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Based in Minnesota, Govmint is one of the longest-lasting precious metals dealers in the industry. The company has been serving the US since 1984, so there are nearly four decades of industry experience! But have they managed to keep up with the modern age? What do past customers have to say about working with them?
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Govmint's name could be considered slightly misleading. This is a precious metals dealer that does not have its own mint, nor is it affiliated with the government. There's nothing wrong with having such an official-sounding name, but they have received some poor customer reviews for low quality service.
Govmint is accredited with the Better Business Bureau and maintains an A+ rating with the organization. This indicates that they have done their best to respond to and resolve any complaints. However, the customer reviews on the website give them a rating of less than 3 out of 5 stars, indicating a lot of negative feedback.
The company states that their biggest goal is to be the top seller of collectible items in both Asia and the United States. They were founded in 1984 and operate out of Minnesota. Precious metals have only been traded to individual investors in the US since the 1970's, so this is a long track record.
Their chief focus is on collectibles rather than pure IRA-approved bullion. For this reason, if you're looking for IRA precious metals, you might be better off working with a company that specializes in retirement accounts.
The company has done a variety of things to help expand public interest in collectible coins. For example, they were the first to create US maps for the state quarters that began rolling out in the year 2000. People gained a much greater interest in these quarters because they wanted to complete their 50 state map.
They have also been responsible for handling certain deals with huge hoards of collectibles. In fact, they handled the General Services Administration hoard made up of old gold coins. This was the first time that the General Services Administration had allowed its coins to enter circulation.
Govmint sells United States proof coins as individual coins and in sets. These coins are worth more than their standard counterparts. The company is also authorized to sell PCGS and NGC graded and certified coins. They are partnered with the Smithsonian, so part of the sales of certain products goes toward the Smithsonian's National Numismatic Collection.
All of this shows that the company has spent well over 35 years cultivating a powerful network. It is an entrenched player in the precious metals industry and is well-respected amongst many different financial players. This would all be great if their customer feedback was a little more positive than it is.
When you make purchases of more than $149, you can have the items shipped to you for free. There are some coins available that you can't find anywhere else, thanks to Govmint's partnership with institutions like the Smithsonian. You can also get one-on-one concierge consultations if you have questions about investing or growing your coin collection.
About the Founder
The founder of the company is named Bill Gale. Bill is one of the foremost numismatic experts in the world. He has been responsible for selling over $3 billion in shipwreck treasure, rare coins, and modern collectible coins. On top of this, he spent more than 15 years acting as the coin expert for multiple different major shopping networks.
Bill is popular with collectors not just because of his expertise, but because of his personality. When he appeared on television, he was always able to capture the wonder and awe of each coin. He helped to impress upon people just how valuable different rarities were, along with how much history came with them.
Bill was the co-author of the first ever reference guide that specifically dealt with proof sets from the US Mint. The Numismatic Literary Guild bestowed this book with an award in 2003. Recently, a new version of the book has been published with extra information from the past two decades.
Bill has been a member of the American Numismatic Association and Professional Numismatic Guild for years. He is also credited with donating millions of dollars to the Smithsonian's coin exhibitions so that people can view the largest coin collection in the world.
Products and Services
Govmint's main focus is on providing a variety of collectible coins. Unlike many other companies, they don't have any IRA services shown on their website. If you want to invest in precious metals for your retirement, it's better to work specifically with a gold IRA company instead.
There are a variety of products that you can choose from, however. Govmint does seem to be one of the best places for numismatists to find rare collectibles from all over. In addition, there are some basic bullion options.
You can browse the website by categories that include:
The world coins come from government mints all over the world. You can look at coins from Britain. Mexico, Australia, China, Canada, South Africa, and other areas.
When you hover over the Exclusives tab, you're able to look for items that come from exclusive partnerships. These include exclusive items with the Smithsonian Institution, coins that you might have seen or heard about on the radio or TV, and the company's Scarce & Unique Division.
The Scarce & Unique Division staffs people who can answer questions that you have about the offered coins. Many of these are so rare that they will not have prices listed on the website. Instead, you need to call in and have a one on one consultation if you're interested.
The "Other" category encompasses everything that doesn't fit neatly into one of the predetermined categories on the Govmint website. You'll find shipwreck coins, proof currency, platinum and palladium coins, bars, rounds, and ancient coins. There are even some forms of paper currency available for purchase.
There's an additional section for gift ideas. This will let you browse different potential gifts by price point. You can choose from gifts for kids or gifts for adults. The website has a lot of unique ideas for gifts that will interest coin collectors of all ages.
Once you get past the coins themselves, you also have the opportunity to purchase coin books and coin storage. The books might include reference guides that explain different things about the historical coins, while the storage covers everything from display cases to protective wrapping.
Many of Govmint's available products have been featured on commercials and TV programs on the shopping network. They are also often advertised during talk radio shows.
Is Govmint a Scam?
Govmint is not a scam. The company has been in business since 1984, making it one of the longest-lasting precious metals retailers on the market. They have a large variety of different items available for purchase, and they are transparent about who owns and operates the business.
In addition, it's easy to find feedback online from customers who have worked with the company. They definitely provide the services that they say they do. They are one of the only precious metals dealers to partner with prestigious institutions like the Smithsonian. The company founder has personally contributed millions of dollars to the Smithsonian's massive coin collection.
All of this is impressive. There aren't many companies that have so many exclusive offerings and partnerships. It's clear that Govmint has made the most of their time in the business.
However, that doesn't mean that they're necessarily the best company to work with. In fact, an overwhelming amount of the online customer feedback is extremely negative. Customers say that there were shipping delays, incorrect items sent, damaged items sent, and terrible customer service when trying to resolve their issues.
This is a situation in which poor feedback is even worse than no feedback. It seems like a great deal of the people who work with this company are unhappy about it. That's enough of a red flag to stay away. There are many other companies that offer similar services while having much more universally positive consumer feedback.
Pros & Cons of Govmint
Though Govmint is a legitimate and long-lasting company, we can't recommend working with them. Despite being in business for more than 35 years, they have received many extremely negative reviews from past customers. These customers say that their orders were damaged or incorrect, and they received poor service when trying to correct the issue.
There are many online precious metals dealers that have more positive customer feedback. When you work with a company, you want to be sure that they care about getting your order right. And if something goes wrong, you want to be sure that they care to resolve the issue to your satisfaction. It's better to work with businesses that don't have so much consistent negative feedback.
We hope that you enjoyed this review of Govmint.
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