JJ Teaparty: Unique Highlights Overview
Rare coin trader JJ Teaparty resides in Virginia. Ed Leventhal launched them in 1957 and they have been in the business for more than 65 years. The firm markets NGC and PCGS-certified coins and specializes in collectible coins.
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What is the JJ Teaparty?
Based in Virginia, numismatic coin dealer JJ Teaparty is Originally situated in Boston, Massachusetts, they entered the numismatic business in 1957.
Their respective contact details are:
617-482-2398;617-821-8430;untu-772-4245
Their contact address is likewise PO Box 69 Union Hall, VA 24176.
Ed Leventhal started the business, and it has become among the best-known names among collectors. Originally limited to one physical location, the company now conducts business online as well as developed itself as among the most known names among collectors. Originally limited to one retail location, the company is now running internet as well.
Representatives of JJ Teaparty search the US for the appropriate numismatic coins for their customers. This covers touring several gatherings and auctions.
The company has not gotten many evaluations online even though it has been in operation for more than 65 years.
Moreover, their restricted variety consists of numismatic coins, which makes them a horrible pick for any IRA investor. IRS guidelines say numismatic coins are not allowed for a gold IRA. Including them in your IRA could cause serious penalties.
If you collect numismatics, then, JJ Teaparty could be the ideal choice for you.
Who are the People Behind JJ Teaparty?
When it comes to disclosing details about its leadership team, JJ Teaparty is very open. Considering how many bullion merchants don’t, this is commendable. Businesses such as DBS Coins and Modern Coin Mart, for instance, don’t post any information about their teams on their websites.
Scott D. Sparks, President and Owner
This coin-dealing company is owned and run by Scott. The website states that among numismatic investors, he is a well-respected authority.
To learn more about the industry, Scott Sparks travels across the nation. His several businesses have all contributed to his development as a capable manager and leader.
Scott is an American Numismatic Association life member.
Comptroller, Melissa L. Sparks
Melissa has managed the records for a number of businesses. She has been involved with JJ Teaparty for a number of years.
Melissa Sparks oversees the website, emails clients, and helps clients over the phone with payments and orders. She goes to conferences, just like Scott.
Does JJ Teaparty Offer IRA Services?
No.
There are no IRA-specific parts on the company’s website, and they don’t suggest any custodians to their clients.
Only that area of precious metals investing is the focus of JJ Teaparty, which specializes in rare collector coins. Most of their products are ineligible, yet there may be a few coins in their inventory that qualify for an IRA.
What Products Can You Purchase at JJ Teaparty?
You may discover a variety of collector coins here, and the dealer specializes in unusual coins. Retirement investors may be disappointed as their website does not list any goods that are qualified for IRAs.
Because the design, rarity, and quality of each coin determine its worth, investing in rare coins differs typical IRA investment. A rare coin’s price would be determined by the individual buyer, as opposed to IRA coins, whose value is determined by the market.
When compared to IRA bullion, they are more erratic.
However, JJ Teaparty’s selection can be a great destination for you if you collect uncommon coins.
Among the noteworthy coins that can be found there are:
- The Buffalo Nickels
- Barber Dimes
- Liberty Roosevelt Dimes Standing Liberty Quarters Seated Dimes
- Half Dimes Capped on the Bust Flying Eagle Cents
- Lincoln Cents
- Draped Dimes for the Bust
- Quarters in Washington
Nickels with shields and mercury dimes
And a lot more.
Undoubtedly, their inventory is excellent for collectors and focuses on rare coins. Not so much for investors in retirement, though.
JJ Teaparty Fees and Pricing:
One nice aspect is that the coin dealer lists all of the selling prices of their goods. Many bullion merchants, including Cornerstone Bullion and Rosland Capital, do not post their pricing on their websites.
However, there is no fee-related information on the company’s website because they do not offer any IRA services.
Each of their products has a different price. Additionally, their website does not list unavailable products so you can get a sense of what you can purchase.
What Do JJ Teaparty Reviews Say?
#1. People are being taken advantage of by the gold purchasers at the mall and on television. They pay as little as 10% of the current market value and at most 50%.
Nearly twice as much as other jewelry merchants, JJ Teaparty pays 98% of the spot price. Why? They bring the jewelry they bought with cash here!
They are also a wonderful place to buy coins.
Only cash. Staff members are stern yet knowledgeable, and they quickly become friendly with well-informed and knowledgeable clients.
#2. The JJ Tea Party is fantastic!
Their precious metals prices are excellent; they only mark up the spot price by a tiny amount (I think it’s 2% or 3%).
There has always been just one person behind the counter when I have visited. I’ve never had to wait long for them to reach me, though.
With its outdated, drab wall-to-wall carpeting, strange lighting, and lackluster décor compared to other stores in the neighborhood, it doesn’t appear to be the most elegant of establishments. Who the devil cares, though? Not because they’re the most visually appealing store on the street, but rather because of their amazing selection and affordable rates, you visit stores like this one.
Why aren’t There Many JJ Teaparty Complaints?
Despite being in business for over 65 years, JJ Teaparty hasn’t gotten many online evaluations.
Five customer reviews have given their Yelp page a rating of 3.5 stars. But since 2014, there haven’t been any reviews on the profile.
