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Bear Lake Gold has carried out this Westminster Mint review to give you our expert view on this precious metals company, its fees and costs, and what it sells. As an essential aspect of this review, we will provide correct details about the company's precious metal IRA, coins, and bullion offerings.
We carried out this review using our standard Gold dealer review methodology. As a vital aspect of our review procedures, we consulted with some of the company's United States-based customers and its employees.
As experienced analysts, we did not rate Westminster Mint in our top thirty recommended companies in the precious metal niche. If you are interested in why we did not list the company among our top thirty selected companies and why we selected our top five recommendations, keep reading.
The average retirement savings for all United States-based employees is $97,000. However, in 2021, the expected savings required to guarantee a comfortable retirement was $1.04 million; It increased by 10% that year.
The increasing rate of inflation and the cost of living contributed to the increase in required retirement savings. The only remedy to this problem is to invest your retirement savings in a wealth-growing investment plan. Many investment vehicles can help you build wealth, but precious metal IRA investments have proven to be one of the best.
Precious metal investments will help you shield your retirement savings from the effects of inflation while growing your money in the long run. Furthermore, investing in precious metals is like investing in a tax-efficient saving regime.
This review aims to help you decide if an investment through Westminster Mint would be better than choosing one of our highest-rated, proven gold investment companies. We have been in the precious metal industry for a long time, and through our reviews, we have helped investors select the best companies for their investment needs. Only Goldco, Augusta Precious Metals, American Hartford, Birch Gold Group and Noble Gold Investments passed all our standard review checks. Hence, they are the best companies to invest in the precious metal industry.
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Westminster Mint is a precious metal company founded in 2001. The company was founded in Minnesota, United States. In 2008, they got their BBB (Better Business Bureau) accreditation and currently have an A+ rating with BBB. Westminster Mint offers customers a large selection of precious metal products. However, they do not provide precious metal IRA services.
When we spoke to one of their clients, he told us that working with them reassures your heart that you are working with a company that understands the intricacies of precious metal investing. He told us that the team members he contacted when he started investing through the company seemed to be experts in the precious metal niche.
The company is an authorized dealer of graded and certified coins by the NGC (Numismatic Guaranty Corporation), ANACS (American Numismatic Association Certification Service), and PCGS (Professional Coin Grading Service).
Westminster Mint also has a free mobile application. Customers can download the application and use it to buy or sell bullion, check the trends in the market, and track their precious metal products.
In addition to selling simple bullion products, Westminster Mint sells collectible coins. They also sell banknotes, foreign, hoarded, shipwrecked, certified, and modern coins.
The prices of the company's precious metal products are based on real-time market prices.
Buying bullion is not as risky as investing in collectibles. The demand for collectibles is currently lower in the market than the demand for bullion. Therefore, people mostly buy them as they command lower prices and, therefore, have a low cost to enter this market.
Other factors determine the value of a collectible apart from its melt value. These factors include:
One of Westminster Mint's Hallmark products is its silver bars. Their silver bar has a .999 purity level. The company stamps these coins' weights and purities on them and wraps them with plastics to serve as a protective cover. The aim is to prevent the coins from degrading due to contamination. They send these coins to their customers wrapped in these plastic protective covers.
We found that they operate an online eCommerce platform. They aim to provide their customers with a wide selection of coins, rounds, and bars at a very affordable price and with swift delivery to all customers' locations.
The company sells precious metal products in the following categories.
When we spoke to a customer service representative, we were told that "the company's primary focus is to sell silver." We are unsure why they said this, but they may have higher margins when selling silver rather than collectibles or gold products.
You can see the wide range of products the company sells and pricing information on its website. As a prospective customer, you can compare their prices with other precious metal companies before investing.
It is important to note that the price of a coin can be affected by its conditions. From what we found out while interacting with a team member, if a coin is extremely cheap on their website than other companies' websites, it could be because it is degrading or has a defect. Selling a degrading coin is difficult, so the company significantly reduces its price.
You will find the following products on the company's website for sale.
