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Have you been searching for the best way to grow your wealth and protect yourself against stock market volatility? If so, you may have found that many experts recommend investing some of your money in gold, silver, and other precious metals. Your searches may have also led you to discover Westminster Mint.
But, who is Westminster Mint? Are they a reputable business? Will they help you meet your financial goals and provide you with quality products and services? Keep reading to find out; we'll highlight important information about this company that you'll want to hear before making a decision to work with them!
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About Westminster Mint
Westminster Mint was founded and incorporated in Minnesota in 2001. They have been a member of the Better Business Bureau since 2008 and currently hold an A+ rating.
When you work with Westminster Mint, you can feel confident you're working with a company with a deep understanding of investing in precious metals. Each member of the team is knowledgeable and experienced in the numismatic industry. The company is an authorized deal of certified and graded coins by the Numismatic Guaranty Corporation (NGC), the American Numismatic Association Certification Service (ANACS), and the Professional Coin Grading Service (PCGS).
Westminster Mint also offers a free mobile app for its customers. With the app, you can easily keep track of precious metals products, buy or sell bullion, and check on market trends.
Westminster Mint offers a few different gold coins and bars that investors can choose from. These include:
If you're looking to invest in silver coins, bars, or rounds, you'll find that there are many options to choose from with Westminster Mint. These include:
Rare and Collectible Coins
Westminster Mint also offers quite a few collectible, rare, and ancient coins. Whether you are a history buff or just interested in owning something rare, some of these options may be for you:
❑ Ancient Coins
❑ Shipwreck Coins
❑ Gold Hoard Coins
Westminster Mint works to process and ship orders quickly. Most orders that are placed will be shipped within three days, but the website states to allow up to 15 days for orders to be delivered. Orders are shipped with US Priority Mail, and a signature is required for orders greater than $100.
Each package shipped includes full transit insurance to protect your precious metals and provide you with peace of mind knowing your metals are secure.
While many other companies offer free shipping after you spend a certain amount of money, Westminster Mint does not. Shipping costs actually increase as the amount of your order increase. For example, while orders up to $300 cost $11.40 to ship, orders between $50,001 and $100,000 cost $294 to ship.
Are There Any Red Flags for Westminster Mint?
Now that you've read a bit about Westminster Mint, you'd probably like to know whether there are any red flags that indicate you shouldn't give your business to this company. One of the first things we like to do is to check reviews from past customers. We find that you're able to get a much more complete picture of a company by reading past reviews than by only looking at the website.
We looked at four of our favorite online review sites to help you see what others had to say about Westminster Mint. These sites are the Better Business Bureau, Business Consumer Alliance, TrustLink, and Trustpilot. You can view the review averages and ratings from each site below.
As you can see, ratings of Westminster Mint look OK, but not stellar. They seem to have pretty average ratings on the sites where we could find information.
Do you want to do business with a company that is just average, when there are so many with much higher ratings from past customers? That's a question you'll need to decide for yourself. We'll share some additional information in the next section that may help you in making this decision.
Is Westminster Mint a Scam?
The biggest question that's probably on your mind if you're thinking about giving any of your money to Westminster Mint is whether the company is legit. Westminster Mint does not appear to be a scam company. They have been in business for 20 years and have an A+ rating with the Better Business Bureau.
Just because they are not a scam company, however, does not mean that Westminster Mint is the right company for you to necessarily work with. There are a few different concerns we have about the company that make us a bit hesitant to recommend them to you.
First of all, as we shared above, the reviews for Westminster Mint are simply average. While they have an A+ rating with the Better Business Bureau, they only have a B rating with the Business Consumer Alliance (with A, AA, and AAA ratings being above a B). Westminster Mint also only has a 3.7/5 review on Trustpilot.
Trustpilot frequently lists multiple reviews for many other precious metals investment companies, but there was only one review for Westminster Mint. Considering the company has been around for 20 years, it is not reassuring to only see one review when other companies have thousands of reviews. In our opinion, this just doesn't provide enough information to really get a full picture of the company.
Another issue for us is the fact that there have been 13 complaints filed against Westminster Mint in the past three years. Nine of the 13 complaints brought up problems with the products or services provided by Westminster Mint. This just makes it seem like too much of a gamble to give your business to this company, in our opinion.
Westminster Mint's website also makes no mention, that we could find, of IRA services. Many people looking to invest in precious metals want to add them to an IRA to take advantage of the tax benefits offered to IRA holders. Since you can't do this with Westminster Mint, it is another reason you may want to consider looking around to find a different company to work with.
So, would we recommend Westminster Mint? No, we would not advise you to work with this company. There aren't enough reviews from past customers to truly get a feel for how they operate and do business. We also didn't like to see that there have been 13 complaints filed against Westminster Mint with the BBB in just the last 3 years. The face that you can't set up a Precious Metals IRA with Westminster Mint is just another strike against the company, in our view.
However, the good news for you is that there are plenty of other gold investment companies out there. Many have very high reviews from past customers and do offer IRA services. We'd recommend doing a bit more searching and choosing one of these companies instead!
We believe that there are better companies out there to make your investment with.
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