Treasure Island Coins Review 2023: Scam Risk or Safe?

Diversifying one’s investments is an important strategy that may be used by individuals throughout different phases of their financial life. Whether someone is approaching retirement and looking to safeguard their wealth or just starting on the path of saving and investing, diversification is a concept that holds significant value.

The useful division of one’s cash among different asset classes is the foundation of diversification. This includes not only stocks and bonds but also alternative investments. Reducing volatility helps to minimize the negative effects of a single investment’s performance on the overall portfolio. Diversification is akin to not putting all your eggs in one basket.

For those who are just embarking on their investment journey and have the advantage of time on their side, early initiation can be particularly beneficial. By starting early, investors may take advantage of compound interest to expand their savings over a longer period. It gives them a solid start on reaching their financial goals over the long run.

With the use of these accounts, people may delay paying taxes on their earnings and contributions until they are of retirement age and can start receiving dividends.

An important partnership between Treasure Island Coins and an IRA custodian has been developed. Through this partnership, consumers will be able to create self-directed IRAs.

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Understanding the History of Treasure Island Coins Inc.

In the year 1976, the journey of Treasure Island Coins commenced under the visionary leadership of its founder, Greg Olson. Located in the heart of Fargo, North Dakota, Treasure Island Coins & Precious Metals has distinguished itself as a regional giant and ranks among the largest bullion dealer in the United States. Whether one seeks gleaming bullion or intricate coins, Treasure Island sources its products from private and government mints across the globe.

In the year 2010, Christopher Olson, holding the position of Chief Executive Officer, unveiled the Dakota Depository—a symbol of Treasure Island’s unyielding commitment to customer service. Located at the same facility as Treasure Island Coins, this establishment boasts robust vaults designed to safeguard the valuable assets of clients. Complementing these vaults are stringent on-site security measures, forming an impenetrable fortress for the protection of precious metals.

The impeccable reputation of Treasure Island Coins is reflected in the chorus of positive customer reviews echoing across the digital landscape.

One of the standout services offered by Treasure Island is its provision of self-directed precious metals IRAs, facilitated through a strategic partnership with an IRA custodian. The company helps users with the often complex paperwork needed to start an IRA, assisting them in picking goods for their IRA portfolios with expertise. Additionally, Treasure Island Coins extends its collaboration to those who hold self-directed IRAs with other custodians by making the process of moving money from existing IRAs easier.

Treasure Island Coins prides itself on operational efficiency. Offering items made of gold, silver, palladium, and platinum at prices that are close to their spot values indicates Treasure Island’s mission to provide value to its devoted customers.

IRA Services Offered by Treasure Island Coins

In the realm of retirement planning, economic conditions often wield a significant influence on the performance of one’s investments. During periods of economic strength, the potential for earnings growth in an individual’s IRA is bolstered by compounding interest. Conversely, when market conditions take a downturn, the volatility of the stock market can impact the value of your retirement account.

Historically, when the broader economy falters, the value of precious metals tends to rise. However, it’s essential to note that investing in these metals isn’t straightforward through a regular IRA or 401(k).

A self-directed IRA enables customers to take control of their assets and transfer money to precious metals. This option is made possible by Treasure Island Coins, which provides precious metals IRAs that may be funded with a variety of coins and bullion.

For those who want to buy and sell precious metals without creating an IRA, Treasure Island offers alternatives outside the IRA sector. Other customers can acquire gold, silver, platinum, and palladium for delivery to their homes or opt for secure storage in the Dakota Depository.

The company works with New Direction Trust Company, an authorized IRA custodian that specializes in self-directed accounts, to guarantee the effective administration of these self-directed IRAs. However, Treasure Island Coins acknowledges its flexibility in collaborating with other self-directed IRA custodians, catering to individuals who may already have accounts established with other providers.

The process commences with customers completing the application online or forwarding it directly to the IRA custodian. Once the account is established, the company steps in to guide customers through the funding process and facilitate the purchase of other precious metals, with the support of dedicated precious metals specialists.

The range of products available from Treasure Island Coins includes rare coins and bars from multiple public and private mints. These encompass U.S. and foreign coins and bars and span the full spectrum of precious metal eligible for inclusion in IRAs: gold, silver coins, platinum, and palladium.

However, it’s worth noting that the options for platinum and palladium are relatively limited, and customers are advised to consult their representatives to confirm availability. While Treasure Island boasts an impressive array of bars in gold, silver, and platinum, it is important to note that they do not offer palladium bars as part of their product range.

How Treasure Island Coins Shipped Customer’s Orders?

For those contemplating the establishment of a self-directed IRA to venture into the realm of precious metals through Treasure Island Coins, it’s essential to recognize the critical role of a depository.

In this context, IRA investors do not have the privilege of taking physical possession of the precious metal within their IRAs until they reach the age when they initiate distributions as part of their retirement planning.

Treasure Island Coins extends a recommendation to its customers, suggesting the utilization of the Dakota Depository Company for the secure storage of their precious metals. However, they also grant you the flexibility to opt for a different approved depository if you so choose.

Treasure Island will facilitate the shipment of your selected products to the depository of your preference. Depositories are fortified with robust vaults and round-the-clock on-site security measures, further bolstered by comprehensive insurance coverage.

These extensive safety measures are set in place to protect the investor’s treasured assets, giving them peace of mind throughout the storage period. In cases where individuals do not wish to establish a self-directed IRA for their precious metals acquisitions, Treasure Island Coins still offers the opportunity to purchase products directly.

