Gold bullion is refined or coined gold described by its fine metal content. Gold coins connect that metal with an issuer and design, while gold bars emphasize weight, fineness and manufacturer. Historic money and modern bullion use different specifications and belong to different periods.
From circulating gold to bullion programs
U.S. gold coinage began in 1795, and circulating gold production ended in 1933. The modern American Gold Eagle program began in 1986. Modern bullion often revives earlier artistic themes, but a reused design does not make a contemporary coin an original nineteenth-century issue.
Understanding karats and fineness
Karats express gold purity on a 24-part scale. Millesimal fineness expresses it in parts per thousand. An alloyed coin can contain a full stated ounce of fine gold while weighing more overall because of its additional metals. Purity, fine gold weight and gross weight should therefore be treated as separate measurements.
Start with the actual metal content
An issue can contain a stated amount of fine gold without having the same total weight or fineness as another issue. Historic gold coins, modern bullion coins and small gold bars need to be compared using their own specifications. A denomination printed on a coin does not tell you its current retail price.
Choose a product format
Coins, bars, rounds and other forms serve as useful shopping categories. Look at how many pieces are included and whether a weight applies to one item or a complete package. For historic coins or mixed lots, the stated fine metal content is more useful than a face value or an assumed gross weight.
Related subjects
Learn about silver coins, silver bars, pre-1933 U.S. gold and graded coins. Product specifications and availability remain specific to each offering.
Historical and technical references: U.S. Mint: historical gold coins, U.S. Mint: American Eagle history.
Explore related gold collections
gold coins · gold bars · fractional gold · pre-1933 U.S. gold
