Have you been looking for the most effective method to both increase your wealth and shield yourself from the effects of the volatile stock market? If that’s the case, you’ve probably already heard that many financial advisors advise putting some of your money into precious metals like gold, silver, and others like them. It’s possible that during your search you came across the Westminster Mint as well.
However, who exactly is the Westminster Mint? Is this a company with a good reputation? Will they provide you with high-quality goods and services while also assisting you in reaching your monetary objectives? Keep reading to find out; we’ll highlight important information about this company that you’ll want to hear before deciding to work with them, so make sure you don’t miss it!
The Westminster Mint is a precious metals company that was established in 2001. The company states that its mission is to provide clients with a trustworthy service for the acquisition of gold and silver bullion.
Before we go any further with this review, there is something essential to point out.
Because we are aware that selecting a business in which to invest is a crucial step in the financial planning process, we take great pride in delivering information that is both accurate and trustworthy. After conducting extensive research, we have compiled a list of the five businesses that receive our highest recommendation for the current year.
About Westminster Mint
In 2001, Westminster Mint was established and incorporated in the state of Minnesota. Since 2008, they have been a part of the Better Business Bureau, where they have maintained an A+ rating throughout their membership.
When you work with Westminster Mint, you can be sure that you are working with a company that has a profound understanding of investing in precious metals. This will allow you to feel confident in the work that you are doing. In the field of numismatics, each member of the team possesses extensive knowledge as well as practical experience.
The Numismatic Guaranty Corporation (NGC), the American Numismatic Association Certification Service (ANACS), and the Professional Coin Grading Service have all granted the business the right to buy and sell certified and graded coins as an authorized dealer (PCGS).
In addition, Westminster Mint provides its customers with a free mobile app to use. You can easily monitor the products related to precious metals with the help of the app, buy or sell bullion, and check on the trends of the market.
In 2001, the Westminster Mint made its debut on the internet with the intention of selling bullion to customers. They claimed that their objective was to provide customers with a trustworthy method for purchasing precious metals at competitive prices and for arranging for the metals to be delivered to their homes in a timely and dependable manner.
The team of numismatic experts employed by the company is able to provide an account of the background of each item in the collection. Every single one of our clients receives personalised service. If there is a specific collectible coin that you are looking for, a member of the knowledgeable staff at Westminster Mint will make every effort to locate it for you.
The Westminster Mint will occasionally enter into exclusive business arrangements with well-known celebrities or numismatists. For instance, they are the only company that sells Morgan Dollars signed by Kenneth Bressett, which makes them unique in the market. Each coin bears a label from the Numismatic Guaranty Corporation that bears the signature of Kenneth Bressett, the company’s president.
In addition, customers can purchase silver bars bearing the Westminster Mint brand. These bullion bars are minted with silver that has a fineness of 999, which is considered to be one of the highest possible grades. All of the bars are melted down in the United States using silver that was mined domestically. People who favour buying American-made goods will find them to be an excellent investment opportunity. Each one bears a stamp indicating the item’s overall purity as well as its weight.
The Westminster Mint maintains a substantial supply of rounds, bars, and coins in its extensive warehouse. They deal in precious metals like gold, silver, and platinum. The company has been operating for a period of time sufficient to garner a reputation, and they maintain an active presence in virtually all segments of the collectible numismatics market.
Gold
Investors have their choice of several distinct varieties of gold coins and bars produced by the Westminster Mint. These are the following:
Coins
- Gold Coins of the American Eagle
- Gold Coins of the American Buffalo
- Coins with the Canadian Maple Leaf made of gold
Bars
- 1 gramme PAMP Suisse Gold Bars
- 5 gramme PAMP Suisse Gold Bar 1 oz PAMP Suisse Romanesque Cross Gold Bars
- 10 gramme PAMP Suisse Romanesque Cross Gold Bars
- PAMP Suisse Gold Bars, Each Weighing 1 Gram, Placed in a Multigram Assay Holder
Silver
If you are interested in purchasing silver coins, bars, or rounds as an investment, you will find that Westminster Mint offers a wide variety of products from which to choose. These are the following:
Coins
- Coins of the American Eagle made of silver
- Coins bearing the Maple Leaf of Canada plated in silver
- Coins of the Austrian Philharmonic Mint made of Silver
- The United Kingdom made of silver. Britannia Coins
- Australia’s Silver Continent Kangaroo Coins
- Peace Silver Dollar Coins
- Morgan Silver Dollar Coins
Bars
- 10 oz Westminster Mint Silver Bars
- 10 oz Silver Bullion Ingots
- 1 oz Westminster Mint Silver Bars
- 1 oz Silver Bullion Ingots
- 1 troy oz PAMP Fortuna Silver Bar
- 5 troy oz PAMP Fortuna Silver Bar
- 10 troy oz PAMP Fortuna Silver Bar
Shipping
The Westminster Mint makes every effort to quickly process and ship orders. However, the website states that customers should allow up to 15 days for their orders to be delivered, even though the majority of orders that are placed will be shipped within three days. All packages are sent through the United States Postal Service’s Priority Mail, and purchases costing more than $100 require a signature upon delivery.
