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Govmint is one of the biggest online dealers of precious metals and rare coins in the US. They sell collectible coins from all over the world, including historical US coins that are hard to find. A range of bullion is also available.
But Govmint hasn't always had the best track record with its customers. So are their services legitimate? And are they worth investing with?
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Govmint's headquarters are located in Minneapolis in Minnesota. The company focuses most strongly on selling collectible coins. They have numismatic rarities from all different eras of history and all corners of the world.
In addition to the numismatic collectibles, there are collectibles like ancient coins and paper money. You can buy investment grade bullion if you want, but it's not Govmint's main focus. For this reason, if you want to invest in a precious metals IRA, it's probably a good idea to work with one of the competitors instead.
Govmint has been in the numismatic collectibles industry for more than three decades. They have also been behind many major innovations for collectors.
For example, they were the first company to design and distribute maps for the state quarters in 1999. These quarters were many people's first introduction to coin collecting, and Govmint's maps might have brought several million more individuals into this hobby.
Govmint has exclusive network connections that allow them to get access to rare coin hoards that other companies can't get close to. For example, they were able to distribute the Continental hoard in Illinois, Redfield hoard in Nevada, and the government General Services Administration hoard of old circulated gold coins.
Govmint is considered one of the top dealers of US Proof Sets, which are proof coins distributed by the US Mint. They are authorized to deal PCGS and NGC graded coins. Plus they have a partnership with the Smithsonian Institute, with their sales proceeds going to benefit the numismatic education of the museum.
With all of these qualifications and partnerships, it seems like Govmint should be a great company to work with. Unfortunately, they have received multiple negative reviews that seem to indicate otherwise.
Making a Purchase
There is a huge amount of inventory available through the Govmint website. This includes rare and historic coins, books, collectible supplies, and paper currency. They might have the biggest variety of collectible curiosities available in the country.
One note is that Govmint does not appear to have IRA services. This makes sense. When you put precious metals into an IRA, they need to adhere to strict purity standards. Numismatic collectibles are not allowed. While some of Govmint's products can be stored in an IRA, the vast majority cannot.
If you want to invest in an IRA, you should work with a company that specializes in setting up precious metals IRAs instead.
Though the majority of Govmint's clientele is based in the US, they ship to a variety of places. They ship to all 50 US states as well as the Virgin Islands and Puerto Rico. They also ship to:
However, if you're looking for international shipping to locations outside of these countries, you might need to go elsewhere.
If you want to make a purchase over the phone, you can call them during business hours. There is also an email that you can use to get in contact whenever it's not business hours. The company does not have a live chat feature on its website, which puts it slightly behind some of the competitors.
To make a purchase, you'll first need to make an account. Then you can use their website as an eCommerce platform. Simply add the items you want to your cart and then check out.
Govmint has the company's return policy listed on the website. The return policy varies slightly depending on what you buy. For example, bullion items are not returnable. You also can't cancel a bullion order. However, you can exchange a bullion order for the same bullion item if the one you receive is damaged.
This policy is the same for "Final Sale" items. These are marked clearly on the website as being part of a Final Sale. They are being sold as a means of clearing the inventory, so Govmint will not take them back.
Every other item in the store -- which means most of the inventory -- is subject to a 30 day return policy. You must return the item within 30 days of the date it shipped. You'll receive a refund if you meet the following conditions:
If any of these conditions aren't met, then the company might reject the return or make you pay a restocking fee.
Is Govmint a Scam?
Govmint does not appear to be a true scam. In order to be a scam, a company needs to steal people's money without any intention of following through on their promises. That's not the case here. The customers do appear to get the services they purchase. But they also aren't often very happy with them.
For example, on the Better Business Bureau website, there is an average of 2.25 out of 5 stars based on 32 reviews. This indicates almost universally unpleasant experiences. For every customer who left five stars, at least two more left scathing reviews.
Govmint does have an A+ rating with the BBB, though. A company can keep an A+ rating if they make an effort to resolve all complaints filed. None of the BBB customer reviews are official complaints, so they don't factor into the review. There have been 5 official complaints in the past three years, one of which was filed in the past year.
There have been some complaints alleging that the customer's identity was stolen after doing business with Govmint. However, data breaches are an unfortunately common fact of life. There's no evidence indicating that Govmint stole any customer identities or was responsible for the compromising of customer information.
That said, it is possible that Govmint needs to update its online security.
Other complaints are that the customer service team is extremely rude, the shipments were delayed, and that people received the wrong orders.
Let's take a look at a few of the complaints in depth.
One negative review from March of 2022 said that the customer had placed a simple order, but it hadn't arrived after a full two weeks. They had been sent a tracking number, but the function was difficult to use and claimed that the package had been delivered.
When the customer called, the customer service representative treated them politely. However, there was no record of the customer or their order in the company system. The customer sent a request through email and never got a reply. They also said that the company's prices were marked up to an outrageous degree.
Another reviewer in February of 2022 said that the customer service representatives were extremely rude. This was when the customer service people were willing to return calls and emails. Apparently one of the customer's packages was delayed, and the insurance policy didn't cover the full order cost.
The customer said that they would not be wasting any more time purchasing from Govmint and would instead be using popular competitors. He further stated that Govmint would need to hire better service employees and revise their pricing before he would buy again.
Another customer said that he purchased an item and it came with damage and spots. It was supposed to be graded much more highly than that. The company did respond to this to say that the "milk spots" often appear after coins are graded, and that Govmint isn't the agency responsible for coin grading.
Pros & Cons of Govmint
Govmint is a popular choice for people who want to purchase bullion. They are often chosen because of their advertising campaigns and recommendations. But unfortunately, there are quite a few red flags with this company. Most customers report having an extremely negative experience.
It seems like Govmint might be poorly organized and mismanaged. Customers have cited issues with every single step of the delivery process. Some say the service representatives are rude. Others say their items were lost, underinsured, or arrived with damage. Many customers have indicated that they will never buy from Govmint again after their experience.
Sometimes companies will have poor service, but they'll have the appeal of low prices. Govmint is not one of those companies. Customers have said that the company marks up the price of gold and silver far beyond the spot price. They felt very misled about the value of what they were buying.
With all of this in mind, we definitely don't recommend that you work with Govmint. There are just too many negative reviews of the company online. It's a better idea to work with a competitor who has consistently positive customer feedback.
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