How to Buy Gold Coins? (2024 Guide)

This article has been reviewed and updated for 2024.

Gold bullion coins offer a unique and steadfast way of diversifying your investment portfolio. As we know, gold coins have been in circulation for millennia, proving that they’re not only synonymous with wealth and luxury, but they also truly stand the test of time. They offer an excellent way to safeguard your assets because of this long-term strength of value. There couldn’t be a better time to invest so here, we’re going to show you how to buy gold coins.

How to Buy Gold Coins?

If you’re interested in investing in bullion and you have Googled “how to buy gold coins in the UK?”, you might be a little overwhelmed with the search results. Just like other forms of investments, there are multiple ways to get involved. However, it can be difficult to know where to start. After all, some ways of purchasing gold offer far more benefits than others.

Let’s take a look at the pros and cons of each option. This way, you can evaluate the options available to you and make the best decision based on your individual needs and preferences.

1. Working with Local Coin Dealers

If you live in or near a city, you may have noticed a local coin dealer nearby. Physically meeting with your gold coin dealer does have some advantages. For instance, you can physically see the coins before making a purchase. Likewise, when the transaction is complete, you can take immediate possession of the coin rather than wait for delivery. This also means you don’t have to deal with additional shipping costs or insurance fees.

On the other hand, there are some potential drawbacks when sourcing your bullion from a local coin dealer. Many local coin dealers may solely deal with numismatic or collectable coins, which are not the same as investment-grade bullion coins. If gold bullion coins are available, you may be limited in terms of choice. In addition, many local coin dealers charge higher premiums than other coin dealers, meaning that you may have to pay more for your coins.

2. Ordering from TV Dealers

Although not as popular as they once were, TV coin dealers are still in operation. Whilst it may seem extremely convenient to purchase gold coins in this way, we urge you to proceed with caution. Television advertisement is quite costly, particularly if there are celebrity endorsements involved. This may be reflected in the premium of the coins; you could end up paying far more than what the coins are actually worth.

Equally, TV coins dealers are known to offer unusual payment plans with hidden costs. For instance, layaway payment plans may sound convenient at a glance, but you may be required to pay interest on your purchase until the full price is paid in full. In addition, TV coin dealers often have minimum order requirements. Often smaller orders are very costly, to encourage clients to purchase larger amounts. This may not fit with your personal budget and investment needs.

3. Visiting Coin Shows

Coin shows are a wonderful way to purchase gold coins, medals, tokens, and historical currency. Equally, it’s an excellent way to build connections within the community and learn more about numismatic coins.

However, if you’re wondering how to buy gold coins for investment, it might not be the best option. Whilst some of the larger coin shows may have some bullion coin dealers, you probably won’t have the same range of options as you would if you opted for an online coin dealer, for instance.

4. Purchasing From a Bank

Traditionally, many large banks would offer their clients bullion investment and storage options. However, this is becoming less common. Whilst many banks no longer offer trading services, they still act as professional custodians for their clients, providing them with a range of high-security storage solutions for their bullion investments.

But buying gold coins from the bank could still be an option for you, depending on where you are based. For instance, some banks in Switzerland still offer trading services to their clients.

5. Can You Buy Gold Coins From the Bank in the UK?

This is largely dependent on the bank. The Bank of England, for example, offers bullion storage to its customers, but it stopped selling gold coins in the 1930s. The same can be said for many other UK-based financial institutions.

Even if a bank does offer these services, they may not advertise them on their website. Therefore, we recommend reaching out to the particular bank and asking them. This way, you can get up-to-date information about the services that they offer.

6. Can You Buy Gold Coins From a Bank in the US?

If you’re wondering how to buy gold coins from a bank in the US, you may be disappointed. It seems to be a very common misconception that all US-based banks allow customers to purchase gold coins. However, the vast majority of gold bullion is sold to non-bank distributors, like private coin dealers.

All retail customers must go through an authorised purchaser, rather than going directly to the US Mint to purchase. Again, we recommend reaching out to the specific bank that you’re hoping to work with to make sure you’re up to date with their current services and policies.

When buying gold coins from a bank, we also recommend checking the premiums before you complete a transaction. Some banks may have higher premiums than other banks or other coin dealers. You may also want to inquire about discounted or lower premiums for existing customers.

7. Buying Bullion at the Post Office

When it comes to buying gold coins, there is another option - the post office. Many post offices across the UK stock a wide range of coins for customers to purchase. However, it is worth noting that the majority of these coins are not investment-grade bullion coins. They’re numismatic or collectable coins.

Some post offices have partnered with The Royal Mint to create a collection of coins designed to mark significant or historical events or to celebrate major technological advancements. In addition, one can find coin collections with unique designs inspired by famous musicians, iconic literary characters, or popular film franchises.

Whilst these coins often become valuable to collectors over time, they do not contain the same gold content as gold bullion. Therefore, they will not have the same value as investment-grade coins. Some stockists might sell bullion coins, but it’s not very common and your choice of coins may be limited.

