American Coin Co. (formerly Red Rock Secured) Gold Review: Exercise Extreme Caution

Founded in 2010, Red Rock Secured, now operating under the name American Coin Co., is a private company based in Spokane, Washington, specializing in gold and silver IRAs. The company gained recognition for its rapid growth. At one point, it ranked among the top 4% of the nation’s fastest-growing private companies, according to the annual Inc. 5000 list.

However, in March 2023, the Securities and Exchange Commission (SEC) charged Red Rock Secured and several of its executives with a fraud scheme that targeted retirement accounts. The SEC alleges that the company misled customers by convincing them to sell securities in their retirement accounts to purchase gold and silver at inflated prices. If you’re considering investing in American Coin Co., exercise caution due to these lawsuits. We recommend exploring alternative companies for your precious metal needs. 

❗Exercise extreme caution

3.5 _/5

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Gold IRA

• The SEC charged the company with fraud in 2023
• Pricing is not included online
• Criteria for zero fees and price protection unclear
• No option to purchase online
• Minimum investment of $10,000 to open an IRA

What does American Coin Co. offer?

American Coin Co. offers precious metals products to help diversify your investments and retirement savings.

❗A word of caution: In light of recent lawsuits filed by the SEC, Red Rock Secured, operating as American Coin Co., raises concerns about transparency and ethics on some of these services. 

We recommend considering alternatives to American Coin Co.’s offerings. 

Service	What it is
Precious metal IRA	Retirement account that includes physical gold, silver, platinum, and palladium
Gold and silver coins	Coins available for purchase by investors or collectors

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Precious metal IRAs

Gold and silver IRAs are at the core of American Coin Co.’s business, allowing investors to include physical metals in their retirement investments, including gold, silver, platinum, and palladium. The company offers one-on-one consultations to assist you in setting up a self-directed IRA. This is the first step for holding precious metals in a retirement account. 

Many other companies, including our top-rated precious metal IRA companies, offer similar services.

Gold and silver coins

Investors and collectors can purchase gold and silver coins from  American Coin Co. 

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Tip

Be aware that pricing and markups on these products have been a point of contention in a lawsuit against Red Rock Secured, so you should verify fair prices before proceeding. 

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The inventory can vary, but you can expect to find popular options such as the following:

• Gold American Buffalo
• Silver Canadian Red-Tailed Hawk
• Palladium American Eagle
• Platinum American Eagle

What are American Coin Co.’s prices?

American Coin Co.’s website doesn’t provide specific fee information. However, it notes that almost 90% of its clients qualify for “zero fees for life.” The company also says it will cover the shipping and insurance costs to send your gold or precious metals to a secure storage facility.

You must spend at least $1,500 for cash purchases and $10,000 to open an IRA. You can transfer money from an IRA or 401(k) to meet that minimum requirement.

American Coin Co. ratings and reviews

The recent SEC lawsuit has had a massive impact on Red Rock Secured, operating as American Coin Co., and its customer ratings.

In August 2024, Red Rock Secured holds an “F” rating with the Better Business Bureau, and its recent reviews are negative. This reflects the serious concerns raised by the SEC’s charges and customer dissatisfaction. For its operations under the name American Coin Co., it holds a “B-” rating from only two reviews, which is limited feedback. 

On Trustpilot, the company’s ratings have dropped from 4.8 in 2023 to 3.4 out of 5 stars in August 2024. The negative reviews cite issues related to the lawsuit and concerns over transparency and pricing. American Coin Co. has no reviews on Trustpilot yet. 

In 2023, Red Rock Secured had a rating of 4.8 out of 5 stars on Google. However, Google ratings for Red Rock and American Coin Co. are now unavailable.     

Where does American Coin Co. store my precious metals?

With American Coin Co., depending on the type of transaction, you can have your gold and precious metals sent to a depository of your choice or delivered to your home.

If you are opening a gold or silver IRA, be aware the IRS has specific rules about where and how precious metals must be stored. If you create a limited liability company (LLC) in your name, home delivery may be possible if you meet specific other requirements.

Failing to meet those requirements could result in a significant tax penalty. You can use a depository to avoid running afoul of IRS rules. These are secured facilities that specialize in storing precious metals.

Gold and silver held in a depository are 100% owned by you, with clear documentation provided for all items in your account. Your metals are 100% insured through Lloyd’s of London.

Can I see how my precious metals investments are performing?

American Coin Co. makes it easy to check the value of gold and silver. Its website has real-time gold and silver charts for review at any time.

For those who want to go more in-depth, the World Gold Council offers a variety of gold pricing data. Among its offerings is a portfolio simulator that lets you see how your investments might perform with various levels of gold included.  

Pros and cons of American Coin Co.

Despite its pros, we want to emphasize that the SEC fraud judgment is the most significant downside to American Coin Co. (formerly Red Rock Secured). We recommend considering our top-rated competitors for gold IRAs and gold dealers instead.

Pros

• Most clients don’t pay fees for their precious metal IRA.

• Free shipping and insurance on each order.

• Price Protection Plan available for qualified gold and silver purchases.

• Buy-back program available.

• 7-day cancellation period after the date of the first transaction.

Cons

• Red Rock Secured and its executives were involved in a $50 million fraud scheme targeting retirement account holders.

The scheme involved misleadingly promoting gold and silver coin investments with excessive markups of up to 130%. In 2024, the SEC obtained a $76 million judgment against the company and its leaders for their fraudulent activities.​

• Pricing information is not available online.
• No details online regarding eligibility for zero fees and American Coin Co. price protection.
• Online purchases are not available. You must speak with a representative to make a purchase.
• You must invest at least $10,000 to open an IRA with American Coin Co.

Where to find American Coin Co. alternatives

Many personal finance companies can help you improve your finances, and we think many options are better than American Coin Co. for your precious metal needs.

These companies have excellent reputations, low fees, and a terrific selection. For more details about each company, check out our resource on the best gold IRA companies.

FAQ 

Is American Coin Co. legit?

The short answer is no. American Coin Co. previously operated as Red Rock Secured and had been in business since 2009. It was accredited by the Better Business Bureau (BBB) with an “A+” rating and had positive customer reviews on various platforms, including Trustpilot. However, after being accused by the SEC of misleading investors and charging excessive markups on precious metals, the company’s ratings declined to an “F” from the BBB. 

Can you liquidate your metals from an American Coin Co. account? 

Yes, you can liquidate your metals from an American Coin Co. account. The company provides options for selling your precious metals and converting them back to cash. 

However, the process and potential fees associated with liquidation can vary, so it’s important to understand the terms of your investment and the specific details of the liquidation process before making any decisions.

How we rated American Coin Co.

LendEDU evaluates gold dealers to help readers find the best precious metal IRAs and inventories for direct purchase. Our latest analysis reviewed 550 data points from 25 dealers, with 22 data points collected from each. This information is gathered from company websites, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Product	LendEDU Rating
American Coin Co.	3.5/5