Long Island Rare Coins: Unique Highlights Overview
Long Island Rare Coins & Currency, located in Massapequa, New York, is a distinguished numismatic firm with over 50 years of experience in the industry. Here are some unique highlights that set them apart:
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Extensive Experience and Leadership
- Founder: Owned and operated by Buddy Alleva, a major wholesaler in the numismatic industry for over five decades.
- Professional Affiliations: Buddy has been a member of the Professional Numismatic Guild (PNG #441) since 1989, underscoring his commitment to ethical standards and professionalism in numismatics.
Transition from Wholesale to Retail
- Initially major wholesalers, they have expanded their services to offer collectors the high-quality merchandise previously available only to dealers, providing access to a vast inventory of rare coins and currency.
Commitment to Authenticity and Quality
- Dedicated to providing authentic and high-quality numismatic items, ensuring customer confidence in their purchases.
Personalized Services
- Want List Assistance: Offers personalized assistance in locating specific coins or assembling collections, catering to individual collector needs.
- Customer-Centric Philosophy: Operates with a simple business philosophy: “Treat people the way we want to be treated,” emphasizing respect, honesty, and professionalism in all interactions.
Diverse Inventory
- Provides a wide range of numismatic items, including U.S. and foreign coins, currency, bullion, and commemoratives, appealing to both novice and seasoned collectors.
Industry Recognition
- Buddy Alleva has been honored for his work in combating counterfeiters, reflecting the firm’s dedication to maintaining the integrity of the numismatic market.
Who are the People Behind Long Island Rare Coins?
Long Island Rare Coins & Currency, located in Massapequa, New York, is owned and operated by Buddy Alleva, a prominent figure in the numismatic industry with over 50 years of experience.
Buddy Alleva
- Professional Affiliations: Buddy has been a member of the Professional Numismatic Guild (PNG #441) since 1989, underscoring his commitment to ethical standards and professionalism in numismatics.
- Industry Recognition: He was honored with the Sol Kaplan Award for his efforts in combating crimes against the numismatic community, particularly for assisting federal law enforcement in identifying counterfeit coins entering the U.S.
Staff and Operations
Buddy is supported by a competent team dedicated to providing high-quality numismatic items and exceptional customer service. The firm transitioned from being major wholesalers to offering collectors the merchandise they previously wholesaled, emphasizing a business philosophy of treating people with respect, honesty, and professionalism.
Does Long Island Rare Coins Offer IRA Services?
Yes, Long Island Rare Coins & Currency offers services to help clients incorporate physical precious metals into their retirement portfolios through Self-Directed Individual Retirement Accounts (IRAs). Here’s an overview of how their Precious Metals IRA services work:
Establishing a Precious Metals IRA
- Open a Self-Directed IRA: Begin by selecting a Self-Directed IRA custodian that permits investments in physical precious metals. Long Island Rare Coins can recommend reputable IRA custodians and provide the necessary paperwork to facilitate the process.
- Fund Your Account: Transfer or roll over funds from an existing retirement account, such as a Traditional IRA, Roth IRA, 401(k), 403(b), or Thrift Savings Plan (TSP), into the new Self-Directed IRA. Long Island Rare Coins’ representatives assist with preparing the necessary forms and initiating the process to ensure compliance with IRS regulations.
- Select Approved Precious Metals: Work with Long Island Rare Coins to choose suitable precious metals that meet IRS fineness requirements for IRAs. They offer a range of IRA-approved products, including gold, silver, platinum, and palladium coins and bars.
- Purchase and Storage: Once the IRA is funded and metals are selected, the IRA custodian will facilitate the purchase. The acquired metals must be stored in an approved depository to maintain the tax-advantaged status of the IRA. Long Island Rare Coins can coordinate with depositories to arrange secure storage.
Liquidation and Buyback Services
If you decide to liquidate or take a distribution from your Precious Metals IRA, Long Island Rare Coins offers a straightforward buyback program:
- Contact: Reach out to their buying specialists at 1-866-355-2646 to discuss the metals you own and receive current buyback prices.
- Paperwork and Shipping: They will provide the necessary paperwork for liquidation or distribution and offer shipping instructions to ensure your metals are safely transported to their facility or a depository.
- Inspection and Payment: Upon receipt and inspection of your metals, a specialist will lock in the price based on current market rates. Payment is typically issued within 1-2 business days via check or bank wire.
Benefits of a Precious Metals IRA
- Diversification: Including physical precious metals in your retirement portfolio can provide a hedge against inflation, currency devaluation, and stock market volatility, potentially enhancing the portfolio’s overall stability.
