With the price of gold being strong, you may have made the decision to sell those old gold coins that you have saved. Or you may be thinking of buying gold coins and want to know the true value of the gold coins before going to a dealer.
Whatever your reason for wanting to know the values of gold coins, this information should help.
First, you must understand that there are basically two types of gold coins on the market.
There are historical gold coins that were issued for circulation in many countries, including the US, until the 1920s and 1930s. (Yes, gold dollar coins were also ever issued.) These circulation coins include such famous as the American half eagles, eagles and double eagles, Indian heads and Saint Gaudens and British sovereigns. These coins are not pure gold, but have a little copper or silver added to make them more durable. However, due to their collectible value, these coins are often worth much more than the value of the gold they contain.
The other main type of gold coin is the modern gold bullion coin issued by many countries since the 1960s. These coins should not be used as & # 39; money & # 39; but for investment or for collectors. Popular bullion coins include the American Gold Eagle, the Canadian Maple Leaf, the Austrian Philharmonic, and the Chinese Panda. The value of these coins is the value of the gold they contain (usually an ounce, or the fraction of an ounce as indicated on the coin) plus a premium that can be as much as 10% or more.
To find the value of a gold coin, be it an old gold coin or a modern bullion coin, you must know the spot price of gold. This is published in most newspapers and online news sites. If you know the weight of the coin, a simple calculation will give you a reference value of the coin (although some traders may not get as much as the actual sell gold value of the coin). Next, you should check out online or printed guides on the price of the particular coin that interests you.
There are many good services online that will show you the actual prices currently being paid for gold coins at auction. To see what people want you to pay for particular gold coins. Remember that the rarity and condition or grade of gold coins, particularly historical ones, make a big difference in their value. If you own a gold coin and are having trouble identifying what it is, there are great books and catalogs you can check out that are even better and more comprehensive than anything online.
For historical coins, you will need to know the actual gold weight of the coin (the percentage of the weight that is actual gold) to assess its value against the spot price of gold, and many online services also make it that easy. For bullion coins, the real peso is indicated in the currency itself.