Gold Coins Melt Values - Complete Guide

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Gold is a highly valued commodity that has been sought after for centuries for its beauty, rarity, and usefulness. Its price is determined by a number of factors, including supply and demand, global economic conditions, and geopolitical events.

While many people are familiar with the gold spot price, which represents the current market value of an ounce of gold, fewer are aware of the concept of gold melt value.

Understanding the difference between gold melt value and gold spot price is important for anyone interested in buying or selling gold bullion, as it can help to inform their decision-making process.

This article will explore the difference between these two values, including how they are calculated, what factors impact them, and how they can inform investment decisions.

How Is Gold Melt Value Different from Gold Spot Price?

Gold melt value and gold spot price are two different ways of measuring the value of gold. Though it is possible to differentiate both terms, they can sometimes be used interchangeably.

Gold Spot Price

Gold spot price is the current market price of one troy ounce of gold. It is the price at which gold is being bought and sold on global commodity exchanges, such as the New York Mercantile Exchange (NYMEX) and the London Bullion Market Association (LBMA).

The spot gold price is determined by supply and demand factors, global economic conditions, and geopolitical events that affect the perceived value of gold.

Investors and traders use the spot gold price as a benchmark for pricing gold-related financial instruments such as gold futures contracts, options, and exchange-traded funds (ETFs).

The gold spot price is also used as a reference point for buying and selling physical gold coins, bars, and other forms of bullion.

The spot gold price changes constantly throughout the trading day, and it is often quoted in US dollars per Troy oz.

Gold Melt Value

Gold melt value is the intrinsic value of a piece of gold based on its weight and purity. It represents the value that the gold piece would have if it were melted down and sold as raw material.

Gold melt value is calculated by multiplying the weight of the gold by its purity level, then multiplying that figure by the current market price of gold per gram or ounce (the gold spot price), depending on the weight unit.

Gold melt value is typically used to determine how much scrap gold is worth, while the spot price is more commonly used when talking about the value of gold coins, bars, and other forms of gold bullion that are bought and sold on the open market.

How to Calculate the Melt Value of Gold Coins

The melt value of a gold coin is calculated based on its weight, purity, and the current market price of gold. Here are the steps to calculate it:

1. Determine the weight of the gold coin. This information can usually be found on the coin itself or in a reference book.
2. Determine the purity of the gold coin. This information can also be found on the coin or in a reference book. The purity is typically expressed as a fraction or a percentage.
3. Calculate the weight of pure gold in the coin by multiplying its weight by its purity. For example, if a coin weighs 1 ounce and is 90% pure, the weight of pure gold in the coin would be 0.9 ounces (1 ounce x 0.9).
4. Look up the current spot price of gold per Troy oz.
5. Multiply the weight of pure gold in the coin by the current market price of gold per Troy oz. This will give you the melt value of the coin.

For example, if the current gold price is $1,800 per ounce and a gold coin weighs 0.5 ounces and is 95% pure, the weight of pure gold in the coin would be 0.475 ounces (0.5 ounces x 0.95). Multiplying 0.475 ounces by $1,800 per ounce would give a value of $855 for the coin.

It's important to note that the melt values of gold coins may differ from their numismatic values. The latter is determined by factors such as rarity, historical significance, and condition.

24K Gold Coins

The melt value of a 24-karat gold coin would depend on its weight and the current gold price.

24-karat is considered to be the purest form of gold as it contains 99.9% gold with very little or no other metals mixed in. One notable example is the American Gold Buffalo coin from the US Mint.

If the current price of gold is $1,800 per ounce, then the melt value of a 1-ounce 24-karat gold coin would be $1,800 since the coin is made of pure gold.

If the weight of the coin is less than 1 ounce, the melt value would be calculated by multiplying the weight of the coin by the percentage of pure gold (0.999 for 24-karat gold) and the current market price of gold per gram or per ounce, depending on the unit of measurement used.

22K Gold Coins

22-karat coins contain 91.67% gold purity. They are usually alloyed with other metals for increased durability. Some examples include the US Gold Eagles and the South African Krugerrand.

Though they have a lower percentage of gold purity, 22-k gold coins are actually guaranteed to contain 1 full Troy oz of gold.

The other metals are added to the alloy on top of the full Troy oz of gold, so these coins are actually slightly heavier than 24-karat coins, such as the Canadian Gold Maple Leaf.

That means in order to determine the current intrinsic metal value of these coins, first, you would have to know their complete composition.

Copper is the most commonly used base metal in 22k alloys. You can look up copper prices online. Though, when compared to gold prices, the copper content will be basically irrelevant, adding up just a few cents to the coins' value, especially considering copper content on gold coins are very low.

For instance, the South African Gold Krugerrand coins contain approximately 0.09 Troy oz of copper. As of March 2023, the copper price is at $0.28 per Troy oz. That would give us a copper value of only $0.02.

Check out our full Gold Krugerrands Price Chart.

Keep in mind that some 22k gold coins might have silver in the alloy. Silver is also much cheaper than gold but is marginally more expensive than copper. Therefore, it could be more impactful in the coin's final value.

American Gold Coins Melt Values

Since its inception in 1792, the United States Mint has produced several coins made of gold. Below is a list of those coins and how to calculate their melt values.

Please note that, as of March 2023, the spot gold price is fluctuating around $1,857.00 per Troy oz. That will be the value in this article to determine the value of these coins.

