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Coin Collecting NewsResponse to Attorney General Lawsuit Filed Against Northwest Territorial Mint
Auburn, Washington, February 6, 2008 (revised 2-7-08)– This dispute between Northwest Territorial Mint and the Attorney General of Washington is about our policy of pricing of metals.
Furthermore, the press release issued by the Attorney General of Washington is inaccurate and deceptively misleading.
Investors from around the United States and Canada can buy and sell precious metals such as gold, silver, platinum, and palladium from Northwest Territorial Mint without having a pre-existing account.
Northwest Territorial Mint locks its clients in to the current price of metal at the time of purchase or sale.
We then expect those clients who buy from us to remit payment within two business days, or, if selling, to ship within two business days.
In case of buying from us, whence this dispute arises, clients may pay with a personal check, cashier’s check, money order, or bank wire.
To protect against bad checks or counterfeit checks, it is our policy to hold these checks ten business days after receipt.
It is our policy to ship our clients’ products within 30 days of check clearance.
All of our terms and policies are clearly stated on our web site, in the e-mail receipt we send confirming their order, the statement mailed to them, and reiterated with an e-mail after we receive their payment.
Northwest Territorial Mint sells over 2,000 different products, some of which we buy wholesale from such government entities as the U.S. Mint and the Royal Canadian Mint. Occasionally, some of the 2,000 products we carry are delayed in shipping for various reasons. It is these delays that have caused the dispute between Northwest Territorial Mint and the Attorney General of Washington.
At any time after our client purchases his metal, he may sell that metal back at current market value — even before receiving his metal. We feel this policy is fair to both our clients and Northwest Territorial Mint, as these commodities in question can be volatile at times.
The Attorney General, citing a Federal Trade Commission rule on consumer products, says that we must refund clients their original purchase price if we are late shipping clients’ metals. We feel the Federal Trade Commission rule is for consumer products and not investment products, and if we were allowed to refund clients’ moneys in a rising market, it would be inherently unfair to our clients.
The Attorney General’s Office simply does not understand the nature of our business. Last year Northwest Territorial Mint did just under 69,000 transactions, resulting in complaints from just 11 individuals, or one complaint to the Attorney General per 6,272 transactions.
We have never been contacted by the Federal Trade Commission, and to our knowledge they have never received any complaints.
We currently have a satisfactory record with the Better Business Bureau, and to our knowledge all complaints alleged by the Attorney General of Washington have been satisfactorily addressed.
No client has ever lost money or been defrauded by Northwest Territorial Mint.
Northwest Territorial Mint Is A Good Corporate Citizen. Northwest Territorial Mint employs 135 people in three states. Northwest Territorial Mint has been recognized by the State of Washington for its work in mainstreaming marginal workers when possible, and has been lauded for its work for the U.S. military, police departments, and fire departments around the nation. In 2007, it was named Medium Private Employer of the Year by the Governor’s Committee on Disability Issues and Employment.
CONTACT:
Northwest Territorial Mint
Phone: (800) 344-6468
FAX: (253) 735-2210
E-mail: Pressrequest@nwtmint.com
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Darren Brennan | Mar 20, 2008 | Reply
THe Attorney General wants to refund monies for product ordered. Why not, the client will lose, where the bullion is shooting for the moon, or did the AG not know the that there is an increase going on. Over regulation is getting out of control. I think NW Mint should sue the AG’s office for not having a clear understanding of bullion. NW Mint has been one of the finest and most sought after bullion and designs. Just keep repeating. I have a dream, I have a job, I am over regulation.
John Deary | Mar 25, 2008 | Reply
Hansen,
People are complaining that it mostly takes over 30 days for their products to arrive, some 60, some 90, some even 120 days!! Yes that’s right 4 months!!!
Stop trying to distract people from the issues.
Just sent the people their metals ONTIME.
Love
John
stephen g powers | Mar 26, 2008 | Reply
northwest mint,
if you don’t have the product then don’t be trying to sell something you don’t have on hand-bad business.just that simple
Lee | Mar 26, 2008 | Reply
In response to D.B.’s 20 Mar 08 comment…What???
This has nothing to do with regulation by any entity. It has everything to do with sloppy business practices. NWT Mint is simply selling silver which it does not physically have on hand. It matters not whether they have 300,000 ounces in a warehouse down the street. You can tell customers this all day long…but if you take 60…90…120 days to fill an order, the perception will be that you do not have it on hand. If any other dealer of any other commodity were to do this, they would be out of business. It doesn’t take a rocket scientist to realize that if the price of precious metals are rising, then you need to hire some temps to take care of the impending business increase. To use the excuse that they have other business to attend to is weak at the very best. If you’re going to advertise it for sale…you damn well better be able to fill the orders in a timely manner. And timely for most people is one or two weeks after the funds clear. Especially with a product that undergoes price flucuations. NWT Mint is slowly signing their own death certificate with their poor business practices. And in response to all these awards and ‘attaboys’ NWT Mint likes to flaunt…it only takes one ‘aw crap’ to wipe that slate clean. The maximum effective range for an excuse is 0 meters. So keep on making excuses NWT Mint. YOU might even start to believe them after a while. But then again, you can have that luxury because you’re not the customer.
