Great Lakes Coin Review

July 26, 2022

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Invest In Gold and Silver at Great Lakes Coin and Jewelry

If you are an investor looking to buy with cash you need to check out what's available at Great Lakes Coin. As a licensed precious metals dealer and PCGS authorized dealer you can't go wrong checking out their website or store if you're near Mentor Ohio.

Great Lakes Coin and Jewelry is owned and operated by Michael Ponsart who has been in the business of precious metals and numismatics since October 2008.

Great Lakes Coin is not a Mint. But they do offer Great Lakes Coin Hand Poured Bars. These bars are hand poured in their store and are stamped with purity and weight. Each bar is reported to be .999 purity and since they are individually poured each bar has its own exact weight stamped on the bar.

Mike at Great Lakes Coin has nearly 30 years of experience in the business and based on his Google Business Profile reviews he is knowledgeable, quick with delivery, and very helpful over the phone.

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Direct Mint Distributor

Great Lakes Coin is a Direct Distributor for several Mints in the US and abroad. To become a an authorized dealer they have to apply and get approvals. Many requirements include certain financial and professional criteria. As a distributor, they get bullion directly from the mint and therefore these coins and bars are the original first owner. Here are six Mints Great Lakes Coin is authorized to sell for directly.

Scottsdale Mint
Germania Mint
Valcambi Mint
Mason Mint
New Zealand Mint
GoldBack Mint

Other Minted Coins and Bars

These three Mints plus numerous other Mints are represented in their store. They are not distributors for these Mints but have bought or sold these products in their stores.

United States Mint
Royal Canadian Mint
Perth Mint

What Does Great Lakes Coin and Jewelry Specialize In?

Coins - Gold, Silver, Platinum, Palladium, Rare Coins
Paper Currency - Silver & Gold Certificates, Treasury Notes, & Federal Reserve Bank Note
Buying and Selling Gold and Silver - jewelry, silver, Wyoming Goldbacks, Nuggets & Shot

What Gold Coins Are Available?

American Gold Eagle 1/2 oz
American Gold Eagle 1/4 oz
American Gold Eagle 1/10 oz
British 1/10 oz Gold Britannia
Canadian 1 oz Gold Klondike Prospecting
Australian Gold Kangaroo 1 oz
Canadian 1 oz Gold Maple
Gold Buffalo 1 oz
American Gold Eagle 1 oz
Gold High Relief Liberty
American Gold Eagle 1oz 2003

What Silver Coins Are Available?

Silver Germania 1 oz
Silver Germania 2 oz
Silver Germania 10 oz
Scottsdale Mint 1/2 oz Silver Round
Scottsdale Mint 1 oz Silver Round
Canadian Mint 1 oz Silver Maple
Scottsdale Mint Cameroon Mandrill 1 oz Silver Coin
Scottsdale Mint 2021 Biblical St Paul Shipwrecked 2 oz Silver Coin
Scottsdale 2 oz Silver Round Stacker
Scottsdale Mint 2021 Fiji Terracotta Warriors 5 oz Silver Coin
American Silver Eagle Off Quality 1oz

What Additional Coins or Bars Do We Deal With?

Various Gold and Silver Coins
Various Gold and Silver Bars
Platinum Bar
Platinum Eagle Coin
Numismatic Coins - various offerings
PCGS Certified Coins
Wheat Pennies
Jefferson Nickel
Raw Coins and Rolls

Pros & Cons

Working with a local coin shop can have both advantages and disadvantages. Dealers are very knowledge have credentials and credibility. Small business owners can also provide some valuable information regarding rare coins that you might find on the internet. But downsides also exist and therefore here are a few Pros and Cons for Great Lakes Coin.

Pros

Working with local coin buyers and sellers can produce rare coins and first buy opportunities.
Experience and knowledge tend to be above average to great.
Great source for Gold and Silver CASH buyers.
Can purchase Gold and Silver from a variety of Mints.

Cons

Limited availability and selection
Cannot invest through an IRA

Is Great Lakes Coin a Credible Business?

Yes, it appears Great Lakes Coin and Jewelry is a credible business. They have a 4.3 rating on their Google Business Profile Page. I reviewed the 44 reviews on their page and it appears that the lower 1 and 2-star reviews were fake reviews. Unfortunately, the reviews were given behind a fake name and could not be verified by the owner. Therefore, it is our opinion that they would have a higher 4.75 to 5.0-star rating without these reviews.

Most reviews noted gave a glowing review of quality customer service, quick response, quick delivery, and good prices.

Great Lakes Coin is not an accredited member of the Better Business Bureau (BBB). The BBB does have 1 customer review and 5/5 stars. No customer complaints have been filed and they note the business has been in existence for 14 years.

The lack of BBB accreditation does not surprise us as many smaller businesses choose to not be a member or get accreditation due to the cost.

Similarly, Trustpilot and TrustLink do not recognize this business on their websites.

Final Thoughts

I would contend that Great Lakes Coin is a viable business and should be considered a good source to purchase precious metals from either online or in person. There does not appear to be any indication they are not trustworthy and for CASH buyers of Gold and Silver take the time to check out their product online. If you would like to get more information check out their website by clicking here.