Gold and silver coins are popular precious metal products these days. Collecting them can be done as a fun hobby, but they can also be a smart investment, as well. In a time of serious economic volatility, gold and silver are well-known for being a means of preserving wealth and even working as a hedge against inflation.
If you look at the value of gold over the last 50 years, you might see that its value has actually outpaced the stock market overall. Silver the last few years has even enjoyed double-digit growth percentages, growing faster than gold.
To get your hands on gold and silver coins in San Antonio, you need to know where to buy them.
In terms of buying gold and silver coins in San Antonio, you have two options. The first is brick-and-mortar stores in the actual area of the city, and the second is going through online websites.
Which route you should go is honestly up to you, since it’s your spending, so we cover multiple options for so you can make an informed decision.
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1. Online at Augusta Precious Metal
You can find more about Augusta Precious Metals at their website www.AugustaPreciousMetals.com. They don’t offer many smaller coins or bars, so their selection is a bit limited. You’ll also need to spend at least $25,000 to make a non-IRA purchase, and to start an actual gold IRA, you’ll need a minimum of $50,000.
However, the great thing about them is that they have very low fees and competitive prices. They even created a free checklist which can be found here to help you find a trustworthy gold dealer or a precious metals IRA company.
Customer service at Augusta Precious Metals is also good compared to their industry peers, but what they really are known for is client education.
They have many resources you can use to learn about precious metals and making money with them. That includes website content, e-books, and videos, but also meetings with their analysts who also contribute to podcasts and social media channels.
2. Online at Birch Gold Group
Buy through Birch Gold Group at www.BirchGold.com. You can buy gold and silver coins through them for either your personal collection or as part of a gold IRA account. There are account minimums you must match, however. and it’s $5,000 for a non-IRA purchase and $10,000 for a precious metal IRA account.
Birch Gold Group has been in operation since 2003. In their two decades of service to clients, their customer service has ranked very highly and consistently near the top at all times. Read our guide on the best gold IRA companies in Texas to learn more.
3. Alamo Heights Coin Shop
Alamo Heights Coin Shop is a local store where you can buy gold and silver coins among many other collectibles. Their website, www.AlamoHeightsCoinShop.com says they’ve been in business since 1977. Google Reviews has them at an average of 4.5/5.0 across all reviews.
Such things would usually make a business look good, but the website seems to raise questions. A notable typo is present above the fold of their front page, and there is also no listing of store hours on the website. These are both questionable errors for a modern website of a retail store.
4. Online at Goldco.com
If you’re looking for gold and silver, then that’s all Goldco does. See their current product lineups at www.Goldco.com. IRA investments start at $25,000 for a minimum, and non-IRA purchases can probably be done for less but will still likely carry a minimum in the low five digits.
Goldco is known for one thing in the precious metal broker sector, and that’s customer service. They are consistently rated as the very best in the business at caring for their clients with “white glove” service.
5. Royalty Coins
You can visit the website of Royalty Coins at www.RoyaltyCoins.com to see their hours and a map of their location. However, you will also quickly see that the website design is ancient by online standards. In fact, the map is listed as being from the late 1990s.
The store is listed with the Better Business Bureau as having been in operation for many decades. Google Reviews from many clients average at 4.0 out of 5.0 stars, with many commenting positively about the low prices. This business is located on the famous RiverWalk.
6. Texas Coins
Texas Coins lists their address, contact information, and hours on their website of www.TexasCoins.com. However, they also refer to their location as an “office” rather than a store, and they’re only open three days a week. The website is another very basic design, with several broken links and HTML tables that are very incomplete.
Customer service seems to be questionable with this business as well. Google Reviews average 3.8 out of 5.0.
While there are many customers who were satisfied with the money they got paid for their coin collections, there are multiple instances of people so unsatisfied that they left the lowest possible scores attached with accusations of professional malpractice or rude customer service.
7. Medlars Jewel Masters
Depending on how you Google them, you might see that they’re permanently closed. If you visit the website of Medlars Jewel Masters at www.MedlarsJewelry.com, you’ll see that they’ve been bought out by Shetler Fine Jewelers. According to the website, they’re still open.
They do sell some gold and silver coins, but their lineup apparently changes frequently. Coins are not apparently the dominant product line for this business, either before or after their acquisition. Customer service reviews for both Medlars and Shetler are very high, so the acquisition is unlikely to impact excellent customer service if you actually find something you want through them.
Frequently Asked Questions
Certain questions are common in this industry. We’ve assembled some we get asked a lot and provided the information you should hopefully find useful.
