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Govmint is a company that offers rare and collectible coins, along with gold and silver items. They have been in business for decades, being one of the oldest companies in the precious metals industry in the US. But there are also some serious drawbacks to their practices.
We've done some research and found everything you need to know about Govmint before making an investment.
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Govmint might sound like a company with government ties, but that isn't the case. It also isn't a mint. Instead, it functions as a third party seller of different precious metals and collectible coins.
The name has drawn some criticism, as people say that it's misleading. Critics believe that the company purposefully named itself to sound more credible.
The company has been accredited with the Better Business Bureau since 1986 and is in good standing with the organization. However, consumer reviews of the practices are consistently negative.
You can purchase gold and silver bullion online in the form of coins and bars. But the company's biggest focus is on selling numismatic rarities and collectible coins. These are a much riskier investment than pure bullion.
Many of the available coins are American in origin, given that the company is US-based and serves an American clientele. You'll find different pages for coins like Gold Eagles, Morgan Dollars, and Silver Eagles. In addition, you'll find a wide variety of old and new American coins available.
Some international coins are also available. The international options are much more limited than the US-based ones, but they include some of the most popular gold and silver coins from countries around the globe.
All in all, the company has an impressive number of coins and items in stock. At the same time, it's not as huge an operation as some other global dealers.
There is no buyback program for the coins you buy, so when it's time to liquidate, you might need to find a buyer by yourself. That's a huge drawback when you need to liquidate your assets quickly. If you want to invest in precious metals, you might be better off looking for a company with a buyback option.
The pricing for different items is a real problem. Govmint doesn't even make an attempt to compete with other companies. Back before the invention of the internet, it was harder to compare coin pricing. But today, you can easily look up the price of any item and determine that it's not worth Govmint's charge.
You will almost always be able to find the same items being sold for less with other precious metals dealers. Govmint appears to mark their prices up beyond what is reasonable, and they don't even have good enough customer service to make up for it.
In some cases, the prices of coins have been nearly twice that of other dealers. The price discrepancies are evident no matter whether you're looking at gold, silver, or collectibles.
The Order Process
It is relatively easy to place an order with Govmint. But you'll find that after your payment has processed, the company's customer service is lacking.
There is a telephone line available at all times if you want to place an order. You can also call this line to ask questions about a potential purchase or to give special instructions for an order.
If you don't want to make a phone call, you can make a purchase with the online shopping cart at the website. It's also possible to type your full order and email it to the company's inbox. You can even fax the company to let them know what you want.
While Govmint does ship to a few countries outside the US, these are limited. If you want to purchase precious metals, but your location isn't on their list, you'll need to work with a different dealership. This company doesn't have exceptions.
Another potential drawback is that the company doesn't offer to ship silver for free, no matter how much you buy. Other companies typically have free shipping when you meet a certain threshold for gold and silver purchases.
Payments must be made through a credit card. You don't have the opportunity to send a check or make a bank wire transfer. This is an unusual way of doing business in the precious metals industry, but it might be convenient for you.
There's yet another potential downside when it comes to payment. Other dealerships usually "lock in" the price of your precious metals. That means that when you place your order, you'll pay the price that was originally displayed.
That's not the case for Govmint. The company will charge you the price of the precious metals whenever your card is charged, which could be several weeks after you finalize your order. If the price of gold and silver goes up during that time, you might end up paying a lot more than anticipated.
Reviews of the company are extremely negative. Despite the good standing with the BBB, the customer average is about 2 out of 5 stars. That indicates that the majority of the customers have reported extremely negative experiences.
One reviewer said that he had placed an order but had it cancelled without explanation. He stated that none of the potential reasons could apply to him. What's concerning about this is that Govmint replied to state that they did not have any orders from this consumer, and that he must have mistaken them for a different company.
It's hard to mistake the company you bought your precious metals from.
Another review stated that the customer service was terrible. This person placed an order, but they were informed that their items were on backorder. After a month, the reviewer called and was told the items were on backorder. Upon calling back several weeks later, the customer was told their order had been cancelled.
The customer asked who to complain to and was told that no one in the company cared. They were extremely disgruntled about the fact that they had not been informed of their order cancellation.
Is Govmint a Scam?
Govmint is not a scam, although its name might be misleading. This privately held company is not a mint or a government institution. Instead, it works as a third party dealer of gold, silver, and collectible coins.
There's no contesting that this is a real company. They have a transparent chain of command, as well as a physical address. The Better Business Bureau gives them an A+ rating, and the company has been accredited since 1986. They have one of the longest histories in the precious metals business.
With all of that said, it doesn't seem like Govmint has kept up with the times. Though they claim to be one of the best companies to work with, their online consumer reviews are terrible. People have stated that there is a pattern of misinformation and terrible customer service.
There's also a problem with the pricing. You might end up paying far more for an item than it's actually worth, especially collectible coins. The company representatives might also lead you to believe that there's a bigger market for collectible coins than there actually is.
You can find other companies that offer the same products for a much lower price. These competitors might also have more transparency with regards to their markups, commissions, and final sale prices.
Pros & Cons of Govmint
Govmint is a company that sells a variety of gold and silver products to people in the US. They are best known for selling rare collectible coins. However, they have a very poor track record with their customers. Customers have stated that the company misled them, charged hidden fees, and had overall poor service.
The company does have an A+ rating with the Better Business Bureau, but the customer reviews give them an average of barely 2 stars. There seem to be serious problems with how the place is set up and run. It's possible that if you do have problems, you won't have them resolved until you complain in public.
With all of this in mind, you might think that the company's prices make up for it. But they don't. In fact, no matter what item you're buying, you can expect to overpay when compared to other precious metals dealers.
The one positive aspect of the company is its educational materials. You can access information about rare coins and the coin market for free. But you don't want to pay for any of the services offered, as you can get a better deal elsewhere.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit Govmint below!