process of setting up accounts that don’t incur taxes and penalties, so clients are comfortable and well-informed. Should you decide to open an IRA with them, you only need to follow these steps:

Consultation with a professional - The client will be taught how to open an IRA with an esteemed custodian and other concerns. The client can also ask whatever questions he/she has during this stage.
Open an IRA - After explaining the process, they will evaluate if you qualify. If so, the team will open your self-directed IRA.
Find out your source of funding - You can transfer funds from existing retirement accounts such as 401(k) or IRA to your new account or use cash instead. You can seek assistance from a rollover specialist to get through this step.
Buying precious metals - Explore and determine which precious metals you plan on investing in. You may also ask for advice from your account manager about which metals to buy.
Designate a depository - Your precious metals will be delivered to your chosen reputable custodian, who will securely store them. If you want to arrange home storage instead, you must be well-versed in IRS rules on IRA asset storage and follow the requirements.

Take note that when you opt for a cash transaction, the whole process, from talking with their team to delivery of the metals, will only take about 24 hours. If you choose the transfer or rollover option, it may take longer, depending on your financial status. The paperwork itself will take about 15-30 minutes.

Reviews and Ratings

As mentioned, American Coin Co. is a new precious metals firm, so it’s understandable why it doesn’t have a record yet from well-known review sites such as the Better Business Bureau (BBB), Trustpilot, and Business Consumer Alliance (BCA).

There is only one review from Consumer Affairs, and the customer gave the company 5 out of 5 stars. The investor stated that American Coin Co. excels in customer service. They go above and beyond to assist investors and are extra patient with answering questions.

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American Coin Co. Pros

No management fees for account services
Zero custodial fees for 1-10 years with their trusted custodian
Freedom to select any storage facility
Free shipping and insurance for every order
Price Protection Policy
Convenient Buyback program
Accommodating and knowledgeable customer service

American Coin Co. Cons

Products’ prices are not shown on their website
No online buying
Limited precious metals selection
Minimum of $10,000 to open an IRA

American Coin Co. Review FAQ

1. Does American Coin Co. have a buyback program?

Yes, they have a hassle-free and transferrable buyback program. They offer the current market value when repurchasing precious metals from their customers. It’s important to note that this program has restrictions, so it’s best to consult with their team.

2. Where can I deposit my precious metals from American Coin Co.?

You can choose among the four depository locations of American Coin Co., which are in California, Nevada, Delaware, and Utah. But, if you prefer to have your precious metals delivered to your home, you’re also allowed to; just beware of certain IRS rules.

3. Am I allowed to check my precious metals physically?

American Coin Co. allows you to visit your chosen depository and hold your investments.

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Conclusion

Despite only operating for less than two years, American Coin Co. is already showing signs of being a decent precious metals investment choice. With their customer-centric approach, investors will surely appreciate being valued and educated so they will understand the extent of their investments and their future.

As of now, they lack reviews. But if they continue to provide exceptional services and expand their product offerings, they will be covered in customer reviews and ratings and even recognized by review sites. Even so, some people will still show dissatisfaction for whatever reason. When this happens, you need to pay attention to how they provide solutions to each problem.

Even if American Coin Co. still has a long way to go, you can already choose to invest in them now. You can give this newcomer a shot; maybe it’s the precious metals company that will suit you best.

Thank you for reading my American Coin Co. review! Hopefully, it has given you insights that will be helpful in your investment decisions.

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Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.