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Last Updated on March 24, 2023
GovMint.com is a popular name in the precious metals investing space, but are they legit? We’ve done the research to help you decide.
Below, you can find all the information you need to know about GovMint, to help you make a more informed investment decision.
What is GovMint.com?
GovMint.com is a premier dealer of precious metals, boasting a vast collection of coins and numismatic products from around the globe.
The company’s mission is to become the top destination for coin enthusiasts everywhere, offering a broad range of modern issue coins, as well as collectible items from a variety of mints.
Founded in 1984, GovMint.com has made a name for itself in the industry, establishing itself as a leading provider of currency issues and collectible coins.
The company is headquartered in Eagan, Minnesota, but its reach extends far beyond the borders of the United States.
It is worth noting that despite its reputation as a top private retailer, GovMint.com is not affiliated with the U.S. government or U.S. Treasury. Nonetheless, the company has forged strong partnerships with renowned numismatic organizations like the Numismatic Guaranty Company (NGC), Professional Coin Grading Service (PCGS), and the Smithsonian Institution.
All in all, GovMint.com is a trusted source for coin collectors and investors alike, offering a wide selection of high-quality products and exceptional customer service.
Who Owns GovMint.com?
Bill Gale is the founder of GovMint.com, a globally recognized numismatist with a successful track record of selling rare coins, modern collectible coins, and shipwreck treasure worth over $3 billion for the past 37 years. As a renowned TV personality, he appeared in shows like QVC, CVN, ShopNBC, and HSN as their coin expert for over 15 years.
In addition, Bill co-authored and published the very first book on modern United States Proof Sets and Mint Sets, which won the “Best Investment Book” award in 2003 from the Numismatic Literary Guild (NLG).
He has been a long-standing member of the Professional Numismatic Guild (PNG) and the American Numismatic Association (ANA) and has generously donated coins and currencies to the Smithsonian’s National Numismatic Collection.
Current Precious Metals Products
GovMint.com offers an extensive range of gold and silver coins, bars, and paper currency. Its website features a comprehensive product catalog with categories ranging from U.S. Coins, Silver, Gold, World Coins, Exclusives to Other products.
Not only does GovMint.com offer products from the U.S., but it also has a diverse selection from other countries worldwide.
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How Does GovMint Work?
As an e-commerce platform, GovMint.com allows customers to conveniently purchase precious metals online by creating an account on their website, browsing their product catalog, adding products to their cart, and proceeding to the payment.
Shipping Options
GovMint.com offers various shipping options for their customers, with additional fees and conditions for international orders. For orders to be shipped to Canada, there is a $10 charge on top of the normal shipping fees, while orders to other foreign countries incur an additional $40 charge.
All orders must be paid in US funds through international money order or credit card. It is important to note that Army Postal Office orders will still be shipped via USPS Priority Mail International, regardless of the price.
Where Will They Ship?
GovMint.com accepts orders from several countries including the US, Canada, Australia, Austria, Switzerland, and the United Kingdom. For customers whose countries are not listed, they can still order from the website by contacting GovMint.com directly.
How Their Split Pay Option Works
For US customers, GovMint.com offers a program called Split Pay, which enables customers to pay for their orders through multiple payments with no additional fees.
This feature is especially useful for beginner coin investors who cannot pay for their products in full.
However, approval for Split Pay is subject to credit card provider approval and evaluation by GovMint.com.
Does GovMint Offer a Precious Metals IRA?
Unfortunately, GovMint.com does not offer any precious metals IRA services at present. As for customer support, there is no live chat feature on their website, but customers can reach them through email, phone, or social media.
When it comes to payment options, GovMint.com accepts VISA, MasterCard, American Express, and Discover cards. Customers who wish to pay via bank wire or check must first contact the Sales Account Executives.
Refund and Cancellation Policy
Cancellations can be made by contacting GovMint.com through email or phone call, with a minimum of one business day notice. Customers will receive an automated email confirming the receipt of their order.
GovMint.com offers full refunds for returned products within 30 days of the ship date, except for bullion items and final sale items, which are non-refundable.
BBB Rating and Customer Reviews
In March 2023, BBB rated GovMint.com with 2.88 out of 5, with only 34 reviews and 3 complaints, of which 1 was already resolved.
Despite having an A+ rating, the company received a poor rating on BBB, possibly due to these complaints. Unfortunately, the clients did not publish the complaints, so it is unclear what they were about.
Trustpilot had zero reviews of GovMint.com at last check, and the only videos available were from YouTube, where a client claimed that a website cloned Govmint.com, and another video from 2016 where a publisher reviewed the company after receiving multiple emails.
Scam Adviser reported a 100% trust rating for the company.
GovMint Pros and Cons
GovMint.com’s pros include a wide range of precious metals products, BBB accreditation, a long history in the business, and a well-renowned owner in the numismatics industry.
When it comes to cons, the company lacks some ratings and reviews and support, and has a poor BBB rating due to complaints.
Should You Consider Investing in Precious Metals?
- Hedge Against Inflation: Precious metals, particularly gold and silver, have historically been used as a hedge against inflation. Inflation occurs when the value of fiat currencies declines, leading to a rise in prices of goods and services. As precious metals have a limited supply and cannot be easily manipulated by governments, they tend to hold their value during inflationary periods.
- Portfolio Diversification: Adding precious metals to your investment portfolio can provide diversification benefits. Precious metals tend to have low correlation with traditional asset classes like stocks and bonds, meaning they can help mitigate risks and reduce volatility in your portfolio.
- Safe Haven Investment: During times of economic uncertainty, investors tend to flock to safe haven assets like precious metals. The pandemic and geopolitical tensions have created economic uncertainty, leading to increased demand for precious metals as a safe haven investment.
- Store of Value: Precious metals have been used as a store of value for thousands of years. Unlike fiat currencies, which can be printed at will by governments, precious metals have a finite supply, making them a reliable store of value over the long term.
- Potential for Capital Appreciation: While past performance is not a guarantee of future results, precious metals have historically appreciated in value over the long term. As the global economy recovers and demand for precious metals continues to increase, there is potential for capital appreciation in the future.
Overall, investing in precious metals can offer a range of benefits, particularly in an inflationary environment. However, it is important to do your research and understand the risks associated with investing in any asset class before making investment decisions.
If you’re looking to connect with our top-rated precious metals dealer, we recommend starting with Goldco – you can learn more by getting their free precious metals investing kit below:
Bottom Line: Is GovMint a Scam?
GovMint.com is not a scam and is a legitimate precious metals dealer with a real owner and physical address.
They have a nice selection of metals to choose from, so after evaluating their offerings, you’ll have to decide if they’re the right precious metals dealer for you!
