Phoenix, AZ – (WiredPRNews) If you first are interested in buying gold coins there are key aspects that you need to know. Gold coins minted by the United States are considered one of the best ways to own gold for a variety of reasons. What you may not know if that US gold coins are available in many different forms with each having its own set of benefits.
The two major categories of gold coins are gold bullion and numismatic gold coins which are also called rare gold coins.
What You Need to Know About Gold Bullion Coins
Gold bullion is bought and sold for their true gold content. In the United States, there are two different gold bullion coins which are the American Eagle and the American Buffalo. The American Gold Eagle is considered one of the most popular gold coins on the market.
Gold bullion production started in 1986 and is available in many different sizes which allow buyers to ability to purchase an amount that fits their budget. The four different weights of gold bullion are 1 ounce, ½ ounce, ¼ ounce, and 1/10 ounce. When you see the price of gold flashed across your television screen they are typically referring to gold bullion prices.
A one ounce gold bullion coin contains pure gold, plus a tiny amount of additional alloys to increase the coins hardness. The US mint verifies each gold coins to exact right weight of gold.
The bestselling gold bullion coin on the market outselling the Krugerrand, Panda, Maple Leaf, and others is the American Gold Eagle.
The Gold American Buffalo coin was introduced in 2006 with the difference from the American Gold Eagle being that the American Buffalo coin doesn’t contain the hardening metal alloys. This makes the American Buffalo the purest form of US gold. The one drawback is that the American Buffalo is only available in the 1 ounce size which is the commonly referred size when the price of gold is stated.
What You Need to Know About Numismatic Gold Coins
Numismatic or rare gold coins make up the second type of US gold coins. Numismatic gold coins have the same security to their gold content just like gold bullion coins. It is the rarity factor that increases their value. Numismatic gold coins were minted from 1795 to 1933 when President Roosevelt confiscated gold coins making it illegal to privately own gold.
There are two types of rare gold coins which are Mint State Gold and Proof Gold.
Mint State gold coins are those coins that were originally used as currency from 1795 to 1933. Mint State refers to the quality of the gold coins. The American Numismatic Association has a scale for Mint State gold coins which is MS 60 through 69. Gold collectors will refer to the mint state as another determination of the coins value.
When most people talk about owning rare gold coins, it is Mint State gold coins they are referring to.
Proof gold coins are coins with careful designs that are never intended to be used as currency. Each proof set coin is designed for coin collectors and the painful and time consuming nature that each coin is made makes each one have some aspect of rarity.
ITM Trading is a fifteen year-old precious metals firm specializing in physical gold, silver and platinum products used as a safe-haven as well as growth. We can be reached at 1-888-OWN-GOLD or www.itmtrading.com.