Govmint Review

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You put yourself at risk no matter what financial investment you make. Coin purchases are no exception. I felt overwhelmed myself looking up information about Govmint. Here’s what I learned about this mint currency provider so far including pros and cons of the company and their website.

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What is Govmint?

Govmint Review

It’s an online coin marketplace headquartered in Minneapolis, Minnesota. They host a variety of coins normally not easy to find, and they also provide access to scarce pieces. Some products are like ones in circulation, but others are made specifically for collectors. They also sell paper money and ancient coins.

In addition to metal collectible currency, they also help you find out how much your coins would be worth. This company has an A+ Better Business Bureau rating and received their BBB accreditation on January 10, 1986.

Govmint Pros and Cons

Pros

  • Coin grading information – Govmint educates you on how to grade coins. This includes providing you key descriptors of MS, PF and SP coins. MS states for “mint state” and made like circulation coins graded 60-70. PF stands for “proof coins,” and these are made especially for collectors. Govmint also explains the 1-to-70-coin grading system and how to determine the quality of each piece you own or plan to buy.
  • Selling tips – This coin sourcing company doesn’t expect you to blindly invest. They advise you on when it’s time to sell and how to price your pieces and collections. In addition, they teach you to whom to sell your mint currencies for the highest profit.
  • A variety – Govmint provides assorted individual pieces and complete sets from around the world. Besides the United States, coin origins include Canada, South Africa, Mexico, The UK, China and more. They explain the purpose behind the coins they offer. Furthermore, this currency marketplace provides back stories that reveal the culture and people from where each unit originates.
  • New release updates – Govmint offers the chance to stay informed about items available now or coming soon. You can sign up by email and receive alerts to stay current, even if you don’t visit the website every day.
  • Research references – To add credibility, they also provide you online coin collection resources. This includes references to The American Numismatic Association (ANA), The Smithsonian’s National Numismatic Collection (NNC), Coin Week and KITCO.
  • Caring customer responses – They are not without customer complaint, but they do respond fast on social media. This shows that they do care about the people they serve. Any company that does attempt to resolve order issues is one I’m usually willing to work with, but that depends on the type of complaint.
  • Active on social media – Govmint posts just about every day on Facebook, participates on Twitter and Instagram, and regularly posts on Coin Authority. Therefore, you know they exist. If they communicate with their audience often, this proves they will also respond to your concerns.
  • Item Q & A on websites – One thing that always makes me feel better about making a purchase is willingness to provide answers to my questions. I haven’t tried to ask anything on the site yet, but I notice that the company does respond to the questions other people have. Given the straightforwardness of the replies Govmint offers, that makes me trust them. They provide specific information such as coin size, year or purity (ex: tell you it’s .900 for a specific 1923 issue or is 18mm).

Cons

Some frustrations customers express represent how unpredictable the coin industry can be sometimes depending on the economy. It’s like buying stocks, really. You put your money on the line hoping for a return. It does happen often, but ROIs are not always immediate. This can upset people. However, you cannot enter into a numismatic agreement without preparing yourself for possible loss.

I assure you that Govmint offers compassion to buyers, and they do seem to have more happy than disappointed customers. Judging by social media responses, they do demonstrate an understanding of frustrations people have. However, I do see why you might be reluctant to buy if you notice how angry some of the customers on social media get.

Customers do sometimes direct feelings of rage at Govmint, claiming they don’t receive the items they purchased. Commenters even stated that the company has stolen their credit card numbers or is an outright scam. In cases like this, it might not be about the seller. There are ways to make sure you get the items you order.

Govmint Review

Bonus Tip #1: How to Get What You Order

First, I notice that Govmint has an “available to order” indicator on product order pages. For example, I see a coin that may not ship until about two weeks after I purchase it. Some customers might not realize this come time to order. I suggest you check the upper right-hand corner of the product page before you decide to buy. It tells you when it’s available and when the company expects to start the delivery process.

In most cases, you’ll receive when you paid for within 7-10 business days. However, it could take longer if you decide to back-order an item that isn’t available yet. Also notice in the site FAQs that Govmint will notify you of any delays past 30 days.

Bonus Tip #2: If Making a Damaged, Lost or Stolen Claim

It’s also wise to make sure you understand when you’ll be compensated for lost or stolen items. Govmint does clarify that they take claims within 30 days for items lost in transit. The same applies to damaged items. However, they do state that they will not take responsibility for items successfully delivered. In this case, you might need extra shipping insurance to guarantee your ordered items. Supplemental insurance purchases would take place through the shipping company, not Govmint.

It’s unfortunate to ever have to make a damaged, lost or stolen claim. If you must, remember these issues take a while to resolve. Each case is also decided individually. Meaning, you’ll either receive a replacement or a refund depending on what Govmint sees is the best action to take after processing your claim. Don’t expect this to be a quick operation.

Is Govmint a Scam?

Govmint Review

Determining whether a mint company is a scam or not doesn’t come easy. You can find out if you check their Better Business Bureau customer reviews, which are not included in the BBB rating. Social media reviews also indicate whether a company is legit or not.

Govmint’s BBB rating is 2.18 out of 5 stars, but this average figure comes from only 26 reviews. Anytime only a handful of persons gives an unfavorable report on a product, it doesn’t take long to diminish a rating. It hurts a company’s reputation even if they show exemplary evidence of customer satisfaction otherwise. Besides, not everyone who is happy with the company makes a review – no news typically is good news in this industry.

On Facebook, Govmint this coin company averages about a 3.7 out of 5 stars based on 35 reviews given. Some people reported excellent Govmint customer service and are happy with their purchases, but others complained that they didn’t receive their order. Identity theft has also occurred, but it doesn’t mean that the mint coin provider stole it.

Financial industries are often the worst for receiving unfavorable reviews because it involves a commodity that most people are attached to – money. However, I highly doubt Govmint wants to steal your credit card info or your coins.

However, alleged theft could determine the need for a website security upgrade if this company wants to stay in business. Regarding order processing times, on the other hand, that’s not always something this marketplace can avoid. It just happens sometimes. Deliveries are delayed because of weather or traffic emergencies, or an accident could have occurred. You never know.

Should You Use Govmint?

You can at your own risk. Besides, I don’t think Govmint would be in business for more than 35 years if they had no unhappy customers. Before you make any investments, however, you may want to purchase an identity theft service to prevent substantial financial loss.

Furthermore, some of the losses mentioned depend on how volatile or steady the current economy is. It’s important to keep an eye on current financial trends and follow predictions made by famous economists before making your coin purchases. Also remember, Govmint does help with many aspects of coin inspecting and buying. They even train you how to evaluate them yourself.

Although we do think that GovMint is a solid company, we believe that there are better companies out there to make your investment with if you are looking to invest in precious metals.

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