- Tax Advantages: Investing in precious metals through an IRA can offer tax-deferred or tax-free growth, depending on the type of IRA. Profits from the sale of metals within the IRA are not taxed until distributions are taken.
Considerations
- IRS Regulations: Ensure that all transactions comply with IRS rules regarding precious metals IRAs, including restrictions on the types of metals allowed and storage requirements.
- Custodian and Storage Fees: Be aware of any fees associated with the IRA custodian and the storage depository, as these can impact the overall returns on your investment.
What Products Can You Purchase at Long Island Rare Coins?
Long Island Rare Coins & Currency, based in Massapequa, New York, offers a diverse selection of numismatic items and precious metals to cater to both collectors and investors. Their product offerings include:
Bullion
- Gold Bullion: Available in various forms, including coins and bars, suitable for investment purposes.
- Silver Bullion: Offering silver coins and bars for those interested in diversifying their portfolios.
- Platinum and Palladium Bullion: Providing options for investors seeking exposure to these less common precious metals.
U.S. Coins
- Colonial Coins to Nickels: A range of coins from the colonial era up to nickels, appealing to historical coin enthusiasts.
- Commemoratives (1893 to Date): Special coins minted to commemorate significant events or figures, spanning from 1893 to the present.
- Half Dimes to Half Dollars: Various denominations catering to diverse collecting interests.
- Silver Dollars (1794-1935): Historic silver dollars from this period, valued by collectors for their historical significance and rarity.
- U.S. Gold Coins ($1 – $20): Gold coins in various denominations, offering both numismatic and intrinsic value.
Currency
- Large Size Currency: Early U.S. paper money, larger in size compared to modern notes, often sought after by currency collectors.
- Small Size Currency: Modern-sized notes, including various denominations and series.
- National Bank Notes: Currency issued by national banks, bearing unique historical and regional significance.
- Error & Miscellaneous Notes: Currency notes with printing errors or other anomalies, which are often rare and highly collectible.
Specialized Items
- GSA Dollars: Silver dollars distributed by the General Services Administration, often in original government packaging.
- Patterns, Territorial Gold, Breen & VAM Varieties: Specialized and rare items for advanced collectors, including pattern coins, territorial gold pieces, and specific die varieties.
Foreign Coins
- A selection of international coins, offering collectors the opportunity to explore numismatic items from around the world.
Error Coins and Miscellaneous
- Coins with minting errors or other unique characteristics, appealing to collectors interested in anomalies.
Featured Products
- A curated selection of notable items, which may include rare finds, high-grade specimens, or items of particular interest.
Long Island Rare Coins Fees and Pricing:
Long Island Rare Coins & Currency, based in Massapequa, New York, offers a diverse range of numismatic items and precious metals. While specific details about their fees and pricing structures are not extensively detailed on their website, here is an overview based on available information:
Product Pricing
- Competitive Market Rates: The pricing of items such as rare coins, bullion, and currency is influenced by current market values, rarity, condition, and demand. Long Island Rare Coins strives to offer fair and competitive prices for both buyers and sellers.
- Featured Products: Their website showcases a selection of featured products with listed prices, providing transparency for potential buyers. For example, a 1936-D 5C Buffalo Nickel CACG MS66 is listed at $200.00.
Buying and Selling
- Appraisals and Offers: For individuals looking to sell coins or collections, Long Island Rare Coins provides appraisal services. They assess items based on factors like rarity, condition, and market demand to make fair offers. Customer testimonials highlight their honest evaluations and fair pricing.
- Customer Satisfaction: The company emphasizes a customer-centric approach, aiming for complete satisfaction. They offer an unconditional money-back return privilege on all normal transactions, reflecting their confidence in the quality and authenticity of their products. citeturn0search6
Additional Considerations
- Market Volatility: Prices for precious metals and rare coins can fluctuate due to market conditions. Long Island Rare Coins endeavors to provide accurate and fair pricing, but during times of market volatility, prices may vary.
- Consultation Recommended: For specific pricing inquiries or detailed information about fees, it’s advisable to contact Long Island Rare Coins directly. Their knowledgeable staff can provide personalized information tailored to individual needs.
What Do Long Island Rare Coins Reviews Say?
Long Island Rare Coins & Currency, located in Massapequa, New York, has garnered a range of reviews across various platforms. Here’s a summary of their ratings and customer feedback:
Chamber of Commerce
- Rating: 4.9 out of 5 stars, based on 48 reviews.
- Customer Feedback: The majority of reviews are highly positive, praising the professionalism, fairness, and expertise of the staff. For instance, a reviewer from July 2023 mentioned a “brilliant experience” and appreciated the availability of items both in-store and online.
