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Pros & Cons of Amazon’s Gold Coin Store

June 25, 2014 – Amazon.com has announced the launch of a collectible coin store that will sell rare gold coins as well as other coins that have been certified by the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC). Amazon has said this “store” will give customers access to over 10,000 U.S.coins held by more than 75 U.S. coin dealers.

Amazon is touting its collectible coins store as the easiest way to locate desired coins, and to be sure this idea has its benefits. Coin collectors and hobbyists will surely use the Amazon platform to complete sets and scoop up rarities. But is this platform viable for investors?

One of the publicity tools Amazon is using to promote its coin store is the recent auction of the Saddle Ridge, California gold coin stash. The couple who found the coins while walking on their property sold most of their coins through Amazon, but anyone with a firm grasp on the gold coin market who looked at the live auction prices knew those prices were extremely high. Could Amazon be asking you to trade low prices for supposed convenience?

Additionally, eBay has been selling gold coins for years, and how has that turned out? “We receive calls every week from investors who are worried they bought counterfeit gold coins on eBay, so we encourage serious investors to deal only with reputable gold coin dealers,” said Certified Gold Exchange spokesperson Janet Jones. “We check all major exchanges to give you our best price and we also provide free and insured home delivery to each of the 50 states and Puerto Rico.”

If you are a coin collector and you need a rare or obscure coin then Amazon’s venture into coin collecting may be right for you. For investors, though, who want to buy as much gold and/or silver as possible as they can with the allotted fraction of their portfolio, choosing a reputable gold coin supplier like the official Certified Gold Exchange may be a more convenient and more affordable option.

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