What Are The Best Gold Coins To Buy For Investing in 2023?
Are you looking for a reliable and secure way to invest your money? Gold coins are becoming increasingly popular as an investment option, offering the potential for returns while also providing security and diversification.
With so many different types of gold coins available on the market, it can be hard to decide which one to buy.
This guide will show you the best gold coins to buy for investment as opposed to collecting, what to look for, and the advantages of owning them.
If you’re interested in an IRA rollover from your 401k to a precious gold IRA, there are limited gold coins and gold bullion products that you may choose from. This is because gold bars and coins must meet certain purity requirements.
When it comes to investing in gold bullion coins, you want to look for those that will hold their value over time. This means avoiding rare or collector’s items best suited to hobbyists and coin collectors.
Instead, focus on buying gold coins that are produced and backed by governments or major mints. These tend to be made of high-quality gold, and their value is more likely to hold steady or increase over time.
It is also important to know the difference between investing in gold coins and collecting them. When you’re investing, you’re looking to make money off of the appreciation in the value of the coin. On the other hand, coin collectors are more interested in the rarity or history of a piece.
Gold investors should also be aware of the different types of gold coins available. The two most common are bullion coins and numismatic coins.
Bullion coins are those that are made of gold, silver, or platinum and traded based on the value of the precious metal they contain. These types of coins are typically produced by governments or major mints and have a low premium over the spot price.
On the other hand, Numismatic coins derive their value from factors such as rarity, condition, and age.
These tend to be more expensive than bullion coins and are best suited for experienced investors. This is a bit like collecting art and hoping for the value to increase in the future, which may or may not happen.
When buying gold coins for investment purposes, it’s important to consider your goals and budget. There are many different types of gold coins available on the market, so be sure to do your own research as well before making a purchase.
If you are looking for gold bullion coins to invest in a precious metals IRA, check out my guide to the best gold IRA companies.
So What Are The Best Gold Coins To Buy?
Here is the list of the top sovereign gold coins every coin collector should have, or at least some of them!
They are a mix of mostly 24-karat, but also some are 22-karat, but all still contain one full ounce of gold.
1. Gold American Eagle
(Image courtesy of goldsilver.com)
The American Eagle gold coin is best for first-time investors because it is easy to buy and sell.
The coin was first minted in 1986, and its design is based on Augustus Saint-Gaudens’ double eagle coin, which was produced from 1907 to 1933.
The Gold American Eagle is produced by the U.S. Mint and is available in four different sizes (fractional):
- One ounce
- Half ounce
- Quarter ounce
- Tenth ounce
You can also find these coins in proof and uncirculated versions. The Proof Gold American Eagle is specially made for collectors and has a higher price tag.
The Gold American Eagle is made of 22-karat gold, except for the coins minted in 1986 and 1987, which were 24-karat. The purity of this coin is 91.67%.
The coin also contains a small amount of silver and copper, which helps to make it more durable, and is regarded as the most popular gold bullion coin worldwide and one of the best gold coins to collect.
2. Canadian Gold Maple Leaf
(Image courtesy of goldsilver.com)
The Canadian Maple Leaf is best for investors looking for a 24-karat coin or 99.99% purity (fine gold), and there are around forty million in circulation today.
The Canadian Maple Leaf is also popular with investors and is produced by the Royal Canadian Mint.
The coin was first minted in 1979, and its design is based on the classic maple leaf motif that appears on Canada’s flag; and was one of the first 24-karat coins in modern history.
The Canadian Maple Leaf is available in five different sizes:
- One ounce
- Half ounce
- Quarter ounce
- Tenth ounce
- Twentieth-ounce
The front (obverse) of the coin features a portrait of Queen Elizabeth II, and the back (reverse) features a maple leaf.
The Canadian Maple Leaf is a popular gold bullion coin worldwide and is available in both proof and uncirculated versions, and is also one of the most secure coins due to the Royal Canadian Mint having high-security measures.
3. South African Gold Krugerrand
(Image courtesy of goldsilver.com)
The South African Krugerrand is a world-famous coin and is the first gold bullion coin, accounting for almost 20% of all gold coins today, and despite it being 22-karat, it’s one of my favorite coins.
The coin was first minted in 1967 and was designed to help market South African gold. The name comes from Paul Kruger, the former president of the South African Republic, and the rand, the South African unit of currency.
The Krugerrand is available in four different sizes:
- One ounce
- Half ounce
- Quarter ounce
- Tenth ounce
This gold coin also contains a small amount of copper, which gives it a distinctive orange hue. The front of the coin features a portrait of Paul Kruger, and the back features a Springbok antelope.
The coin is made of 22-karat gold (91.67 purity) and contains one ounce of pure gold. It’s also legal tender in South Africa, with a face value of R100 (about $14).
The South African Krugerrand is a great choice for investors as it is well-known across the globe and easy to trade. It is also a relatively low-premium coin, which means it does not carry a high markup over the spot price of gold.
If you’re looking for one of the best gold coins, the gold Krugerrand is definitely one to consider, especially for beginners.
