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For individuals and businesses looking to build a diversified investment portfolio, generate consistent returns, and minimize volatility, experts often advise buying into hard assets like gold, silver, numismatics coins, and other precious metals.
Among the most sought-after coins are those that are available from Premier Coin Galleries. This company has over three decades of experience in the industry and is known for its high-quality and rare coins.
Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?
That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.
Read the list to see if Premier Coin Galleries passed our strict customer service standards to become one of our top recommendations.
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About Premium Coin Galleries
Premier Coin Galleries is a company in East Islip, New York, that was founded on the commitment to provide sensible hard asset alternatives to traditional investments. They specialize in rare and certified coins, legal tender, and other precious metals services an investor may need.
On their About page, they claim to source their products from the US Mint and other trusted sources and have a physical location where customers can inspect coins in person.
Products Offered by Premier Coin Galleries
This company is perfect for individuals that love to collect rare coins. They have Indian, Liberty, Indian Princess, St. Gaudens, and Benjamin Franklin Half Dollar coins in their inventory at affordable prices. They also buy coins from customers looking to cash in on their investments.
Apart from rare coins, they also offer legal tender and other precious metals like gold and silver sourced from trusted suppliers in the United States and around the world. However, they don't indicate the type of gold or silver that they have on their products page, so an interested buyer must call them to find out what they have.
Services Offered by Premier Coin Galleries
The most notable service offered by Premier Coin Galleries is their guidance when investing in precious metals. This includes helping customers find just the right coin for their portfolio, advice on diversifying their investments, and tips on building a long-term strategy that will result in consistent returns.
They also offer precious metals IRA accounts for those looking to preserve and grow their wealth steadily with gold, platinum, and silver. They give their investors 24-hour access to their accounts through a portal to monitor and check their investments.
Premier Coin Galleries Website and Online Store
Premier Coin Galleries have an online store where their clients can browse and purchase items securely. It is user-friendly and easy to navigate, as it features a simple navigation bar and a search tab. The website also has detailed product descriptions (downloadable) with images and prices.
Moreover, they show real-time prices of gold, silver, platinum, and palladium on their website, which customers can use to track the market prices. For those that want to stay updated with gold news and trends on the market, the company has a blog section detailing the latest developments in the industry.
How To Buy From Premier Coin Galleries
Investors can visit the company's website (https://premiercoingalleries.com/) and click on the "Products" tab to find their desired coins. They will be taken to a page with a list of available products with prices, brief descriptions, and images.
Next, they should select the "Shop Now" button under their coin of choice, and they will be redirected to a contact page to fill out their information. After submitting, one of Premier Coins Galleries' representatives will reach out to them through their phone number or email during their working hours.
Alternatively, customers can also contact the company directly by phone, fax, or email to place their orders and inquire about products that are not listed online. Or, if they stay around New York, they can drive to their physical location to make their purchase.
Investing in Gold IRA With Premier Coin Galleries
Investing in a gold or silver-backed IRA is an increasingly popular option for those looking to use hard assets to protect their wealth. Premier Coins Galleries' team of experts guides their investors through the whole process, from picking out the right coins to setting up and managing their accounts.
One key factor an interested client should note is that the company is a dealer, not a custodian or a depository. A custodian is an entity in charge of managing and protecting the assets in an IRA account, whereas a depository holds the physical assets.
Customers will have to find and pay extra for these services if they decide to invest in a gold or silver IRA at Premier Coin Galleries.
IRS Regulations on Gold IRA Accounts
1) IRS-approved Precious Metals
Investors must buy precious metals that meet the IRS' purity standards, and the company they source from must also be IRS-approved and certified. Gold must have a purity level of at least 99.5%, silver 99.9%, and platinum and palladium 99.95%.
2) Custodian and Depository Services
The company that sells the metals (Premier Coin Galleries in this case) must also partner with an IRS-approved custodian and depository to manage and store the assets if they don't offer these services themselves. The storage company must be insured and inspected to ensure the safety of the IRA assets.
