Are old gold coins a good investment?

Throughout history, rare coins have consistently demonstrated the potential for substantial returns, surpassing the intrinsic metal value of the coin. Notably, between 1976 and 1980, elite coins saw an impressive appreciation of over 1,000%, followed by a remarkable 600% increase from 1982 to 1989, as reported by Finest Known, a newsletter specializing in rare coins.

Numismatic dealers and firms categorize customers into three major groups: the average collector, the advanced collector and the investor.

This article focuses on the last group, and explains what constitutes a rare coin “investment.” At what level is a customer really “investing” in rare coins? And what kinds of rare coin programs best enable a customer to realize profit and reward in the long term?

The majority of people investing in securities, bonds and fixed income assets are in it for the long haul. The same type of approach and patience should be taken in rare coins, as a well-developed, quality coin collection can provide similar—if not greater—returns for the collector/investor. The rare coin industry is basically a niche market within the tangible assets market. Although annual sales are a fraction of the securities market, informed and disciplined individuals can indeed acquire tangible assets that have the ability to increase in value over the long term, often substantially.

Following are the factors affecting whether a coin is an “investment” quality coin, i.e. a good investment:

Gold is currently priced at $2,942.65 per ounce, compared to $1,300 per ounce in early 2018. It’s advisable to hold onto bullion until prices increase.

ome old gold coins do are valuable, so it’s important to have them evaluated by a trusted source. When buying old gold coins, the formula mentioned earlier is typically the correct price, as they are primarily valued for their gold content in most cases.

Investing in coins requires a larger cash outlay, and the prices of rare coins are driven by subjective opinions. Old coins are not necessarily valuable just because they are old. In most cases, the value of a gold coin can be determined by multiplying its weight in grams by the current price of gold per gram and the percentage of gold in the coin. For example, a 10g coin with 95% gold content, with gold priced at $60 per gram, would be worth $570. In the 1980s, gold and silver prices rose significantly, causing many collectible coins to be sold for their bullion value. This led to a decline in coin collecting as their bullion value exceeded their numismatic value. The bullion value of a coin is primarily based on its weight, and older coins may have lost some weight due to wear. Collector value depends on rarity and condition, with older coins often being rarer but in poorer condition. Generally, older coins have numismatic value, whereas coins minted since the mid-1980s often do not. Coins containing silver minted before 1965 may have some collector value but are mostly valued for their melt value. Older coins can add promising value in the long term.Determining the value of a gold coin can often be done using a simple formula involving weight and gold content. Most historical gold coins are valued for their pure gold content, except for rare coins with additional collectible value. Older Coins that are 5 to 10% higher in trade value, compared to the gold spot price, so are preferred by collectors. Patience is key when dealing with gold prices; waiting for the market to turn up is a wise approach. Trading during price drops can result in losses.

This book proves exceptionally informative. I acquired it in pristine condition with lightning-fast delivery, and the price was quite reasonable. It stands as a remarkable numismatic resource, offering grade-based survivability data that sets it apart from any other source I’ve come across. I wholeheartedly recommend it to any dedicated collector. If only there were a similar resource available for silver and other U.S. numismatic coins, my reference library would be complete. This purchase has proven to be a rewarding investment, as the quality of the text and photography far exceeds its cost. It’s a beautiful book, filled with enlightening historical insights.

What make an old coin a good investment.

1) Numismatic Significance make Coins Good Investment.

Any rare coin has numismatic significance, but issues that have a stronger historical connection may be more valuable. There are historically important issues struck in all metals: brass, copper, silver and gold. A few of the major groups are:

• First year issues of the major design types.
• Civil War issues. These are always popular with collectors; even a common Civil War issue with a high mintage figure will carry a premium.
• Continental dollars (America’s “First Dollar”).
• Short issue major type coins, e.g., Type II gold dollars.
• Chain Cents and Wreath Cents.
• Southern branch mint coinage, e.g., Charlotte, Dahlonega, New Orleans and mints that no longer exist but were of paramount importance in our nation’s history.
• First Mint issues.

2) Grade Consideration make Coins Good Investment.

