If you have even the slightest interest in buying platinum coins, you are likely unsure as to where you can go in order to do so. One of the first options most people explore are local coin shops and this is naturally a good place to begin your search. The purpose of this article is to give you a bit more insight into buying platinum coins at local coin shops and the upsides and downsides that go along with doing so.
Platinum is much more difficult to locate than gold or silver which means that your search to buy platinum coins locally may not be as fruitful as you hope it might be.
Minimal Product Selection
When you attempt to buy platinum coins from a local dealer, the first thing you want to do before setting out on your journey to the coin shop itself is call them. The reason you want to call is to inquire about their current inventory of platinum coins. You see, platinum coins are significantly rarer than gold and silver coins and because of this inventories, especially at local coin shops, are not nearly as high as they are at the countless number of online resources you have at your disposal on the internet.
If you happen to make a precursory call to your most local coin shop and they confirm that they do, in fact, have platinum coins in stock, your struggles may not be over just yet. In many cases, once you reach the coin shop you will reach the harsh realization that while the shop does have platinum coins, their selection is limited. So limited, in fact, that the coin or coins you are looking for may not be in stock. Things like this do not happen online because if one site does not have the platinum coins you are looking for, a few clicks of the mouse will take you to an entirely new site with an entirely new product selection.
Tax Incidence
Another downside to purchasing platinum coins locally is the fact that taxes can add up quickly. In the US, different states have different sales tax rates and no matter what state you are in, these taxes can amass quickly.
Since people who are purchasing platinum coins are likely spending more than $20 or $40 dollars, the taxes behind these purchases can become a hefty amount of cash to the bottom line you are expected to pay for coins at your local coin shop. Since online dealers of precious metals do not charge taxes on the platinum coins you order, your bottom line when you pay is exactly the same as what it was when you were adding things to your virtual shopping cart (barring shipping and handling fees).
Instant Transaction
One of the benefits to buying platinum coins locally is the fact that the transaction is instant, meaning you pay for your coins and receive them right then and there. This is unlike online orders of precious metals such as platinum in that you pay for your metals and then have to wait, sometimes for extended periods of time, before your metal is in your hands.
If you want what you want when you want it, then buying locally is a better option for you. But if you have even the smallest shred of patience online orders will be more beneficial a majority of the time, both for your wallet and for your platinum coin wants.