US Bullion Coins: Silver, Gold and Platinum Eagles and the Gold Buffalo

What bullion means

A bullion coin is valued mainly for the metal inside it. The US Mint guarantees its weight and purity. Each one carries a face value, such as $1 on a Silver Eagle or $50 on a one ounce Gold Eagle, but that figure is symbolic. The metal is worth far more.

The Mint doesn't sell bullion coins directly to the public. It sells them in bulk to a network of authorized purchasers, who pass them on to dealers and collectors. That's why bullion coins usually turn up in plastic tubes or loose, without a box or certificate.

The lowest mintage one ounce versions

The four main programs

Four programs make up the core of US bullion.

• American Silver Eagle (from 1986): one troy ounce of .999 fine silver, $1 face value, with the Walking Liberty design after Adolph Weinman on the front
• American Gold Eagle (from 1986): 22 karat gold in 1/10, 1/4, 1/2 and 1 ounce sizes, with face values of $5, $10, $25 and $50 and a design after Augustus Saint-Gaudens
• American Platinum Eagle (from 1997): .9995 fine platinum, made in four sizes from 1997 to 2008 and in one ounce only after that, with face values from $10 to $100
• American Gold Buffalo (from 2006): one ounce of .9999 fine, 24 karat gold with a $50 face value, based on James Earle Fraser's 1913 Buffalo nickel

Bullion, proof and burnished: telling them apart

The version of a coin usually matters more than its date. Bullion coins have a bright, even finish and no mint mark. Proofs are struck for collectors on polished blanks, giving mirror-like backgrounds with frosted raised details. They carry a mint mark and came from the Mint boxed with a certificate.

Burnished coins sit in between. They have a soft satin finish with no mirror shine and carry a W mint mark for West Point. Silver and Gold Eagles have been offered in burnished form in most years since 2006, the Platinum Eagle had them from 2006 to 2008 and the Gold Buffalo only in 2008. If your coin has a mint mark but no mirror, it's probably burnished. If it has no mint mark at all, it's almost certainly bullion.

How metal value works

The starting point for any bullion coin is its metal value: the weight of precious metal it contains, multiplied by that day's spot price for the metal. The weight is printed on the coin itself. A one ounce Gold Eagle contains a full ounce of gold, plus a little copper and silver for hardness, so it weighs slightly more than an ounce in total.

Common bullion coins trade for a small premium over metal value. Smaller sizes usually carry a higher premium per ounce. Proofs and burnished coins with low mintages often carry a collector premium. A handful of key dates, such as the 1995-W proof Silver Eagle, reach significant rarity. Condition, original packaging and grading can all move a coin from one band to the next.

Checking a coin is genuine

Fakes exist, so run a few checks. Weigh the coin on a scale that reads to a hundredth of a gram and measure its diameter. Precious metals are dense, so a fake that matches the weight usually ends up the wrong size. Silver, gold and platinum aren't attracted to a magnet, so a coin that sticks is a problem.

Next, look closely at the details. Real coins have crisp lettering, even reeding on the edge and fine detail in the design. Proof packaging can be faked too, so judge the coin, not the box. If in doubt, a dealer with a metal analyzer can test it without damage.

Storing and handling bullion coins

Handle coins by their edges, ideally with cotton or nitrile gloves, since fingerprints can leave permanent marks. Keep proofs in their original capsules and boxes and keep the certificates with them. Bullion coins are best stored in their tubes or in individual capsules rather than loose, where they rub and knock together.

Store everything in a cool, dry place. Silver coins can develop white milk spots and toning, which collectors dislike. Above all, never clean a coin. Even a gentle wipe leaves fine scratches that can turn a collector premium into plain metal value.

Frequently asked questions