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    Home»Tips & Tricks»Rory Brown, Lydian Founder, Discusses How to Buy And Keep Gold Coins
    Tips & Tricks

    Rory Brown, Lydian Founder, Discusses How to Buy And Keep Gold Coins

    RichardBy RichardApril 3, 2020No Comments4 Mins Read

    Gold coins have been a popular choice for personal investing for centuries. In today’s financial environment, gold coins continue to be a key part of many investment portfolios. However, buying and maintaining gold coins as an investment asset is not as simple as it may seem. In this article, Rory Brown, Lydian founder outlines some principles in locating reputable dealers and storing and maintaining investment coins.

    Contents hide
    1 Where To Buy Gold Coins
    2 Storing Gold Coins
    3 About Rory Brown

    Where To Buy Gold Coins

    There are two basic and reliable resources for purchasing gold coins: local shops and online sellers. 

    Shopping with a local dealer allows you to take immediate possession of your coins without shipping or insurance expenses. Working with a local dealer also generally provides a higher level of privacy. Local dealers usually have higher premiums than online sellers. Premiums are the overhead and profit charges that a dealer places on purchases. Depending on your location, you may also find that local dealers have more limited coin choices than online dealers. 

    Online dealers generally provide a lower total cost than local shops, even with shipping and insurance included. You will also not get your coins delivered until payment is complete, and you will not get to actually inspect your coins until they are paid for and delivered. 

    The most important factor for choosing any dealer is their reputation in the marketplace. Ask other local investors you may know and look at a dealer’s rating with the Better Business Bureau and any other available rating agencies. Look for a dealer with excellent customer service and completely transparent pricing including all premiums, shipping, insurance, and any extras. Reputable sellers should have industry certifications and will be able to provide full information on the provenance of the coins they sell. Beginning investors in gold coins will likely benefit from making an initial small purchase with a quality local dealer in order to get comfortable with the process before shopping among all sellers for the best combination of price and service. 

    Storing Gold Coins

    There are generally three options for storing investment coins: keep them at home, use a bank safety deposit box, or use a third-party storage firm.

    Home storage requires a capital investment in some type of safe and installing the safe. Insuring gold coins for home storage can be expensive and difficult to obtain. You are also directly responsible for preventing or mitigating loss from theft, fire, flooding, or other disasters. On the plus side, you know that you have direct access to your coins at all times.

    Many people prefer bank safety deposit boxes for their coins. They are generally inexpensive. The major drawback to safety deposit box storage is access, as you are limited to banking hours and must travel to the bank to access the box. Banks generally do not insure the contents of safety deposit boxes as deposits are insured. 

    Depositing gold coins with a third-party depository is becoming a more popular option, especially for investors with large quantities of coins. Reputable depositories offer high liquidity, as investors can often sell coins with no transportation costs and can receive cash payments virtually immediately. Investors should be very cautious to investigate the insurance coverage offered by a depository and the company’s reputation.

    About Rory Brown

    Rory Brown currently serves as a Managing Partner of Nicklaus Brown & Co. and was a co-founder of VirtualBank in 2000. VirtualBank began as an early adapter of technology creating platforms and interfaces for customers of financial institutions to access financial accounts and records through the internet. VirtualBank has grown to be a multibillion-dollar company, named “Best Online Bank” by Money Magazine. Rory Brown is also the co-founder of Lydian, which garnered him recognition by Ernst & Young as Financial Service Entrepreneur of the Year. Mr. Brown received a Master of Business Administration from the University of Charleston and is a Certified Public Accountant. He has focused on financial technology and investment management for over 30 years. The app is designed to connect users with the best virtual banks around the world, providing comparative information on the best available rates for all types of banking. In his spare time, Mr. Brown studies the history of the Lydians, the first people to use gold and silver coinage.

    Richard
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    Richard is an experienced tech journalist and blogger who is passionate about new and emerging technologies. He provides insightful and engaging content for Connection Cafe and is committed to staying up-to-date on the latest trends and developments.

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