For each particular issue of United States coins, one needs to look at what are the most collectable and saleable grades. For instance, if you accumulate Charlotte and Dahlonega issues you must consider that specimens grading MS62 to MS64 are generally going to be Condition Census pieces. It might not be the best plan to collect all Condition Census pieces. They generally cost more than $15,000 each and can be more difficult to liquidate because there is a smaller collector base for coins over $10,000. However, it makes sense to collect “type coins” in ultra-high gem grades because they are low population, beautiful and can still be found at prices under $10,000.
The above Charlotte/Dahlonega and gem “type” scenarios apply to many different areas of numismatics. Sometimes gem quality coins work, and sometimes they are not the best choice. If you don’t want to get too heavily involved in the detail study of numismatics but want to invest seriously in rare coins, a specialist will help you determine the appropriate grade consideration for your numismatic goals.

3) Rarity make Coins Good Investment.

The rarer the better, right? Not necessarily. Absolute rarity must be coupled with numismatic significance, quality and grade consideration to properly weigh this
factor for buying coins. Rarity must be considered along with supply and demand. For instance, there are many Philadelphia Mint eagle issues that are very low mintage and very low population—very rare coins. However, they frequently are priced far below issues of the same rarity (this does not include the 1875 $10, a well-known classic). The point is there are some coins in which the mass coin buying public just does not
have strong interest. From a different perspective, these could be great opportunities to acquire legitimate rarities while prices are sleeping.
Or look at some of the more frequently seen proof gold half eagles and eagles that are seen in PCGS or NGC PR65 or better. These issues are always headlined as “superbly rare” when in fact some issues appear in almost every auction. The actual rarity is in the high grade and the proof gold status. Remember, all proof gold had tiny mintages and should be in high grade since circulation was not a factor. The important concept with this example is that the demand for gem quality proof gold is strong and has always been considered the paragon of U.S. rare gold coins. In this case, rarity and reputation add to the coins’ status. Finally, consider legitimate rare coins found in low grades, e.g. chain cents, early half dimes, dimes, early gold, etc. It is difficult to find these coins in nice quality Fine to Very Fine or to accumulate high quality lower end circulated key dates from certain eras and issues. Such coins tend to trade well above printed price levels because to actually locate a nice example of a heavily circulated coin is indeed rare.

Anyone investing in rare coins should examine the above examples of varying types of rarity. Some coins are so rare that they can be difficult to sell, or liquidate. Others are so in demand that current pricing structures present unrealistic guidelines for buyers.

4) Undervalued Coins make Coins Good Investment.

Determining whether or not a coin or coin series is undervalued is a lengthy and sophisticated endeavor. In order to identify what coins are undervalued in a series or what series are undervalued within the entire market, one must be able to compile substantial hard population and price data and then do the math. In many cases the analytical results coupled with a dealer’s opinion will help to figure out if a coin is undervalued. Sometimes however, a coin or series may seem undervalued but in actuality, the market for that coin or series has diminished.

The 1859-S Seated Dollar.

The 1859-S Seated Dollar, the first dollar struck at San Francisco, holds historical significance due to its connection to the Gold Rush and its role as a trade coin for use in China. Only 20,000 were minted, and most were likely melted in China. Of the survivors, about five have chopmarks, with the majority coming from the approximately 5,000 coins that were never exported. Despite its rarity and interesting history, it doesn’t command a massive premium. A nice straight-graded piece costs a few thousand dollars, while lower-end Details coins can be as low as $500, which is relatively modest compared to similarly rare Morgan dollars.

5) Liquidity make Coins Good Investment.

Liquidity is essential to a coin investment goal. Although coin acquisition should be a long-term investment, sometimes goals are cut short. Coins need to be liquid and desirable in case they need to be sold immediately to raise funds. Obviously, not every coin owned can be a super liquid issue, guaranteeing immediate sale. But if all the factors mentioned previously in this article are evaluated and practiced, then liquidity will already exist. For instance, certain “Classic Rarities” are fairly liquid, e.g. Stella’s, 1792 Half Dimes, etc., while others are more esoteric and less marketable. Items like generic Double Eagle in MS63 and MS64 and 1854 and 1855 Type II gold dollars are as liquid as it gets and are considered “cash coins.” In order to put into perspective, the above points, following is a theoretical $100,000 coin collection that would probably be a good store of value for someone who likes rare coins but wants to invest in a hands-off manner:

Are pre-1933 gold coins a good investment?