Each and every package that is sent out includes comprehensive transit insurance to safeguard your valuable metals and give you the peace of mind that comes from knowing that your metals are safe.
Westminster Mint is not one of the many retailers that rewards customers with free shipping once they reach a predetermined spending threshold, as many other retailers do. The amount of your order has a direct bearing on the amount that your shipping costs will be. As an illustration, the shipping cost for orders up to $300 is $11.40, but the shipping cost for orders between $50,001 and $100,000 is $294.
About Ian Clay
Ian Clay is the individual who currently holds the position of president at the Westminster Mint. The American Numismatic Association has honoured Ian by bestowing upon him the title of Lifetime Member. His company has earned an A+ rating from the Better Business Bureau and is authorised to conduct business in the state of Minnesota as a bullion dealer. Only the state of Minnesota requires a specialised licence for bullion dealers. Other states do not have such requirements.
Modern Coin Rarities 1986-2016 is the title of the book that Ian wrote. Through the use of this book, several dozen of the most collectible and significant rare coins from the last three decades can be identified. Coins included in the book have been authorised for sale and graded by reputable grading services such as PCGS and NGC. They even have unique labels that can certify whether or not a coin was included in the Modern Coin Rarities listing.
Collectors are always on the lookout for these unique labels because they add another dimension to the collectability of the item. Michael Castle, who was the Governor of Delaware for two separate terms, penned the book’s foreword. Castle also served in that capacity.
Payment and Shipping
The company publishes its policies regarding payments and shipping on its website for customers’ convenience. When it comes to making payment for your order, you have a number of different options to choose from. However, there are a few exceptions to these rules.
There is a maximum purchase amount of $25,000 that can be made using your debit or credit card. If you are a new customer, there is a possibility that they will need to verify your card using a form of identification in addition to the card itself.
There is a limit of $50,000 per order for those who choose to pay with a personal check. People who want to place larger orders but don’t want to deal with wire transfers might find this option appealing. Within ten business days of the order being placed, the check that will be used to pay for the order must be received by the company.
You also have the option of paying with a bank wire transfer. On the website, there is no maximum amount that can be transferred via wire. After you have confirmed the order, the transfer needs to take place no later than 48 hours later.
After confirming your order, if you do not complete your payment within the allotted amount of time, your order will be cancelled. In addition to that, you will be responsible for market loss recuperation. This means that Westminster Mint will keep the difference in price between the precious metals you ordered and their current market value if the price of those metals has decreased since you placed your order.
The policy described here is fairly typical for those who deal in precious metals. It enables them to guard themselves against the possibility of suffering losses.
It is reported that the majority of orders placed with Westminster Mint ship out within three business days. Despite this, there have been a few customers who have voiced their dissatisfaction, stating that their orders did not ship for a period of several weeks. If you choose to pay for the items you are purchasing with a credit card, the shipment of your package must be made to a physical address rather than a post office box.
Customers are asked to allow the company a total of fifteen business days for the delivery of their packages. In addition, if you choose to pay with a check, your payment will be held for ten days before the order is processed and shipped. Any order that costs more than $100 will automatically be shipped with insurance and will require a signature upon delivery.
Is There Any Cause for Concern Regarding the Westminster Mint?