For non-IRA purchases, the company affords the convenience of direct shipment to your specified address. Treasure Island sends shipments with insurance to safeguard them throughout transit and requires a signature upon delivery, adding a further level of security.

Moreover, Treasure Island grants the option of storing your precious metal products at an approved depository, even if they were not initially acquired through a precious metal IRA. Customers may make strategic choices about how to handle and store their assets because of this flexibility.

Upon reaching the age of 59 1/2, individuals are entitled to commence distributions from their IRA, in adherence to IRS regulations. However, it’s noteworthy that many individuals opt to delay these distributions until they reach the age of 72, at which point they become obligated to initiate Required Minimum Distributions (RMDs).

As distributions are initiated, investors have the choice of either selling their holdings and converting them into cash or arranging for the shipment of their precious metal to their designated location, affording flexibility in managing their assets as they transition into retirement.

Storing Precious Metals

Treasure Island Coins strongly suggests using the Dakota Depository Company to hold its precious metals securely on behalf of its customers.

The Dakota Depository Company’s appeal as an affordable choice is made even stronger by its proximity to Treasure Island Coin. Because of the seamless coordination and accessibility provided by this strategic co-location, the clients will have an effective and simplified experience.

However, Treasure Island recognizes and respects the unique preferences of its customers. Therefore, it offers the flexibility to collaborate with alternative approved depositories in the United States. This approach empowers customers to select a depository that aligns most closely with their individual preferences, further enhancing the customer-centric approach embraced by Treasure Island.

Should a customer opt for a different depository, Treasure Island extends its support by facilitating the shipment of its precious metals to the chosen depository. The choice of shipping carrier, whether UPS or USPS, depends on the specifics of the customer’s order. This comprehensive service ensures that customers have the freedom to tailor their precious metal storage arrangements in a manner that suits their preferences and needs, reinforcing Treasure Island’s commitment to a personalized and client-focused experience.

The Credibility of Treasure Island Coins

Treasure Island Coins boasts a long-standing presence in the industry, having commenced operations in 1976. Mint, Royal Canadian Mint, Perth Mint, and various others.

The numerous positive reviews that Treasure Island has received from its investors are persuasive proof of its standing in the market. Potential clients might see these reviews online as useful testimonies. When looking for a major dealer of precious metals, it is good to read internet reviews first since they give insight into previous customers’ experiences and help buyers make informed decisions.

Notably, the overwhelming majority of reviews about Treasure Island Coins are affirmative. While a few unfavorable reviews exist, they are a rarity and do not constitute a substantial portion of the feedback. This prevalence of positive reviews underscores the company’s consistent track record of delivering satisfactory transactions and exceptional service to its customers.

Treasure Island’s commitment to maintaining high standards of business ethics and customer service is further reflected in its impressive A+ rating with the Better Business Bureau (BBB). Even though the company is not BBB recognized, this rating acts as an unbiased report of its commitment to ethical business practices and its dedication to quickly and efficiently solve consumer complaints. All things considered, these several data points support Treasure Island Coins’ status as a recognized and trustworthy participant in the precious metals market.

Treasure Island Coins: Pros and Cons

Those who are considering precious metals as part of their investing strategy must know the company’s pros and cons. To assist potential customers in making well-informed decisions about their purchases of precious metals, this review analyzes the benefits and drawbacks of doing business with Treasure Island Coins.

Benefits of Treasure Island Coins:

Longevity and Credibility: Treasure Island Coins has a substantial history, having operated since 1976. Its reliability and reputable standing as a dependable precious metals trader are further strengthened by its long history.

Excellent Customer Reviews: Treasure Island Coins has received a lot of positive feedback from prior customers, which demonstrates its dedication to delivering smooth transactions and top-notch service.

High BBB Rating: The company boasts an A+ rating with the Better Business Bureau (BBB), indicating its adherence to ethical business practices and its dedication to resolving customer concerns promptly.

Flexible Storage Options: While Treasure Island recommends the use of Dakota Depository Company for precious metal storage, it accommodates customer preferences by offering the flexibility to choose from multiple approved depositories in the U.S.

Drawbacks of Treasure Island Coins:

Limited Negative Reviews: While the majority of reviews are positive, there are a few negative reviews online. Although these are in the minority, they suggest that not all customers have had entirely satisfactory experiences.

Not BBB Recognized: While Treasure Island Coins maintains a high BBB rating, it is not BBB accredited. This may be a consideration for customers who prioritize dealing with accredited businesses.

Limited Platinum and Palladium Options: The company’s offerings for platinum and palladium are more limited compared to gold and silver. Customers interested in these metals may need to confirm availability with their representative.

No Onsite Palladium Bars: Treasure Island Coins offers bars in gold, silver, and platinum, but not in palladium. This could be a drawback for customers specifically seeking palladium bars.

Final Thoughts

With a history dating back to 1976, Treasure Island Coin has firmly established itself as a reputable player in the precious metals market.

However, it’s important to note that Treasure Island may have certain limitations in its service offerings when compared to some other dealers in the market. While it excels in its core role as a precious metal dealer, some competitors may provide additional services such as educational workshops or specialized investment guidance, which Treasure Island does not presently offer.

Another aspect to consider is the company’s partnership with a single IRA custodian. While they do express willingness to collaborate with other custodians if customers prefer, the existence of this primary partnership may lead some customers to feel relatively restricted in their choices. This situation may prompt prospective investors to explore dealers with broader custodian options to meet their specific preferences and requirements.

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Tim Schmidt


Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.