Investing in pre-1933 gold coins can be a viable strategy, provided you understand the nuances involved. Firstly, it’s essential to debunk the myth that these coins are “immune from government gold confiscation.” This assertion is false and a ploy to inflate prices, so it’s wise to steer clear of such claims. However, for investors primarily seeking exposure to the gold market and looking for ease of buying and selling, modern bullion coins or bars may be a more practical choice.

Your choice depends on your investment horizon and objectives. If you’re primarily seeking exposure to gold prices, modern gold coins or products like PAMP Suisse or Royal Canadian Mint 1 oz gold bars sealed in assay cards offer advantages due to their ease of sale outside of coin shops. Pre-1933 gold coins can present challenges in selling, partly due to the prevalence of counterfeit coins. However, buying from reputable bullion distributors can mitigate this risk.

While common-date pre-1933 gold coins in circulated condition are more affordable than their modern counterparts, they don’t possess the same gold content. For instance, a $20 double eagle pre-1933 gold coin contains .9675 troy ounces of gold, whereas the modern American Gold Eagle bullion coin contains a full troy ounce. Selling pre-1933 gold coins can be more challenging than selling modern bullion coins because of the potential for counterfeits and the need to find buyers interested in their historical or collector value. However, if you buy certified and authenticated coins from reputable sources, liquidity becomes less of an issue.

Nevertheless, many investors are drawn to pre-1933 gold coins for their historical appeal and aesthetic value. These coins can often be obtained at a lower cost compared to modern 1 oz American Gold Eagles. If your interest lies in the numismatic or collectible value of these coins, focus on acquiring scarce to rare coins in higher uncirculated “Mint State” grades. To succeed in this, you’ll need to become knowledgeable about the scarcity of specific coins and monitor recent auction prices.

One common concern with pre-1933 gold coins is their authenticity when selling. Given the history of counterfeit coins, potential buyers may have reservations. However, this challenge can be addressed by investing in certified pre-1933 gold coins, readily available in the market. For a slight premium over loose coins, you can purchase an authenticated, common-date Mint State MS62 Saint-Gaudens double eagle.

It’s important to note that eBay may not always provide an accurate gauge of the market, and its sellers are not as vetted as those at reputable auctions, making it susceptible to fake or scam listings. To gain price and rarity knowledge, consider numismatic magazines, joining numismatic societies, and attending major coin shows. These events often host seminars on various coins and offer networking opportunities.

These coins are sealed in tamper-proof cases, displaying their guaranteed grade from reputable coin grading services like Numismatic Guarantee Corporation (NGC) or Professional Coin Grading Service (PCGS). This certification adds an extra layer of assurance when buying or selling pre-1933 gold coins.

This book proves exceptionally informative. I acquired it in pristine condition with lightning-fast delivery, and the price was quite reasonable. It stands as a remarkable numismatic resource, offering grade-based survivability data that sets it apart from any other source I’ve come across. I wholeheartedly recommend it to any dedicated collector. If only there were a similar resource available for silver and other U.S. numismatic coins, my reference library would be complete. This purchase has proven to be a rewarding investment, as the quality of the text and photography far exceeds its cost. It’s a beautiful book, filled with enlightening historical insights.

Investing in Saint Gaudens Double Eagle.

You should always send your coins for grading and as it has increased in value due to its encapsulation and grading. If you compare the prices of raw and encapsulated coins of the same type available on eBay, emphasizing that it’s worth paying attention to the deals and mint state coins, you can see sometimes offer better value than raw coins.

Regarding the premium for pre-33 gold coins compared to modern bullion coins like Gold Eagles or Buffaloes, a $100 premium for an unslabbed AU coin is relatively reasonable. Premiums on pre-33 gold coins can vary depending on factors like the coin’s condition, rarity, and demand. Historically, these premiums have fluctuated, so it’s challenging to determine whether they are currently high or low without specific market data. However, it’s common for pre-33 gold coins to carry higher premiums due to their historical significance and collector appeal.