4. American Gold Buffalo
(Image courtesy of goldsilver.com)
The American Buffalo gold coin is a stunning piece of currency that is made up of pure gold. It was first minted in 2006 and has been a popular choice for investors and collectors alike ever since.
It was created by the United States Mint to commemorate the 100th anniversary of the American Gold Eagle coin.
The design on the coin was created by James Earle Fraser, who also designed the famous American Indian Head Nickel. The front side of the coin has a striking profile of a Native American man, while the back features an American buffalo.
The coins are available in many sizes:
- One ounce
- Half ounce
- Quarter ounce
- Tenth ounce
The coin has a purity of 99.99%, making it one of the purest coins ever minted by the United States Mint.
The American Gold Buffalo coin is a great choice for those looking to invest in gold or add a beautiful piece of currency to their collection.
5. Austrian Gold Philharmonic
(Image courtesy of goldsilver.com)
The Austrian Gold Philharmonic coin is one of Europe’s most popular gold coins and is best known for its stunning design. The coin was first minted in 1989 and features images of some of Austria’s most famous landmarks and cultural symbols.
It has a purity of 99.99% (24-karat) and is actually one of the widest coins in circulation until around twenty years ago; it was the top-selling gold coin in the world.
This beautiful coin pays homage to Vienna’s musical heritage, featuring a selection of instruments used by the Vienna Philharmonic Orchestra.
The coin is available in various sizes:
- One ounce
- Half ounce
- Quarter ounce
- Tenth ounce
- Twenty-fifth ounce
This is a beautiful coin that makes a great addition to any collection. It is also popular for investors due to its high gold content and stunning design.
6. Australian Gold Kangaroo
(Image courtesy of goldsilver.com)
The Australian Kangaroo, from the Australian Perth Mint, is one of the most popular gold coins in the world and is best known for its unique design. The coin was first minted in 1986, has a purity of 99.99% (24-karat), and features a kangaroo on the back.
In fact, it has only had its present name since 2008, despite depicting a kangaroo since 1990.
It has a weight of one troy ounce of gold, which is about 31.1 grams, and is available in the following sizes:
- One ounce
- Half ounce
- Quarter ounce
- Tenth ounce
- Twenty-fifth ounce
In 2011, the Australian Perth Mint released the world’s largest gold coin, an amazing one-tonne coin with a purity of 99.99%; seriously, that would be nice for the collection!
This coin is a great choice for investors, and it is also legal tender in Australia, with a face value of A$100 (about $66).
7. British Gold Britannia
(Image courtesy of goldcore.ie)
The British Gold Britannia from the Royal Mint is one of the best-selling gold sovereign coins in the UK and is best known for its classic design. The coin was first minted in 1987, and the coins from 2013 onwards have a purity of 99.99% (24-karat).
The front of the coin features a portrait of Queen Elizabeth II, while the back depicts Britannia, a female personification of Britain. The coin is available in various sizes, including:
- One ounce
- Half ounce
- Quarter ounce
- Tenth ounce
- Twenty-fifth ounce
Special editions of the Britannia coin have also been released to mark special occasions, such as the 2012 Olympic Games.
This famous gold bullion coin is popular in the UK for obvious reasons but is a really great choice for anyone looking to invest in gold or add a beautiful piece of currency to their collection.
FAQs
Where do I buy gold coins from?
If you know a reputable dealer locally, it’s worth checking out the prices there, although they tend to be higher than online due to their increased overheads.
You can find your nearest one by using the US Mint dealer locator.
Online dealers are where the bulk of gold coins are sold; be sure to check out their reviews on Trustpilot or Better Business Bureau.
Check the prices and details like shipping and insurance costs, what credit cards they take and the charges, and also any refund or buyback policy.
I recommend two precious metal dealers to check out that offer excellent service and are trustworthy, Goldsilver and Augusta Precious Metals.
What type of gold coin should I buy for investment?
For investment purposes, I recommend you start by only buying gold government (sovereign) coins, as there are the most popular and offer high liquidity, so they are much easier to sell as they are recognized throughout the world.
As I noted earlier, numismatic coins are more for collectors, and it can be easy to overpay for them without detailed research. These coins are bought more on speculation of increasing in price, which doesn’t always happen.
Is it worth buying fractional sizes rather than a one-ounce gold coin?
Ideally, you’ll want to aim for a one-ounce coin for the best deal. If you are unable to do this, then yes, any gold is better than none! If you add up, for example, four x quarter-ounce sizes, you will pay significantly more than buying a full-ounce coin.
Wrapping Up
So there are my top picks for the seven of the best gold coins to buy for investment. All of these coins are made from pure gold and available in various sizes to suit your budget.
As gold prices continue to fluctuate, staying informed about the gold market is essential for investors looking to add gold coins to their investment portfolio.
When investing in gold, it is important to do your research and consult with a financial advisor to ensure you are making the best decision for your circumstances.
Gold can be a great addition to any portfolio, but it is important to remember that its value can go up and down, and it is not guaranteed to make you money.
If you are looking to add a beautiful piece of currency to your collection, then any of the coins on this list, all backed by their respective governments, would be a great choice.
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