SilverTowne Mint Review

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SilverTowne was once a little coin shop that has grown into a multi-million dollar enterprise that now has two thriving retail departments operating under the same roof.

Over and above its showroom based in historic Winchester, Indiana, SilverTowne also offers an extensive range of coins and bullion to investors and collectors across the nation through its online catalogs and website.

Before we get started with this review:

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About SilverTowne


silvertowne homepage

Founded by Leon Hendrickson in 1949, SilverTowne is now among the most respected and largest dealers of precious metals, modern coins, and rare coins in the country.

Leon, along with his wife Ruhama Hendrickson took pride in building a business with a solid foundation of integrity and honesty.

Leon believed that a handshake was how you could determine whether to trust a person.

SilverTowne Product Range


SilverTowne offers an extensive selection of palladium, platinum, silver, and gold coins, bars, and many other products.

In addition to the bullion selection, there are also many popular IRS-approved bars and coins to choose from.

Some of these examples include:

  • American Gold Eagle
  • Gold American Buffalos
  • Canadian Silver Maple Leaf
  • Gold Canadian Maple Leaf
  • Gold Austrian Philharmonic
  • Platinum Eagles
  • American Silver Eagle
  • Australia Gold Kangaroo
  • Palladium Canadian Maple Leaf
  • Silver Britannia

Why Put Gold in Your IRA?


Individual Retirement Accounts (IRA) protect your retirement as well as your family's financial security.

These special accounts allow you to set aside tax protected savings that you can use in the future.   

With these long term accounts it's important to allocate a significant portion to assets that are solid and reliable, so you have a secure and worry-free retirement. 

a couple listening to a financial advisor

You can have cash in an IRA, but that is devaluing at a rapid pace and inflation is out of control

You need an asset that's dependable, retains it's value, and even increases in value over time, and there is no better asset for this than gold. 

With the world's economy struggling through lockdowns, shortages, wars, and inflation, uncertainty has never been higher and investors are protecting themselves by placing physical gold in IRA's. 

A gold IRA investment prospers from these crisis that negatively affect most other assets. 

Risk is knowing the economic dangers and doing nothing to protect yourself and your family. 

Safety is knowing the economic dangers and taking action to protect your financial future, and this is easy to do with a gold IRA.

What Exactly is a Precious Metals IRA?


When it comes to your savings, there are many ways to protect these funds until you have reached retirement age.

You might know about IRAs (individual retirement accounts) that allow you to store some of your hard-earned money while you are working so you will have money to use once you have retired.

To explain this further, an IRA is similar to a savings account that you will only be able to use when you have met the age-related requirements.

Precious metal IRAs work in a very similar way but they provide a way to add diversification to your current investment portfolio. 

While traditional retirement accounts store paper-based assets such as bonds, stocks, money, transfer certificates-of-tile, along with other contracts that hold value, a precious metal IRA or a gold IRA is designed to hold valuable precious metals.

However, it is important to know that an IRA doesn't physically hold precious metals. Only a depository facility linked to the IRA company you have chosen can do that.

At the same time, gold IRAs are subjected to stringent guidelines and rules that the IRS has set out. This is because the government would not want these types of financial products to become a pathway for tax-related abuses and violations.

How to Setup Your Precious Metals IRA with SilverTowne


  • Open Your Account and Add Funds

According to IRS regulations and rules, your IRA precious metals such as gold must be held in a trustee or custodian account.

It typically takes 1 to 2 business days after your application to set the account up, but the timing can vary from one custodian to the next. Once your account is active, you can transfer funds into the account using a transfer, rollover, or/and contribution.

Rollover processes can take up to several weeks which is why you should plan for this if you have a timetable.

The popular custodians used include:

The preferred custodian for SilverTowne is the New Direction IRA.

  • Select a Depository for Storing Your Precious Metals

Regulations set out by the IRS prohibit people from directly possessing IRA's precious metals. This is why your precious metal assets need to be stored in a third-party depository.

Your chosen custodian will set the account up under your IRA name at the depository you have chosen. The precious metals that you buy will be shipped directly to the depository.

Some of the popular third-party depositories that are used include the International Depository Services of Delaware, the International Depository Services of Canada, and CNT Depository Inc.

SilverTowne doesn't have a depository that they prefer, since they are all similar in quality, and it will usually depend on what will fit their client's needs.

  • Select and Buy Your Precious Metals

Your IRA will allow you to buy precious metals from non-disqualified entities like SilverTowne.

Once you have made your purchase, an invoice will be sent to the custodian by SilverTowne, and the custodian then uses your funds in your IRA to buy tangible precious metals. SilverTowne then ships your metals to a depository of your choosing.

Precious metals that are approved for IRAs must meet specific fineness standards, that the IRS has specified. Gold has to be .995+ pure (with only one exception which includes the Gold American Eagles at .9167).

Silver has to be .999+ fine, Palladium has to be .9995+ pure, while Platinum has to be .9995+ pure.

