Value of common gold coins
Gold is a very rare precious metal and highly sought by miners and prospectors from all over the world. The world’s number one goldfield is located in South Africa and named Witwatersrand. It’s a 35 miles long, north facing scarp in the Gauteng Province. Countless myths and sagas tell about gold from time immemorial value and the rarity makes gold in form of coins popular to all people. The first gold coins were minted under the rule of King Croesus from Greece (595 BC – c. 547 BC) and their weight was between 8.1 gram and 10.6 gram. Since thousands of years gold coins reflect power, influence and wealth. Therefore people own gold coins also nowadays. But how to calculate the value of gold coins? How much is a gold coin worth? Let’s work together on the value of your coins.
Demand determines the value
First, we speak about a precious metal named gold. Gold is traded at the stock exchange and priced by weight. The current gold price each ounce shows $1,328.44 and this value is our first basis for calculation. In nearly almost all cases the value of a gold coin calculates on the current material value, just if you own gold coins produced within the last 100 years. Error coins, coins of limited number or coins produced for a special leader or politician are excluded on that calculation. But we guess that the material value – calculation can be used for 99% of all circulating gold coins. You just need some knowledge about the weight of your gold coin to calculate the value. Marks can show the weight of your coins, mostly shown in ounces.
Use a scale to determine the weight
Use a scale, if your coin doesn’t show a weight. But consider that it needs a professional scale to weight it. Maybe you can use a postage scale. Buy a digital gold scale on eBay or Amazon, if you have some coins that you would like to weight. Suitable scales for weighting coins start at $10 including shipping.
Now let’s calculate the coin value!
You can calculate the value using a gold calculator, if you know how much your coin weights. You can also calculate the weight just by hand using. The current gold price as your base of calculation. Consider that the stated gold price is the price for pure gold. You have to break down the calculation, if you own a coin which is not made of pure gold. Let’s say your coin is made of 22K gold. 22K gold equals 91.6% of pure gold. Therefore you calculate 91.6% of the current gold price if you want to figure out how much a 22K gold ounce is worth. We did the brake down calculation for you. See our price listing for well known coin purities:
- 24K gold coins are worth $1,396.36 per troy ounce
- 22K gold coins are worth $1,280.35 per troy ounce
- 21K gold coins are worth $1,257.98 per troy ounce
What about the value of error coins or other rare gold coins?
Error coins and other very rare gold coins can be worth a lot more than just the material value. A $5 gold coin from 1800 (Half Eagle) sells for more than $20,000 reflecting a gold value of less than $300. Coins like that have no bearing on the gold price. There is nearly no way for individuals to unlock the value of very rare gold coins or error coins. You should consult an expert to unlock your coin’s value. Some experts like reDollar offer a free evaluation of coins. Professionals are able to explore your gold coin’s value without overlooking price building facts like rarity or uniqueness.