October 19, 2007, Newsletter Issue #88: Banks as Rare Coin Dealers
Tip of the Week
Your bank offers free checking, online bill pay and ID theft protection. Does it also offer rare coins?
If the bank offers bullion for sale, the answer is no. Bullion coins such as the US American Eagle and the Canadian Maple Leaf aren't rare coins. Banks and coin dealers both sell them. Your bank won't market bullions as rare coins, so if you think they are, think again. You can, however, invest in third-party gold through your bank, which many coin and investing experts recommend.
In terms of commemorative coins that could become rare, the National Bank of Poland became a coin dealer when it started selling commemorative coins with the image of the late Pope John Paul II for $1.60 to $180 USD.
Bank on this: Any so-called "bank" that calls during dinner offering you "rare" coins is not a legitimate rare coin dealer but a telemarketing scheme.
After all, you've come to expect more and more from banking. But the best way a bank can gauarantee you rare coins is to give you a safety-deposit box for that Byzantine piece.
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