APMEX

APMEX, Inc.
Private
Industry Online precious metals trading company
Founded 1999 (1999)
Headquarters Oklahoma City, Oklahoma, United States
Key people
 Owner Scott Thomas, Founder
CEO Kenneth Lewis
Products Gold coins and bars
Silver coins and bars
Website www.apmex.com

APMEX, Inc., based in Oklahoma City, Oklahoma, is the world's largest online retailer of precious metals,[1] with over $10 billion in transactions since its founding in 1999.[2] The company offers more than 20,000 Gold, Silver, Platinum and Palladium coins, bars, bullion rounds, collectibles and other numismatics products from various mints around the world.[ .[3]

Products

APMEX offers gold, silver, platinum and palladium, including coins, bars, jewelry, IRA eligible products, collectible coins, and commemorative items. The company buys and sells bars and rounds, U.S. Mint bullion products, Royal Canadian Mint products, Krugerrands of South Africa and other bullion coins from around the globe. APMEX's customers range from collectors, speculators and investors to dealers, banks and brokerage houses. [4]

Associations

APMEX is a member of the American Numismatic Association, the International Precious Metals Institute and the Industry Council for Tangible Assets.[5][6] APMEX is a lead investor in the Greater Oklahoma City Chamber.[7]

APMEX has an A+ rating from the Better Business Bureau.[8] In 2015, Internet Retailer magazine named APMEX 46th out of the Top 500 Internet Retailers and 1st among specialty e-retailers.[9] They remained in the Top 50 in 2016 and 2017, while also remaining the #1 specialty e-retailer.[10]

History

APMEX headquarters in Oklahoma City, OK

Scott Thomas, an avid coin collector, was an underwriter for a mortgage company before founding Edmond Coins and forming American Precious Metals Exchange in Edmond, Oklahoma in 1999.[11] The company name was later shortened to APMEX. Its website was launched in 2004.

In 2009, APMEX began shipping internationally to Canada and eventually expanded to 83 countries worldwide. A rapid increase in demand for precious metals helped the company reach its first $1 billion in sales in 2010[12]

APMEX moved its headquarters to the former Federal Reserve Bank of Oklahoma City in 2010.[13]

In 2011, APMEX publicly paid a security deposit using gold bullion to Donald Trump for commercial space in The Trump Building in Manhattan's Financial District.[14] The payment was publicized as a commentary on the weakness of the American dollar.

In 2013, APMEX launched an exclusive partnership with eBay to create the APMEX Bullion Center on eBay, which became the 2016 eBay Seller of the Year.

In 2014, APMEX became one of just 10 worldwide Authorized Purchasers of gold, silver and platinum from the U.S. Mint. This allows APMEX to buy bullion products directly from the mint rather than through a third-party distributor.

In 2017, APMEX remained in the top 50 of the Internet Retailer® Top 500 Guide for the third year in a row, solidifying its reputation as a top precious metals resource. APMEX also integrated BitPay into its website in order to accept Bitcoin as a payment method.

Timeline

  • 1999 - Edmond Coins founded in Edmond, Oklahoma and American Precious Metals Exchange is formed[11]
  • 2004 - APMEX launches first website[13]
  • 2007 - APMEX-branded silver is minted
  • 2010 - APMEX reaches $1 billion in sales
  • 2010 - APMEX leases the site of the former Federal Reserve Bank of Oklahoma City as its new headquarters
  • 2013 - APMEX launches exclusive partnership with eBay[15]
  • 2014 - APMEX ships to 83 countries worldwide
  • 2015 - APMEX celebrates 15 years in business and begins accepting PayPal payments
  • 2016 - APMEX moves from #46 to #42 in the Internet Retailer® Top 500 Guide
  • 2017 - APMEX integrates BitPay to begin accepting Bitcoin as a payment method
  • 2018 – APMEX reaches $10 billion in sales

References

  1. ↑ Lacey Lett (December 9, 2015) "Oklahoma food bank coming up short this holiday season – 1 million pounds short", NewsChannel 4 (Oklahoma City). Retrieved December 30, 2015.
  2. ↑ Gronholt, Jacob (2013-03-31). "Landing a North Korean Coin Flip". WSJ.com. Retrieved 2016-01-10.
  3. ↑ "Reviews - Gold Dealer Reviews - APMEX.com Reviews". APMEX.com. Retrieved 2016-01-10.
  4. ↑ "APMEX, Inc.: Private Company Information - Businessweek". Bloomberg.com. Retrieved 2016-01-10.
  5. ↑ A (2015-06-16). "Find a Dealer". Money.org. Retrieved 2016-01-10.
  6. ↑ "Precious Metals Retailer APMEX Launches New Mobile-Friendly Website". Coinweek.com. 2015-11-19. Retrieved 2016-01-10.
  7. ↑ "Greater Oklahoma City Chamber - Lead Investors". Okcchamber.com. Retrieved 2016-01-10.
  8. ↑ "American Precious Metals Exchange Business Review in Oklahoma City, OK - Central Oklahoma BBB". Bbb.org. 2013-07-01. Retrieved 2016-01-10.
  9. ↑ "Top 500 E-commerce Sites - Top 500 companies". Internetretailer.com. Retrieved 2016-01-10.
  10. ↑ MENAFN. "APMEX, Inc. Receives #45 Top Internet Retailer Ranking for 2017". Retrieved 2018-07-09.
  11. 1 2 Don Mecoy (2006-05-17). "Made in Oklahoma: Edmond Coins". News OK. Retrieved 2016-01-10.
  12. ↑ "Company History – Celebrating 15 Years – APMEX Reviews". APMEX.com. Retrieved 2016-01-10.
  13. 1 2 "Company History – Celebrating 15 Years – APMEX Reviews". APMEX. Retrieved 2016-01-10.
  14. ↑ "Trump's New Gold Standard". WSJ.com. 2011-09-14. Retrieved 2016-01-10.
  15. ↑ "eBay Launches Online Gold Store". Business Insider. 2013-01-11. Retrieved 2016-01-10.
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