In addition, post offices, like banks, may have higher premiums than dedicated coin dealers. They are also unlikely to have the same level of expertise when it comes to investing in gold bullion. Therefore, if you’re looking for a dealer who will help you by offering personalised recommendations, you might be better off choosing a dedicated dealer to work with.

You can learn more in our blog, “How to Buy Gold Coins from Post Offices”.

Online Marketplaces

The above-mentioned methods of buying bullion coins offer a range of advantages and disadvantages. However, you may also be wondering how to buy gold coins online? After all, buying bullion from the comfort of your own home is both extremely convenient and private.

Some of the biggest online marketplaces include eBay, Etsy, and Facebook Marketplace. Private sellers use these platforms to sell both collectable coins and gold bullion coins. However, there are some things you should consider before delving in.

Many of these online marketplaces are simply platforms for private sellers to conduct business, and they’re not heavily regulated. It is exceptionally easy to set up an account to begin trading, and anyone can do it. Therefore, some sellers may be less than trustworthy.

It’s essential to do your due diligence before placing an order. The first thing you should do is check reviews from previous customers. If the seller doesn’t have any reviews, we don’t recommend doing business with them. It is also worth noting that it is often extremely difficult to get your funds back if you are taken advantage of by a fraudulent seller, as many platforms forfeit responsibility for such occurrences.

Online marketplaces can be a wonderful way to track down rare or specific collectable coins, but it isn’t the best option if you’re hoping to invest in gold bullion coins. It can be difficult to find trustworthy dealers, and there is often very little difference when it comes to premiums.

How to Buy Gold Coins With an Online Dealer?

If you’re wondering how to buy gold coins safely online, we recommend only working with a reputable and trustworthy online coin or gold dealer. By opting for a well-established gold dealer, you know you’re in good hands. You can even browse Google or Trustpilot reviews to gather insights from previous clients to make sure they’re the right dealer for you.

Also read: Is it a good time to buy gold?

Benefits of Working With an Online Gold Dealer

One of the main benefits of working with an online gold dealer is convenience. For instance, if you choose to work with us here at GoldCore, you can browse our extensive range of gold coins at your leisure. You can research each coin in more detail, or use our helpful guides to learn more about investing in gold. You can even keep track of the current spot price of gold with the live feed at the top of our site.

In addition, you can set up your trading account online, so the process of buying online offers the utmost discretion and privacy. We’ll talk more about setting up your trading account shortly.

When comparing online gold dealers with local coin dealers, you may find that the premium is much lower. Online dealers can often offer lower premiums because they have fewer overheads. One can also expect a greater selection when it comes to gold coins. For instance, here at GoldCore, we stock all of the following coins:

When opting to source your gold bullion from an online gold dealer, you can conveniently have your gold delivered to your home or storage facility. To make things even easier, GoldCore clients can also avail themselves of our high-security storage solutions. We act as professional custodians for our clients by storing all gold bullion securely in our facilities across the world.

Choosing an Online Dealer

Of course, low premiums and an extensive selection of gold coins are wonderful, but there are other things you should take into consideration when choosing an online gold dealer. Here are some of the things that we recommend looking into before you get started.

Look Out for Hidden Costs

Gold bullion coins will always cost slightly more than the spot price of gold; this difference is known as a premium. This premium covers the cost of minting, transport, and storage. In addition, it will also include a small commission for the gold dealer. Whilst this is to be expected, you should also keep an eye out for additional, unexpected costs. For instance, you may be faced with additional shipping costs, insurance fees, credit card or bank wire charges.

Multiple Payment Options

For your convenience, you should opt for an online gold dealer that offers different payment options to suit your needs. For instance, you may want to choose someone who offers bank transfers, credit/debit cards, money orders, personal cheques, or PayPal. Making sure there are plenty of options available allows you to change how you invest your money in the future.

Does This Online Gold Dealer Offer a Buyback Policy?

Working with an online dealer that is willing to buy back gold coins that you purchase today is a major benefit. This means that you can effortlessly cash in on your investment when the time comes.

GoldCore will always buy back bullion that we have sold to our clients that we have held securely in our vaults. This allows maximum liquidity and the ability to transfer funds to you faster. We also have procedures in place for buying back bullion that is stored in personal vaults and non-client bullion. Simply reach out to us to discuss this in more detail.

Is Your Online Gold Dealer Helpful or Obtrusive?

We recommend working with a dealer that will offer personalised recommendations based on your individual needs. Additionally, your dealer should provide you with reliable information or guides should you wish to learn more about investment-grade gold before getting started.

We don't recommend working with a dealer that is pushy or dismissive of your concerns or questions. Equally, you should avoid brokers that are hesitant to provide you with more information. This is especially important if you’re new to the world of bullion gold and need some assistance.

Are They Well-Established?

This point goes hand in hand with our previous point regarding buyback policies. In years to come, you may want to cash in on your investment by selling your gold bullion. This will be far easier if the dealer that you initially worked with is still in business.