What are the Advantages of a Self-Directed IRA?


Individuals usually use self-directed IRAs for two primary reasons. The first is to pursue a higher return, while the second involves diversifying retirement savings that extend beyond the more conventional assets.

  • Potential for Greater Returns

Investment versatility is usually the primary benefit of a self-directed IRA.

In self-directed IRAs, you are permitted to make investments in various alternative investments including commercial property, precious metals, and LLC membership interest.

These are not allowed in traditional IRAs held by brokerage companies. You are also permitted to put your savings for retirement in high-reward, high-risk assets such as early-stage private companies and cryptocurrency.

  • Better Diversification

Most retirees or soon-to-be retirees have concerns when it comes to inflation and market volatility that has the potential to decimate their life savings.

For these individuals, the opportunity to make investments in alternatives such as precious metals offers a way to provide a hedge against time or downturns that detract from the value of the money they have saved.

For example, investing in a precious metal like gold has for a long time been regarded as one of the best ways to protect portfolios against inflation and market downturns.

This perception is popular and to some extent will bear out when it comes to the long term.

Why do Investors Diversify Their Portfolios with Assets like Gold and Silver?


six silver coins

Providing liquidity and diversification without any credit risk, precious metals like gold can become extremely attractive when the markets are volatile.

Many investors are now choosing to diversify their portfolios using alternative assets not linked to or affected by the stock markets.

Are Precious Metals for an IRA Allowed to be Stored at Home?


You won't be allowed to store your precious metals at your place of residence when it is held in your IRA. These physical assets that are owned by your IRA, have to go through a qualified trustee or custodian and then be stored in a depository that is IRS-approved.

Most of these depositories provide non-segregated or segregated storage. The segregated option will mean that your metals will be stored and identified under your name.

How to Sell Precious Metals Held in an IRA


At any time you have the option to withdraw your precious metal assets from depository storage in either a partial or full distribution.

Similar to other early IRA distributions, retrieving your physical possessions whether it is a partial or full distribution of precious metals usually results in penalties and taxes unless you roll it over to the next qualified custodian.

You also have the option to sell the precious metals to the authorized dealer you chose and the payout that you receive will be returned to your IRA.

How to Make a Purchase on SilverTowne.com


When on the SilverTowne website you can browse the site to find an item you are interested in buying.

From here click the "Add to Cart" icon from a product page, home page, or category page to add your items to the shopping cart.

You can review the shopping cart at any stage from any of the pages on this website through the "mini-cart" that appears every time you decide to add to the cart or use the "cart icon" in the menu bar at the top of the page.

To review or edit the shopping cart, use the green "Checkout" button situated in the "mini-cart", or click on the "My Cart" link under the "YOUR NAME" or "My Account" at the top to the left.

When you are on the shopping cart page, you can:

  • Edit the item quantities in the cart or/and remove items
  • Enter special instructions or order notes regarding the order
  • Apply a special coupon code if you received one

Once you are satisfied with your cart and the contents, use the green "Checkout Now" button to complete your order.

SilverTowne Return Policy


If you aren't satisfied with the purchase, you can return your merchandise in 10 days for a refund on the price of the item.

To make sure the refund is promptly processed, call (800) 788-7481 to ask for a return number confirmation before you send your merchandise back. 

There are a few conditions that will apply to some of the returns, so make sure you have spoken to SilverTowne so you understand these processes fully.

What are Numismatic Coins?


The term "numismatic" references collectible and rare coins. Most numismatic coins hold value, which is why they are regarded as an investment. Yet they differ from bullion since their value has the potential to change.

The precious metal base value always stays the same, yet numismatic coins can also contain additional values which usually exceed these base values.

Numismatics references studying or collecting paper money, medals, and coins, which is why these collectible coins are called numismatic.

A few of the coins that are regarded as the most valuable around the world fall under the category of numismatic since they are rare for many reasons such as being one-of-a-kind, historical value, or when they are minted in extraordinary ways.

Is SilverTowne a Scam?


SilverTowne is definitely not a scam, but rather one of the well-known legitimate dealers of precious metals. The company has been operating since 1949, which already speaks volumes and they provide good quality products and services.

The website of this company is pretty impressive with a wealth of information, and a vast array of products.

There are a few downsides when it comes to this company, which include a few poor reviews and ratings, but overall they are a decent company.

Conclusion

Founded by Leon Hendrickson in 1949, SilverTowne over the past 70 years has turned into among the top respected and trusted dealers of precious metals in the sector.

This dealer has a keen focus on providing clients with IRA-approved collectibles, bullion, and a range of other attractive products.

SilverTowne is a respectable company, but we do not recommend them.  

They are not the best option for individual purchases of gold and definitely not the best option for investors that want to protect their savings with a precious metals IRA.

When investing in gold, you only want to work with the best, most trustworthy companies, like the ones that have made our "highest recommendation" list.

You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:

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