The Money Changer
1. How do I set the price of the gold I buy and how do you send confirmation?
• Customers call the company, and an account executive will quote a price for gold at the time of the conversation. The executive will then draw up a contract locking in the price of the purchase while the customer is on the phone, and the executive will give the customer the contract number. They also only sell gold to customers outside of Tennessee.
2. What are the payment methods? Do you charge sales tax?
• Personal check, money order, or bank wire.
3. What does shipping cost?
• Free on orders over 10 ounces, less than 10 ounces it’s $25.
4. Do you offer shipping insurance and how much does it cost?
• Yes, it’s included in shipping.
5. What is your typical delivery time and what are the options?
• Generally, customers will receive their orders about four weeks after the buyer contract is drawn up.
6. What if my coins are lost during shipping?
• The company files a claim with the post office, and once they receive the funds, they replace your order.
7. What is your current dealer’s premium on a 1oz gold eagle? Are there any bulk discounts available?
• 7.3%. Yes, but on a case-by-case basis. They also grant discounts if you have purchased with them previously.
8. Are my purchases reported to any government agency?
• In most cases, no. The company must report to the IRS any single purchases over $10,000. The company cannot breakdown a single transaction into multiple transactions to avoid reporting.
9. Will you store my purchase? If so, what are the fees?
• Not at this time.
10. What are the hours for your telephone support?
• 10-5 CST.
11. If I have questions, is it best for me to call or email?
• Email, but phone calls are answered more quickly.
12. Do you buy gold coins and what is your current premium and/or discount to sell to you?
• Yes, they buy coins.
13. How do I ensure delivery when shipping coins I sell back to you?
14. Who is the owner of your company? How long have they been with the company?
• Franklin Sanders, who started the present company in 1998.
Review: Franklin Sanders has been selling gold and silver since 1980 and has developed a spirited following. His business has an A+ rating with the Better Business Bureau and has not received a complaint since registering in 1998. For investors who can overlook the style of his website, which I can only describe as “cowboy” in nature, this may be a worthwhile option. Mr. Sanders is fairly takes awhile to respond to emails, but the traders who work for his office are very friendly and patient. The fact that Money Changer relies on verbal agreements between customers and traders makes customers feel that they are appreciated and trusted. However, the company’s premiums for gold eagles is high and above the industry average. They also do not offer any discounts when buying coins and in fact buy them slightly below market value. Although the company offers excellent service, it may not be the best option for investors seeking a deal.
P.O. Box 178, Westpoint, TN 38486