Treasure Island Coins Review: What You Need to Know Before Investing
With the United States economy going through an inflationary period and the Fed hiking interest rates, there is a lot of economic uncertainty, especially after the recent stock market performance. The collapse of Silicon Valley Bank is a good indicator of where the economy might be heading in the next few months or years.
If you’ve invested your money in the stock market, you may want to consider diversifying your investments. Putting all your eggs in one basket exposes you to a lot of risks, and it is best to spread your risk by allocating portions of your savings to different traditional and non-traditional assets.
One of the best ways to hedge against inflation and ride the economic uncertainty without your savings taking a hit is to invest in precious metals, such as gold or silver. Gold is an excellent safe-haven asset that investors turn to when the stock market is performing poorly, while silver is an affordable alternative to gold.
There are many precious metals dealers in the United States, and if you’re unsure what you’re looking for, it can be challenging to find one that is right for you. Lucky for you, we do all the research, helping you save time and effort.
Located at 42nd St S Fargo, ND, Treasure Island Coins is a major precious metals dealer that specializes in selling gold and silver bullion and coins, rare and collectible coins, and much more. According to the company, it has access to the largest precious metals inventory in the country.
In this Treasure Island Coins review, we will go over everything you need to know about the North Dakota precious metals dealer, including IRA services, shipping options, and much more.
Before you read this review:
We feel that rocky markets are ahead and that many of you are making financial decisions aimed at keeping your hard earned savings intact.
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What Will I Learn?
- About Treasure Island Coins
- Does Treasure Island Coins Offer Precious Metals IRA Services?
- How to Set Up a Precious Metals IRA with Treasure Island Coins
- What Types of Delivery Options Are Available for Investors?
- What Are the Available Storage Options?
- What Forms of Payment Does Treasure Island Coins Accept?
- Is Treasure Island Coins a Trustworthy Company?
- Pros and Cons of Treasure Island Coins
- Conclusion: Should You Invest with Treasure Island Coins?
- Frequently Asked Questions
About Treasure Island Coins
Founded in 1976 by Greg Olson, Treasure Island Coins is now the largest bullion dealer in North Dakota. It is a family-run business that is committed to educating clients on the importance of precious metals in an investment portfolio and providing them with the best prices on the market.
According to the company’s website, Treasure Island Coins has honesty and transparency ingrained in its core values. It became a full-service precious metals dealer in 2010 after Christopher Olson opened the Dakota Depository Company next to Treasure Island Coins.
At the Dakota Depository, there are state-of-the-art vaults and advanced on-site security that ensure the protection of clients’ precious metals, giving them confidence and peace of mind when dealing with Treasure Island Coins.
The company offers a wide range of products, including gold and silver bars and coins. Although it is a large precious metals dealer, it has a limited product inventory when it comes to platinum and palladium coins.
Some of the company’s top-selling products include 30 Gram Gold Chinese Panda 2023, 1 Oz Gold American Buffalo (Random Year), 1/2 Oz Gold Canadian Maple Leaf, 1 Oz Silver American Eagle 2023, 10 Oz Nordic Mint Silver Bar, and 1 Oz Silver Australian Kangaroo 2023.
According to the dealer’s website, Treasure Island Coins has experts in the industry with extensive experience to guide potential customers on which precious metals to buy in any market condition. The company strives to educate its clients on the importance of precious metals and help them expand their retirement or investment portfolio.
By providing personalized customer service and competitive pricing, Treasure Island Coins considers itself more than a typical bullion dealer.
Does Treasure Island Coins Offer Precious Metals IRA Services?
A precious metals IRA is a self-directed individual retirement account that allows investors to safeguard their savings by investing in safe-haven assets like gold and silver. You can purchase physical precious metals using an IRA and have them sent over to an IRS-eligible secure depository for safekeeping.
Treasure Island Coins has partnered with New Direction Trust Company, a precious metals IRA provider, to provide its clients with a complete one-stop solution.
Through Treasure Island Coins, potential clients can set up an IRA, move funds from their existing IRA to the new one, purchase precious metals, and store them at the Dakota Depository company or a secure storage facility across the United States.
How to Set Up a Precious Metals IRA with Treasure Island Coins
Setting up a precious metals IRA with Treasure Island Coins is easy. Here’s how the process works:
Create an online account or submit the completed IRA custodian-supplied paperwork to get the process started.
Fund the account through cash or other available payment methods or transfer money from your existing IRA.
Purchase precious metals through Treasure Island Coins’s online store or request the company’s broker to buy them on your behalf for your IRA.
Pay for your purchase by transferring funds for the precious metals.
Once Treasure Island Coins receives the funds, the online dealer will complete the transaction by delivering the precious metals to your designated depository.
What Types of Delivery Options Are Available for Investors?
It is important to note that if you are purchasing precious metals for your IRA, you must open an account with an approved depository.
Under IRS guidelines, an investor cannot request the delivery of precious metals to their home if they are buying through their IRA until they reach their retirement age.
Fortunately, Treasure Island Coins offers a secure depository and recommends all its customers store their precious metals with Dakota Depository. However, you can choose to have your precious metals delivered to another eligible storage facility across the United States.
Once you reach 59.5 years of age, you can start taking distributions from your IRA without incurring any penalties. However, in most cases, investors wait until the age of 72 when they have to take the required minimum distributions.
