Knowing how to check if a bullion dealer is legit before you buy is one of the most important steps you can take as a precious metals buyer. Bullion dealers are not regulated at the federal level, which means the responsibility for vetting who you buy from falls entirely on you. The good news is that a few straightforward checks tell you most of what you need to know.
Reputable dealers affiliate with recognized industry organizations because those memberships require them to meet and maintain ethical standards. The American Numismatic Association (ANA) is one of the most respected in the hobby and investment space. The Industry Council for Tangible Assets (ICTA), now operating as the National Coin and Bullion Association, is the national trade association for precious metals dealers and educates members on compliance with federal and state laws. Membership in either signals a dealer who is engaged with the professional community and operating within established guidelines.
Working relationships with PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Company) are worth noting, particularly if you plan to buy graded or collectible coins. These are the two most trusted third-party grading services in the industry. A dealer with established ties to both has submitted to a level of professional scrutiny that casual or fraudulent operations simply do not.
An A+ rating with the Better Business Bureau is one of the clearest public signals of how a dealer handles customer issues over time. Look not just at the rating but at how long the dealer has maintained it and whether complaints, when they exist, have been resolved. Business longevity matters too. A dealer that has operated under the same name for years, with a verifiable physical address, is far more likely to be legitimate than one with a thin or inconsistent history. State licensing is another layer worth checking. Monument Metals holds a Maryland Secondhand Precious Metal Object Dealer and Pawnbroker license and complies with all regulations under Maryland Business Regulation Title 12, including daily transaction reporting, item holding periods, and record-keeping requirements as administered by the Maryland Department of Labor and local law enforcement.
Reviews on a dealer's own website tell you very little. Search for the dealer's name on Google, Trustpilot, ShopperApproved, and Reddit. Look for patterns across a large volume of reviews over time. Consistent feedback about delayed shipments, pricing discrepancies, or poor customer service is more meaningful than any single complaint. A dealer with thousands of reviews and a rating of 4.8 or higher on an independent platform has a track record that is hard to fake.
Third-party recognition like placement on a fastest-growing businesses list is another data point worth considering. It reflects sustained operational performance, not just marketing. A dealer consistently growing year over year is one with repeat customers and a functioning business model behind it.
Every bullion product sells above spot price. That premium covers minting, handling, and the dealer's margin. What separates legitimate dealers from problematic ones is whether that premium is visible upfront on the product page. If fees appear for the first time at checkout, or the total shifts significantly from what was quoted, that is a red flag. Reputable dealers show you the spot price and the premium together, clearly, before you add anything to your cart.
No legitimate dealer can sustain a business by selling gold or silver at or below spot. If an offer looks dramatically lower than what other established dealers are showing, it is almost always a sign of hidden fees, counterfeit products, or a dealer who will take your payment and disappear. Compare prices across two or three known dealers before buying. One quote that sits far outside the normal range deserves serious skepticism.
A reputable dealer ships orders in discreet, unmarked packaging with full insurance and tracking from the moment your order leaves their facility. You should receive a shipping confirmation with a tracking number and be able to monitor your order in transit. Most established dealers process and ship within a predictable window and will tell you upfront what that timeline looks like before you pay.
An occasional delay tied to unusually high demand or a specific product shortage is not unusual in the bullion industry. What is unusual is a dealer who cannot tell you when your order will ship, offers vague explanations repeatedly, or goes quiet after payment is received. In several high-profile dealer failures, chronic shipping delays were the first warning sign buyers reported before the business collapsed entirely. If a dealer is consistently slow to ship without explanation, that is worth investigating before you place another order.
Legitimate dealers give you time to make a decision. Urgency around supply, price spikes, or limited windows is a sales tactic, not a market reality. Be especially cautious of dealers who push high-premium collectible or numismatic coins over straightforward bullion. That is a common setup for overcharging buyers who do not yet know what fair pricing looks like.
Established bullion dealers do not cold-call buyers or send unsolicited investment offers. If you receive an unprompted call or email from someone claiming to be a precious metals dealer, do not engage. This is one of the most common entry points for fraud in the industry, particularly targeting people looking to move retirement savings into self-directed IRAs.
Any dealer worth buying from will have a real physical address, a working phone number, and responsive customer service. A website with no address, only a P.O. box, or that goes quiet after payment is sent is a serious warning sign. Before placing a large order with any dealer, contact their customer service team first. How they respond tells you a great deal about how they operate.
Monument Metals is a member of the American Numismatic Association and the Industry Council for Tangible Assets, maintains an A+ rating with the Better Business Bureau, and holds working relationships with both PCGS and NGC. We have been named to the list of America's Fastest Growing Companies three years running, from 2022 through 2024, and carry a 4.9 rating on ShopperApproved based on verified customer reviews. Our physical location in Frederick, Maryland is open to the public, and every product page on our site shows the current spot price and premium clearly before checkout. Browse our full selection of gold, silver, platinum, and palladium to get started.
Look for membership in recognized industry organizations like the American Numismatic Association or the Industry Council for Tangible Assets, an A+ BBB rating, strong verified reviews on independent platforms, and transparent pricing on every product page. A legitimate dealer will also have a verifiable physical address and a clear, published buyback policy.
There is no single federal regulator overseeing bullion dealers. The U.S. Commodity Futures Trading Commission publishes fraud advisories and has jurisdiction over certain leveraged precious metals transactions, but most standard bullion purchases fall outside its direct oversight. That is why doing your own research before buying is so important.
Prices significantly below market value, fees that appear for the first time at checkout, high-pressure sales tactics, unsolicited outreach, and no verifiable physical address are the most common warning signs. Any dealer who pushes collectible or numismatic coins over standard bullion without a clear reason deserves extra scrutiny.
Very. Reviews on independent platforms like Google, Trustpilot, and ShopperApproved are far more reliable than testimonials on a dealer's own site. Look for volume, consistency, and how the dealer responds to negative feedback over time. A dealer with thousands of verified reviews and a high average rating has a track record that carries real weight.
A dealer willing to buy back what they sell is one who stands behind their products and expects to maintain a long-term relationship with you. Ask about buyback terms before your first purchase. Clear, published buyback pricing is a sign of a dealer operating transparently. Evasiveness around buyback terms is worth paying attention to.