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Complete Guide to Collecting U.S. Gold Coins
By GovMint :
Collecting U.S. gold coins is a challenging but fun and exciting hobby for anyone who wants to start something new. You might be asking yourself whether or not gold coins are worth collecting. And what is the best way to collect them? We’ll answer these questions and more in this complete guide to collecting U.S. gold coins.
The History of U.S. Gold Coins & Their Face Value
U.S. gold coins have had a long yet complicated history. In 1792, the young U.S. government authorized the production of the first gold coins. It wasn’t until 1795, however, that these coins would be minted. The Gold Eagle Coin, which had a face value of $10 during the late 1700s – a significant amount of money at the time – was one of the first. Only 5,583 are known to have been made. The United States Mint would continue issuing several denominations of gold dollars into circulation featuring classic numismatic designs over the year.
Jump to 1933, when President Franklin D. Roosevelt made it illegal for the public to own or hoard gold coins, bullions, and gold certificates to help prevent the banks from failing. Because of this executive order, many gold coins were taken and melted down, making those that still survive to this day, all the more intriguing to collectors. .
Eventually, gold became legal for the public to collect in 1974. A few years later, the U.S. Mint was authorized to mint gold coins. In response, modern gold commemoratives, like the $5 Statue of Liberty, were produced by the Mint. In 1986, to celebrate Augustus Saint-Gaudens' beautiful $20 "Double Eagle,” they introduced the American Gold Eagle. In 2006, they minted the first .9999 fine gold American Gold Buffalo, an instant hit for many coin collectors. These new designs and the revival of old ones, as a result, have been welcomed and appreciated by many.
Certain gold coins have become famous for coin numismatics because they contain printing mistakes like double-lettering. Most of these never made it into public circulation because they had been melted down, but a handful of gold coins managed to escape this fate, making them some of the most sought-after for collectors.
The below chart shows some examples of what United States Gold Coins have sold for in years past.
1795 - Present Highlights of U.S. Gold Coins
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<a href="https://www.govmint.com/coin-authority/post/complete-guide-to-collecting-us-gold-coins"><img src="https://www.govmint.com/v~4b.52/media/wysiwyg/1795-Present_Highlights_of_U.S._Gold_Coins.jpg" alt="Complete Guide to Collecting U.S. Gold Coins"width="500" border="0"></a><br>Source:<a href="https://www.govmint.com/coin-authority/post/complete-guide-to-collecting-us-gold-coins">Complete Guide to Collecting U.S. Gold Coins</a><br>
| Gold Coin | Sale Amount | Date Sold |
|---|---|---|
| 1795 Half Eagle | $66,000 | Nov 2017 |
| 1915 Panama-Pacific Exposition Gold Dollar Dollar | $1,125 | Oct 2018 |
| 1879 The Barber “$4 Stella, Flowing Hair” | $576,000 | Aug 2021 |
| 1921 Double Eagle | $2,000,000 | Aug 2021 |
| 2014 National Baseball Hall of Fame and Museum Commemorative $5 Gold | $408 | Oct 2018 |
Why Collect U.S. Gold Coins?
Other coin collectors see it as a fun and exciting adventure. U.S. gold coins are rich with history, which adds to their value and gives you another reason to collect them. Others will collect them because of their artistic beauty. Whatever the reason is, you’ll have to decide why collecting U.S. gold coins is worth it to you.
How to Start Collecting U.S. Gold Coins
You might have already convinced yourself that you want to start collecting U.S. gold coins but don’t know where to start. Learning how to collect U.S. gold coins is not too difficult, but you’ll need to understand a few things to help you on your journey.
Items You May Need:
As with any coin collector, you will want the proper gear for handling and storing your gold coins. We’ve already created an Ultimate Guide on what resources you will need for collecting coins. We highly recommend that you check out this helpful guide, but here is a quick list of items to summarize:
- Coin reference guide or book
- Plastic tubes, coin envelopes/albums (for storing and protecting your coins)
- Cloth gloves (to keep oils from staining your coins)
- Plastic tongs/tweezers (for handling coins and preventing scratches)
- Magnifying glass (for examining details)
What Is the Best Way to Collect Gold?