$30,000 in generic Saints Double Eagle in PCGS or NGC MS63 and MS64

This value could be reduced to $15,000 depending on the individual’s opinion of the current precious metals market. If one believes that we are in the early stages of a long-term bull market in precious metals, I would suggest investing $30,000 in these “semi-numismatics.” The presenter suggests that Saint-Gaudens Double Eagles can be a fun way to invest in gold with some numismatic interest at a very modest premium, often trading only slightly above the melt value, especially for coins from common years of each design such as 1904 and 1924 in M61 / M62. Otherwise, put just $15,000 into the generic double Eagles. These coins carry a relatively small premium over gold spot and they benefit from a bull market in gold on both the bullion and numismatic sides. If a $30,000 allocation is preferred, place $15,000 in MS63 coins and $15,000 in MS64 coins. This would give the investor approximately 10 coins (at today’s spot value of $1973.83). Each United States Saint Gauden double eagle contains nearly one full ounce of gold and these coins always trade on very small spreads. When selling to a local coin shop (LCS), you might not fully recoup the premium you paid, especially if they primarily base their offer on the coin’s gold content. LCS typically offer less than market value because they need to make a profit when reselling. If you want to maximize your return, consider selling to collectors or through online marketplaces where you can reach a broader audience. Overall, the premium you pay for pre-33 gold coins can be justified if you value their historical and collector appeal, but it’s essential to understand that you might not fully recover that premium when selling to an LCS.

Strategies for Investing in Double Eagle: Balancing Grading Preferences MS 65/66 and MS 61-64 .

When faced with the choice between a pre-33 gold coin graded as MS 65/66 with a high mintage and another graded MS 61-64 with a lower mintage and a Denver mint mark, your decision may ultimately hinge on the premium above the gold’s intrinsic value. Personally, I tend to avoid graded gold coins and prefer to acquire gold as close to its spot price as possible. The rationale behind this preference lies in the fact that selling graded coins often doesn’t yield the same premium unless the coin is exceedingly rare. Even then, finding a buyer willing to pay that premium can be a challenge.

As an example, you can currently find an MS 65 Saint-Gaudens Double Eagle for approximately $2,300 to $2,600. Common-date Saint-Gaudens coins, even in grades ranging from MS 65 to MS 67, typically don’t command exorbitant prices. For instance, on JM Bullion, a random-date MS 66 is available for $3,311. It’s worth noting that such coins tend to appreciate in value over time. As an illustration, in February 2020, you purchased an MS 65 from 1927 for $1,786, and by August 2020, you were able to sell it for $2,350. Since then, the value of the MS 65 coin has continued to rise, albeit moderately.

Investing in 1904 and 1924 Double Eagle gold coins can be a good option for those looking to invest in gold with low premiums. On eBay, 1924 Double Eagle $20 US Gold Coins are available for purchase, with prices ranging from around $2,000 to $3,000. On seller’s side, SD bullion would have been $2,153.76 with PayPal, Monument metals $2,188.18. The Saint Gaudens Double Eagle is generally considered one of the most beautiful coins ever created and is known as the Double Eagle for its gold content. Investing in these coins can be a good way to diversify your portfolio and protect against inflation.

About Ebay prices on Double eagle.

eBay often exhibits inflated prices for various items due to the substantial percentage fee that eBay charges for precious metals and collectible sales. Consequently, any in-person sale should typically yield a lower price, potentially at least 10% lower. Take, for example, MS $20 gold double eagles; their prices on eBay tend to be considerably higher. As an example, you can currently find an MS 65 Saint-Gaudens Double Eagle for approximately $2,300 to $2,600. Common-date Saint-Gaudens coins, even in grades ranging from MS 65 to MS 67, typically don’t command exorbitant prices. For instance, on JM Bullion, a random-date MS 66 is available for $3,311. It’s worth noting that such coins tend to appreciate in value over time. As an illustration, in February 2020, you purchased an MS 65 from 1927 for $1,786, and by August 2020, you were able to sell it for $2,350. Since then, the value of the MS 65 coin has continued to rise, albeit moderately. However, opting for the “stackable route” can open up a broader range of alternatives. It’s worth noting that acquiring graded pre-33 coins often involves a higher cost. While there are both advantages and disadvantages to this approach, the price premium is generally a constant factor.

If you were to seek an MS-70 pre-33 Saint-Gaudens coin, it’s challenging to estimate the cost precisely, but it would likely surpass an $4,000 limit per coin. Conversely, for an MS-63 Pre-33 coin, you might expect to spend around $2,500. In my opinion, graded modern gold coins may not justify their premium. They are primarily bullion coins and hold little to no numismatic value. For instance, if you were to purchase a non-graded modern gold coin for approximately $2,000 and a graded MS-70 coin of the same type for roughly $3,000, you would likely receive similar offers when selling them. Local coin shops typically do not offer a premium for modern graded coins. In contrast, pre-33 coins possess inherent numismatic value, which may warrant the premium, particularly in high-grade conditions.