Therefore, we suggest only working with online dealers that are well-established within the gold bullion world. Chances are a successful and reliable dealer will remain open for business for years to come. Thus, they will be available to buy back your bullion when the time is right.

How to Buy Gold Coins With GoldCore?

When you have done your research and you have found a reputable dealer that you’re happy to work with, you’re ready to start trading. So, let’s take a look at how to buy gold bullion coins.

Here at GoldCore, we couldn’t have made this process more convenient. You can set up an online trading account entirely from the comfort of your home. Simply visit the “open account” page here, and follow the clear instructions.

Choosing an Account Type

To cater for a range of needs, we offer several different accounts types, in many different currencies. To fully facilitate your trading needs, you can open several different accounts, using whatever currency you would like.

The following are the types of accounts that we are currently offering:

Personal Account: Ideal for private individuals, you can use this account to buy, sell, store, or take delivery of your gold coins.
Joint Account: Offering the same features as the personal account, two or more individuals can use this account type to manage their investments. You can opt for single or dual signature accounts, to suit your needs.
Corporate/Trust Account: Ideal for companies, trusts, or charities that wish to trade. All entities will need to provide specific documentation, and they will need to appoint a representative to act on their behalf.
Pension Account: You can use this account to safeguard your future with precious metal-approved pension investments. It is worth noting that pension assets can never be delivered to the individual while the assets reside in a pension account.
GoldSaver Account: An exceptionally popular gold savings account. You can conveniently save a pre-set amount in gold each month, for no less than 12 months. After, you can choose to sell your gold for cash or take delivery. Alternatively, you can continue saving on a month to month basis. We recommend this option as a budget-friendly way of getting involved in the world of investment bullion.

All accounts offer the opportunity to buy, sell, store, and take delivery of gold coins, Gold bars, and Perth Mint Certificates, with the exception of the GoldSaver Account.

Providing Documentation

When you have chosen the type of account that suits your needs best, you will need to provide us with the relevant information. All precious metal brokers or online dealers are obliged by law to identify their clients. Therefore, you will need to provide documentation that verifies your identity. As this is a legal requirement, we suggest avoiding any online dealer that doesn’t ask for this information. It indicates that they are not law-abiding and therefore, not trustworthy.

Each account owner or operator will need to provide us with a copy of their passport or driver’s license to verify their identity. You will only need to do this once. In addition, you will need to provide proof of residency. This can be a recent bank statement, utility bill or any official government correspondence, such as a tax document. All proof of residency documents must be dated within the last six months to make sure they’re up to date.

Don’t worry, there’s no need to photocopy and post copies of your documents. You can simply take a clear, well-lit photo of your documents using your smartphone. Please ensure photos are in focus, in colour, and all information is clear and legible. Alternatively, you can scan your documents onto your computer. When you have digital copies of your documents, you can upload them to your account using our secure website.

Funding Your Account

Purchasing gold coins couldn’t be easier with GoldCore. Our site is safe and secure, and it facilitates thousands of transactions each month. Once your account is active, you will need to add funds to it before you can start trading. To do this, you can choose from a couple of options:

Bank transfer: This option allows you to move funds from your bank account into a segregated client fund bank account - this is separate from our own bank accounts.
Credit/debit card: Alternatively, you can simply use your credit/debit card to fund your account. This option is both convenient and instantaneous. You can buy up to $/£/€50,000 (USD, GBP, EUR) worth of gold bullion online in a matter of minutes. It is worth noting that to do this, you will need your special verified by Visa password or your Mastercard SecureCode password.

Which Coins Will You Buy?

Now you know how to buy gold coins, which bullion will you choose? As you know, we offer an extensive selection of gold coins here at GoldCore. This includes some of the most popular and valuable bullion coins in the world.

If you’re a budding investor, this decision can be a little overwhelming. If you have any questions or concerns, we are more than happy to help. By working with our bullion experts, we can help you choose the right coins for your needs and budget. We can even help you build an investment strategy that works for you.

To learn more about how to buy gold coins, you can schedule a free strategy consultation with the experts at GoldCore. Alternatively, call our office on one of the following numbers: Ireland +(01) 653 3426, UK +44 (0) 203 086 9200, US +1 888 381 8130.

Are You Ready to Invest?

Now that you know how to purchase gold coins, you can choose the right option to suit your needs. Whilst some people might prefer to source their bullion via local or TV dealers or private online dealers, working with a well-established, professional online dealer is the safest, most cost-effective option.

Here at GoldCore, we offer a curated collection of authentic bullion coins that you browse at your leisure. You can fully manage your investments with the push of a button once your trading account has been set up. Even getting started is a breeze, as you can simply upload all required documents via our secure and safe website. Our bullion experts are always on-hand to help you throughout the process too.

Buying gold coins via an online dealer like GoldCore allows you complete and utter privacy, flexibility, and convenience. Are you ready to get started? Visit our “open account” page here to start trading today!

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