A midtown coin retailer will let anyone with cash in the bank strike gold on a New York City sidewalk.
The two-ton, gold-plated-steel machine in the storefront of Stack’s Bowers on 123 W. 57th St., called “Gold to go,” offers gold in 1-ounce, 5-gram and 10-gram bars, as well as relatively valuable gold and silver coins. Prices vary depending on the metals’ daily market value, but these days, an ounce of gold is worth slightly more than $1,300.
“[The ATM] certainly gets used and draws a lot of attention,” said Stack’s Bowers sales manager Andrew Bowers, 34.
The ATM, which debuted in 2012, can be used by the public during the gallery’s normal operating hours.
Only about three people a day use the ATM, but many people stop to check out and photograph the golden machine. It is touchscreen operated and functions much like a standard ATM though gold bugs need to scan an ID or passport to make a purchase.
According to the New York Times, Thomas Geissler, founder of the precious metal retail company TG-Gold-Super-Market, launched “Gold to go” ATMs in 2009. He told the Times that hoped the machine would help combat inflation. There are two other “Gold to Go” ATMs in the U.S., in Las Vegas and Atlantic City.
“It’s an interesting idea-kind of like instant gratification,” said Gavin Zeigler, a 51-year-old sculptor from Tribeca who taking look at the machine Wednesday. He said the gold-giving ATM caught his eye and is considering coming back to get coins for his step-son.
Dutch Williams, 31, said he read about the machine and wanted to see it in person.
“I actually should buy something,” Williams said. “Money is nothing. It’s always good to have something like this.”