Investing in Proof Silver Coins.

$20,000 in Gem Proof Type Silver Coinage.

Seated Liberty quarters, Seated Liberty halves, Barber quarters and Barber halves have historically done very well in strong rare coin markets. One can still buy legitimately rare coins that are beautiful, have low pops and are less than $5,000 each. Therefore, with $20,000 I would suggest obtaining an example of each of these coins. To be more specific:

• Seated Liberty Quarter with Motto PCGS PR66+
• Seated Liberty Half Dollar with Motto PCGS PR66+
• Barber Quarter PCGS PR66+
• Barber Half Dollar PCGS PR66+

Collect these issues in PCGS because the market is a little stronger for PCGS coins right now. However, I have seen extremely beautiful coins in NGC holders and these should not be passed over.

Investing in Early Silver Draped Bust Type Silver Coins

$25,000 in Early Silver Draped Bust Type

There are two areas of numismatics that I think have enormous potential—U.S. Early Silver Draped Bust Type and U.S. Early Gold. For Early Silver Draped Bust Type, I would buy coins in the Extremely Fine to About Uncirculated grades. My suggestion is to acquire one each of the following:

• Draped Bust, Heraldic Eagle Half Dime in PCGS/NGC AU50+
• 1796 10c in PCGS/NGC XF45 to AU50 (first year type coin)
• Draped Bust, Heraldic Eagle Quarter (1805-1807) in AU50+
• 1795 2 Leaves 50c in PCGS/NGC VF20+

$25,000 in one “Classic” rarity.

This coin could be picked from any series but serious consideration should be given to one of the undervalued issues from the $3 gold series. Deciding which coin to purchase would involve analytical study to identify the candidate that possesses the best combination of the six factors mentioned in this article and that still can be purchased for less than $25,000. This could be a tough job, and one in which a dealer would be of service.

Option all in gold: long-term bull market

If you don’t want to take a chance on a long-term bull market in precious metals and only invest $15,000 in generic gold double eagles, the remaining $15,000 should be invested in early gold type. Obtain one of each of the following:

• Capped Bust, Small Diameter $2.50 in PCGS/NGC XF45-AU55
• Draped Bust, Heraldic Eagle $5.00 in PCGS/NGC AU55-58

This theoretical $100,000 is listed here only to give an example on how to break up funds intended for a rare coin investment. There are so many different combinations that could be utilized and, in the end, it is up to the investor with the help of a dealer to decide what is best to fulfill the rare coin investment goals.

In summary, although the rare coin industry is still predominately a collectibles field, of a sort of precious metals artwork, there is still a place for the “investor.” With the complete market dominance by PCGS and NGC, it has become much easier for rare coins to be viewed, bought and traded as commodities. Personally, I cannot think of any better combination of tangible assets, collectibles and artwork. In the future, many of the youth now so heavily involved in the State Quarter program will grow the rare coin industry substantially. The admiration and collection of coins has been around for thousands of years and will not disappear anytime soon.

The Most Sought-After Gold Coins.

