Treasure Island Coins Review

Treasure Island Coins Review

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Whether you are nearing retirement and trying to preserve your wealth or are young and just getting started with saving and investing, you've likely heard about the importance of diversification.

A diversified portfolio can help to hedge against risk by spreading your investment dollars across different asset classes. Starting early on your investment journey gives you more years for your savings to grow.

When you hold your assets in an individual retirement account (IRA), your earnings growth can be tax-deferred, so you won't need to worry about paying taxes until you start taking distributions during your golden years.

Treasure Island Coins & Precious Metals has partnered with an IRA custodian to provide its customers with a way to open a self-directed precious metals IRA and also offers to work with other custodians when customers already have self-directed IRAs.

Here's some information you should know about Treasure Island Coins & Precious Metals before choosing to invest in their products.

Before we get started with this review:

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What is Treasure Island Coins & Precious Metals?


treasure island coins homepage

Treasure Island Coins & Precious Metals was opened by Greg Olson in 1976 and has continuously operated since that time. Located in Fargo, North Dakota, the company is the largest bullion dealer in the area and is among the largest in the U.S.

During its time, Treasure Island has continued to be a family-owned and operated company.

The company deals in bullion and coins from private and government mints from around the world, including the United States Mint, Royal Canadian Mint, Perth Mint, and others. 

Chief executive officer Christopher Olson opened the Dakota Depository to store assets for Treasure Island's customers in 2010, and the depository is located at the same site as Treasure Island Coins.

The depository includes vaults to hold client assets and on-site security to protect them.

Customer reviews of the company posted online are largely positive. Treasure Island Coins & Precious Metals has an A+ rating on the Better Business Bureau website but is not BBB accredited.

Treasure Island offers self directed precious metals IRAs through its partnership with an IRA custodian. The company assists customers with completing the paperwork to open an IRA and then helps them to choose products with which to fund it.

It also facilitates rollovers from existing IRAs and states it will work with other IRA custodians when customers have self-directed IRAs with other companies.

By handling everything onsite, Treasure Island Coins & Precious Metals can save costs that might otherwise be required and can offer gold, silver, palladium, and platinum at close to their spot prices.

Precious Metals IRA Services


many different gold coins

When the economy is strong, your earnings in your IRA can quickly grow because of compounding interest. When market conditions are poor, your retirement account might take a hit because of stock market volatility.

One way to protect your investments despite economic and market fluctuations is to invest in gold, silver, and other precious metals. When the economy falls, the value of precious metals tends to increase.

Precious metals investments are popular choices because banks don't control these metals. People have turned to gold and silver for millennia as a way to build and preserve wealth.

Precious metals are recognized as stable investments that hedge against the market and economic volatility.  While gold, silver, and other precious metals can be a good way to diversify your portfolio, you can't invest in them through a regular IRA or 401(k).

However, you can invest for retirement with gold or other precious metals by opening a self-directed IRA. This type of IRA allows you to retain control over your investments and to choose to invest in precious metals.

Treasure Island Coins & Precious Metals offers precious metals IRAs that can be funded with coins or bullion.

A review of the bullion and coins on their website shows that most of their products meet purity standards and are IRA eligible under guidelines from the Internal Revenue Service (IRS). 

In addition to offering IRAs, Treasure Island allows people to purchase gold, silver, platinum, and palladium and take delivery at their homes or store them in the Dakota Depository without opening an IRA. 

Treasure Island partners with New Direction Trust Company, an approved self-directed IRA custodian. However, it states that it will work with other self-directed IRA custodians when customers already have accounts established with others.

Customers can complete the application online or send the application directly to the IRA custodian.

Once the account is opened, Treasure Island Coins & Precious Metals will help you fund the account and purchase precious metals with the help of a precious metals specialist.

The company offers products from multiple government and private mints, including U.S. and foreign coins and bars. They offer all of the eligible types of precious metals for IRAs, including gold, silver, platinum, and palladium.

However, the choices for platinum or palladium are more limited, and you'll need to check with your representative to confirm availability.

Treasure Island has bars in gold, silver, and platinum but none in palladium. It also offers historic coins that are not IRA-eligible.

Delivery Options


If you plan to open a self-directed IRA to invest in precious metals from Treasure Island Coins & Precious Metals, you will be required to open an account with a depository. 

IRA investors can't take physical possession of the precious metals in their IRAs until when they begin taking distributions from their accounts after reaching retirement age.

The company recommends that customers store their precious metals with the Dakota Depository Company, but it allows you to choose a different approved depository and will ship its products to the one of your choosing.

Depositories have vaults and 24-hour on-site security, and the vaults are fully insured to protect your investment. 

If you are not wanting to open a self-directed IRA for your precious metals purchases, you can still buy products from Treasure Island Coins & Precious Metals. For these types of non-IRA purchases, you can have your products shipped directly to you.

Packages shipped by Treasure Island are insured while in transit and require signatures upon delivery. You can also choose to store your products at a depository even if you do not purchase them through a precious metals IRA. 

When you reach age 59 1/2, you are allowed to start taking distributions from your IRA under IRS rules. However, many people choose to wait until they reach age 72, which is when they must begin taking required mandatory distributions (RMDs).

When you begin taking distributions, you can either sell your holdings and take the cash or have your precious metals shipped to you.

Storage


Treasure Island recommends that customers store their precious metals at Dakota Depository Company, but it states it will work with other depositories if its customers prefer.

Dakota Depository Company is located on the same site as Treasure Island Coin & Precious Metals, making it a convenient choice.

There are multiple other approved depositories in the U.S., and you are free to choose the one that you feel the most comfortable with.

If you choose a different depository, Treasure island will ship your precious metals to it by UPS or USPS, depending on your order.

Is Treasure Island Coins & Precious Metals Trustworthy?


Treasure Island Coins & Precious Metals has been in business since 1976 and is not a scam. The company sells precious metals from the U.S. Mint, Royal Canadian Mint, Perth Mint, and multiple others.

The company also has earned numerous positive reviews from former customers that you can read online. 

Whenever you are considering a precious metals dealer, it's a good idea to read online reviews to learn about the experiences other customers have had with the companies before deciding to purchase.

Most reviews online about Treasure Island Coins & Precious Metals are positive. While there are a few bad reviews, there are not very many.

This points to the fact that the vast majority of the dealer's customers have had good experiences with their transactions. The company has an A+ rating with the Better Business Bureau, but it is not BBB accredited.

Pros and Cons of Treasure Island Coins & Precious Metals


Pros

  • Has been operating in the industry since 1976 and has a wealth of experience
  • Offers all of the IRA-eligible precious metals plus many other products that customers can select from
  • No minimum order requirements
  • Can fund the IRA online or through a rollover from a different IRA or 401(k)

Cons

  • The fees you will have to pay for your self-directed IRA will depend on the custodian you choose
  • Not many choices for palladium or platinum

Conclusion

Treasure Island Coin & Precious Metals is an established precious metals dealer that has been operating since 1976. However, other dealers might offer additional services such as workshops that Treasure Island does not.

Since the company partners with only one IRA custodian, customers might feel more restricted even though the company states it will work with others.

Treasure Island Coins & Precious Metals is a decent company, they are not a scam, but we do not recommend them for cash purchases of gold and silver and definitely not for precious metals IRAs.

There are much better companies to invest with that we have extensively researched and written about on this website.

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:

>> CLICK HERE to read our list of the Top Gold Investing Companies. <<

Or, if you like what you have read about Treasure Island Coins, you can go to their website below: