How Much is a Gold Coin Worth? [Updated For July 2024]

Gold Coins, Gold, Investor Guide

Posted - July 25, 2024

At a Glance:

- The melt value of a 1 troy oz gold coin is around $2,375, as of July 2024.
- Gold coins are always sold at premiums, so expect a gold coin’s total cost to be closer to $2,450 or more.
- On this page, learn how much a gold coin is worth, how gold prices are determined, and more.

How Much is a Gold Coin Worth? | Updated For 2024

Gold coins have always been one of the most popular ways to invest in gold. Because gold coins are priced based on more than their melt value alone, it can be difficult to figure out how much a gold coin is worth. As gold prices continue to rise, it is important for new investors to learn more about how gold coin prices are determined – and how much the average gold coin costs.

So how much is a gold coin worth?As of July 2024, a one ounce gold coin is worth $2,350 or more in gold melt value alone. Gold coins are never sold for just melt value – dealers always add some sort of premium to the spot price of gold to determine the total cost of a gold coin.

With premium fees included, the average gold coin in 2024 is worth anywhere from as little as $2,450 to as much as $2,600. Some coins might fall outside of this range, depending on their condition, rarity, and desirability to investors.

On this page, learn more about how much a gold coin is worth, how to source cheap gold coins, and more.

What Gives a Gold Coin Value?

The average one troy ounce gold coin in July 2024 is worth over $2,450 or more, but the value of a gold coin depends on a variety of different factors. Some gold coins may be worth hundreds of dollars more than others, depending on their desirability, demand, and condition.

Generally, three elements help investors determine the value of a given gold coin:

Gold melt value
Desirability and demand
Condition

Some investors mistakenly believe that a gold coin’s value is determined exclusively by the value of the gold it contains. In reality, gold coins are products that cost money, time, and effort to create. As a result, gold coins are always worth atleasttheir melt value in pure gold. Depending on the factors we listed above, a gold coin can sometimes be worth several hundreds of dollars more than its melt value.

Let’s take a closer look at what really gives gold coins value.

1. Gold Melt Value

Melt value is the single most important consideration in the value of a gold coin.

What is the melt value of a gold coin? The melt value of a gold coin is determined by the current spot price of gold. Spot price and melt value are closely related, but they are two distinct terms that mean different things. Spot price refers to the market value of a single troy ounce of pure gold, but melt value describes the market value of the gold contained inside of a gold product, such as a coin.

When the spot price of gold increases, so does the melt value of a gold coin. Gold’s spot price changes constantly, which means that the value of a gold coin is always either increasing or decreasing. A 1 oz gold coin has a melt value of around $2,375 USD in July of 2024, but this could change at any moment if gold’s spot price drops.

Investors who have spent time researching gold coins know that coins are never sold for just their melt value. Buying gold at spot price is every stacker’s dream, but it’s almost never possible to buy gold coins without paying a premium over melt value.

Bottom line: gold coins are always sold at a markup over spot price.

2. Desirability and Demand

Desirability and demand are two factors that help determine the premium that a gold coin is sold for. Coins that are especially desirable and in-demand to investors are traditionally sold at higher premiums than undesirable or unpopular gold coins.

3. Condition

Like with other precious metal products, the condition of a gold coin also influences its value. As a general rule, coins in near perfect condition are sold at higher premiums than gold coins that have been heavily circulated, worn down, or damaged.

What’s the most common condition for a gold coin? Gold coins are most often sold in Brilliant Uncirculated (BU) condition. BU coins are sold at high premiums over spot price, since many investors prefer to collect coins in perfect condition.

Investors who want to save money on premiums while buying gold coins should consider buying coins in sub-optimal condition.

Dealers like Hero Bullion sell “Any Mint, Any Condition” gold coins, which are shipped in a random condition and may be heavily circulated or worn down. Low-grade gold coins are sold at lower premiums than BU gold coins, since they’re less popular among investors. Low premium gold coins are sold closer to spot price, making low-grade gold coins a great option for investors who want to save money.

Are Gold Coins More Valuable Than Gold Bars?

Are gold bars or gold coins cheaper? On average, gold coins are more valuable than gold bars of the same weight. Gold coins tend to be more expensive than gold bars because they are sold at higher premiums over spot price. Gold bars are usually sold for closer to melt value than gold coins because they feature less intricate designs and are cheaper to produce.

This is not always the case. Some gold bars are beautiful or minted in limited numbers, which makes them more valuable than other common gold bars.

Gold bars are often a good alternative to gold coins for investors who want to save money on precious metal premiums. Gold coins are more expensive to buy than gold bars, but they also offer a collectability that most gold bars do not.

Cheapest Gold Coins to Buy

A 1 oz gold coin is worth around $2,400, but some gold coins are considerably cheaper to buy. The cheapest gold coins for investing are coins sold at low premiums over spot price. For budget-conscious investors, saving money on gold means searching for coins with low premium fees.

Lowest Premium Gold Coins in 2024

There is a difference between gold coins that are cheapand coins that arecost-efficient. Obviously, the cheapest gold coins are always the smallest ones. Fractional gold coins are popular among investors because they cost only a small percentage of what a full 1 oz gold coin sells for. As of July 2024, the cheapest 1/10 oz gold coins sell for around $280 or less.

What is the lowest premium gold coin? The lowest premium gold coins in 2024 are coins in poor condition from previous years. Premiums are usually highest for small gold coins in BU condition from the current year. By compromising on condition and date, investors can save hundreds of dollars on each gold coin they buy.

Are Small Gold Coins Cheap?

Small fractional gold coins are cheap, but they are also saddled with higher premiums than larger gold coins. As a general rule, premiums for gold products decrease as the size of a given item increases. Because of their high premiums, stacking fractional gold coins is less cost effective than investing in full 1 troy oz coins.

Buying small gold coins is a good strategy for investors working with a limited budget. For stackers who want to maximize the amount of gold they get for their money, larger gold coins are the way to go.

How to Save Money While Buying Gold

In July 2024, a one ounce gold coin is worth at least $2,450. Gold coins are usually sold at high premiums over spot price, but savvy investors can save money by searching for affordable gold coins with low premiums over melt value.

The best way to save money while buying gold is to carefully research products and compare prices across multiple different dealers. Even as gold prices continue to climb, investors who research their next purchase and shop around before buying can save themselves hundreds of dollars while stacking the coins they love.

You might also be interested in:

Which Gold Coin is Best to Buy?
Here’s Why You Should be Buying Fractional Gold
Lowest Premium Gold Coins | How to Buy Cheap Gold Bullion

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How Much is a Gold Coin Worth? [Updated For July 2024] - Hero Bullion (2024)