Since you’ve already done some research on Westminster Mint, you’re probably curious to find out if there are any warning signs that suggest you shouldn’t do business with them. Reviewing feedback from previous clients is one of the first things we do because it’s important to us. Reading previous customers’ experiences with a business provides a significantly more comprehensive understanding of that business than simply looking at its website does, in our experience.
We looked at four of our favourite online review sites to help you see what others had to say about Westminster Mint. The Better Business Bureau, the Business Consumer Alliance, TrustLink, and Trustpilot are the names of these online resources. You can view the review averages and ratings from each site below.
As can be seen, the ratings of Westminster Mint are satisfactory, but they are not outstanding. They appear to have ratings that are somewhere in the middle of the pack on the websites where we could find information.
Do you really want to work with a company that is merely average when there are so many others out there that have received much higher ratings from their previous clients? That is a question that requires you to make a decision for yourself. In the following paragraph, we will provide you with some additional information that we hope will be of assistance to you in reaching a conclusion regarding this matter.
Is Westminster Mint a Scam?
If you are considering donating some of your money to Westminster Mint, the first and most important question that you are probably asking yourself is whether or not the company is legitimate. It does not appear that Westminster Mint is a company that engages in fraudulent activity. They have received an A+ rating from the Better Business Bureau in addition to having been in business for twenty years.
However, despite the fact that Westminster Mint is not a fraudulent business, this does not necessarily mean that it is the most suitable organisation for you to collaborate with. There are a variety of issues that we are concerned about with the company, and as a result, we are a little hesitant to recommend them to you.
First things first, as was mentioned up top, the reviews for Westminster Mint are nothing special; they are simply average. In spite of the fact that they have earned an A+ rating with the Better Business Bureau, the Business Consumer Alliance has given them only a B rating (with A, AA, and AAA ratings being above a B). Even on Trustpilot, the Westminster Mint only has a 3.7 out of 5 star rating.
Only one review was available for Westminster Mint on Trustpilot, in contrast to the multiple reviews that are regularly listed for a variety of other precious metals investment companies. When compared to other companies, which have thousands of reviews, the presence of just one review for this business after it has been operating for twenty years is not very reassuring. According to our assessment, this simply does not provide enough information to get a complete picture of the company.
One more thing that concerns us is the fact that thirteen different complaints have been lodged against Westminster Mint over the course of the last three years. The Westminster Mint was the subject of nine of the thirteen complaints, and nine of those complaints cited issues with the products or services that it offered. In light of this information, we are of the opinion that giving this company your business would be taking on far too much risk than it is already worth.
On the Westminster Mint’s website, on the other hand, we were unable to locate any reference to IRA services. In order to take advantage of the tax benefits that are available to IRA holders, many people who are interested in investing in precious metals want to add them to an IRA. Since you are unable to do this with Westminster Mint, this is another reason why you should look into the possibility of partnering with a different company. You should consider doing some research and shopping around before making a decision.
The Westminster Mint is not a fraudulent enterprise. The company has been given an A+ rating by the Better Business Bureau, which has accredited it as a legitimate business. It can be said without a shadow of a doubt that the company delivers the services that they advertise as doing so.
Having said that, they are not necessarily the most desirable company to collaborate with. Their customer rating on the Better Business Bureau website is lower than three out of five stars, which indicates that a significant number of customers had a very poor experience. Additionally, there have been a total of 12 complaints lodged, three of which have been lodged in the preceding year’s prior twelve months.
Let’s take a look at the most recent complaints and see what they have to say about the situation.
Customer Complaints
On the Better Business Bureau’s website, the vast majority of the complaints that have been submitted have been about problems that have been experienced with a service or product. In addition, there are two complaints regarding issues with delivery, one complaint regarding issues with advertising, and one complaint regarding issues with billing.
On the Better Business Bureau website, only some of the customer complaints are shown. It would appear that none of the complaints that have been submitted within the previous year are being displayed. On the other hand, we could take a look at some of the ones that are currently available.
Infinitely Delayed Order
On March 9, 2020, one complaint was submitted to the appropriate authorities. The customer stated that they had placed an order for several 2020 silver coins back in January when they were asked about it. The “Roaring Twenties” package was the one that the company promoted in their advertisements. The consumer reported that they had paid close to one hundred dollars, excluding tax. They had made the purchase using their debit card, and after making the purchase, they were provided with a confirmation number.
