An old US gold coin is worth at least its gold content, and that is a lot of money. Every regular US gold coin made from 1837 to 1933 is 90 percent gold, and with gold assumed at about $4,000 per troy ounce, a $20 double eagle holds approximately $3,870 of gold, a $10 eagle about $1,935, a $5 half eagle about $967 and a $2.50 quarter eagle about $484. Common dates of the larger coins sell close to that melt value, usually a few percent above it. Smaller coins, the $1 and $3 pieces, and scarce dates and mint marks sell well above melt, sometimes for many times their gold. The first job with any old gold coin is to confirm it is real, and the scale does that faster than anything else.
Quick answer
- Common US gold coins are worth their gold plus a few percent: about $3,900-4,200 for a $20.
- Weigh it first, then read the denomination, date and mint mark.
- Key dates, Carson City and Southern mint coins, and $3 pieces bring far more than melt.
How to check yours, step by step
A digital scale that reads to 0.01 gram, a ruler or calipers, a strong magnet and a 5x or 10x loupe cover everything below. Gold price changes daily, so check the spot price on the day as well.
- Weigh the coin before anything else. Gold is much denser than the metals used in fakes, so a counterfeit of the right size is usually far too light, and a fake of the right weight is usually the wrong size. Compare the reading with the table below. A genuine coin should be within a small fraction of a gram of the standard weight, a little lighter only if it is heavily worn.
- Measure the diameter. Lay the coin on a ruler or use calipers and compare with the table. A coin that weighs right but is too thick or too wide may have a tungsten core.
- Hold a strong magnet to it. Gold is not magnetic. A coin that is pulled toward a strong rare-earth magnet is not a gold coin. A coin that does not react has only passed the first test, since brass and tungsten are not magnetic either.
- Read the denomination. It is on the reverse of every type: ONE DOLLAR or 1 DOLLAR, 2 1/2 D., THREE DOLLARS, FIVE D., TEN D., TWENTY D. or TWENTY DOLLARS. The design tells you the type: a Liberty Head with a coronet, an Indian Head, or the striding Liberty of the Saint-Gaudens double eagle.
- Read the date and mint mark. The date is on the obverse. On most types the mint mark is on the reverse, below the eagle or below the wreath: CC for Carson City, C for Charlotte, D for Dahlonega before 1861 and Denver from 1906, O for New Orleans, S for San Francisco, no letter for Philadelphia. On Saint-Gaudens double eagles it is on the obverse above the date. On Indian Head $2.50, $5 and $10 coins it is on the reverse, to the left of the arrowheads.
- Compare the details with reference photos. Look at the stars, the lettering, the denticles around the rim and the reeded edge. Fakes often have soft, mushy details, a grainy surface, or reeding that is too coarse or uneven.
- Judge wear and surfaces last. On a Saint-Gaudens, look at Liberty's breast, knee and face. On a Liberty Head, look at the hair above the eye and the coronet. Note any scratches, rim dents, mounting marks or signs of a jewelry setting, all of which reduce the premium.
Gold content and melt value by denomination
The table assumes gold at $4,000 per troy ounce. To recalculate at a different price, multiply the pure gold content by the spot price.
| Denomination | Years | Diameter | Weight | Pure gold | Melt at $4,000 |
|---|---|---|---|---|---|
| $1 gold dollar | 1849-1889 | 13-15 mm | 1.672 g | 0.04837 oz | About $193 |
| $2.50 quarter eagle | 1840-1929 | 18 mm | 4.180 g | 0.12094 oz | About $484 |
| $3 gold piece | 1854-1889 | 20.5 mm | 5.015 g | 0.14512 oz | About $580 |
| $5 half eagle | 1839-1929 | 21.6 mm | 8.359 g | 0.24187 oz | About $967 |
| $10 eagle | 1838-1933 | 27 mm | 16.718 g | 0.48375 oz | About $1,935 |
| $20 double eagle | 1850-1933 | 34 mm | 33.436 g | 0.96750 oz | About $3,870 |
Coins from before the late 1830s used slightly different weights and gold standards and are all scarce, so they are valued as collector coins first.
For the coins with the most gold, the spot price matters most. A $20 double eagle is worth about $2,900 in gold at $3,000 an ounce, $3,870 at $4,000 and $4,840 at $5,000. Melt is the floor, not the selling price, and a dealer buying a common coin will usually pay close to melt, sometimes a little above.
What common and key date gold coins sell for
These approximate values assume genuine, original coins with no damage, at $4,000 gold. "Circulated" covers coins with visible wear. "Uncirculated" is the low end of mint state.
| Type | Circulated, common date | Uncirculated, common date |
|---|---|---|
| $1 gold dollar | $300-450 | $500-900 |
| $2.50 Liberty Head or Indian Head | $550-700 | $650-1,000 |
| $3 gold piece | $2,000-4,000 | $4,000-8,000+ |
| $5 Liberty Head or Indian Head | $1,000-1,150 | $1,100-1,500 |
| $10 Liberty Head or Indian Head | $2,000-2,300 | $2,100-2,800 |
| $20 Liberty Head | $3,950-4,200 | $4,000-4,500 |
| $20 Saint-Gaudens | $3,950-4,200 | $4,000-4,400 |
Common Saint-Gaudens and Liberty double eagles
Double eagles are the most common US gold coins in estates. Large numbers were shipped to European banks in the early 20th century and held there through the 1933 gold recall, then brought back to the US decades later. Dates such as 1904 Liberty Heads and 1924, 1927 and 1928 Saint-Gaudens coins exist in such numbers that even uncirculated examples trade only a little above melt. Their value moves almost entirely with the gold price. The premium matters more for small coins, because the cost of minting, storing and selling a $1 or $2.50 piece is high relative to its gold.
