Various collectors and investors follow certain gold coins series from different countries. Public trade of gold coins takes place in New York, London, Sydney, Zurich and Hong Kong. So, US gold coins are not the only ones that are popular. However, gold coins minted in the US are of a higher quality due to which these are more sought after by investors.
In the United States, collectors actively pursue US gold coins because they are not as familiar with coins from other countries. Due to this, the price at which non-US gold coins are traded is often just a fraction of the price of US coins.
US Gold Coins: History
The United States issued its first series of gold coins in 1795. It was called the $5 half eagle. The value of the US dollar was set at 24 grains of gold by the US Mint. That value was set considering the universal price of the precious metal, which was $19.39 per troy ounce during those days.
US gold coins were issued by seven different mints in the country. These coins differed in size from one gold piece to fifty dollar denomination. The worth of the gold coins minted at that time was at par with their weight in gold. Till 1933, gold coins were used as a medium of exchange in the US. It was during the Great Depression that President Roosevelt forbade hoarding gold under Executive Order 6102 in 1933. Since then, the world stopped using gold coins as currency. The government melted million of coins into bars, with the result that US gold coins became a rare commodity. The restriction was later abolished in 1975.
Every US gold coin minted before 1933 is valued individually based on its make, rarity, grade and demand among collectors.
Some of the popular US gold coin series are
• Saint-Gaudens Double Eagle
• Indian Head Gold Piece
• Proof Gold Coinage
• Liberty Head Double Eagle
These are graded and certified by the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC).
US Gold Coins: Where to Find Them
US gold coins are popular not only because they are rare, but also because they represent the history and art of the country.
Wednesday, June 30, 2010
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