Why Do We Recommend Online Dealers?
We recommend online dealers for several reasons. They include better prices, fast delivery, and buy-backs.
Even though online dealers might have to include shipping costs, they might also have you pay those. Outside of shipping, however, they simply don’t have the overhead costs that retail stores in prominent properties have, so they have better prices due to lower overhead costs.
Fast delivery is possible because they ship everything. Their local package route drivers probably stop there multiple times a day, and they have packages going in and out all the time. They’ll be professional experts in terms of shipping matters that don’t get interrupted by storeroom foot traffic.
Many online dealers also offer buy-back options. If you choose not to hold onto a particular piece, they’ll take it back for fair market value. That makes it easy to liquidate pieces you can’t find a buyer for yourself.
What Type of Coins Can You Buy?
In a gold IRA account, your options are limited to what the IRS approves of. Outside of that, there are thousands of kinds of gold coins. They’re made all around the world and have been used for centuries.
Coin sizes range from something tenth-ounce in size or quarter Sovereigns with less than 2g of actual gold all the way up to 1-oz. gold coins or quintuple Sovereigns.
Finishes range from bullion finish to brilliant uncirculated to proof status. Historical coins might carry even more value.
What Are the Rarest Gold Coins?
The rarest American gold coins made for circulation were probably the $3 Princess coins.
Many American gold coin series will have both common and scarce issues, but each member of the $3 date line is thought of as a rarity. While produced for 36 years, just over half a million of them were struck.
What Is a Numismatist?
A numismatist is someone who specializes in numismatics. That comes from Latin and means “of coins”, so a numismatist is a specialist with a passion for coins. There are three primary groups of numismatists.
The first could be considered collectors. Their actual skill and education in numismatics might be limited or at an amateur level. However, they enjoy owning coins and precious metal products utilized for wealth and currency.
Coin dealers are a second group. They are professional numismatists, and they grade or authenticate coins for commercial value and transactions. This is who you’ll likely deal with in stores and businesses.
The third group of numismatists follows a scholarly bent. They work in universities and colleges academically, or they might be advisors and policy experts for various levels and branches of government.
What Are the Benefits of Having Gold Coins?
Gold is a great hedge against inflation. It simply doesn’t deteriorate in value over time as paper fiat currency does. Price stability is very common among gold coins.
Gold coins are a great way to save money. They’re very easy to buy and sell. You can easily transfer them.
Little maintenance is required on your part. The lack of deterioration isn’t just in value but also in their physical condition.
Is It a Good Idea to Invest in Gold?
Since 1971, gold has possibly outpaced the stock market in value growth. Even though silver isn’t worth as much as gold, the last decade has shown silver outpacing the growth of gold value. So, yes, investing in either can be a smart move.
Just make sure you don’t invest in only gold, silver, or precious metals. While they are an alternative asset class that should be a part of your total investment, they shouldn’t be your only investment.
Diversification should protect you and expose you to all areas of potential growth.
Should You Open a Gold IRA Account?
If you’re saving towards retirement, it can be worth considering. However, how far from retirement are you? A gold IRA account is often used to preserve wealth and hedge against inflation or stock market crashes.
The younger you are, the more your investment portfolio should possibly be stacked in stocks and bonds.
Having said that, starting with gold and silver young might let you capitalize on their historical tendency towards growth. Putting 5% to 15% of your portfolio in precious metals gives you diversification.
Which Gold Coins Are IRA-Approved?
The IRS has strict definitions about what coins are approved for precious metal IRAs. Their purity must be 99.5% or higher. Many collectible coins face exclusion.
Proof coins can be acceptable under the right circumstances. Specific requirements include encapsulation, mint condition, and a certificate of authenticity included. Any non-proof coins need to have been uncirculated and in brilliant condition.
Two popular coins you might be looking for are the American Gold Buffalo and American Eagle gold coins. They’re both approved. You might note that American Eagle coins don’t technically meet the purity requirement, but they have an IRS exception to the state rules.
You should also note that many coins might meet the purity requirements and other guidelines but still be unapproved. This is often due to being considered rarities or collectibles. U.S. Liberty coins are one such example.
Key Takeaways
You can buy gold coins in-person or online. You can have more power over your budget in a local store, but you might also be at risk of losing the coins and you have to pay taxes.
Going online gives you a broader selection and more safety, and if you use a gold IRA, then you can avoid taxes in many ways to make more money.
If you’re looking to collect all kinds of pieces, then the restrictions of a precious metal IRA might prevent that. However, if you want to create or preserve wealth, then the tax advantages of a gold IRA are worth exploring.