3) Age Limitations
Investors can create gold IRA accounts at any age. However, they are some accounts that one must be at least 21 years of age to open, such as SEP IRA accounts. When it comes to withdrawal, the account holder must be 59 1/2 or older before they can start taking withdrawals without incurring taxes and penalty fees.
However, if they wait for their assets to accumulate until they reach 70, there'll be Required Minimum Distribution (RMD) limits that they must adhere to. The amount taken out yearly will depend on their age, life expectancy, and account balance.
Types of Gold-IRA Accounts
1) Traditional Gold IRA Account
Anyone with earned income in America can create a traditional gold IRA account. Taxes are not paid until withdrawals start at retirement age, but contributions are tax-deductible in the year they were made.
This account is suitable for individuals that are currently in a higher tax bracket than what they anticipate being in after retirement or those that don't have access to a workplace savings plan. The contribution limit for this account is $6,500 for the tax year 2023, but those older than 50 can contribute up to $7,500.
2) Roth Gold IRA Account
The Roth Gold IRA is funded with post-tax contributions and grows tax-free. The advantage of this type of account lies in the fact that when you retire, you don't have to pay taxes on everything you withdraw. The contribution limit for this account is also $6,500, and those older than 50 can contribute up to $7,500.
3) Simplified Employee Pension Gold IRA Account
The SEP IRA is meant for individuals who are self-employed or own small businesses. It allows them to set aside more money than traditional accounts as it has a much higher contribution limit ($66,000 or 25% of their annual income in the tax year 2023 - whichever is lesser).
4) Savings Incentive Match Plan for Employees Gold IRA Account
The SIMPLE IRA is a retirement plan that employers establish for their employees. The IRS requires them to provide up to a 3% matching contribution or a 2% fixed contribution of each eligible worker's pay.
Employees themselves can also contribute up to $15,500, with an additional $3,500 catch-up contribution for those aged 50 and older.
SIMPLE IRAs provide the same tax benefits as traditional and Roth IRA accounts, only with higher contribution limits. They are best suited for individuals in a small company that doesn't have a 401(k) plan.
Funding a Gold IRA Account
When funding a gold IRA account, investors must purchase coins or bars from an IRS-approved source. In this case, it would be Premier Coin Galleries. However, they are not allowed to purchase any collectible coins or metals with numismatic value for their IRA accounts.
With an account already set up, an investor can continue to fund their gold IRA in 4 different ways:
1) Direct Rollover
A direct rollover allows the investor to move funds from an old IRA account into their gold IRA without any tax penalties. It's important to note that this requires the consent of both custodians, and it must be done in 60 days.
A transfer also requires the consent of both custodians and must be done in 60 days to avoid incurring taxes or penalties. The difference between a transfer and a rollover is that with transfers, the funds are moved from one IRA account to another within the same financial institution.
3) 401(k) Loans
Investors can borrow from their 401(k) accounts as long as they pay back the loan within five years. Anything else will result in tax penalties for early withdrawal, and they'll have to start paying taxes on their assets right away.
4) Direct Contributions
Investors can also use money from their wages, bonuses, or any other earnings sources for contributions. IRA limits are set up annually, so it's important to keep in mind the contribution limits when adding funds.
Is Premier Coin Galleries a Scam?
Premier Coin Galleries is not a scam. It is accredited by the Better Business Bureau with an A+ rating, certified by the Professional Coin Grading Service, authorized by NGC (Numismatic Guarantee Corporation), and is a member of the Certified Coin Exchange (CCE).
Overall, the company is a great choice if you're looking for a trustworthy and reliable precious metals dealer. They provide full refunds on orders within 15 days if the customer is not entirely satisfied, deliver orders fast, and offer insurance for their products in transit. However, their catalog is not as varied as other gold IRA companies, and they don't offer custodian services.
Remember to read out list of the Top Gold Companies to see if Premier Coin Galleries made the cut.
Or, if you like what you read about Premier Coin Galleries, you can visit their website below.