Buying Gold and Silver Coins From Banks | 2024 Buyer’s Guide

 

You Can Buy Gold and Silver Coins From the Bank – But Should You? 

For investors, there are hundreds of places to buy gold and silver coins online. If you prefer buying precious metals in person, local coin shops can also be a great way to build your portfolio with high quality coins from some of the world’s best mints. There is another option if you’re looking for a new source of precious metal coins: the bank! That’s right – some U.S. banks are willing to sell genuine gold and silver coins to investors. On this page, we’re covering everything investors need to know about buying gold and silver coins from banks. 

Let’s start with the basics. Can you buy gold coins from a bank? Some banks sell gold and silver coins to investors, but these banks are often hard to find and often charge more for precious metals than many online dealers. Additionally, the few banks that do sell precious metals usually stock a smaller inventory than the average dedicated gold or silver dealer. 

Still, the benefits of buying gold and silver from a bank are hard to ignore. Since banks are federal institutions and are accountable to the public, buying bullion from your local bank may be more reliable than searching online for the best deals on gold and silver coins.

Choosing who to buy your gold and silver coins from is one of the most important steps in the investing process. You may be able to buy gold and silver coins from some American banks – but should you? Read our full guide to buying gold and silver from the bank below. 

Yes, Some Banks Sell Gold and Silver Coins!

The fact that some American banks sell gold and silver coins is one of the best-kept secrets in the precious metals industry. After all, most banks don’t openly advertise that they also double as precious metal dealers! Here’s the good news for investors who want to buy gold and silver at the same place they deposit checks: some banks are happy to sell you gold and silver coins. 

Which banks sell gold and silver coins? Not all banks will sell investors gold and silver coins. To find a bank that is willing to sell you gold and silver coins, you’ll need to do a bit of research. Some banks advertise that they sell gold and silver on their websites. Most banks don’t make this information public, so you may need to visit a bank’s physical location to find out if they have gold or silver coins for sale. 

A Word of Warning: Most Banks Don’t Sell Gold or Silver

While the occasional bank is happy to sell you gold or silver coins, most banks don’t buy or sell precious metals. There’s a very good reason why many U.S. banks stay away from the precious metals market: stability. By nature, a bank’s job is to avoid losing money. Why don’t banks sell gold and silver? Precious metal prices are far more volatile than currency exchange rates, so most banks avoid selling gold and silver so that they don’t lose money when precious metal values decline. 

That being said, there’s a high chance that at least one bank near you sells gold or silver coins. Like we mentioned earlier, the best way to find out if a bank sells precious metals is to ask at their physical location. Banks in small towns may be more likely to buy and sell precious metals, since banks owned and operated locally are incentivized to offer a wider variety of services to their clientele. 

Few banks today sell gold and silver coins, but this hasn’t always been the case. In the 19th century, America’s central banks agreed to exchange currency for pure gold bullion in order to boost the strength of the United States Dollar. Because the USD is far more stable now than it was in the 1800s, banks seldom sell volatile precious metals like gold and silver. 

What Coins Can You Buy at a Bank? 

What gold and silver coins do banks sell? Most banks will only sell coins that are considered circulated currency. For banks that sell gold and silver, their stock often comes from coins that investors have turned in as currency. Silver Dollar Coins and Gold Dollar Coins are two common coin types you’ll find at banks that sell coins. Don’t expect any discounts, though. Most banks sell their gold and silver coins at higher premiums over spot price than you’ll find on the average online dealer’s website. 

Should You Buy Gold/Silver Coins From a Bank?

To buy gold coins (and silver coins) from a bank, you’ll need to find a bank that is willing to sell gold and silver coins. This is easier said than done, as most banks stopped selling precious metals several decades ago. Below, we’ll give investors a few tips on how to buy gold and silver coins from the bank. 

How do you buy gold and silver from a bank? The easiest way to find out if a bank is willing to sell gold or silver coins is to visit its website. Some banks advertise online that they sell gold or silver coins. Remember, though, that it’s pretty rare for banks to sell genuine gold or silver coins in 2024. 

When in doubt, you can always call a local bank to see if they sell gold or silver coins. Most banks don’t deal in precious metals, but some banks may be happy to sell gold and silver coins that they’ve received from customers. Some banks might even stock their own gold or silver coins they’ve purchased from the United States Mint, but this is rare. 

