We may earn a small commission if you click links and make a purchase. This article is for informational purposes only and does not constitute financial advice.

Last Updated on December 23, 2023

As the world faces economic uncertainties, many investors have turned to gold as a secure way of preserving and growing their wealth.

Gold has a long history of stability and value, making it an attractive investment option for people looking to diversify their portfolios.

One popular way to invest in gold is by purchasing gold coins.

In this article, we’ll examine the best places to buy gold coins, while providing tips and insights to ensure a safe and satisfactory investment experience.

On Overview of the Top Places to Buy Gold Coins Safely

a large selection of gold coins

There are several options for purchasing gold coins, each with its own benefits and drawbacks. The top places to buy gold coins safely include:

  1. Gold Individual Retirement Accounts (IRAs)
  2. Online gold sellers
  3. Local coin shops and bullion dealers
  4. Private sellers

In this article, we will discuss each of these options in detail, helping you determine which one is best suited to your investment needs.

1. Buying Gold Coins with a Gold IRA

gold ira kit from goldco

A Gold IRA is a self-directed retirement account that allows investors to hold physical gold, including gold coins, as a form of investment.

This option is ideal for investors looking to incorporate gold into their long-term retirement planning.

Purchasing gold coins through a Gold IRA requires working with a custodian who will manage the account and ensure compliance with IRS rules and regulations.

RELATED READING: Investing in Gold

There are many reputable custodians and gold dealers that specialize in Gold IRAs.

It’s crucial to research and choose a trustworthy company that offers excellent customer service, competitive fees, and a wide selection of gold coins.

Setting Up a Gold IRA

A Gold IRA is an excellent option for investors seeking to diversify their retirement portfolio and hedge against economic uncertainties by investing in physical gold. To set up a Gold IRA, follow these steps:

  1. Choose a reputable custodian: The first step in setting up a Gold IRA is selecting a trustworthy custodian that specializes in self-directed precious metals IRAs. Custodians are responsible for managing your account, ensuring compliance with IRS regulations, and providing essential services such as asset storage and reporting. Research various custodians, compare their fees and services, and check for professional affiliations and accreditations. Goldco and Augusta Precious Metals are two of our top-rated companies to work with.
  2. Open a self-directed IRA account: Once you’ve chosen a custodian, you will need to open a self-directed IRA account. This process typically involves filling out an application form with your personal information, including your name, Social Security number, and contact details. The custodian will review your application and set up your account.
  3. Fund your Gold IRA: After your account has been established, you will need to fund it. You can do this by transferring funds from an existing IRA, rolling over funds from a 401(k) or other employer-sponsored retirement plan, or making a direct contribution. Consult with your custodian about the specific funding options available to you and any associated tax implications.
  4. Select your gold coins: With your Gold IRA funded, you can now choose the gold coins you wish to invest in. The IRS has specific requirements for the types of gold coins eligible for inclusion in a Gold IRA. Approved coins include American Gold Eagles, Canadian Gold Maple Leafs, and Australian Gold Kangaroos, among others. Your custodian can help you understand the approved options and make recommendations based on your investment goals.
  5. Arrange storage: The IRS mandates that all physical gold held in a Gold IRA must be stored in an approved depository or storage facility. Your custodian will typically work with one or more approved storage facilities and can help you arrange secure storage for your gold coins.
  6. Monitor and manage your investments: Regularly review your Gold IRA’s performance and adjust your investments as needed. Keep in mind that you can also invest in other precious metals, such as silver, platinum, and palladium, within your Gold IRA. Work with your custodian to ensure your investment strategy aligns with your retirement goals and risk tolerance.

By following these steps, you can successfully set up a Gold IRA and begin investing in gold coins as part of your long-term retirement planning strategy.

If you want to learn more about setting up a gold IRA, we recommend getting your free gold investing kit from the professionals at Goldco:

Buying Gold Coins Online Safely

The convenience and selection offered by online gold sellers make them a popular choice for many investors.

Reputable online gold dealers often provide competitive pricing, a wide range of gold coins, and secure payment and shipping options.

