Two premiums, two entirely different worlds

The price of a gold coin consists of the metal value plus a premium. That premium, though, comes in two quite different forms:

  • Bullion premium. Small, usually a few percent over the metal price. It covers minting and distribution and never runs into multiples on a bullion coin.
  • Numismatic premium. Open-ended. On a scarce year in good condition, a coin can be worth many times what it weighs.

The practical consequence: a bullion coin can be valued almost instantly, since rate and weight are enough. A collectable striking cannot, without assessing year and condition.

The misunderstanding about bullion purity

This surprises almost everyone. The Krugerrand and American Eagle are only 916.7 fine, whereas the Philharmonic and Maple Leaf are 999.9. It looks as though the Krugerrand contains less gold — it does not.

A one-ounce Krugerrand contains exactly one troy ounce of fine gold, 31.10 g, precisely like a one-ounce Philharmonic. It is simply heavier overall (about 33.9 g), because copper is added to that ounce for hardness. You therefore receive comparable amounts for the gold in either. The lower purity is not a shortcoming but a design choice — it resists scratching better.

The most sought-after bullion strikings: Krugerrand (South Africa), Vienna Philharmonic (Austria), Maple Leaf (Canada), Britannia (UK) and American Eagle (USA). We buy these at an indicative 1,900–2,700 CZK/g depending on type — see the price list.

St Wenceslas ducats

The most interesting Czech chapter. Ducats bearing St Wenceslas were struck at Kremnica between 1923 and 1939 and issued in denominations of 1, 2, 5 and 10 ducats. The purity is high — 986 — and a single ducat weighs around 3.49 g.

Here the combination of year and denomination decides: lower mintages and higher denominations are markedly scarcer, and the ten-ducat ranks among the most sought-after Czech gold coins of all. Price detaches from weight entirely — which is exactly why it would be a shame to sell such a piece „by weight" among other scrap gold.

Other historic strikings

Besides St Wenceslas ducats we frequently see Austro-Hungarian ducats and crowns (particularly four-ducats and hundred-crown pieces), British sovereigns and French twenty-franc pieces. For all of them, ordinary years sit close to metal value while scarcer years and better condition lift it. Czech National Bank gold commemoratives are not to be overlooked either; mintage matters, as does whether the original packaging and certificate survive.

What determines the collector price

  • Year and mintage — the one thing you cannot change, and what sets the ceiling.
  • Condition — even more delicate on gold than on silver, because gold is soft and marks easily.
  • Original packaging and certificate — a significant share of value on modern commemoratives.
  • Collector demand — rising over the long term on certain series.

The grading scale, and why coins are never cleaned, is covered in Old coins: value and buying price.

Beware counterfeit bullion coins

Bullion coins are among the most frequently counterfeited objects, because their dimensions are standardised and they sell easily. Fortunately this is straightforward to check: every striking has an exactly specified weight and diameter, and a fake in gold-plated tungsten or brass almost always deviates in one of them. The measurement takes moments and we perform it on every bullion coin we buy.

Valuation in Brno

We assess single coins as well as entire numismatic collections and estates. For larger quantities, contact us first through the contact form so we have time to work through them piece by piece. You will find us at Kotlářská 28, Brno-střed; details on the coin buying in Brno page.