What is Bullion Shark? A scam or a legit company? What products and services does this company offer? Are its customers happy or are they disgruntled? Join me in today’s review in which we shall examine several items pertaining to Bullion Shark to help you decide whether it is one worth working with, or one you should stay away from.
Name of the company: Bullion Shark
Official Website URL: https://bullionsharks.com/
Who is it for: Gold & Silver Coin Collectors & “Rare Coin” Enthusiasts
Overall Rating : (3.7 / 5)
IMPORTANT! (before we go into more details of this review)
We strongly recommend that you ALWAYS do your own research before you invest with a gold dealer company. There are so many reviews online of clients being ripped off and scammed. So please investigate thoroughly and compare different alternatives before you make your decision.
One example: 99.9% got very “pushy and salesy” people who terrorize and stress you into a sale.
You will experience none of that with our #1 Recommended Gold & Silver (Professional) Solution
+They give you a guarantee to buy back your metals to the highest price
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You are an intelligent person, so am absolutely sure that you will understand very fast
what other benefits im talking about, once you have seen what they got to offer to you.
==> Also see: Our Top-5 List of Precious Metals IRA Companies on this page
With that being said, let´s continue with the review on Bullion Shark!
What is Bullion Shark?
Bullion Shark is a precious metal dealer firm established in 2014 to meet the needs of customers looking for a wide array of bullion, modern and classic rare coin products. Those who need the products this company puts up for sale can have a look at the inventory on the eBay store, official website, and their retail outlets. Bullion Shark seems to be more focused on the selling of collectibles than the selling of bullion. With the help of the numismatic staff that this company has hired, you can purchase coins under the following categories:
- Classical rare coins
- Modern rare coins
- Shipwreck coins
- Collectible coins
- Gold & silver bullion coins
- Other unique coins
Note that you can also contact or visit this company if you need to sell the coins or products that fall under any of the above-listed categories.
If you are thinking about opening a gold IRA, then you may have come across the rule that you cannot add collectibles to your portfolio. Bullion Shark seems to have a limited supply of the products that you can add to your IRA and seems not to have any outstanding or robust IRA services.
This company’s approach to marketing collectible coins is quite worrying, to anyone who has an idea about how such investments work. They tell customers that their products have the potential for growth over time, which is true, but they also downplay the risk factors associated with the said products. We shall, however, look at what their customers say about the nature of their products and pricing later on in the review.
**Please be aware of the common nummismatic coins scam taking place
Products offered by Bullion Shark to its customers
According to this company’s official website, customers can purchase and sell the following products:
1. Modern Rare Coins
- Morgan and Peace Dollars
- Silver Eagles
- Gold Buffalo Coins
- Platinum Eagles
- American Gold Eagles
2. Classic Rare Coins
- Half Cents
- Three Cent Nickel
- Two Cent Piece
- Half Dollars
- Pre-1933 Gold
- Silver Bullion – silver bullion bars, coins, and rounds.
- Gold Bullion – gold bullion bars, coins, and rounds.
4. Ancient and Shipwreck Coins
- Roman Coins
- Shipwreck Coins
- Greek Coins
- Byzantine Coins
- Biblical Coins
5. Collector Sets
- Collector Albums
Does Bullion Shark Ship the Products to Customers?
Yes. Bullion Shark ships the products that its customers purchase, according to the outlined shipping policies on its official website. Customers are responsible for meeting the applicable taxes, as well as shipping and handling charges. Each package requires a customer’s signature if it is over $250 in value. The good thing is that all of the shipments from this company are fully insured.
If your packages get lost during transit, the loss is covered by the insurance policy. The company does not, however, accept responsibility for any negligence on the part of the customer, say in the provision of the wrong shipping details, or the loss that comes after the placing of a request for the products to be picked by a third party.
Note that upon the loss or damage of the shipped items, Bullion Shark takes it upon itself to file the claim on your behalf. The right to re-ship the products or to refund your money is at this company’s discretion.
- All domestic orders above $99 are eligible for free shipping.
- The shipping process may take up to 30 days from the time you complete shipping
Does Bullion Shark offer IRA Services?
There is no evidence that Bullion Shark offers IRA services of any kind whatsoever. With most companies that provide IRA solutions, you do not have to guess whether the services are offered or not, since they are clearly advertised on their official website.
All you can tell by looking at Bullion Shark’s official website is that it is a precious metal dealer that is serving customers who would need the said services.
Does Bullion Shark offer Storage Services?
There is no evidence that Bullion Shark offers storage services for those who would need to store their precious metal items. As already highlighted, this company is mainly concerned with the buying and selling of precious metal products through their various channels. There is a structured shipment process that caters to the flow of products from Bullion Shark to the customers, and vice versa, which means that the customers barely have the need to have Bullion Shark store the products.
