Buying gold coins isn’t as complicated as many people believe it to be, but that doesn’t mean you shouldn’t have an idea of what you’re looking for when you actually go to buy. Having a firm concept of the tips mentioned below will help you make intelligent purchases that won’t come back to bite you later.
What Kind of Gold Coins Would You Like to Purchase?
When the words “gold coins” are mentioned, many people don’t understand the extent of what that means. For example, gold bullion is often minted by private entities that don’t carry any monetary value; however, gold bullion coins minted by sovereign governments have monetary value and intrinsic gold value. Additionally, proof gold coins, which are also legal tender, are minted especially for collectors due to the collectible or numismatic value of the coins..
There are also US gold coins that were minted before 1933. These coins are were circulated freely before 1933 when President Roosevelt decided to recall all gold coins being used as currency. However, many people instead decided to keep their coins instead of turning them in. These coins are now worth their weight in gold instead of the face value of the coin itself.
From 1984 on, commemorative gold coins began to circulate in the US. The first collectible gold coin minted in the US since 1933 was the coin that commemorated the Games of the XXIII Olympiad in Los Angeles. These coins were not minted for circulation and are often produced in limited quantities, which can add to the value of the coins.
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Other than foreign gold coins, which prices vary primarily based on the spot price of gold, there are also rare US gold coins. Buying gold coins like these often means you’ll be paying a high premium because of the collector demand and low mintages produced.
What’s the Going Price for Gold?
Since the price of gold varies throughout the day, it’s important to have a firm grasp of what gold is worth before buying gold coins. Some gold coins are only worth their gold content and you can purchase them for a price that’s close to the price per ounce for gold in the commodities market.
Do You Have a Safe Place to Store Your Gold Coins?
Gold in and of itself is a highly coveted metal as it can be melted down and made into a number of different pieces of jewelry and other gold coins. It also carries an incredibly high value on the open market because of the value per ounce. Because of this, it’s very important that when you’re buying gold coins you secure a safe place to store them before you buy too many. Your storage place should be fire proof, water proof, and theft proof, to the extent possible. Many collectors choose a large safe or a safety deposit box in a bank vault.
No matter why you’re buying gold coins, make sure you know what you’re purchasing, what it’s worth, and how to store them. Avoid getting fooled by going to a quality gold coin and bullion dealer that that you can trust. To get even more advice on how to buy gold coins consult the expert advice of gold coins Atlanta coin dealer.
Good points. I might add that the numsimatic value of gold coins, 1933 and earlier, are often much more than their weight in gold. Many didn’t survive the ban, recall and meltings.
Also, worn gold coins provide a bargain for the savvy collector since most lower grade coins have little metal missing so they have almost as much gold as mint state coins that sell for much more.
Daniel,
You’re absolutely correct. Most Americans voluntarily turned in their gold bullion coins when the FDR Administration made it illegal to hold gold bullion coins. The only gold coins that were exempt were numismatic or collectible gold coins, which is why many individuals today prefer these coins.
Considering that the gold content was 90%, the wear on these coins isn’t typically too substantial, so the actual gold weight of most of these coins is typically close to the original weight. Bargains can be had in this area, that’s for sure!
Thanks,
Tony
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