Welcome to this new and detailed review of Treasure Island Coins.
Here, we’ll look into the company’s history, products, fees, lawsuits and much more.
Let’s dive in:
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Treasure Island Coins: Unique Highlights Overview
Treasure Island Coins and Precious Metals, established in 1976, is a family-owned business based in Fargo, North Dakota. Over the years, it has become the largest bullion dealer in the region, offering a range of unique features that distinguish it in the precious metals industry.
1. Extensive Product Range
Treasure Island provides a diverse selection of precious metals, including gold, silver, platinum, palladium, and copper. Their inventory encompasses:
- Bullion Coins and Bars: Sourced from reputable government and private mints worldwide, such as the U.S. Mint, Royal Canadian Mint, and Perth Mint.
- Numismatic Treasures: A variety of rare and historical coins, catering to both collectors and investors.
2. Onsite Secure Storage with Dakota Depository
A notable feature of Treasure Island is its partnership with the Dakota Depository Company, offering:
- Onsite Storage Vaults: Located at their Fargo facility, providing secure and flexible storage solutions for clients.
- IRA and 401(k) Storage: Accommodations for various account types, ensuring compliance and security for retirement investments.
3. Precious Metals IRA Services
Treasure Island facilitates the inclusion of precious metals in retirement portfolios through:
- Precious Metals IRAs: Assistance in setting up self-directed IRAs that allow for physical gold, silver, and other metals, offering diversification and potential tax advantages.
- Collaboration with New Direction Trust Company: Providing custodial services to manage and administer precious metals IRAs.
4. Educational Resources and Customer Support
Demonstrating a commitment to customer education, Treasure Island offers:
- Informative Website: Featuring articles, real-time precious metal price charts, and guides to assist clients in making informed investment decisions.
- Personalized Assistance: A dedicated team ready to answer questions and provide guidance throughout the purchasing process.
5. Family-Owned Legacy and Experienced Leadership
Founded by Greg Olson, a coin enthusiast since childhood, the company remains family-operated, with:
- Christopher Olson as CEO: Bringing a lifelong connection to the business and a commitment to maintaining its reputation for honesty and transparency.
6. Competitive Pricing and Transparent Transactions
Treasure Island emphasizes:
- Honesty and Transparency: Ensuring clients receive fair pricing and clear information throughout their transactions.
- Multiple Payment Options: Accepting checks, bank wires, ACH transfers, Bitcoin, and credit cards to accommodate diverse client preferences.
7. Community Engagement and Longevity
With over four decades in the industry, Treasure Island has built:
- A Strong Community Presence: Serving clients across North America and contributing to the local economy in Fargo.
- A Reputation for Reliability: Earning trust through consistent service and a commitment to preserving wealth for generations.
These unique highlights underscore Treasure Island Coins and Precious Metals’ dedication to providing comprehensive services, secure storage solutions, and educational support to their clients, solidifying their position as a trusted dealer in the precious metals market.
Who are the People Behind Treasure Island Coins?
Treasure Island Coins and Precious Metals is a family-owned business founded in 1976 by Greg Olson in Fargo, North Dakota. Greg’s passion for coin collecting began at the age of 10, leading him to establish the company, which has since become the largest bullion dealer in the region.
Greg’s son, Christopher Olson, joined the business after serving in the U.S. Army and currently serves as the company’s President. In 2010, Christopher expanded the company’s services by opening the Dakota Depository Company, providing secure, onsite storage vaults for clients’ precious metals.
Christina Patterson, another key member of the family, holds the position of Owner/Manager at Treasure Island Coins.
The Olson family’s dedication and combined expertise have been instrumental in establishing and maintaining Treasure Island Coins and Precious Metals as a reputable and trusted dealer in the precious metals industry.
Does Treasure Island Coins Offer IRA Services?
Yes, Treasure Island Coins and Precious Metals offers services to facilitate the inclusion of precious metals in self-directed Individual Retirement Accounts (IRAs). Here’s how their process works:
1. Collaboration with New Direction Trust Company
Treasure Island has partnered with New Direction Trust Company, a reputable IRA custodian, to provide clients with a streamlined process for setting up and managing precious metals IRAs.