It may help if you have a membership at the bank you want to purchase coins from. Like with most bank services, some banks will only sell gold and silver to customers who already have an account with them. 

Pros and Cons of Buying Gold and Silver Coins From Banks 

You can buy gold and silver coins from some American banks – but should you? Comparing precious metal dealers is likely the most important step in the investing process, as choosing the right seller can save you hundreds, if not thousands, of dollars. Like all bullion coin dealers, buying gold and silver coins from a bank comes with pros and cons. 

Should you buy gold (or silver) coins from a bank? Buying gold or silver coins from a bank allows you the protection of a publicly accountable institution, but the high premiums and limited selections offered by most banks make them an unattractive option for precious metal investors. 

One big reason why so many investors want to buy gold and silver coins from the bank is the reputation associated with America’s banking industry. Banks are backed in part by the U.S. government, and they’re heavily regulated. Because of how regulated banks are, it’s tough to imagine a scenario where a bank gets away with selling fake gold to one of its customers. The public accountability of banks is a good reason why gold investors like to do business with these institutions. 

There are three main downsides to buying bullion from the banks, though. Here’s why you may want to consider avoiding banks next time you want to buy gold or silver coins: 

1. Limited selection. Banks are not dedicated bullion dealers, so even banks that do sell gold or silver coins only stock a few brands. If you’re looking for a specific coin or want to check out a larger inventory, banks are not a good source of investment-grade precious metals.
2. Hard to find. In the 19th century, many federally backed banks sold gold and silver coins for currency. As of August 2024, only a handful of popular banks sell gold and silver coins. Especially if one of these gold-selling banks is far away from you, you may end up spending quite a bit of money traveling before you even get to buy your gold or silver coin!
3. High premiums. High premiums are the main reason why buying gold or silver coins from a bank isn’t a good idea. Banks charge more for gold and silver coins compared to most online precious metal dealers, including Hero Bullion. 

Banks may provide great quality assurance and accountability, but it’s hard to find banks that sell gold or silver coins, and even banks that do sell precious metals are saddled by a limited selection and higher fees than the majority of online bullion dealers. 

Alternatives to Buying Gold and Silver Coins From the Bank 

High prices, limited availability, and small inventories make banks a poor choice for investors who want to save on gold or silver coins. In other words, you can buy gold and silver from some U.S. banks, but that doesn’t mean that you should. The good news is that both online and local precious metal dealers can be excellent alternatives for investors who want to use gold and silver to improve their investment portfolios. 

The best way to save money on gold and silver coins is to look for online dealers with robust inventories, competitive prices, and excellent customer reviews. Bullion dealers like Hero Bullion allow visitors to read verified reviews from real customers. Taking a closer look at verified customer reviews is a good way to confirm that a precious metals dealer has a decent reputation among gold and silver investors. After all, the last thing you want is to spend your hard-earned money on subpar or damaged coins. 

Before you choose a dealer, be sure to compare prices. Especially for investors who plan to purchase gold or silver coins several times, finding the best price is a small amount of work in exchange for a huge payoff. When you compare prices for your favorite silver coins or gold coins, always consider total cost. Total cost refers to the price of a precious metal product, including all premiums, shipping costs, and additional fees. 

Dealers like Hero Bullion offer free shipping for orders over $149, which can help you save on shipping fees and purchase more of the metals you love. 

Banks may not be the best place to buy gold or silver coins, but doing a bit of research to find the right dealer can help you save thousands of dollars in the long run. 

Final Thoughts: Can You Really Buy Gold and Silver Coins From the Bank? 

Surprisingly enough, it is sometimes possible to buy gold and silver coins from your local bank. Not all banks sell gold and silver coins, and those that do often charge higher fees and offer a more limited selection compared to the average online precious metal dealer. To buy gold/silver coins from a bank, take some time to research and see which banks in your area sell bullion coins. Most banks don’t do this, and you’re most likely to find gold-selling banks in small, rural areas. 

Although you can buy gold or silver coins from the bank, we don’t recommend it. Most banks charge high premiums over spot price for precious metals in order to hedge their bets against the historical volatility of both gold and silver. As an alternative, most investors choose to buy gold and silver coins from online precious metal dealers. Online bullion dealers tend to offer a larger selection, more competitive prices, and better customer service than banks that happen to sell gold. 

You might also be interested in: 

• What is the Best Place to Buy Gold?
• Best Coins to Buy in 2024
• What’s the Best Way to Buy Silver?