Gold Coins
Gold Bars
Silver Coins
Silver Bars
Silver Rounds
Ancient Coins
Shipwreck Coins
Gold Hoard Coins
Westminster Mint does all it can to process customers' orders quickly. Our research showed the average time for a shipment to arrive was three days after confirmation. However, the website states customers will receive every shipped order within fifteen days. The company carries out its shipping procedure through U.S. Priority Mail, and for orders above $100, the company will require a signature from the customer on delivery.
Every order the company sends out carries full transit insurance for protection. The insurance keeps its customers assured that their precious metal products are safe.
Unlike other companies that offer customers free shipping when they buy precious metal products worth specific amounts, Westminster Mint does not offer a free shipping service to its customers. Their shipping fees and costs are based on the value of the precious metal products you buy. For instance, shipping orders worth $300 will cost you $11.40, while shipping orders between $50,001 and $100,000 will cost you $294.
The company says they do not doubt their customers will be satisfied with any products they purchase. However, customers can return their products for a refund within 30 days of purchase if they are not satisfied with the quality of the products. Customers will get a refund if they return the products in good condition.
The company will pay the total price of the precious metal and any tax cost incurred during the product purchase as a refund. However, the company will not include Handling and Shipping charges or the charges for shipping the products back with full insurance.
The company's refund policy applies to all products on its website except for silver bullion bars, coins, rounds, wafers, ingots, and gold.
For the products that the refund policy does not cover, the company repurchases them at the industry spot price on the day of return. Depending on the current prices, they may buy it at a higher or lower cost than the price they sold it to you at.
However, after 30 days, products like certified coins, collectible coins, and numismatic coins will no longer be eligible for the company's buyback policy.
To begin the return process, you will contact the company by sending a mail to [email protected]. The company will send you an authorization number for the return. You must write the number on the package before sending the product(s) back to the company.
A+
Westminster mint had 9 closed complaints in the last three years
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3.7 out of 5 stars
We found only one excellent review
At the time of writing this review, Westminster Mint had no promotions listed on their website, and when we spoke to customer services, they also told us they had no promotions.
If you are looking for an incentive to open an IRA account, the best incentive we can find is currently via one of our top five recommended Gold IRA companies, Goldco; they are offering up to $10,000 in free coins when you open a precious metal IRA account. For more detail click on the banner below.
To conclude this review, we will give our final thoughts; Westminster Mint is a legitimate company and not a scam company, in our opinion.
The company has been doing business successfully since 2001 and is a BBB-accredited business. We were disturbed by the low number of positive reviews this company has received, especially for a company that has traded for over twenty years. From the reviews we read and the customers we spoke to, we believe poor customer service is at the heart of the low number of positive reviews.
Westminster Mint does not offer Gold IRA or other Precious Metal IRA services.
Therefore, if you are serious about meeting your investment needs, we would not advise you to invest through this company. Our five top-rated precious metal companies, Augusta Precious Metals, Goldco, Hartford American Gold, Birch Gold Group and Noble Gold Investments are the best in the industry when you want to purchase precious metal products for your collection or start a Gold IRA.
These companies have a lot of positive 5-star reviews on public rating sites, a wide selection of products and services, excellent customer care, and they offer IRA services. If you live in the United States, investing through these companies ahead of your retirement could be one of your best decisions.
To open your own gold IRA call Augusta Precious Metals, our number one recommended partner right now.
Read the full Goldco review here.
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Read full Augusta's review here.
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Read the full Hartford review here.
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Read the full Birch Gold review here.
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Read the full Noble Gold review here.
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From the various discussions we had over a three-month period with various past and present customers of Westminster Mint, and the interactions we had with representatives of this company we do not believe they are a scam operator. However, when it comes to investing in a Gold IRA or rolling over a retirement plan into a Gold IRA we recommend Augusta Precious Metals, Goldco, or Hartford American Gold over Westminster Mint
Yes! Westminster offers storage of precious metals to customers interested in storing them long-term and short-term. They provide a variety of third-party storage facilities for you to choose from