YOU MAY ALSO LIKE: Where to Buy Gold Bars

However, it’s essential to be cautious when purchasing gold coins online. Always research the seller’s reputation, read customer reviews, and verify their contact information.

Look for dealers who are members of professional organizations, such as the American Numismatic Association (ANA) or the Professional Numismatists Guild (PNG).

Goldco: Our Top-Rated Online Gold Seller for Coins and IRAs

Goldco is our top-rated online gold seller for both coins and Gold IRAs. This company has built a reputation for its excellent customer service, competitive pricing, and extensive selection of gold coins.

Goldco’s knowledgeable representatives can help investors navigate the complex world of gold investing, from buying gold coins to setting up a Gold IRA.

YOU MAY ALSO LIKE: Gold Coins vs Gold Bullion

In addition to gold coins, Goldco offers other precious metals such as silver, platinum, and palladium.

The company is accredited by the Better Business Bureau (BBB) and holds membership in the ANA and PNG, providing an extra layer of trust and security for investors.

Learn more and get their free investing kit:

Buying Gold Coins Locally

a woman displays a pile of gold coins she bought from a local shop

Purchasing gold coins from a local coin shop or bullion dealer is an excellent option for those who prefer face-to-face transactions.

Local dealers offer the advantage of being able to inspect the coins before purchase and avoid shipping costs.

They can also provide personalized advice and guidance based on your specific investment goals.

To ensure a safe transaction, research the dealer’s reputation and check for membership in professional organizations like the ANA or PNG.

Additionally, be prepared to pay sales tax on your purchase, as required by law in many states.

Buying Gold Coins from Private Sellers

Private sellers can be a viable option for purchasing gold coins, especially if you’re looking for a specific coin or a better price.

However, this option also comes with a higher risk of fraud and counterfeit coins.

When dealing with private sellers, take precautions to ensure a safe transaction.

Meet in a public place, bring a friend or family member, and always inspect the coins carefully before making a purchase.

It’s also wise to use a third-party escrow service to protect both the buyer and seller during the transaction.

Key Factors to Consider Before Buying Gold Coins

Before purchasing gold coins, consider the following factors to make the most informed decision:

  1. Purpose of investment: Determine if you’re buying gold coins for short-term gains, long-term wealth preservation, or as part of a diversified investment strategy.
  2. Type of gold coins: Choose between bullion coins, which are valued primarily for their gold content, and numismatic coins, which carry additional value based on their rarity, condition, and historical significance.
  3. Premiums and fees: Understand that gold coins often carry a premium over the spot price of gold, reflecting factors such as minting costs, dealer markup, and shipping expenses. Additionally, consider any fees associated with purchasing and storing gold coins.
  4. Storage and insurance: Decide on a secure storage option for your gold coins, such as a home safe, bank deposit box, or third-party storage facility. Also, consider purchasing insurance to protect your investment from theft or damage.

How to Ensure You Don’t Buy Fake Gold Coins

Counterfeit gold coins are a significant concern for investors. To avoid falling victim to fraud, follow these tips:

  1. Buy from reputable sources: Purchase gold coins from well-established dealers with a solid reputation and professional affiliations, such as the ANA or PNG.
  2. Research the coins: Familiarize yourself with the specific gold coin you’re interested in, including its weight, dimensions, and design features. This knowledge will help you identify any inconsistencies in the coins you’re considering.
  3. Verify the gold content: Use a digital scale to weigh the coin, and consider purchasing a gold testing kit to verify its gold content. Some advanced testing methods, such as X-ray fluorescence (XRF) testing, may require the assistance of a professional.
  4. Seek expert advice: If you’re uncertain about a coin’s authenticity, consult with a reputable coin dealer, appraiser, or numismatic expert for guidance.


Purchasing gold coins can be a secure and profitable investment when done correctly.

Whether you choose to buy gold coins through a Gold IRA, online sellers, local dealers, or private sellers, it’s essential to research your options, understand the risks, and take precautions to ensure a safe and satisfactory transaction.

By following the guidelines and recommendations presented in this article, you can confidently navigate the world of gold coin investing and make informed decisions that align with your financial goals.

a banner for a free gold kit with a green button