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Bear Lake Gold has carried out this Westminster Mint review to give you our expert view on this precious metal company, its fees and cost, and what it sells. As an essential aspect of this review, we will provide correct details about the company's precious metals 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 metals 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 three 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 metals IRA investments have proven to be one of the best.
Precious metals investment 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 metals 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, and American Hartford passed all our standard review checks. Hence, in our professional view, they are the best companies to invest through in the precious metals industry.
Please click the buttons below to request your free precious metals buying guide from each our top three rated precious metal IRA companies.
#1 Recommendation Best Overall Precious Metal Provider
#2 Recommendation Best Gold IRA Based On Price
#3 Recommendation Most Reliable IRA Provider
Westminster Mint is a precious metals company founded in 2001. The company was founded in Minnesota, United States. In 2008, they got their BBB (Better Business Bureau) accreditation, and they currently have an A+ rating with BBB. Westminster Mint offers customers a large selection of precious metals. 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 metals investing. He told us that the team members he contacted when he started investing through the company seemed to be experts in the precious metals 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 metals 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 metals products are based on the real-time prices in the market.
Buying bullion is not as risky as investing in collectibles. The demand for collectibles is currently not as high in the market as the demand for bullion. Therefore, people mostly buy them as they command lower prices. You can lose money if you buy for a higher price because you may not sell it at that original price or more when you want to.
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 bars have a .999 purity level. The company stamps these coins' weights and purities on them, and they wrap 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 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 metals products in the following categories.
Westminster Mint does all it can to process customers' orders quickly. Our research showed the average time for a shipment to arrive was within three days after confirmation. However, the website states that customers will receive every shipped order within fifteen days. The company carries out their 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 is to keep their customers assured that their precious metals are safe.
Unlike other companies that offer customers free shipping when they buy precious metals 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 metals 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.
When we spoke to a team member in the company, we were told that “the company's primary focus is to sell silver." We are not sure why they said this but perhaps they 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 metals companies before investing.
It is important to note that the price of a coin can be affected by the coin's conditions. From what we found out while interacting with a team member, if a coin is much cheaper on their website than other companies' websites, it could be because the coin is degrading or has a defect. Selling a degrading coin is very difficult, so the company significantly reduces its price.
On the company’s website, you will find the following products available for sale.
The company says that 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 their 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, some 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.
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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 two recommended Gold IRA companies Goldco; they are offering up to $10,000 in free silver when you open a precious metal IRA account, for more detail click on the banner below,
Read full Goldco Pros and Cons Review
Goldco is a precious metals IRA company that stands out in the industry for many reasons.
They offer their clients quality precious metals for affordable prices and provide new and experienced investors with materials to keep them informed about precious metals investments.
Their team of experts makes opening, funding, and buying precious metals for your IRA very easy. They also have excellent customer support that will assist you with questions and queries regarding all your investment needs.
Augusta Precious Metals have been in the industry for over two decades and consistently maintained a track record of integrity and customer satisfaction.
They offer both precious metals products and precious metals IRA service. The company uses Delaware Depository for securing customers' precious metals assets.
American Hartford is a family-owned precious metals IRA company in the United States. The company offers the most affordable precious metals investment for individuals and families.
They sell one of the finest products in the industry and offer their clients buyback services.
When Bear Lake Gold reviewed Westminster Mint, we discovered that the company is a legitimate company and not a scam company, in our opinion.
The company has been doing business successfully since 2001, and they are 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 services is at the heart of the low number of positive reviews
Westminster Mint does not offer Gold IRA services or another form of Precious Metal IRA services.
Therefore, if you are serious about meeting your investment needs, we would not advise you to invest through this company. We believe that our three top-rated precious metals companies, Augusta Precious Metals, Goldco, and Hartford American Gold, are the best in the industry when you are looking to either purchase precious metals for your collection or looking to 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 the best decisions you will make.
To open your own Gold IRA call Augusta Precious Metals, our number one recommended partner right now.