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Westminster Mint is a precious metals dealership that provides gold, silver, and platinum products to investors and collectors. It is a trusted choice with a commitment to quality and customer service.
So, you’ve finally decided that you want to add precious metals to your portfolio? Good move. However, there’s something you should know. Buying gold online can be a risky affair and that’s why it is wise to work with a reputable broker.
Talking about brokers, Westminster Mint is one of the names commonly mentioned whenever discussions about online gold dealers are carried out.
If you’ve been doing your research, chances are that you know they’ve been around for quite some time. But just how good are they are their job? Are they legit? We’ve got the details covered in the next few paragraphs.
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About Westminster: An Overview
This online gold brokerage company started its operation in 2001, with its headquarters in Minnesota. Apparently, their vision is to provide customers with a reliable and affordable way to acquire precious metals.
The firm boasts an impressive A+ rating on BBB. That’s an indication that this is a company that not only delivers but is also prompt at responding to client queries.
Besides that, they only deal with certified and graded products – duly certified by bodies such as:
- The NGC (Numismatic Guaranty Corporation),
- PCGS (Professional Coin Grading Service)
- ANACS (The American Numismatic Association Certification Service)
This assures you that all the products you get here are top-quality.
Last but not least is the team running the company, which is made up of professionals who understand all there is regarding the numismatic industry.
Who owns the company?
Westminster is owned by a man known as Ian Clay, who happens to have a lifetime membership with the American Numismatic Association. Under his stewardship, the company has attained accreditation with the BBB and also acquired the special Minnesota license required to sell bullion.
One of Ian’s notable works is the book Modern Coin Rarities, which notes the most collectible, rare coins from 1986 to 2016. You know this book is important when you see reputable bodies such as NCG and PCGS authorizing and grading the coins found in it.
As if that’s not enough, the (bodies) have unique labels certifying whether or not a coin was listed in the book.
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Products and Services Offered by Westminster
This firm specializes in buying and selling rare gold and silver bars, coins, and bullion. You’ll find these items categorized as per their popularity on their website.
Some of these metals are as follows:
1. Silver Bullion
Silver, compared to gold, is a cheaper and practical way to enjoy the benefits that come with precious metal investments. Some of the silver products on sale on the Westminster Mint website include:
Silver Bullion Coins
The silver coins on this list tend to be lowly priced plus have a weight and purity percentage of around 99.99%. They include:
- American Silver Eagle
- Chinese Gold Panda coin
- Austrian Philharmonic coins
- Canadian Maple Leaf coins
- Australian Kangaroo coins
- Morgan Silver Dollar
- Peace Silver dollar
- Silver Koala coins
- Silver Britannia coins
- British silver Tudor beasts
- Silver Kookaburra coins
Unlike coins bars have no face value as they are made for investments only. Further, when you look at their design, you will likely find a unique code, purity, and weight printed on them.
These bars are as follows:
- Westminster Mint silver bars (1 and 10 oz)
- Silver Bullion Ingots (1 and 10 oz)
- PAMP Fortuna Silver bar (1, 5, 10 troy oz)
- 10-ounce Silver bullion Ingots
- 1-ounce Silver bullion Ingots
- 1-ounce Silver Ingots
These rounds are from different refineries and mints. They feature the company’s hallmark of weight and purity printed on them.
- Silver American Buffalo
- Silver Bullion Monster Box
- Silver Eagle Type III design
- Saint Gaudens Silver Bullion
- Round Package (1 Ounce)
- Indian Head Silver
Unlike other items, the coins are solely for collection and should not price out the coin enthusiasts. In most instances, they arrive well-packaged.
The coins are categorized as follows:
- Peace Dollars
- Morgan Dollars
2. Gold Bullion
The gold bullion products that this company offers are available in different varieties such that you can choose those for investment and others as collectibles.
American Gold Coins
- A few examples of the gold coins on sale by the company include:
- Gold American Eagle
- Gold American Buffalo
- Gold Canadian Maple Leaf
- American Liberty High Relief
- Betty Ford First Spouse
Gold Bullion Coins
Westminster Mint stocks gold bullion coins from both national and international mints. So, whether you’re looking for IRA-approved coins or quality ones for personal use there’s definitely something for you in their inventory.
- American Gold Eagle
- American Gold Buffalo
- Canadian Gold Maple Leaf
- Chinese Panda
- South African Krugerrand
The only gold bar we found listed on the company’s site was the PAMP Suisse gold bar. As you know, PAMP is one of the leading gold suppliers and a subsidiary of MKS Switzerland.
Pre-1933 Gold Coins
The impressive aspect of these rare coins is their PCSG and NCG certification. They include:
- St. Gaudens
- Liberty PCSG MS62
- PCSG MS62 Indian Head
3. Collectible Coins
Last but not least, the company also offers a variety of collectible coins for the countless enthusiasts out there. We have listed some of them as follows:
- W/Silver Eagle Early Release
- Ms70 W Silver Eagle NCG
- W Buffalo NGC PF70
- W Buffalo PR70 Advanced Release
After checking out the products offered by the company, the next step involves ensuring that the metals get to the client. This is a crucial factor as it plays a part in contributing to the firm’s overall reputation.
Let’s look at some of these features that help in building the customer’s trust in the company:
1. The Payment Policy
The rules and procedures for making payments and placing orders with the company are pretty straightforward.
For instance, there are limitations on the number of items that you may purchase. You should also keep in mind that when paying with a credit or debit card, the maximum amount that you are allowed to transact is $25,000.
Further, if you make your purchase via a personal or desk check, the minimum purchase you can make is $50,000. The check has to clear within ten days, or the order will be canceled.
And for wire transfers, the payment should not exceed 48 hours. Failure to observe the above rules will lead to the cancellation of the order.
2. Shipping Policy
Next up is the shipping, whereby the time it takes for the product to get to you will depend on your mode of payment. Even though the company has a delivery window period of fifteen days, they often strive to deliver your order within three days.
As for the checks, since they take ten days to clear, the firm keeps hold of your metals for this period. Once the package has been sent, you will receive an email with a tracking number to enable you to trace your commodity in case of anything. You should have peace of mind knowing that all packages are insured.
3. Return Policy
If you are not pleased with your product for one reason or another, you have thirty days from the date of purchase to return it. However, the product has to be in the same good condition it was delivered. Then, there are items where the return policy does not apply. These include:
- Ungraded silver, gold, and platinum
- Silver, gold, palladium, or platinum bars
- Legal tender palladium coins
Is Westminster Legit?
From what we have gathered, there is nothing to suggest that Westminster is a scam. Let’s start with the consistent A+ rating on BBB since 2008.
This feat is not easily attainable given the unpredictable global economic environment and other issues, such as political instability worldwide.
Then, the company has been in operation for over twenty years, and this should give you a hint that the owners know what they are doing.
Last but not least, the owner, Ian Clay, is well-known in the circles of precious metals, and it Wouldn’t make sense for him to establish a firm in this field that would rip off its clients.
Pros and Cons
Let’s briefly summarize some of the merits and demerits we found with this online precious metals company.
Now that it’s clear that Westminster is not a scam, we recommend that you try it out if you have an interest in investing in precious metals. There is a wide array of products for you to choose from, including silver and gold bars and rounds, and collectible coins.
All the coins and bars are from national and foreign mints, assuring you that the quality is not compromised. You’ll also be pleased that the firm has the Minnesota license required to transact in precious metals legally.
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