The United States Mint has added another bullion coin distributor to its ranks of authorized purchases, bringing the total number to 11, although not all 11 purchase the same bullion products.

The bureau’s spokeswoman, Jill Westeyn, confirmed to Coin World Aug. 14 that Upstate Coin & Gold, a precious metals wholesaler in Centennial, Colorado, is approved as an authorized purchaser for American Eagle gold bullion coins — .9167 fine 1-ounce gold $50 coins, half-ounce $25 coins, quarter-ounce $10 coins and tenth-ounce $5 coins — and for the .9999 fine 1-ounce gold American Buffalo $50 coins.

Janessa Gautreaux, marketing manager for Upstate Coins, said the application process took three years before approval was granted.

Westeyn says because distribution of the American Eagle silver bullion coins is by allocation, the Mint is not currently seeking to add any more authorized purchasers for that program.

“This is a landmark achievement for our company,” said Dave Cooper, chief executive officer of Upstate. “Becoming an authorized purchaser is a testament to the hard work and dedication of our entire team. It not only expands our ability to serve our customers by offering direct access to highly sought-after U.S. Mint products but also solidifies our reputation as a trusted precious metals wholesaler.

“This recognition places us among an elite group of distributors and reinforces the confidence our customers have in us.”

The United States Mint maintains extremely stringent requirements for its authorized purchasers. Becoming an authorized purchaser provides Upstate with direct access to official U.S. Mint gold bullion products, including the popular American Eagle gold coins and American Buffalo gold coins.

This new relationship adds the U.S. Mint to Upstate’s list of direct distribution relationships with world mints, including The Royal Mint, The Perth Mint, The South African Mint, Banco de Mexico, New Zealand Mint, Valcambi, Argor-Heraues, Asahi, Metalor, and more, according to the company.

All but one of the U.S. Mint’s authorized purchasers are geographically located within the United States. Authorized purchasers and the bullion they are approved to purchase are now:
* A‑Mark Precious Metals Inc., El Segundo, California: silver, gold, platinum, palladium.
* American Precious Metals Exchange (APMEX), Oklahoma City: silver, gold, platinum, palladium.
* Coins & Things Inc. (CNT), Bridgewater, Massachusetts: silver, gold, platinum, palladium.
* Dillon Gage Inc. of Dallas, Addison, Texas: silver, gold, platinum, palladium.
* Fidelitrade Inc., Wilmington, Delaware: silver, gold, platinum, palladium.
* Jack Hunt Coin Broker Inc., Kenmore, New York: silver, gold, platinum, palladium.
* Manfra, Tordella, & Brookes Inc. (MTB), New York, New York silver, gold, platinum, palladium.
* StoneX Bullion, Santa Monica, California: silver, gold, platinum, palladium.
* The Gold Center, Springfield, Illinois: silver only.
* Upstate Coin & Gold, Centennial, Colorado: gold only.
* Europe, Bayerische Landesbank, Nürnberg, Germany: silver, gold, platinum, palladium.

Acquisition

The United States Mint does not sell Mint mark its bullion coins, and it does not sell them directly to the public. Instead, they are distributed through officially approved distributors, the Mint’s authorized purchasers. These firms in turn create a two-way market buying and selling to wholesalers, financial institutions and other customers.

Authorized purchasers are required to purchase a specific minimum number of ounces of coins with each order placed.

To become a U.S. Mint authorized purchaser of gold, silver, platinum, or palladium bullion coins, a firm must meet certain financial and professional criteria.

Requirements include a minimum net worth of $10 million, independent financial audits, and demonstrated market presence with sufficient working capital.

All applicants must demonstrate the ability to support a continuous two-way market in large volumes of bullion coins.

Minimum order quantities for bullion coins vary by type, including 25,000 ounces for American Eagle silver coins and 1,000 ounces for American Eagle gold coins. Additional requirements include submitting forms, providing a business license, and agreeing to specific terms and conditions.

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