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 Gold Coins

Gold Coins

Buy Gold Coins

When a person thinks of gold, a buried treasure chest filled with doubloons may come to mind.  However, when investors think of gold, their financial security does come to mind and they buy gold coins to preserve their wealth.

Gold coins originated in antiquity as a universal form of exchange for efficient barter.  Over time, the use of gold coins evolved into circulated currency used to buy goods and pay for services.  Now, gold coins are brilliant uncirculated bullion purchased for investment purposes.

What exactly is a gold coin and how does it differ from a gold round?  A gold coin is legal tender issued by a sovereign nation with or without a stated face value.  Because it is legal tender for all debts public and private, a gold coin may be used for monetary transactions.  However, the intrinsic value of the gold content is always worth significantly more than its ascribed fiat value.  A gold round, on the other hand, shares its disc shape with a gold coin but is instead issued by private mints and is not currency.

Buying gold coins allows investors today to take physical possession of real money just as people for millennia have done before them.  Depending on their unique financial strategies and personal preferences, investors select the brand and purity from Goldmart’s diverse product offerings of gold coins.

Gold Coin Brand

Gold coins are sovereignly minted as annual issuances under the authority of and are guaranteed by a nation’s government.  Private mints are prohibited from issuing gold coins and instead issue gold rounds. It is important to buy monetized gold coins that are produced by trusted mints of stable countries, such as the 1 oz Gold British Britannia Coin fabricated by The Royal Mint of the United Kingdom.  Some mints issue multiple series of coins, including the United States Mint with its American Gold Eagle series and American Gold Buffalo series. Some mints annually change the design of their gold coin series, as exhibited by The Perth Mint with the changing reverse of its Australian Gold Kangaroo Coin.

Gold Coin Purity

The purity of a gold coin is interchangeably denoted either as its millesimal fineness – typically .999 and .9999 – or as its karat – only 22kt and 24kt.  The millesimal fineness is the number of gold parts per 1000 parts and may be stated as a percentage. Karat is exclusive to stating the purity of only gold and is the number of gold parts per 24 parts.  The Canadian Gold Maple Leaf Coin and the Chinese Gold Panda Coin both contain 24 karat gold. However, the former coin is actually purer because it has a millesimal fineness of .9999 fine gold (99.99% pure) compared to the .999 fine gold (99.9% pure) of the latter coin.  A durable 22 karat gold coin is crown gold, an alloy of 91.67% gold and 8.33% silver and/or copper such as the American Gold Eagle Coin and the South African Gold Krugerrand Coin.

Gold Coin Weight

Gold bullion coin series are available for investors to buy in a variety of sizes measured in grams and troy ounces ranging from fractional gold coins as small as the 1 gram Chinese Gold Panda Coin to collectable gold coins as large as the 10 kilogram Australian Gold Kangaroo Coin.  The 1 troy ounce gold coin, such as the Austrian Gold Philharmonic Coin, is the most popular size. The pure gold content of each coin, regardless of the millesimal fineness, is its stated weight. While the gross weight of the .9167 fine American Gold Eagle Coin is 1.0909 troy ounces, its actual gold weight is 1 troy ounce as stated on the gold coin.

Gold Coin Prices

The price of a gold coin is comprised of two separate values: the melt value of the gold and the premium cost of the coin.  

The melt value is calculated by multiplying the weight of the pure gold by the intraday spot price of traded gold on world commodity exchanges such as the COMEX/NYMEX.  

The premium is the cost above the melt value that is charged by mints, wholesalers, and retailers.  The premium is either a variable amount calculated as a percentage of the gold spot price, such as that of the American Gold Eagle Coin, or remains a fixed amount, such as that of the Canadian Gold Maple Leaf Coin.  The brand, purity, and weight are contributing factors in establishing the premium of gold bullion coins as are the manufacturing, storage, and distribution costs and any profit or gain realized or to be realized.

Gold Coin IRA

Investors diversifying individual retirement accounts can buy gold coins for inclusion in self-directed precious metal IRAs that meet stringent IRS requirements.  Gold coins, since they are only manufactured by national government mints, must have at least a purity of 99.50% or a millesimal fineness of .995. However, the 22kt American Gold Eagle Coin is approved and the only exception to this requirement with its purity of 91.67% or its millesimal fineness of .9167.  Alternatively, the 22kt South African Gold Krugerrand Coin is not approved.