Key dates and why rarity beats gold content
The gold sets a floor, but the big numbers come from rarity. A few examples, all approximate:
| Coin | Why it matters | Typical value |
|---|---|---|
| 1907 High Relief $20, date in Roman numerals (MCMVII) | Short-lived high relief design | Five figures |
| Carson City (CC) gold, 1870-1893 | Small mintages from Nevada | Low thousands to six figures |
| Charlotte (C) and Dahlonega (D) gold, 1838-1861 | Southern branch mints, low mintages | Low thousands and up |
| 1911-D $2.50 Indian | Key date of the series, D often weak | Low to mid thousands |
| 1929 $5 Indian | Most were melted after 1933 | Five figures |
| Late Saint-Gaudens, 1929-1932, and 1920-S, 1921 | Most were melted in the 1930s | Five to six figures |
| 1927-D $20 | Only a handful known | Seven figures |
| 1933 $20 | Only one example is legal to own | Eight figures |
A rare date is worth many times its gold because collectors compete for very few coins. A 1911-D quarter eagle contains less than $500 of gold but sells for thousands, and a CC double eagle can bring several times a common Philadelphia coin from the same year. The same logic applies to $3 pieces and $1 gold dollars, whose small mintages and popularity keep them well above melt even in common dates.
Counterfeits
Gold coins are the most counterfeited coins in the US market, and the fakes come in three groups. The first is cheap plated brass, often from overseas, which fails both weight and look. The second uses a tungsten core under gold, which comes close in weight but is usually too thick or the wrong diameter. The third, and most difficult, consists of coins struck in real gold of about the right weight, often decades ago, to sell at a premium over bullion. Those contain real gold but carry no collector value.
Fakes cluster on the coins worth faking: $1 gold dollars, $3 pieces, 1911-D quarter eagles, CC and Southern mint coins, and high relief double eagles. A coin stamped COPY is a replica. The how to tell if gold is real guide covers the general tests, and they apply here, but a coin worth a premium over melt needs more than home tests.
Why gold should be weighed before anything else
Weight is the one test that is quick, objective and hard to fake at the same time as size. Most counterfeits fail it outright. A coin that passes weight, diameter and the magnet test is likely gold, and its melt value is then settled. Only after that is it worth spending time on the date and mint mark. Starting with the date wastes effort on a fake and invites wishful thinking about a coin that may not be gold at all.
Common mistakes
- Treating every gold-colored coin as gold. Brass tokens, gold-plated medals, Sacagawea dollars and souvenir replicas are all common in estates. Weight and size settle them.
- Relying on the magnet alone. A magnet only rules out iron and steel. Brass and tungsten fakes do not react either.
- Expecting a big premium on common double eagles. A worn 1904 or 1924 $20 is a gold coin first. Expect close to melt, not a collector price.
- Cleaning or polishing. Rubbing gold leaves fine hairlines that collectors and graders see at once, cutting the premium on scarce dates.
- Missing jewelry damage. Coins mounted in bezels or pendants often show solder marks, filed edges or a loop removed. These sell close to melt, even if the date is good.
- Confusing modern bullion with old coins. American Gold Eagles from 1986 on and American Gold Buffalos carry their gold weight on the coin and are valued by that content. Foreign gold such as sovereigns and Mexican pesos is covered in the foreign coins guide.
- Selling to the first offer. Gold buyers' offers vary widely. Two or three quotes against the day's spot price take little time.
What to photograph
Daylight from a window, no flash, and the phone held flat above the coin give the clearest photos of gold, which reflects strongly.
- The obverse straight on, with the date and stars sharp.
- The reverse straight on, with the denomination and mint mark readable.
- A close macro of the mint mark for any coin that might be CC, C, D, O or S.
- The edge, to show the reeding and any signs of a mount, solder or filing.
- The scale reading with the coin on it, to 0.01 gram if possible.
- The coin against a ruler to show diameter.
When to get it looked at in person
Gold is worth enough that an in-person check is often sensible, even for common dates, if the coin will be sold.
- A local coin dealer can confirm a common date gold coin in minutes, often with a specific gravity or XRF test, and will buy it at a price tied to spot. Most will look at a coin briefly for a small charge or none. Collector coins usually sell to dealers for 60-80 percent of retail.
- PCGS or NGC grading costs tens of dollars per coin and up, rising with value, plus shipping and a membership or dealer submission. It is worth it for any key date, CC, C or D coin, high relief double eagle, $3 piece or uncirculated coin, because the holder settles authenticity for buyers and adds to the price.
- Auction houses suit genuinely rare gold, where competition between collectors sets the price.
For a mixed estate, sort gold out first, weigh it, and then follow the inherited coins guide for the rest.