Gene | Apr 2, 2008 | Reply
We ordered a $1000 bag 90% silver last fall from NWTM. They promised it would arrive within 3 weeks. After 3 calls and 2 emails, and a threat of calling the AG in Olympia, our Silver arrived in 90 days. It’s the same that I read in the blogs from others of taking forever to ship and not telling the customers the (Truth). I don’t believe that Hansen has the truth in him.
John Martin | Apr 3, 2008 | Reply
On 3/13/08 I ordered and paid $2105.00 for 100 oz of silver (bars and rounds) and was initilly verbally promised shipment within 3 weeks after a 10 day waiting period for my check to clear. Each time I call it appears that more weeks are being added to the shipping date. They advised that they would buy back the silver from me at $17.31 per oz if I am tired of waiting. I replied “how could they buy something from me that I do not have in my possession”. I do not have the silver and thus I cannot state that I own it, and thus cannot sell something that I do not have in my possession. I guess NWTM have me by my balls, and I will just have to wait it out unless the Attorney General in that state does something about that. Perhaps I may report it to the FBI since they appear to be dishonestly trading over state lines. Any comments about how to handle this matter would be welcome to either get them to refund me all my money or ship the silver to me.
Justin Kover | Apr 5, 2008 | Reply
While I have not bought metal at NWMint, I have done business with them for two years. As a supplier of scrap and coin, I can tell you that the shortage of metal, particularly silver, is real. You are buying an investment product. This is made clear to you. I have watched dozens of trades be conducted at NWMint, and while it is regrettable that Mr Hansen hasn’t been able to meet the standard of his policy 100%, I know for a FACT that the situation is not his fault. Silver must be mined or recovered, then smelted, and then when the proper amount is available, you can receive it. While I am not privy to all the details of all individual cases, I know from dealing with NWMint that they have the full intent to be honest, hence the policy to buy back your bullion. If this were the stock market, you would be crying about receiving a piece of paper that’s worth nothing (the value of your piece of PAPER/Stock Certificate). In this case, people are crying about having to wait for the most INSTRINSICALLY valuable assets on Earth.
For anyone who feels they would like to report NWMint and Mr Hansen to the Federal authorities, I say go ahead. This isn’t the first time this has happened, and it won’t be the last. The reality of the metals market is that if you want physical delivery, you may face a delay. You have to recover it, or dig it out of the ground. These things take time, and we are in uncharted territory. Today, we face GLOBAL demand, something that has NEVER BEEN SEEN BEFORE at this scale.
The bottom line: Caveat Emptor. We are in new territory when it comes to the metals market. It is not Mr Hansen’s fault that uneducated or undereducated buyers approach him. I took my lumps in the metal business, due to my own ignorance, and I went on to make AWESOME profit. I will continue to deal with Northwest Territorial Mint. They are fair and honest, and simply have to deal with the reality of a business that is new to the layman
Justin Kover | Apr 7, 2008 | Reply
When referring to the “silver shortage,” I was referring to the shortage of silver investment products, particularly coin.
caveatemptor | Apr 22, 2008 | Reply
I recently made a $10K purchase of canadian 0.10 ounce gold coins from NWT. So far they are only a couple of weeks late on the order which is not too hard to understand. I’ll post an update here when the order does ship.
TOMMIE HUGHES | Apr 28, 2008 | Reply
I recently(4-03-08) ordered some gold and silver bars from NWT about $18,216.50 worth and had my bank wire them the money. According to the order detail that I called up on line the payment cleared 04-04-08.I received no verifition of this from NWT untile I called them at wich time they verified that they had received the money and that they would ship my order at an estimated date of May the 12th-16th. After reading your article I find myself worrying about the delivery of my G @ S.
Robert Jennings | Apr 28, 2008 | Reply
Most unsatisfactory, unprofessional business dealing I have ever had with a bullion purchase! They did not call me about late shipment but when I called them they added 3 more weeks to delivery time. I order 50 gold coins nad still not delivered. I am nervous!
Don Scott | May 10, 2008 | Reply
I ordered a monster box of silver eagles on March 5. I believe that was about two weeks before the mints stopped shipping, so the order should have been filled within 30 days. It wasn’t. It is now May 10, and I still don’t have the silver or even a promise of delivery. I bought near the top and paid $11,300 for the silver. They could buy a box from a competitor today for about $9300, ship it to me and pocket $2000. But that is not enough profit for these money grubbing scumbags. Every time I call I get nothing but a run around. A person would have to be insane to buy from NWTMint.
Sheila | May 19, 2008 | Reply
I ordered 75 silver canadian maple leaf coins in March (which I was told were available at the time I placed my order) and have not received my order. When I initally called to check on my order, I left a message for a call back but did not receive one. I called back and I did speak to someone however I was told that it would be a few more weeks. I asked if I could get my money back (since NWMT seemed to not be able to provide the product) and was told “no”. How is it that they don’t provide product yet will not give money back to the customer???? I am very very upset and wondering if I have lost my money.
