Gainesville Coins carries a wide selection of gold coins from all the leading National Mints and refiners worldwide. Our inventory includes graded gold coins, and ungraded gold coins.
The numismatic value of gold coins is dependent on many different factors beyond the spot price of gold including metal content, rarity, grade (or condition), mint mark, age and popularity. Gold bullion coins have no numismatic value, and are sold purely at a premium to spot. The U.S. Mint's Gold Eagle Coin and Gold Buffalo Coin are the official U.S. bullion gold coins. Gainesville Coins carries both graded and ungraded versions of both.
The History of Gold Coins
Gold has been a store of wealth for over 4,000 years. As early as 2,700 BC, the Egyptian Pharaohs would distribute gold coins as gifts. In 560-546 BC, King Croesus, ruler of Lydia, issued the first standardized gold coins as a form of currency. Gold coins were largely removed from circulation in the early part of the 20th century. For the U.S. this occurred in 1933 under President Franklin Delano Roosevelt. However, gold continued to back the value of currency until the 1970s when the world left the gold standard. For the U.S. this occurred in 1971 under President Nixon. At the time, gold was $35 U.S. dollars per ounce.
In the past few centuries, collecting gold coins, and other rare coins, has become increasingly popular. This growth is perhaps best highlighted by the recent auction of a 1933 Gold Double Eagle which sold for $6.6 Million dollars plus a 15 percent buyer's premium and 20 dollars to monetize the coin for a grand total of $7,590,020.00. Unfortunately, most graded gold coins are not nearly so sought after, yet the market for such coins does offer the astute buyer both a collector's value for his coin, as well as the value of the underlying gold.
Gold Coins Today
Many countries continue to produce gold bullion coins. Although some of these coins are produced as legal tender, they are generally regarded as an investment or collector's item. Among the largest suppliers of gold bullion coins today are those National Mints whose countires are also leading miners of gold and silver.
Perhaps the best known producer of gold coins is South Africa, which in 1967 began minting the Kruggerand specifically to appeal to gold bullion investors, and expand the market for its sizable annual gold and silver mining output. Likewise, the Royal Canadian Mint produces the Gold Canadian Maple Leaf coin. Other popular gold bullion coins include China’s Golden Panda, the American Gold Eagle, and the Mexican Gold Pesos. Australia's Perth Mint produces an extensive collection of gold bullion coins for various series, most notably the Australian Lunar Series, which features animals from the Chinese Lunar Calendar. All of these countries are leaders in annual gold mining output.