Customers can also choose to purchase non-IRA products on the company’s website and have them delivered to their homes or any other shipping address. Treasure Island Coins ships most packages through UPS. However, the company can post through USPS, depending on the conditions.
All orders shipped through a delivery provider are fully insured, and packages over $600 require an adult signature upon delivery. UPS or USPS will make three delivery attempts, and if you are unable to receive it on the third attempt, you must reach out to Treasure Island Coins for additional options.
What Are the Available Storage Options?
If you’re looking to purchase precious metals for your IRA through an online dealer, you need to open up an account with a secure depository to have your order delivered there. This can be a tedious and lengthy process.
Treasure Island Coins makes it easy for customers and potential clients by offering a secure depository under one roof. Located on the same site as the precious metals dealer (42nd St S Fargo, ND), Dakota Depository is a convenient choice.
However, if you prefer, you can choose to have your order delivered to an approved depository of your choice, and Treasure Island Coins will ship them via UPS or USPS.
What Forms of Payment Does Treasure Island Coins Accept?
The company accepts many different forms of payment, including the following:
Depending on the type of payment you select at the checkout, there may be a holding period. Treasure Island Coins holds all paper payment methods for seven business days, while electronic payments have no holding period.
Customers who place an order and select wire transfer will receive bank wire instructions with all the details needed to send the company funds to confirm the order.
The company charges a 4% and 1% surcharge on credit cards and a 1% surcharge on cryptocurrency payments.
Is Treasure Island Coins a Trustworthy Company?
When you want to know whether a company is trustworthy, it is crucial to research and check their reviews online. You should read every review to understand what the customer has to say about the company or what they’ve gone through when dealing with it.
Treasure Island Coins is a legitimate precious metals dealer that has been in operation since 1976 and has secured an A+ rating on the Better Business Bureau (BBB) website. However, Treasure Island Coins, Inc is not BBB accredited.
Although the business has been around for more than four decades, it does not have any customer reviews on the BBB website, which seems like a red flag. The company has some reviews on its Facebook page.
If you visit the company’s Facebook page, you’ll find that there are 56 reviews left by customers with an average rating of 4.2 out of five stars.
However, upon closer scrutiny, it appears that most of the recent reviews (between 2020 and 2021) may be fake, as they reference cryptocurrency and Forex investments, which are not services provided by Treasure Island Coins. The older reviews (dated 2016 or earlier) share mixed views, with some recommending the company and others not.
On Birdeye, a leading reviews software and messaging platform for multi-location businesses, Treasure Island Coins has around 93 reviews left by customers with an average rating of 3.7 out of five stars.
Pros and Cons of Treasure Island Coins
Before we wrap this review up, let’s quickly go over the pros and cons of dealing with Treasure Island Coins.
Extensive experience in precious metals
Offers a wide range of products, including IRA-eligible precious metals
There is no minimum order requirement
It has a secure depository under one roof
The fees on the IRA will depend on the custodian you choose
Treasure Island Coins has limited platinum and palladium products
Conclusion: Should You Invest with Treasure Island Coins?
Treasure Island Coins deal in gold and silver coins and bars from United States Mint, Royal Canadian Mint, Perth Mint, and other popular mints across the world. It deals in rare coins and other precious metals and has an extensive inventory for you to choose from. The company also buys and sells at wholesale and retail levels.
When you visit the company’s website, it is easy to navigate. The website has spot prices of the different precious metals, allowing potential customers to make informed decisions based on real-time data. Treasure Island Coins understand the hassles clients face when buying precious metals from online dealers, and to eliminate that, it has a secure depository under one roof.
That said, we do not recommend Treasure Island Coins, especially after scrutinizing the reviews left by their “customers.” It doesn’t have an accreditation, nor are there any customer reviews on the BBB website.
Although Treasure Island Coins is a decent company, there are many other precious metals dealers out there with fantastic reputations and positive customer reviews.
Frequently Asked Questions
Is Treasure Island Stamps and Coins a Subsidiary of Treasure Island Coins?
With almost a similar name, it can be easy to confuse Treasure Island Stamps and Coins with Treasure Island Coins. However, the two companies are entirely different and not related to each other.
Treasure Island Stamps and Coins is a small stamp and coin shop that deals in rare and ancient coins. If you’re interested in buying stamps or rare coins, the place has a very relaxed atmosphere and is one of the last few stamp-collecting shops serving the Bay area.
Treasure Island Coins does not have a stamp collection and only deals in precious metals.
Does Treasure Island Coins Have a Maximum Order?
The company does not have a limit on the maximum number of gold and silver coins and bullion you can purchase online. However, Treasure Island Coins require customers to place a deposit for large orders before accepting it.
Does Dakota Depository Have an Online Store?
No. Dakota Depository is a secure storage facility where you can have your gold or silver shipped for safekeeping. The business does not buy or sell precious metals or advise clients on what gold and silver coins or bullion they should purchase.
Is There Any Reporting Requirement on Purchases Exceeding $10,000?
The reporting requirement only applies to cash purchases exceeding $10,000. Treasure Island Coins does not submit any reports for sales if customers pay with other payment methods besides cash.
The top way to safeguard your retirement is to open a precious metals IRA. Check out the below providers and request a free kit.
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