Montello | May 20, 2008 | Reply
I just finished talking to them about my 3 months late order for silver eagles. The salesman had promised them to me the next week when I purchased in person. After a fake trip to the back to see if he had any….If these guys go under I am out everything, they will not refund or deliver my order. They just take your money, and I think there is a good chance I will never see it or my order again, ever.
Gary | May 21, 2008 | Reply
I’ve been waiting 65 days now for my 500 Silver Eagles of any date. Last week they told me they had shipped. Today they say they have been “sequestered”.they HAVE NOT been shipped. The conversation with the boss’s wife was full of lies and deception, backtracking and denial. It got ugly to say the least. At this point I don’t believe I’ll ever see my money or my silver. I think a call now to the FBI is prudent to report the theft by wire of 10,840 Federal Reserve Notes.
Wire Fraud is a very serious crime Mr and Mrs. Hansen. Explain it to them when your arrested and indicted.
Glenn | May 29, 2008 | Reply
I understand your point about a possible shortage of silver for items that need to be minted and could accept that. Unfortunately the same delays exist for 90% silver circulated coins which are no longer minted. Most reputable dealers do not sell product they do not have. There are also reported delays in getting funds that are owed customers.
I ordered a $1000 bag of 90% silver halves Mar 22 and my check cleared Mar 25. As of May 22 I was told delivery was scheduled for Jun 2-6. I then decided to sell the bag back and try to recoup my money. I was told the check would be mailed on May 22. As of May 29, no check, and I am now seriously wondering if I will ever see my money. I will post an update if I get lucky someday.
In the meantime, does anyone know if mail fraud charges are a possibility here since NWMint is using the US mail to conduct business? If I have not received my funds by Monday, June 2 I will approach the local post office with that possibility.
gvir | May 30, 2008 | Reply
wow!!! i was looking for a “seller” of gold coins. is there anyone out there that has a good report! there is not to many gold coin buyer out there that dont require you to buy gold from before they will by yours back. for all of you that have your coins on hold, i hope you get your money or product. i think i may pass on sending them my gold coins…
TOMMIE HUGHES | May 31, 2008 | Reply
Got it today.5 31 08
Glenn | Jun 3, 2008 | Reply
Update, Check was mailed May 29th, received check Monday, 6-2-08. Wish we could hear more from those who may have had positive experiences with NWT Mint.
JAY UNDERDOWN | Jul 15, 2008 | Reply
Please do NOT use my last name.
I ordered a small amount of silver today (10 1oz bars). Gave them my credit card (thank goodness). Sent an email to them regarding their policy of charging the credit card immediately and not shipping for a couple of weeks. I got back a very snotty reply from customer service manager. I am mailing a letter to Mr. Hansen but it appears that with the Attorney general suit and comments here, I am wasting a postage stamp.
Jay
william (not to be used) | Aug 14, 2008 | Reply
I am getting nervous any positive seller feedback, i was ready to sell my modest, but enough to pay some bills. Being a disabled mailman, it is all i can do to contribute to a sad financial state. My wife told me, that i need to try and find a job or something to help as I owe more than bringing in, as she is getting a nervous breakdown, and getting ripped off by a questionable company would be a sad day for us. Any body can tell me where to sell 25 oz of junk silver and 200 40% kennedys. Monex wants $1000 of 90% silver halves I cant do that and will not be able to.
Jerry Ballew | Aug 17, 2008 | Reply
I had entertained the idea of buying silver 5 ounce bullion, however after reading comments from some of the investors, it seem doubtful I will do so. Having been in business for some 45 years, it was professional suicide to promise something that I couldn’t deliver within a timely fashion. It appears that about 90 percent of the comments were negative. Don’t sell product if you don’t have it in your possesion.
Sgt. Matthew H Tartaglia | Aug 24, 2008 | Reply
Hello folks,
Has it occured to anyone, at all, that this is a scam all around? Like in the money will be fine but not for the holders of gold and silver, they robbed you of your hard earned cash and now they will not buy it back and then a law will likely be passed that makes dealing in any other monetary system illeagl and then you will have your precious non edible coins and bullion confiscated! What if….what if this is what is happening, what then. How much food did you stock up on? Gas? Guns? Bullets? Water? Anything other than precious metals? Just a thought or two for consideration. It is amazing how many people just took here say and ran head over heels and cashed in 401k plans and stock portfolios you name it people are selling all they have and buying metal. I personally think there is so much more to this ‘opportunity’. You think I am incorrect, then we’ll wait and see, perhaps you all can comment back and we all can figure this out together. Sorry to be a kill joy but look around you doesn’t something just feel or seem off base?
Sgt. Matthew H Tartaglia | Aug 24, 2008 | Reply
Very well put, and also very true. What gives?
Best to you all, well except the scumbags off the world.
Tony | Sep 19, 2008 | Reply
My order arrived in the agreed upon time. For precious metals purchasers this is a trying time - there are shortages and I believe Northwest is doing the best they can. While visiting Seattle, I stopped in there. The people were very kind and even gave me a tour of this very professional organization. I have no reservations about ordering from them again in the future.