A while back I saved up some money to buy a few ounces of silver. I like the color of it and the density is something you have to play with to understand. Yes, I know this is nerdy but that is not in question.
I looked around for a good price locally but have found that AJPM in downtown Portland is not very friendly and doesnt have the highest quality stuff. Colombia Coin in NE is nice but is quite expensive. This lead me to look for an online broker. After finding out that Northwest Territorial Mint produces many of the coins that I like, I decided to purchase the piece of silver there. The price was great and they said “Our policy is to ship orders promptly after you have properly paid us.” This was also printed in my contract with them.
Here is a overview of my experince with Northwest Teeritoral Mint;
- I placed the order on Aug. 11th
- NWTM received my check on Aug. 14th and I got an email saying my order was paid in full. I had hopes of receiving the order in a few weeks as most all other places send orders out in 2-3 days.
- Sept. 21st, I called them a month later after no communication and a nice lady said that they may not have the items in stock. I asked if I drove up to Auburn Washington (location of the Mint) would the units I ordered be for sale? She would not answer me.
- Sept. 28th I sent an email asking for a reason my order had not been sent.
- Oct. 13th, sent another email asking for any sort of response. The entire time they are still selling the items saying that they are “In Stock“.
- Oct. 24th received my order.
This was over 10 weeks waiting. Now, I have a small company and understand that items can not be produced out of thin air. All the while my order was waiting to be filled, they did have the item on hand and continued to be for sale.
That is when I went to Google and typed “northwest territorial mint scam” .
The amount of negative responses stunned me. Site after site, year after year, client after client had been treated the same as me. After 60-75 days the orders showed up but with no expliation why it took so long. The Washington Attorney General also got wind of this and sued them. But all that was occompolished was that after 90 days or so you can ask for your money back.
The reason for this treatment is that NWTM receives millions of dollars interest free for investing. Some estimates say they make tens – hundreds of thousands of dollars by with-holding delivery for a few months on each of their clients. This practice has been taking place for years and below will be a few links.
I did receive my order and the items were great, yet I will never, ever, ever order from them again.
http://www.atg.wa.gov/pressrelease.aspx?id=20994
http://www.complaint.tv/northwest_territorial_mint-1027.html
http://pimpinturtle.com/2008/03/26/northwest-territorial-mint–might-be-bankruptout-of-silver.aspx
#1 by Rod Argentum on December 4, 2009 - 1:14 pm
The only silver I have ever bought has been from NWTM.
What makes me happy is calling them when I’m ready and the price is one I like, and then locking the price in. Once I’ve locked in the price, I can sell it back to them, even before they ship. They always offer a good price. They post their sale and buyback prices — and I have found that the buyback prices of their competition tend to be below spot. If demand backs up their production, this is useful.
I’m sure that they have an occasional problem (I haven’t had one, but heck, even the US Mint has had trouble getting silver sometimes — but I always receive my silver.
#2 by Christopher on December 4, 2009 - 2:57 pm
Thanks Ron!
It is great at you took the time to write and post your comments. I just wish that you would have waited until you left your place of employment (NorthWest Territorial Mint) to post your comment. Your IP was easily traceable and clearly shows you sent your comment from “mailserver.nwtmint.com”.
You can read how I found you out by reading this POST.
Bad liars = fun for those that catch them
#3 by Mr. C on December 23, 2009 - 12:21 am
I bought a fairly large order from NWTM and it was a NIGHTMARE.(In fact, there is another post called “NWTM Nightmare” or similar. When I asked NWTM about this before I ordered, I was told it was the customer’s fault, and his order was sent anyway, etc. However, almost everything in this negative post happened to me later). It was extremely stressful, with me feeling many times as if I had no money and would get no silver either. No discount is worth something like this. I asked for (and never received) interest for the amount I lost by their forced “Bank of NWTM” deposit.
Some NWTM reps told me astounding things (some were very professional also). I called a major NWTM silver supplier about what NWTM has said about them, and they were furious with NWTM’s implications that it was this company’s fault that caused the late deliveries.. A very high exec at NWTM even hung up on me and I don’t think this was unique from other stories I have read.
My order arrived- eventually. I didn’t actually find anyone who didn’t get their order sooner or later. But that doesn’t eliminate the reason for the complaints. However, because I complained, NWTM flagged my account and now refuses to sell to me.
A NWTM exec threatened to move because of the WA State lawsuit (despite it having virtually no consequences) and now we see NWTM actually leaving the state.
Your purchase is voting for the business. Not buying is a vote also.
#4 by Anonymous Former Slave on January 4, 2010 - 6:51 am
I couldn’t help but LOL at the exposure of Mike Flynn, the head of the Mint’s marketing dept,’s pathetic antics, trying to stuff his fingers in the gushing leaks of bad press about NWTM.
Mike apparently drank the Kool-aid a long time ago, unfortunately, and it appears he will be following his master down to Nevada as a reward. He must have Stockholm Syndrome. The experiences described in this blog were so commonplace that the Washington Attn General sued the Mint SEVERAL TIMES over this exact fraud. Disgusting. See
http://en.wikipedia.org/wiki/Northwest_Territorial_Mint
or email for more details.
Interestingly, if you closely examine all the press about the Mint, you can determine how the experts they paid worked their magic to try to dilute all the negative press. Google “NWTM scam” for an example of their work.
#5 by Hugh W on January 4, 2010 - 2:41 pm
Argentum is a Latin variation for silver. Rod, you are too clever.
#6 by curt on January 9, 2010 - 9:06 am
they are ok, slightly higher priced, I never got my discount for ordering 150 rounds, they charged me the same price as if i bought 1 at a time…semper fi.
#7 by d blan on March 16, 2010 - 5:04 pm
10-day fund clearance, (next time do a bank transfer for next day order placement), plus, 6-8 week delivery cycle, plus a 30-day potential additional delay, can probably make some nervous. My order was placed Dec. 9,2009, and was received Mar 3, 2010. Everything was exactly what I ordered, and I couldn’t be happier. I too got a little anxious, but all is well, and I will order more next time.
My order was a mixture of 5 types, and the Canadian Maples took longer to deliver. Next time I will order each type on separate orders; which should speed up delivery, instead of the entire order waiting for delivery of all at the same time. Of course, depending on the quantity you order, that might change the unit price slightly.
#8 by Christopher on March 16, 2010 - 5:41 pm
Thanks for your comment DBlanton.
It seems that the 3 month minimum is fairly standard for NWTM.
Good idea about the separate orders for items that will have an additional delay.
Christopher