Can you buy gold coins from a bank? This is the question that I’m asked on a regular basis, so I figured it was only appropriate to dedicate a post to it here. In different countries, it is pretty normal to go to a local bank and purchase gold coins. Unfortunately, this is not the case here in the United States. It’s actually much more difficult to do this in the U.S. and for that reason, it’s important to discuss the options of buying gold coins locally within the USA.
Buying Gold Coins From A Bank (The Facts)
The US Federal Reserve is responsible for minting and distributing the gold coins throughout the United States and the associated banks. They don’t deal with individual customers. Instead, they sell gold coins directly to the banks.
On rare occasions, the banks offer commemorative series of coins to their customers. These are a limited series of gold and silver coins offered for a limited time. These coins are typically unique, collectibles, and what I’d consider as being pretty different from the usual copper or nickel circulatory coins.
Most US banks don’t sell gold bullion bars or coins to the public, as these are held as security against their funds. If you are interested in buying gold coins or gold bullion from a bank, you can do this from banks located in other countries like India and similar countries, but typically, no US bank will sell these directly to consumers.
However, if you are dead set on buying gold coins, you should find reputable gold coin dealers near you or find an online seller with a stellar reputation. Please note, I’ve mentioned “stellar reputation” and anything below that, you must proceed with caution.
While I can’t vouch for any local gold coin sellers, there are many reputable online gold coin dealers like GoldLine, Gold Price, Bullion Vault, Bullion Direct, APMEX Gold, and others with impeccable online reputations.
What To Consider When Buying Gold Coins Online
Here are the most important things you need to note when looking for a proper online gold coin dealer:
- Always check customer testimonial
- Look for online reviews of the coin dealer
- Compare gold coin prices between several dealers
- Check and compare shipping rates and dealer premiums
- Check if the dealers offer storing services
- Check the available gold coins and gold bullion
What Coins Should You Look For?
When looking to buy gold coins and you’ve located a suitable dealer, the next thing to note is to select quality bullion or gold coins to buy.
One of the most quality options you have is the American Gold Eagle coins. Still, these usually come with higher than the average premium costs due to their high quality and popularity. If these are above your budget, you can purchase the Canadian Maple Leaf gold coins or the South African Krugerrands.
While it is not precisely possible to buy gold bullion from a bank in the USA, there are other options like buying investment gold from large Mints and established gold dealers.
I’ll talk about this in the future, and here I’ll only conclude that the only way you can buy quality gold coins in the USA is from reputable brick-and-mortar and online dealers.