2. Steps to Establish a Precious Metals IRA with Treasure Island
a. Open a Self-Directed IRA Account
- Choose a Custodian: While Treasure Island recommends New Direction Trust Company for custodial services, clients have the flexibility to select any qualified custodian that meets their needs.
- Account Setup: Complete the necessary paperwork to establish your self-directed IRA with the chosen custodian. Treasure Island emphasizes a fast and simple online account setup process.
b. Fund Your IRA
- Transfer or Rollover: You can fund your new IRA by transferring assets from an existing retirement account or through a rollover. The custodian will guide you through this process to ensure compliance with IRS regulations.
c. Select and Purchase Precious Metals
- Consultation: Treasure Island’s specialists can assist you in selecting appropriate IRA-eligible precious metals that align with your investment goals. They offer a variety of metals the IRS allows in a precious metals IRA.
- Placing an Order: Once you’ve made your selections, Treasure Island will coordinate the purchase and arrange for the metals to be shipped directly to an approved depository.
d. Secure Storage
- Approved Depository: The IRS requires that physical precious metals held in an IRA be stored in a qualified depository. Treasure Island recommends Dakota Depository Company, LLC, located in Fargo, ND, for secure storage.
3. Benefits of a Precious Metals IRA with Treasure Island
- Diversification: Including physical metals can reduce portfolio risk by diversifying asset classes.
- Inflation Hedge: Precious metals often retain value and can appreciate during inflationary periods.
- Control: A self-directed IRA provides greater control over investment choices, allowing for a tailored retirement strategy.
4. Educational Resources
Treasure Island offers educational materials to help investors understand the intricacies of precious metals IRAs, including guides and articles on their website.
Getting Started
To initiate the process, you can visit Treasure Island’s website for more information on setting up a precious metals IRA.
Note: It’s essential to consult with financial advisors and tax professionals when considering a self-directed IRA to ensure it aligns with your retirement objectives and complies with all regulatory requirements.
What Products Can You Purchase at Treasure Island Coins?
Treasure Island Coins and Precious Metals offers a diverse range of products to cater to both investors and collectors. Their inventory includes bullion, rare coins, and other precious metal products. Here’s a detailed breakdown:
Gold Products
Gold Bullion Coins
- American Gold Eagles: A popular choice among investors, available in 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz sizes, with .9167 gold content.
- American Gold Buffaloes: Known for their .9999 fine gold purity, a favorite for high-purity gold investors.
- Canadian Gold Maple Leafs: Renowned for their .9999 fine gold and advanced security features.
- South African Krugerrands: Durable coins with a blend of gold and copper, recognized worldwide.
- Austrian Gold Philharmonics: Elegant .9999 pure gold coins celebrating music.
- Gold Sovereigns: British gold coins with a rich history and collectible appeal.
Gold Bars
- Sizes range from small (1 gram) to large (1 kilogram).
- Sourced from reputable refiners like PAMP Suisse, Valcambi, and Credit Suisse.
- Suitable for IRA investments.
Gold Rounds
- Non-currency gold products with artistic designs, offering a lower premium than coins.
Pre-1933 Gold Coins
- Rare U.S. gold coins like $20 Saint-Gaudens, $10 Indian Head, and $5 Liberty Head.
- Valued for historical significance and collectible appeal.
IRA-Eligible Gold
- Products meeting IRS standards (.995 or higher purity), such as Gold Eagles and Gold Buffalos.
Silver Products
Silver Bullion Coins
- American Silver Eagles: Highly sought-after, .999 fine silver coins, ideal for investment and liquidity.
- Canadian Silver Maple Leafs: .9999 fine silver coins with anti-counterfeiting measures.
- Austrian Silver Philharmonics: Celebrate musical heritage with .999 fine silver content.
- British Silver Britannias: .999 fine silver coins with iconic designs.
