Gold coins worth their weight in gold
Long ago the countries of the world were signed up to the gold standard so their coins were made of gold, this practise of using gold coins as currency was in force for a few thousand years. In the past century there was a shift in which many countries moved away from the gold standard and started using other metals to strike their countries currency.
Many people who have either collected or inherited gold coins are unsure what to do with them. In fact the general practise is to sell them to coin collectors or even at online auction sites. By doing this many are losing out on the worth of the coin, not as a currency or collector’s item but more for the value of the gold in the coins themselves.
Previously gold coins were simply collector’s items, but over the past seven years a huge shift has occurred in the previous metals trading world where the price of gold has risen dramatically. In the last ten years alone the value of gold per ounce (28 grams) has risen by a colossal 488%.
Gold coins have now become expensive items in the gold market when traded in numbers; in fact the value can sometimes be double or triple the worth of the gold coin itself.
Value of Gold Coins
The most common coins on the market come in the form of Canadian Maple Leafs, American Eagles or the British Sovereigns but there are other gold coins on the market such as the Chinese Panda or Australian Nuggets.
The value of these gold coins as a gold commodity does differ, not simply on their weight but also on their fineness. The best gold prices are paid on the highest fineness of gold, the highest being at .999 fineness as this shows the actual gold weight within the coin.
Gold coins weighing 34.05 grams with a fineness of .9999 will have a gold weight of 34.05 grams so this is what you will receive your gold price on. Gold coins of 34.05 grams with a fineness of .917 on the other hand will only have a gold weight of 31.103 grams.
An example of gold coins and their fineness are below:
American Eagles – .9167 fineness
Australian Nuggets – .9999 fineness
British Sovereigns – .9166 fineness
Canadian Maple Leaf – .9999 fineness
Chinese Panda – .999 fineness
Trade gold coins for gold or coin value
The question of whether you should trade your gold coins for their weight in gold or coin value depends greatly on their rarity as a gold coin. What you can do is get your coin collection appraised to understand their value individually as coins, after this you can then get your coins appraised for their value as a gold commodity.
The question is then which price do you go for?
Simple, you take the one that offers the most, which currently tends to be the weight price of the gold. While the value of coins has stayed stagnant over the years unless it’s a rare and timeless coin, the price of gold has been driven up so high that many coins are simply worth more for their gold value in today’s market.
Seeing how the price of gold has sky rocketed in the past ten years a huge number of “Trade your gold for cash” businesses have opened. This is not where you want to take your coins; these guys will give you the lowest possible price on your gold so they can make the most amount of money from you. Their idea is to offer you money for the item, not for the actual gold content thus not giving you the best returns.
When trading in gold coins for cash you need to take them to a reputable company that will give you a good gold price for your coins. To ensure you know what the current gold prices are why not review the current gold index to see what price gold is trading at per ounce, this will give you an idea what your gold is worth.
Many people have traded their gold coins for vast amounts of money, amounts they never dreamed possible and has changed their lives. Taking this into account why don’t you have a look at your gold coin collection and the weight combined to see the potential revenue you could have, after all your Gold coins are worth their weight in gold.