However, the order was never fulfilled. The customer asked the business numerous times over the course of several phone calls why there was such a significant delay. Despite this, the team providing customer service did not provide any answers that were satisfactory. After some time, the customer’s level of frustration reached a point where they decided to cancel the order.
The cancellation was honored by the company, and they assured the client that their money would be returned to them. Despite this, the seller had been completely inactive for a number of weeks. According to the feedback provided by the customer, the level of communication overall was inadequate.
The response from the company was that the client had ordered a product that is typically available for immediate shipment. It ought to have gone out for delivery the day after the order was placed. However, the customer’s credit card that they used to place the order was declined. The business had attempted to get in touch with the client but had not heard back from them.
They continued by stating that the order had never been legitimately placed, and that no funds had ever been withdrawn from the account. As a result of this, there was no way for them to receive a refund or stop the process. The business informed the customer that they had been placed on a do not contact list and that they were not welcome to do business with the company anymore.
Charged for the Wrong Item
In March of 2020, yet another client lodged a complaint because they felt they had been overcharged for a particular item. At the end of February, they submitted an order for the National Treasures Collection, which retails for close to one hundred dollars. When the customer called in, the sales representative offered them an American Eagle coin rather than the product they were looking for.
The customer insisted over and over again that all they wanted was the package from the advertisement, but they continued to refuse to buy the American Eagle coin. However, when they received their package, it did not contain the items that they had ordered but rather a coin depicting the American Eagle. To make matters even worse, they had been charged $120 for the coin, despite the fact that their original budget for the purchase had been set at $100.
The client immediately informed the company via phone call that there had been an error in their order. They were informed that they needed to communicate with the sales representative that they had dealt with previously. The customer had left a message for the sales rep in question, but they were never responded to. The price of the American Eagle coin had been set to be twice as much as it actually merited.
The company gave a response in which it stated that the issue with the customer had been resolved to their satisfaction. They were going to send the customer the items that had been ordered in the first place, in addition to letting the customer keep the American Eagle coin at no additional cost.
More Than 20 Phone Calls
At the end of the month of October in 2019, one of our customers lodged a complaint. They claimed that they had purchased a gold coin at the beginning of September. A salesperson at the Westminster Mint was the one who completed the transaction. The customer was given the information that the item would ship in approximately two weeks’ time.
When they finally decided to file their complaint, more than seven weeks had passed since the incident in question. They claimed that they were never provided with a tracking number or any other notification indicating that the package had been sent out for delivery. The consumer had dialled the company’s number more than twenty times and communicated with four different representatives, but the business had failed to provide any information.
It would appear that the customer was given the information that there was an issue with the security system of the company. During that time, there was no way for coins to be shipped. However, instead of the coin that the customer had ordered, they were sent a different one by the mint when it was mailed to them. They stated that they were in possession of the company’s receipt as well as the confirmation of the order.
The Westminster Mint provided a response in which they expressed regret for the manner in which the coin had not been sent in a timely manner. They claimed that the situation was out of their hands due to unforeseen circumstances. The customer received a complete refund, and they were also given permission to keep the incorrect coins that had been sent to them through the mail.
The customer responded, stating that they were happy with the resolution, and that the complaint could be closed now that they were satisfied with it.
How does it come into effect?
According to the information that can be found on their website, Westminster Mint is an online platform that has the goal of assisting customers in locating a diverse offering of bullion products, such as coins, bars, and rounds, at prices that are among the most competitive and in a timely manner.
According to their website, they work in all areas of collectible coins, such as ancient and modern issue, foreign issue, coins from hoards and shipwrecks, certified coins, and banknotes. They also sell coins that have been authenticated by a third party.
Collectible coins, in contrast to bullion, do not have their value determined by the amount of precious metal they contain; rather, their value is determined by factors such as condition, scarcity, date, mint mark, and provenance.
In addition, Westminster Mint sells that they are well-known for their proprietary silver bars, which are among the commodities that are among their most successful sales.
Before being sent out to be purchased by customers, these bars are minted out of silver that has been refined to a purity of.999, have their weight and purity hallmark stamped on them, and are then wrapped in a protective clear plastic wrap.