- Australian Silver Kangaroos: High-quality coins with .9999 fine silver content.
Silver Bars
- Ranging from 1 oz to 100 oz, offering flexibility for small or bulk investments.
- Produced by trusted brands like Engelhard and Sunshine Minting.
Silver Rounds
- Custom and artistic designs, often commemorating events or themes.
- A cost-effective way to accumulate silver.
Junk Silver
- Pre-1965 U.S. coins, such as dimes, quarters, and half-dollars, containing 90% silver.
- Affordable and recognizable, popular among new investors.
IRA-Eligible Silver
- Includes coins and bars with .999 purity or higher, suitable for self-directed IRAs.
Platinum Products
Platinum Coins
- American Platinum Eagles: .9995 fine platinum coins, ideal for diversification.
- Canadian Platinum Maple Leafs: High-purity coins with excellent liquidity.
Platinum Bars
- Available in various sizes, sourced from respected mints like PAMP Suisse and Valcambi.
- IRA-eligible options available.
Palladium Products
Palladium Coins
- Canadian Palladium Maple Leafs: One of the few palladium bullion coins, offering .9995 purity.
Palladium Bars
- Suitable for portfolio diversification and IRA inclusion.
- Produced by trusted global refineries.
Rare and Numismatic Coins
Historic Coins
- Pre-1933 U.S. Gold Coins: Valued for their rarity and historical importance.
- Ancient Coins: Coins from Roman, Greek, and other ancient civilizations.
Modern Rare Coins
- Limited-edition mint releases and error coins with unique appeal.
Commemorative Coins
- Coins celebrating significant historical events, anniversaries, or figures.
- Often limited in mintage, increasing their collectible value.
IRA-Eligible Precious Metals
Treasure Island specializes in offering products that comply with IRS requirements for self-directed IRAs:
- Gold coins and bars (.995+ purity).
- Silver coins and bars (.999+ purity).
- Platinum and palladium (.9995+ purity).
Exclusive Products
- Custom-Designed Rounds: Unique designs for collectors and investors.
- Limited Editions: Rare products with low mintage numbers.
Collectibles
- Medals, art bars, and specialty coins designed for collectors.
- Items featuring unique designs, historical themes, or cultural significance.
Accessories and Supplies
To protect and organize your investments:
- Coin Holders and Capsules: For secure storage and display.
- Storage Boxes and Tubes: To organize and safeguard your collection.
- Cleaning Supplies: Maintain the condition of collectible items.
Storage Solutions
Treasure Island offers secure storage through the Dakota Depository, ensuring peace of mind for high-value purchases.
Treasure Island Coins provides a comprehensive range of products to suit diverse investment and collecting needs. From bullion to rare coins, their offerings are tailored to both beginners and experienced investors. With competitive pricing, secure storage options, and exceptional customer service, Treasure Island Coins is a trusted partner for acquiring precious metals.
Treasure Island Coins Fees and Pricing:
Treasure Island Coins and Precious Metals, established in 1976, is a reputable dealer offering a wide range of bullion products, numismatic coins, and precious metals IRA services. Understanding their fees and pricing structure is essential for potential investors.
Product Pricing:
Prices for gold, silver, platinum, and palladium bullion are closely tied to current market spot prices, with added premiums reflecting factors such as production costs, demand, and market volatility. For example, the 2024 1 oz Gold American Eagle is listed with volume pricing starting at $2,854.12 per coin for quantities between 1-9.
Treasure Island Coins offers tiered pricing for bulk purchases, allowing investors to benefit from reduced premiums on larger orders. For instance, purchasing 20 or more of the 1/2 oz Gold American Eagle 2024 coins reduces the price per coin compared to smaller quantities.
IRA Services and Associated Fees:
While Treasure Island facilitates the purchase of precious metals for Individual Retirement Accounts (IRAs), they collaborate with external custodians for account management. The specific fees for account setup, annual maintenance, and storage are determined by the chosen IRA custodian. Clients are advised to consult with these custodians directly to obtain detailed fee schedules.