The company’s honest methods are praised in the 5-star reviews. Ben, for instance, notes that JJ Teaparty pays 98% of the spot price for coins, which is twice as much as other jewelry retailers.
Are There Any JJ Teaparty Lawsuits?
As of the latest available information, there are no public records or reports of lawsuits against JJ Teaparty. This lack of litigation speaks to the company’s strong reputation in the numismatic industry and its commitment to ethical business practices. JJ Teaparty has built a solid foundation on transparency, expertise, and customer satisfaction, elements that significantly reduce the likelihood of legal disputes.
The firm prioritizes clear communication and thorough education of its customers regarding coin values, grading, and investment potential, which helps prevent misunderstandings that could lead to legal issues. Moreover, their approach to resolving customer complaints by engaging directly and effectively with any concerns further mitigates the risk of escalation to legal proceedings.
This proactive and customer-focused approach has enabled JJ Teaparty to maintain a trusted relationship with its clients and uphold a respected standing in the numismatic community, free from the complications of lawsuits.
Can You Trust JJ Teaparty? Is JJ Teaparty Legit?
Yes,
They are reputable gold dealers with vast experience.
Before working with a precious metals company, do your research.
Here are some tips to ensure a gold IRA company’s legality:
Tip #1: Check Their Regulatory Compliance and Accreditation
Check for proper licensing and registration with relevant financial regulatory bodies such as the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA).
Verify the company’s accreditation with industry organizations like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC).
It will help you check how credible they are.
Tip #2: Look into The Company’s Background
- Research the company’s history, including years in business and any name changes.
- Examine the Better Business Bureau (BBB) rating and accreditation status.
- Review customer feedback on reputable third-party review sites like Trustpilot or Consumer Affairs.
Tip #3: Does the Company Offer Good Resources?
- Assess the clarity of information provided about fees, storage options, and buyback policies.
- Evaluate the quality and depth of educational resources offered to investors.
- Verify that the company provides clear information about IRS regulations regarding precious metals IRAs.
Tip #4: What are Their Product Offerings and Pricing?
- Ensure the company offers IRS-approved precious metals for IRA investments.
- Compare pricing with other reputable dealers to ensure competitiveness.
- Be wary of companies pushing numismatic or collectible coins over bullion for IRA investments.
Tip #5: Confirm the Storage and Custodian Partnerships
Verify that the company works with IRS-approved custodians and secure storage facilities. According to IRS’ regulations, you cannot store your gold IRA’s precious metals at your home.
You’ll need a certified third-party storage provider.
Check the company’s storage and custodian partner to ensure you’re working with a reliable firm. Moreover, ensure they offer segregated storage options for your precious metals.
Segregated storage means your owned precious metals products will be stored separately from other investors’ possessions. Similarly, non-segregated storage means your products will be stored along with others.
Keep in mind that storage providers charge extra for segregated storage.
Some popular custodians include Equity Trust and Goldstar Trust.
Red Flags to Watch For in Gold IRA Companies
- Promises of guaranteed returns or claims of “secret” investment strategies.
- Pressure to act immediately or make large investments without proper consideration.
- Lack of physical address or unclear company ownership structure.
- Unwillingness to provide detailed information about fees or policies in writing.
By thoroughly evaluating these aspects, investors can make an informed decision about the legitimacy and reliability of a gold IRA company. It’s crucial to conduct due diligence and, if necessary, consult with a financial advisor before making any investment decisions.
JJ Teaparty Review Summary:
JJ Teaparty has established itself as a prominent figure in the numismatic industry, offering a specialized service to coin collectors and enthusiasts for over 65 years. From its origins in Boston to its current operations out of Virginia, JJ Teaparty has evolved while maintaining a steadfast dedication to quality, expertise, and customer service.
The company’s foundation was laid by Ed Leventhal, whose vision has propelled JJ Teaparty to become a well-respected name among collectors. This respect is further solidified by the open leadership style of Scott D. Sparks, whose expertise and active engagement in the numismatic community continue to drive the company forward. Alongside him, Melissa L. Sparks ensures meticulous management of operations and customer relations, enhancing the firm’s reliability and approachability.
JJ Teaparty’s focus on rare and collectible coins, rather than typical IRA-eligible precious metals, positions it uniquely in the market. This specialization caters primarily to numismatic collectors rather than retirement investors, which is reflected in their product offerings and business models. Their extensive inventory includes a fascinating array of rare coins that not only promise aesthetic and historical appeal but also potential financial value to discerning collectors.
The firm’s transparency in pricing and straightforwardness in transactions are key reasons why JJ Teaparty maintains a positive reputation with minimal complaints. Their commitment to providing nearly spot price payments for precious metals and offering a fair markup on purchases illustrates their customer-first approach, which likely contributes to the lack of significant online complaints or lawsuits.
In conclusion, JJ Teaparty is not just a business, but a pivotal part of the numismatic community, offering invaluable resources, expert advice, and a trustworthy platform for buying and selling rare coins. Their longstanding operation, clear communication, and customer-focused practices ensure that JJ Teaparty remains a reputable and esteemed name in the world of coin collecting.