Besides, the IRS does not necessitate coin collectors to hold their coins in any type of special storage. If you are, however, purchasing any products for the purposes of investment through a gold IRA, you must place the products in an IRS-approved precious metal depository. Bullion Shark does not have an IRS-approved depository that you can use to achieve this objective.
Which payment methods are allowed by Bullion Shark?
Bullion Shark requires that customers pay for all their products using any of the following payment options:
- Credit card
- Debit card
- Bank wire
- Personal check
- Certified check
- Cashier’s check
- Money order
Depending on the amount of your order, this company can request you to provide additional documentation for all credit card orders you make.
Also, it is worth noting that Bullion Shark stipulates that they have a right to hold customers’ checks or money orders for up to 10 days prior to the products being shipped. The holding period can be extended to 45 days if they detect that the customer is attempting to commit fraud.
Is Bullion Shark a Scam or Legit?
Bullion Shark is, in my opinion not a scam, it is a legit business. The fact that it is a Better Business Bureau-accredited business means that it is one that you can turn to if you are looking for a precious metal dealer to sell you any of the products that it offers. With its A+ rating, then you can count on this company to deliver professional services to you. Bullion Shark has only had 3 complaints in the last three years, and zero complaints in the last 12 months, which means that it is striving to serve its customers in the best manner possible.
This is also reiterated in its Facebook reviews, where Bullion Shark has an overall rating of (4.3 /5 ) stars, which is fairly good by this industry’s standards. The fact that there are several companies that are already averaging at (5 /5) stars across all consumer trust sites means that there is still room for improvement.
Looking at other consumer trust sites, you can tell that a good number of customers are not very happy with the way they were served. Below is an example of a consumer complaint on US-Reviews
“I have had problems with them several times. In 1 auction they sent me the wrong coin and even after I sent the wrong coin back, at my expense, they sent me a coin that was not graded.
Then to be an idiot, I won five coins in an auction and had to call and email, over a month later, they said they would send the coins priority mail. I’ll see in a few days if I receive them.
The above review is an example of how bad things can go with this company, hence the need to consider other more effective and reliable firms ( with a proven track performance track record).
Here is another complaint on BBB from a customer who was not treated in the best way by the Bullion Shark staff :
“ I purchased coin sets from them and received the boxes damaged and the coins were out of the designated location of box (this brings the value of coin down significantly). I tried reaching out to the company for a week and they refused to speak to me over the phone because they said it was for sales calls only and they only do contact through email.
When I was finally able to get ahold of them they said they would send me a packaging return slip and take care of it. Then I was never able to receive the slip and have tried numerous times to get ahold of them and they are blowing me off by not responding at all.”
Better Business Bureau – (3.7 / 5)
Facebook – (4.3 / 5)
Pros and Cons
- A+ rating on BBB
- Large collector coin collection
- No storage services
- Does not offer IRA services
- Free shipping on orders above $99 (domestic packages)
- Many negative complaints
Do You Own or Represent Bullion Shark?
If you are a representative, or associate of Bullion Shark and have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an email to firstname.lastname@example.org.
Final Words and Verdict
Verdict: Legit ( but not highly recommended)
Overall Rating: (3.7 / 5)
Bullion Shark has many reviews, both positive and negative, which in my opinion leaves any potential customer with mixed feelings about how reliable or dependable they are. There are several reports of their customers’ items being mishandled, which goes a long way to show that this company may be lacking in terms of efficiency.
Also, the fact that you may have to wait for 30 days for your items to get to your preferred address may be quite an inconvenience. Whereas you may not have a problem with waiting for that long to receive your items, you may be frustrated if you receive them in a terrible state and you have to wait for Bullion Shark to either refund your money or send the right items to you.
It is better to work with a company that has positive customer reviews so that you know what you are working with.
I mustn’t also forget to highlight that this company is mainly best suited to serve coin collectors, not investors who are looking for assets to add to their gold IRAs. Whereas Bullion Shark has some gold and silver products that can be added to a gold IRA, they are of a limited variety, which is something that can ultimately affect the quality of your portfolio.
Although Bullion Shark is a decent company, you can be more certain that you are getting a better deal by working with companies such as the ones recommended below.
Thank you for making it to the end of this review in which we have looked at what Bullion Shark is all about. I hope that you found it helpful and that it will guide you to make the right decision as far as choosing a reliable precious metal dealer is concerned. Let me know if you have more questions with regards to today’s review – drop them in the comments section so that I can get back to you ASAP.
I wish you well,
Eric, Investor and Team Member at Gold Retired!