There are at least four different ways to collect gold coins, which we’ll cover for each. You can collect gold coins by year, rarity, set, or mint. You may wish to pick one that interests you or is easiest for you.
By Year
Collecting by year is often a go-to option for coin enthusiasts who wish to simplify their collection by mintage year rather than an entire series or set. It’s one of the easiest ways to get started and stay organized.
By Rarity
Many collectors like to collect U.S. gold coins by their rarity. For example, a collector may prefer to build a collection based on minting errors or low mintage. To determine a gold coin's level of rareness, coin collectors will use the following scale:
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- Level 1: Easy to locate in nearly any grade
- Level 2: Easy to locate in lower grades, somewhat tough in Gem and higher
- Level 3: A tough issue overall and a very scarce-to-rare one in higher grades
- Level 4: Rare in all grades and very rare in higher grades
- Level 5: The rarest of all U.S. gold types
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By Set
Collecting U.S. gold coins by set is another way to start. Many numismatists will choose this option because it’s more affordable or gives them a little more variety with their coin denominations. For U.S. gold coins dated pre-1933, the number of gold coins in a set can range from 8 to 36. The given information below comes from Coinweek, which is a basic breakdown of what is included (or what a coin set may look like) in each set type:
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- The basic 8-coin set: Set includes four Liberty Head designs (Quarter Eagle, Half Eagle, Eagle, and Double Eagle), three Indian Head designs (Quarter Eagle, Half Eagle, and Eagle), and one St. Gaudens Double Eagle.
- The 12-coin set: Includes everything from the previous set in addition to three Gold Dollar designs dated between 1849-1889 and $3 gold coins dated between 1854 and 1889.
- The 14-coin set: Everything in the 12-coin set, with No Motto Half Eagle and Eagle issued between 1838 and 1866.
- The 36 to 38-coin set: Three Gold Dollars (1849-1889), eight Quarter Eagles (1796-1929), one Three Dollar (1854-1889), two Four Dollar Stellas (1879-1880), nine Half Eagles (1795-1929), nine Eagles (1795-1933), and six Double Eagles (1850-1933).
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By Mintmarks
Collecting by mintmarks is a popular method used for any coin. A mintmark is often a letter or two that indicates where a coin was issued or minted. It's used for identifying and organizing rare types of coins. Not all gold coins carry a mintmark, however. A coin without a mark is usually an indicator that it was struck in Philadelphia.
Where to Buy U.S. Gold Coins
If you’re ready to start collecting U.S. gold coins, you’ll need to know where to buy U.S. gold coins. Purchasing your gold coins through a reputable online brokerage is one option. You can also go to a local coin dealer and buy your coins through that method. However, why not begin collecting U.S. gold coins right here at GovMint.com? At GovMint.com, you can trust that each purchase is secure and legitimate. We have been around for over 30 years and we are ranked as an A+ accredited business with the Better Business Bureau.
If you need further information or assistance, feel free to visit our Ultimate Guide on coin collecting.
Plus, don't miss the rest of our excellent coin guides!
Guide To Collecting Wheat Pennies
Guide To Collecting Steel Pennies
Guide To Collecting Half Dollars
Guide To Collecting Silver Dollars
Guide To Collecting Gold Eagles
Sources
https://www.thesprucecrafts.com/most-valuable-us-gold-coins-4160742
https://goldbuffaloguide.com/2006-gold-buffalo-coin/
https://coinweek.com/us-coins/collecting-united-states-pattern-coinage/
https://www.huffpost.com/entry/when-owning-gold-was-ille_b_10708196
https://moderncommemoratives.com/
https://moderncommemoratives.com/1986-statue-of-liberty-5-gold/
https://www.usmint.gov/coins/coin-medal-programs/american-eagle/gold-bullion
https://www.usmint.gov/learn/coin-and-medal-programs/american-buffalo
https://coinweek.com/us-coins/so-youve-decided-to-collect-us-gold-coins-by-type/
https://www.pcgs.com/auctionprices/item/1915-s-g-1-panama-pacific/7449/4055474431642299285
https://www.pcgs.com/auctionprices/details/1879-flowing-hair-pr/98057
https://www.pcgs.com/auctionprices/item/2014-w-5-baseball-hall-fame/525643/4024626660622638726
"The Official Red Book" 73rd edition.
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