Shipping and Handling:
The company provides secure shipping options, with costs varying based on order size, value, and destination. Detailed shipping fees are calculated during the checkout process, ensuring transparency.
Storage Solutions:
Treasure Island offers secure storage through the Dakota Depository Company, conveniently located onsite. This service provides flexible storage options for clients, with fees dependent on the value and type of metals stored. Specific storage fees are not publicly listed, so clients should inquire directly for detailed information.
Transparency and Customer Service:
Treasure Island Coins emphasizes honesty and transparency in all transactions. While some specific fees, particularly those related to IRA custodians and storage, are not directly listed on their website, the company encourages clients to reach out for personalized consultations. This approach ensures that investors receive tailored information pertinent to their investment needs.
Treasure Island Coins strives to offer competitive pricing and transparent fee structures. Potential investors are encouraged to contact the company directly to obtain detailed information on fees related to specific services, ensuring a clear understanding before making investment decisions.
What Do Treasure Island Coins Reviews Say?
Treasure Island Coins and Precious Metals, established in 1976, has garnered a range of customer reviews across various platforms. Here’s an overview of their ratings:
- Birdeye: The company holds a 3.7 out of 5-star rating based on 95 reviews. Customers have praised the professionalism and quality of products, with one noting a “great experience through the transaction and delivery.” However, some reviews indicate areas for improvement.
- Better Business Bureau (BBB): While specific customer reviews are limited, the BBB lists Treasure Island Coins, Inc.
In summary, Treasure Island Coins receives mixed reviews across different platforms. Positive feedback often mentions product quality and customer service, while critiques highlight areas such as online presence and transparency. Prospective customers should consider these factors and conduct thorough research before engaging with the company.
Why aren’t There Many Treasure Island Coins Complaints?
There are relatively few complaints about Treasure Island Coins and Precious Metals because of several key factors that reflect their operational practices and commitment to customer satisfaction. Here’s why the volume of complaints is minimal:
1. Longevity and Experience
- Established Reputation: With over 40 years in the precious metals industry, Treasure Island Coins has built a strong foundation of trust and reliability.
- Experienced Leadership: The company’s leadership, including family ownership, has emphasized quality and consistency, which helps maintain customer satisfaction.
2. Transparency in Pricing and Transactions
- Clear Pricing: Treasure Island Coins ties its bullion pricing to the live spot price of precious metals, with transparent premiums.
- No Hidden Fees: Customers appreciate the company’s upfront approach to pricing, which minimizes confusion and dissatisfaction.
3. Diverse Product Offerings
- Comprehensive Inventory: Treasure Island provides a wide range of products, including bullion, rare coins, and IRA-eligible metals, ensuring that customers can find items that match their investment goals.
- Quality Assurance: Their focus on sourcing from reputable mints and offering high-quality products reduces the likelihood of product-related complaints.
4. Secure Storage Options
- Dakota Depository Partnership: The onsite storage option with the Dakota Depository ensures secure, compliant, and accessible storage for precious metals, alleviating concerns about asset safety.
5. Customer Support and Education
- Personalized Assistance: The company offers tailored guidance to each client, helping them navigate investments and resolve issues promptly.
- Educational Resources: By providing informative articles, real-time market data, and detailed product descriptions, Treasure Island Coins helps customers make informed decisions, reducing the risk of dissatisfaction.
6. Proactive Complaint Resolution
- Customer-Centric Approach: When issues arise, the company’s responsive customer service team works to resolve them quickly and effectively.
- Preventative Measures: Their proactive communication and detailed processes help prevent misunderstandings and potential conflicts.
7. Positive Community Engagement
- Local and Regional Presence: As a family-owned business in Fargo, North Dakota, Treasure Island Coins has cultivated strong community ties and a loyal customer base.
- Repeat Customers: Longstanding relationships with returning clients reflect the company’s reliability and ability to meet expectations consistently.
Are There Any Treasure Island Coins Lawsuits?
Yes, Treasure Island Coins, Inc. has been involved in legal proceedings concerning the regulation of bullion product dealers in Minnesota.
