Key points
- Always compare by fine gold content, not by the product’s gross weight.
- Large bars often carry a lower premium per gram — but you cannot sell half a bar.
- Recognised bullion coins are convenient for partial sales and easy to identify, and usually carry a higher premium.
- Collector (numismatic) coins are a different product: part of the price has nothing to do with gold.
Quick comparison
Bar or coin, in short: a large bar usually suits someone buying a larger amount to hold in full for the long term, because the premium per gram is often lower. Bullion coins suit someone who wants the flexibility to sell part, and a product that is easy to recognise. Either way, compare on price per gram of fine gold.
| Aspect | Gold bars | Bullion coins |
|---|---|---|
| Typical fineness | 999.9 (24 carat) | 999.9, or 916.7 (22 carat) for some coins |
| Sizes | From one gram to a kilogram and more | Usually one troy ounce and fractions of it |
| Premium per gram | Tends to fall as bar size rises | Usually higher than a large bar’s |
| Partial sale | Only if you bought several small bars | Easy — sell one coin or a few |
| Identification | Refiner, serial number, certificate | Recognisable design and public specification |
| Sensitivity to damage | Moderate; original packaging helps | Scratches can affect the resale price |
Widely traded bullion coins
These are internationally recognised bullion coins. Each one-ounce version contains one troy ounce of fine gold; they differ in alloy fineness and gross weight. The figures are based on what the issuing mints publish — confirm them for the specific product you buy.
| Coin | Issuer | Fineness | Approx. gross weight |
|---|---|---|---|
| Krugerrand | South African Mint | 916.7 (22 ct) | 33.93 g |
| Maple Leaf | Royal Canadian Mint | 999.9 | 31.1 g |
| Vienna Philharmonic | Austrian Mint | 999.9 | 31.1 g |
| American Eagle | United States Mint | 916.7 (22 ct) | 33.93 g |
| Britannia | The Royal Mint (UK) | 999.9 (coins from 2013 on) | 31.1 g |
Why compare by fine gold
Some coins are struck in a 22-carat alloy to make them more durable. Such a coin weighs more but contains the same amount of fine gold. For example, the South African Krugerrand weighs about 33.93 g at 91.67% fineness and contains one troy ounce (31.1 g) of fine gold; the Canadian Maple Leaf contains the same amount at 99.99%. On price per fine gram, the comparison is fair.
Bars, coins and “investment gold” tax rules
Some tax systems treat bullion differently from other gold. In the EU VAT Directive, for example, “investment gold” covers bars or wafers of at least 995 fineness in weights accepted by the bullion markets, and gold coins of at least 900 fineness, minted after 1800, that are or have been legal tender in their country of origin and are normally sold for no more than 80% above the open-market value of their gold. The UK publishes its own guidance on which coins qualify. Whether a product meets a definition like this can change the tax you pay — ask the dealer, and check the rule where you buy.
When bars make more sense
- When the amount is large and you intend to hold all of it for the long term.
- When storage is in a professional vault, where volume and weight affect the cost.
- When a serial number and documentation from a recognised refiner matter to you.
Refiners on the LBMA Good Delivery list meet a standard the association oversees. That is useful to check, but it is not a substitute for the documents of the specific product you buy.
When coins make more sense
- When you want the flexibility to sell part of your gold at a time.
- When the amount is relatively small, and the premium gap against a small bar is modest.
- When you want a product that is easy to recognise away from the dealer you bought it from.
Be careful with collector coins
Limited editions, historical coins and proof coins are often sold at a very high premium over their gold value. That premium depends on collector demand, and there is no certainty you will get it back when you sell. If your goal is exposure to gold, check how much of the price is actually paid for the gold.
How to decide in practice
- Set the amount, and decide whether you may want to sell only part of it.
- Ask the same dealer to quote both a bar and coins for the same amount of fine gold.
- Work out the price per fine gram for each quote, and ask for the buyback spread on each product.
- Enter both options in the calculator for the same holding period and compare the total cost.
Sources and verification
- LBMA — Good Delivery List of accredited gold refiners
- LBMA — about Good Delivery
- Council Directive 2006/112/EC, Article 344 — definition of investment gold (as retained on legislation.gov.uk)
- HMRC — VAT Notice 701/21A: investment gold coins
- The South African Mint
- Royal Canadian Mint
- Münze Österreich (Austrian Mint)
- The Royal Mint (UK)
Fineness and weight figures are general specifications published by the issuing mints; their product pages change, so links go to their home pages. Sources checked 15 November 2026.