1. Double Eagle 1933: This coin is extremely rare and coveted. Only a small number of specimens have survived, and they are prohibited for private ownership.
2. Saint-Gaudens Double Eagle 1907: This coin is appreciated for its artistic design and history. It is considered one of the most beautiful gold coins ever produced in the United States.
3. Double Eagle 1849: This coin is highly sought after due to its association with the California Gold Rush. It symbolizes the era of the American Westward expansion.
4. Gold Eagle 1795: This coin is one of the earliest gold coins produced in the United States. Its historical significance and low number of specimens make it highly sought after.
5. Double Eagle 1921: This coin is rare due to its low mintage. It is often considered one of the most challenging coins for collectors to find.
6. Gold Quarter Eagle 1804: This coin is famous for its extreme rarity. Only a few specimens are known to exist, making it one of the most sought-after and precious coins in the world.
7. Gold Eagle 1861-D: This coin is highly prized by collectors due to its association with the American Civil War. Surviving specimens are rare and in high demand.
8. Gold Dollar 1849-C: This coin is appreciated for its association with the North Carolina Gold Rush. Its low number of circulating specimens makes it a highly sought-after coin.
9. Liberty Head Double Eagle 1866-S: The Liberty Head Double Eagle de 1866-S is a gold coin produced by the United States Mint. It was struck at the San Francisco Mint in 1866. The number of surviving specimens of the Liberty Head Double Eagle de 1866-S is relatively limited. Due to its age and rarity, it is difficult to provide an exact number of surviving specimens. However, it is estimated that there are approximately 30 to 35 known specimens of this coin. In 2002, a Liberty Head Double Eagle de 1866-S coin in Proof-62 condition was sold at auction for approximately $1.8 million. A lesser-condition specimen can be worth $30,000.00.
10. Gold Eagle 1795 Small Eagle: This coin is one of the earliest gold coins produced by the United States. Its unique design and historical status make it highly sought after.
11. Half Eagle 1822: Only three specimens are known in the field of numismatics. This coin, with a nominal value of $5, was sold for approximately $6 million. Approximately 17,796 of these gold coins were struck, but only three are known in the field of numismatics. Two of these three specimens are part of the National Numismatic Collection at the Smithsonian Institution.

The Half Eagle of 1822, a historic gold coin, was auctioned by Stack’s Bowers Galleries for a record-breaking sum of $8.4 million. This auction took place on March 25, 2021, in Las Vegas. This coin is considered the finest in its category and is graded as AU-50 by PCGS. It is now the most valuable U.S. Mint gold coin ever sold at auction, surpassing the prices paid for famous coins such as the 1913 Liberty Head, the 1804 silver dollar, or the 1933 Double Eagle.

The 1822 Half Eagle is a legendary American treasure and is part of a complete set of rare coins. Only three known specimens exist, with two of them being part of the National Numismatic Collection at the Smithsonian Institution. The specimen auctioned by Stack’s Bowers Galleries is the only one held by a private collector. Most prominent figures in American numismatics never had the opportunity to own this coin, and many passed away without even participating in an auction to acquire it.

The specimen recently sold at auction was first acquired by Virgil Brand in 1899 and then passed through the hands of several collectors before being auctioned in 1945. It later became part of the famous Louis E. Eliasberg collection, which was the only complete collection of American coins ever assembled. When the gold coins from this collection were auctioned in 1982, they were acquired by D. Brent Pogue, who was building his own highly valuable numismatic collection.

Do gold coins come with a certificate?

Gold coins may or may not come with a certificate, depending on the type of coin and the seller. Some gold coins, especially those sold by reputable dealers, may come with a certificate of authenticity that verifies the coin’s weight, purity, and other specifications. These certificates are issued by third-party grading services like the Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC), MintDirect® (APMEX) and SD Bullion the MintCertified™ program

Most standard bullion gold coins, such as the American Gold Eagle, Canadian Gold Maple Leaf, and South African Krugerrand, do not typically come with certificates. These coins are primarily valued for their gold content and are widely recognized, so certificates are not necessary for their authenticity. But most dealer will use a blister which can be considered as a certificate.

SD Bullion presents the MintCertified™ program, an exclusive offering that guarantees the authenticity and condition of coins sourced directly from the mint. This program ensures that coins remain preserved in their original mint-sealed packaging, maintaining the same pristine condition as when they departed the mint. Available for both gold and silver coins, MintCertified™ is tailored to provide customers with competitive online pricing. It’s important to note that this program is unique to SD Bullion and may not be accessible through other dealers. Furthermore, SD Bullion prioritizes security by implementing an Anti-Money Laundering (AML) certification program to prevent and detect money laundering and terrorism financing activities. In addition to these services, SD Bullion offers valuable guidance on the safe and successful sale of gold and silver bullion. While they do not provide gold assay services or certificates of authenticity cards, they do supply relevant information on these topics.

However, not all gold coins come with certificates, and some certificates may not be reliable or trustworthy. It is important to research the seller and the grading service before purchasing a gold coin with a certificate to ensure that the coin is genuine and the certificate is legitimate. It is also worth noting that gold certificates, which were issued by the United States Treasury as a form of representative money from 1865 to 1933, are not the same as certificates of authenticity for gold coins.