In 2020, the company, along with other plaintiffs, filed a civil-rights lawsuit challenging the constitutionality of Minnesota’s bullion-dealer law, Minn. Stat. ch. 80G.
This law requires individuals to obtain a state-issued license to buy or sell precious-metal coins or bars in Minnesota, even if the transactions occur outside the state.
The plaintiffs contended that the law imposed undue burdens on interstate commerce and infringed upon their business operations. In July 2021, the U.S. District Court for the District of Minnesota ruled in favor of the plaintiffs on certain claims, effectively limiting Minnesota’s regulation of precious metal coin and bullion sales.
Subsequently, the case was appealed to the United States Court of Appeals for the Eighth Circuit.
In August 2022, the appellate court issued its decision, addressing various aspects of the challenged statute and its application to the plaintiffs.
These legal proceedings highlight the complexities and challenges associated with state regulations on bullion dealers and their implications for businesses operating across state lines.
For the most current information on this matter, consulting official court documents and legal sources is recommended.
Can You Trust Treasure Island Coins? Is Treasure Island Coins Legit?
Yes.
They are a family-owned company with a multi-year legacy.
Treasure Island Coins’ emphasis on quality, transparency, and customer satisfaction helps minimize complaints.
Their personalized approach, secure services, and extensive experience in the industry foster trust and loyalty among clients, contributing to their positive reputation.
While no company is entirely free of criticism, Treasure Island Coins’ proactive measures and customer-first philosophy ensure that issues are resolved effectively, keeping complaints to a minimum.
Just keep the following points in mind whenever you work with any gold dealer:
Tip #1: Check Their Regulatory Compliance and Accreditation
Check for proper licensing and registration with relevant financial regulatory bodies such as the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA).
Verify the company’s accreditation with industry organizations like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC).
It will help you check how credible they are.
Tip #2: Look into The Company’s Background
- Research the company’s history, including years in business and any name changes.
- Examine the Better Business Bureau (BBB) rating and accreditation status.
- Review customer feedback on reputable third-party review sites like Trustpilot or Consumer Affairs.
Tip #3: Does the Company Offer Good Resources?
- Assess the clarity of information provided about fees, storage options, and buyback policies.
- Evaluate the quality and depth of educational resources offered to investors.
- Verify that the company provides clear information about IRS regulations regarding precious metals IRAs.
Tip #4: What are Their Product Offerings and Pricing?
- Ensure the company offers IRS-approved precious metals for IRA investments.
- Compare pricing with other reputable dealers to ensure competitiveness.
- Be wary of companies pushing numismatic or collectible coins over bullion for IRA investments.
Tip #5: Confirm the Storage and Custodian Partnerships
Verify that the company works with IRS-approved custodians and secure storage facilities. According to IRS’ regulations, you cannot store your gold IRA’s precious metals at your home.
You’ll need a certified third-party storage provider.
Check the company’s storage and custodian partner to ensure you’re working with a reliable firm. Moreover, ensure they offer segregated storage options for your precious metals.
Segregated storage means your owned precious metals products will be stored separately from other investors’ possessions. Similarly, non-segregated storage means your products will be stored along with others.
Keep in mind that storage providers charge extra for segregated storage.
Some popular custodians include Equity Trust and Goldstar Trust.
Red Flags to Watch For in Gold IRA Companies
- Promises of guaranteed returns or claims of “secret” investment strategies.
- Pressure to act immediately or make large investments without proper consideration.
- Lack of physical address or unclear company ownership structure.
- Unwillingness to provide detailed information about fees or policies in writing.
By thoroughly evaluating these aspects, investors can make an informed decision about the legitimacy and reliability of a gold IRA company. It’s crucial to conduct due diligence and, if necessary, consult with a financial advisor before making any investment decisions.
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Treasure Island Coins Review Summary:
With such highly reputed leadership at the helm, Treasure Island Coins stands out as a prominent name in the collectibles industry.
What are your thoughts on this company?
Let us know in the comments.