Keep reading to find a melt value calculator that you can use to input updated prices.

It's also important to state that these coins are highly coveted by collectors and their numismatic values will likely be much higher. Check out our complete coin price guide for more information.

American Gold Eagles

American Gold Eagles are a series of bullion coins produced by the United States Mint.

First introduced in 1986, the coins are available in four sizes: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz.

The design features Lady Liberty holding an olive branch and a torch, with the Capitol building in the background.

The reverse depicts a bald eagle's head, earnestly staring into the horizon.

The coins are made of 22-karat gold and are considered legal tender with a face value that is significantly lower than their intrinsic value.

US Gold Buffalo and other Modern Commemorative Coins

The US Gold Buffalo coin is a modern gold bullion coin that was first issued in 2006. It is produced by the United States Mint and features a design of a buffalo on one side and a Native American chief on the other. The coin is made of .9999 fine gold and is available in 1 oz size.

The First Spouse gold coin series was introduced in 2007 by the United States Mint to honor the spouses of the US Presidents.

The coins are made of .9999 fine gold and feature a portrait of the First Spouse on one side and a design related to her life and accomplishments on the other. The series ran from 2007 to 2016 and included coins honoring Martha Washington, Abigail Adams, and Eleanor Roosevelt, among others.

Modern Commemorative gold coins are special coins that are issued by the US Mint to commemorate specific events or people. They are produced in limited quantities and are made of .900 fine gold.

Examples of these coins include the 2019 Apollo 11 50th Anniversary coin, which features a design of an astronaut's boot on the moon, and the 2021 Christa McAuliffe commemorative coin, which honors the teacher who lost her life in the Challenger space shuttle disaster.

Pre-1933 Circulating Gold Coins

Pre-1933 circulating US gold coins were minted and circulated in the United States prior to 1933. These coins were produced in various denominations, including the $20 Double Eagle, $10 Eagle, $5 Half Eagle, $3 Dollar, $2.50 Quarter Eagle, and $1 Dollar pieces.

The designs on these coins varied depending on the denomination and the time period in which they were minted. Some of the most popular designs included the Liberty Head, Saint-Gaudens, and Indian Head designs.

They were widely used as currency during their time in circulation, but their value today is primarily based on their precious metal content.

Due to the gold recall of 1933, in which the US government recalled most gold coins and prohibited private ownership of gold, pre-1933 gold coins are now highly sought after by collectors and investors.

Canadian Gold Bullion Coins Melt Values

Canadian Gold Maple Leafs are a series of gold bullion coins produced by the Royal Canadian Mint.

The coins were first introduced in 1979 and are available in several denominations, including 1 oz, 1/2 oz, 1/4 oz, 1/10 oz, and 1/20 oz.

The design features a portrait of Queen Elizabeth II on one side, with the Canadian Maple Leaf on the reverse.

Canadian Maple Leafs are made of .9999 fine gold, which is the highest purity used in any bullion coins. This makes the Gold Maple Leaf one of the most popular options in the world for those seeking a highly pure and easily recognizable form of gold bullion.

Common World Gold Bullion Coins Melt Values

The table below contains a list of other bullion coins from varied mints around the globe. 

Gold Calculator

Check out our melt value calculator. You will be able to check the melt worth of various precious metal items, including platinum, palladium, gold, and silver coins.

To use our calculator, simply input the current precious metals prices on the top and insert how many of each coin you own.

FAQs

What is the melt price of gold today?

As of March 2023, the current price of gold is around $1857 per ounce. Based on this price, the melt value of one gram of 24 karat gold (which is 99.99% pure) would be around $59.64. However, the actual melt price of gold may vary depending on the purity, weight, and other factors such as the buyer or seller's location, fees, and charges.

What is scrap 14K gold worth per gram?

As of March 2023, the spot gold price is fluctuating around $1857 per ounce. Based on this market price, the approximate value of scrap 14K gold per gram (which is 58.3% pure) would be around $32.61 per gram. However, it's important to note that the actual price may vary depending on factors such as the buyer or seller's location, the quantity of gold being sold, and any additional fees or charges. It's always a good idea to check with multiple buyers or sellers to compare prices and ensure that you're getting a fair value for your scrap gold.

What is 1 oz of gold worth?

One Troy oz of pure gold is worth approximately $1857 in March of 2023. However, it's important to note that the actual market price of gold can fluctuate significantly over time, so this value is subject to change.

What is the melt value of a gold coin?

A Gold Coin melt value is the intrinsic value of the coin's precious metal content based on its weight and purity. In other words, it is the value of the gold in the coin if it were melted down and sold as scrap metal.

How do you find the melt value of coins?

To calculate a coin melt value, you need to know its weight and its purity. The weight is usually expressed in troy ounces, while the purity is typically expressed as a percentage. Once you have this information, you can multiply the weight of the coin by the current market price of gold per ounce, adjusted by the purity percentage.

How much is a gold coin worth in 2023?

The value of a gold coin today depends on various factors such as weight, purity, age, rarity, and condition. If we consider the current price of gold to be $1857 per Troy oz, the coin melt value of a commonly traded 1 oz American Gold Eagle coin with 91.67% purity would be around $1,712.19. The actual market value of a gold coin can be higher or lower than its melt value, depending on various factors, including premiums charged by bullion dealers (bid price).