What is Penny Pincher Coins & Estates?
Penny Pincher Coins & Estates began as an online dealer of coins and currency in 2007.
It expanded into a “clicks and mortar” business over time, opening its first physical store in Fairfax, VA, in 2013. The 1,100-square-foot showroom was open to the public on specific days, with additional hours set aside for collection sales and appraisals.
Penny Pincher Coins increased its reach in 2019 by launching PennyPincherAuctions.com, an engaging online auction platform for collectable coins and currency located in Great Falls, Virginia. By 2021, the company’s website would have been updated to include real-time pricing for popular gold and silver bullion products.
Penny Pincher Coins claims to have established its team and maintained a presence at national and regional coin events despite major shifts in the rare coin industry over the last 14 years.
Customers can go through their offerings online at PennyPincherCoins.com for bullion and PennyPincherAuctions.com for collector coins and currency, or they can visit the Fairfax showroom for a wide variety of numismatic items.
- Address: 10409-A Main St., Fairfax VA 22030
- Phone: 703-383-1414
- Website: https://pennypinchercoins.com/
- Email: [email protected]
- Timings: Tuesday-Friday 11-6, Sat. 10-6
People Behind Penny Pincher Coins & Estates: CEO, Owner, Co-Founders & More
The company does not provide specific information about its management staff, although it does name its founder and current CEO, Thomas Shea. Here are some facts about him that I discovered:
Thomas Sea: Founder & CEO
Based on the information on the company’s website Thomas says, he founded Penny Pincher Coins in 2007 as an online coin and currency dealer before expanding to a “clicks and mortar” business with their first store in Fairfax, VA.
PennyPincherAuctions.com was launched in 2019 to reach a vast online audience for rare coins and currency in a fun and engaging online-only auction format. The auction house is headquartered in Great Falls, Virginia.
They re-launched its website in 2021, with live pricing of their most popular gold and silver bullion products. However, this website does not list any collectible coins or currencies.
He also stated on its website that after graduating from M.I.T., he began his career as a derivatives trader in New York, focused on gold, silver, and international currency prices.
He went to Northern Virginia in 1999 after spending several years trading over-the-counter derivatives and forward contracts on these commodities.
Further, according to his LinkedIn profile, he has previously worked for Ernst & Young as a Senior Manager and E*TRADE Financial as a Director.
In 2003, he received his MBA in Finance from the Wharton School.
Penny Pincher Coins & Estates Products: Bullion Coins, Bars, And Rare Coins
The company provides investors with a variety of precious metals, including Gold, Silver, Platinum, and Palladium.
The following are a few products provided by this company:
Gold Products
On its website, there are a total of 11 Gold Coins and only 2 Gold Bars are listed, which include:
- Canadian Gold Coins
- U.S. Gold Coins
- Chinese Gold Coins
- South African Gold Coins
- British Gold Coins
- Austrian Gold Coins
Silver Products
In addition to gold, the company offers 15 silver coins, 6 silver bars, and 1 silver round to its customers. These are:
- Canadian Silver Coins
- U.S. Silver Coins
- 2023 1oz South African Silver Krugerrand
- Any Year 30g Chinese Silver Panda
- 40% Silver Kennedy Halves $1 Face Value
- Silver Bars
Furthermore, the company presents separate categories of Platinum and Palladium Products on its website, but no products are available to purchase for investors.
Can You Invest in Penny Pincher Coins & Estates IRA?
No, Penny Pincher Coins & Estates primarily serves investors by offering coins and currency for purchase, but it does not provide IRA services. This may disappoint investors looking for an all-in-one for precious metals investments within an Individual Retirement Account (IRA).
This company fails to meet the requirements of customers who want to open a gold IRA account. Instead, investors looking for gold IRA choices can look into options and work with companies that specialise in facilitating gold IRAs.
It’s important to understand that the process of setting up a gold IRA includes choosing a reputable IRA custodian or trustee.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a significant decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer in your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
Penny Pincher Coins & Estates Fees and Charges: Do they overcharge?
Penny Pincher Coins & Estates offers the following information-related fees and charges, which are not enough for making well-informed choices and may be alarming to potential investors:
Shipping Cost
They now ship for payments from cash, wire, Zelle, or PayPal. Shipping is a flat $9.99 plus 0.50% for insurance.
Payment Options
The company states that they accept cash, wire and Zelle. If customers are local, they’ll accept checks once they do a few transactions. They also accept Paypal up to $250.
Bullion Prices
The company states that all of their Gold, Silver, Platinum, and Palladium coins are bought and sold by their actual precious metal weight times the spot price of the precious metal, plus or minus a premium.
An American Gold Eagle, has 1.0 AGW (actual Gold Weight in troy ounces) x the price of gold, for example, $1,775 + $75 premium for a total cost of $1,850.
A more complicated example would be 90% Silver American coins. The $100 Face Value of these coins has 71.5 ASW (actual silver weight in troy ounces) times the $27.50 spot price of silver plus a $2 premium for a total cost of $2,109.25 or 21.09x Face Value.
Penny Pincher Coins & Estates Reviews and Complaints: BBB, Yelp, Google
When it comes to reviews, Penny Pincher Coins & Estates has a limited number of customer reviews and ratings which could be a drawback.
Despite being in business since 2007, the company has not established an effective online presence yet.
The company has an A+ rating on the Better Business Bureau website, but no customer reviews or complaints, and they are not a BBB-accredited business.
On Yelp, Penny Pincher Coins & Estates has received a 4/5 star rating based on a total of 23 customer reviews and complaints.
The customers have mostly left positive reviews praising the staff of the company and their coin collections.
At the same time, other customers have expressed their dissatisfaction with this company, alleging that their employees were rude and provided poor customer service.
On Google, the company has received a 4.4 star rating based on of total of 68 customer reviews. Many customers have praised Penny Pincher Coins & Estates for their decent stock of collections, good prices and friendly and helpful staff.
On the other side, it is also important to note that few customers have complained about the company.
The company has received several unresolved complaints from customers. There are also several unresolved negative reviews on different platforms. Our #1 rated gold IRA company has ZERO unanswered complaints on BBB.
Is Penny Pincher Coins & Estates Legit? Should You Invest With Them?
No, I don’t recommend investing with them.
Pros:
- A+ rating on BBB
- Received many positive reviews
Cons:
- No gold IRA services
- No BBB-accredited business
I believe you have many better options than Penny Pincher Coins & Estates.
Penny Pincher Coins & Estates claims to be a trustworthy online dealer of coins and currency in 2007.
However, this company has a number of serious flaws, including not being transparent about its team members, having multiple customer complaints, and not being a BBB-accredited business.
Also, they do not offer IRA services.
All of this suggests that you should look into other companies instead.
Before you make any final decision, I recommend checking out our top gold IRA providers.
There, you will find out what the industry’s best has to offer. Also, it will ensure you make an informed decision.
Or, you can check out the best gold dealer in your state below:
Each state has its regulations and rules, so we’ve sorted and found the best Gold IRA company for each state.
Find the best Gold IRA company in your state