Cost & Price Plans
Because this company sells such a diverse selection of products at the moment, customers who want precise pricing information will need to go to the company website and look up the item that they are considering buying in particular.
Customers need to be aware that the prices of precious metals will change on a daily basis due to fluctuations in market pricing; consequently, they should not be surprised if they see different prices for the same item on different days.
Refund Policy
According to the information provided on this website, even though the company is certain that its clients will be pleased with their purchases, you have a period of thirty calendar days during which you can return your product in exchange for a refund, provided that the product is returned in its entirety and is in a condition where it can be resold.
When a customer returns an item, they will receive a refund for the full purchase price as well as the cost of any applicable taxes; however, they will not receive a refund for any Shipping and Handling charges, which includes the cost of returning the product with full insurance coverage.
Customers must be aware that gold and silver bullion bars, coins, ingots, rounds, and wafers are not eligible for return privileges. This information must be communicated to customers in a clear and concise manner.
Instead, the company will buy them back at the current market price, which may be higher or lower than the price you paid for them initially depending on the situation. After the 30-day inspection period has passed, however, certified coins, numismatic coins, and collectible coins will no longer be eligible for a buy-back.
The company’s website instructs customers to send an email to Returns@Coin-Rare.com in order to receive a return authorization number, which must be legibly written on the package that is being returned. This is done in order to speed up the process of returning an item.
Customer Service Contact Info
Customers who have questions, concerns, or complaints and want to get in touch with Customer Service can do so by calling the toll-free number 888-336-9825 or by submitting them directly to the company’s website through the link labelled “Contact Us.”
Reputation
Customers may want to look for reviews concerning the company’s sales of individual items to get an idea of the kind of reputation the company has when it comes to dealing with that particular kind of product because this particular company sells such a wide variety of products.
Having said that, it would appear that this company has earned a reputation among customers as a trustworthy dealer in precious metals.
Competitors and Alternatives?
Customers who visit Westminster Mint and feel as though they are unable to find what they are looking for or what they require will have a wide variety of other options available to them, some of which may be a better fit for their requirements. Buying and selling precious metals is a very popular investment opportunity and hobby.
Leave your feedback in the comments section below if you have any prior experience with Westminster Mint or any of the services they provide.
Final Verdict
So, would you suggest the Westminster Mint to someone? No, we do not recommend that you collaborate with this company in any way. There are not nearly enough reviews from previously satisfied customers to get an accurate impression of the company’s operations and the way it conducts business. In addition, it was concerning to learn that complaints had been lodged against Westminster Mint with the BBB a total of thirteen times in just the past three years. In our opinion, the fact that you cannot open a precious metals individual retirement account (IRA) with Westminster Mint is just one more strike against the company.
On the other hand, the good news for you is that there are a large number of other businesses that deal in gold investments available. Many have received extremely positive feedback from previous clients and do provide IRA services. We strongly advise doing a little more research and going with one of these companies instead of the others!
Westminster Mint is among the most established and well-known online coin dealers in the market today. When they were founded in 2001, the majority of people in the United States did not yet own a personal computer. But it appears that they haven’t evolved along with the times, which is unfortunate.
People frequently make purchases from Westminster Mint as a result of the successful advertising campaigns that they run. They run promotions in which they offer a substantial quantity of silver and gold coins at prices that are substantially lower than normal. However, consumers have reported that when they call about the deals, sales representatives instead offer significantly more expensive alternatives to them.
If you can avoid the pushy sales representatives, their deals are worth looking into. However, there have been instances where customers have reported that they were sent the incorrect products. Complaints have also been lodged about the company’s inability to communicate effectively and its protracted delays.
It would appear that getting in touch with the management of the company is a challenge. People have reported that they have left messages for sales representatives, but they have never received a call back from them. Even though the company has provided customers with refunds and allowed them to keep the incorrect products they were sent, the customers should not have been required to file a complaint in order for this to happen.
In general, we are unable to recommend working with this company. You might have trouble getting past the sales reps in order to actually claim the deals that they advertise, which is one reason why their deals might appear to be too good to be true. There are additional precious metals dealers who operate under policies that are significantly more open and honest in relation to their inventory and salesmanship. Rather than working with both of them, you should choose to focus on just one of them.
We sincerely hope that this Westminister Mint review was enjoyable for you.