Yelp
- Rating: 5 out of 5 stars, based on 2 reviews.
- Customer Feedback: While limited in number, the reviews commend the company’s knowledgeable staff and quality service. A 2021 review highlighted satisfaction with the appraisal and purchase process.
Google Reviews
- Rating: Not available.
- Customer Feedback: Specific Google reviews were not found in the available sources.
Overall, Long Island Rare Coins & Currency has received predominantly positive feedback, particularly on platforms like the Chamber of Commerce and Yelp, where customers have praised their professionalism and quality service. However, the limited number of reviews on some platforms suggests a relatively low online presence. Potential clients may consider visiting the store or contacting them directly to form their own assessment.
Why aren’t There Many Long Island Rare Coins Complaints?
The relative scarcity of complaints about Long Island Rare Coins & Currency can be attributed to several factors that reflect the company’s commitment to quality, transparency, and customer satisfaction. Here’s an in-depth look:
Long-Standing Reputation and Experience
- Established History: With over 50 years in the numismatic industry, Long Island Rare Coins has built a solid reputation for integrity and professionalism. Their experience allows them to handle transactions smoothly, reducing the likelihood of customer dissatisfaction.
- Industry Recognition: The owner, Buddy Alleva, is a member of the Professional Numismatic Guild (PNG), which enforces ethical business practices. His recognition and leadership contribute to trust in the business.
Ethical Business Practices
- Commitment to Integrity: Long Island Rare Coins operates under the motto “Treat people the way we want to be treated,” ensuring honesty and respect in all transactions. This customer-centric philosophy minimizes disputes.
- Money-Back Guarantee: The company offers an unconditional money-back return privilege on normal transactions, demonstrating their confidence in the quality of their products and their willingness to resolve any issues amicably.
Expertise and Professionalism
- Knowledgeable Staff: The team’s expertise in numismatics allows them to provide accurate appraisals, fair pricing, and reliable guidance to clients. This ensures that customers feel confident in their purchases and sales.
- Personalized Services: From helping collectors build custom collections to offering appraisals, the company’s tailored approach meets diverse customer needs, reducing potential complaints.
High-Quality Products
- Authenticity Assurance: Long Island Rare Coins is committed to providing authentic and high-quality numismatic items, which prevents issues related to counterfeit or misrepresented products.
- Diverse Inventory: Their extensive selection of U.S. coins, currency, and bullion caters to a wide range of interests, ensuring clients find products that meet their expectations.
Transparency in Transactions
- Fair Pricing: The company emphasizes competitive and transparent pricing, ensuring that clients understand the value of their purchases or sales.
- Educational Approach: By educating clients about the numismatic and precious metals market, they foster trust and clarity, reducing misunderstandings.
Effective Handling of Issues
- Proactive Resolution: In the rare instances where issues arise, Long Island Rare Coins likely addresses them promptly and effectively, preventing escalation to formal complaints.
- Focus on Satisfaction: The company prioritizes customer satisfaction, as reflected in their positive reviews and return policies.
Selective Clientele
- Experienced Collectors: The business primarily serves collectors and investors who understand the industry, leading to fewer misunderstandings or unrealistic expectations.
- Word-of-Mouth Referrals: Much of their business may come from referrals, which tends to bring in clients who already trust the company.
Limited Online Presence
- Fewer Online Reviews: The relatively low number of online reviews may also contribute to the perception of fewer complaints, as dissatisfied customers are less likely to leave feedback online.
- Local Business Focus: As a locally focused business, much of their clientele may interact directly with the store, resolving issues in person rather than online.
The combination of ethical practices, high-quality products, personalized services, and a commitment to customer satisfaction has likely contributed to the scarcity of complaints about Long Island Rare Coins & Currency. Their proactive approach to addressing concerns and building trust with their clients ensures a positive experience for most customers.
Are There Any Long Island Rare Coins Lawsuits?
No.
We didn’t find any lawsuits involving this coin dealer.
Certainly, that’s a great sign. It indicates they are a reliable company with no blemishes on their long track record.
Can You Trust Long Island Rare Coins? Is Long Island Rare Coins Legit?
Yes.
They are a legit enterprise with plenty of positive reviews online.
Whenever you’re curious about the reliability of any gold IRA company, you can keep the following tips in mind:
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.
Long Island Rare Coins Review Summary:
Overall, Long Island Rare Coins appears to be a reliable choice for any numismatist.
If you have any questions or thoughts on this company, let us know in the comments.
We’d love to hear from you.
