Pre-1933 Gold Coin Values

What counts as pre-1933 U.S. gold

The United States struck gold coins for everyday circulation until 1933. The main denominations run from the large $20 double eagle down to the small $1 gold piece, and all of them turn up in Chicago area estates.

Double eagles come in two main designs, the Liberty and the Saint-Gaudens, and both hold the same amount of gold. Smaller coins share the 90% standard, so a box with a mix of sizes can be sorted and weighed by denomination.

The 1933 cutoff matters when you sort a box. Coins dated before it were made to spend, while the American Gold Eagle, first issued in 1986, is a bullion coin with its own pricing, covered further down this page.

The two smallest sizes are easy to overlook. A $1 gold piece or a $2.50 quarter eagle is small enough to sit unnoticed in a coin purse or a jewelry box, so check those places when you clear out a family home.

• $20 double eagle (Liberty and Saint-Gaudens)
• $10 eagle
• $5 half eagle
• $2.50 quarter eagle
• $1 gold piece

Gold content by denomination

Classic U.S. gold coins are 90% gold, and the gold in each coin scales with its face value. A $20 double eagle holds 0.9675 troy ounces, a $10 eagle holds half of that, and the pattern continues down to the $1 piece. The quarter eagle holds about an eighth of an ounce, and the gold dollar about a twentieth.

That gold weight sets the floor for every coin in the series. At the appointment each coin goes on a calibrated scale you can read, and the offer on a common date follows the live spot price for gold.

Decades of handling wear away a small amount of metal, which is one reason each coin is weighed in front of you. A coin that spent years in a pocket or a jewelry mount can come in a little light.

You can estimate the gold in a group before you call. Add up the face value of your coins and divide by 20, and the result times 0.9675 gives the approximate troy ounces of pure gold, since every size carries gold in step with its face value.

When a gold coin is worth more than its gold

Common dates in average grades are priced mostly on gold content. A scarce date, a scarce mint mark or a coin in high grade sells to collectors above that floor, sometimes far above it.

Mint marks carry extra weight with gold collectors. O marks New Orleans and S marks San Francisco, and gold with no letter came from Philadelphia.

Two letters draw the closest look. D on gold struck before the Civil War stands for Dahlonega, and CC marks Carson City, which struck coins from 1870 to 1893. Neither mint has struck a coin in well over a century, so their gold draws steady collector attention.

We price collector gold against published price guides, dealer wholesale sheets and recent auction results. Collector coins are sorted from melt coins so a better date is never priced as bullion, and the written offer lists each coin on its own line so you can see which ones earned a premium.

Grade, slabs and cleaning

Grading uses the Sheldon scale from 1 to 70. On gold coins, the amount of wear on the design and the coin's eye appeal both move the price, and we check both under a loupe. Loose coins rubbing against each other in a bag or box can pick up nicks, so store them apart if you can.

PCGS and NGC seal graded coins in plastic holders called slabs. Leave a slabbed gold coin in its holder, since breaking it out throws away the grade that buyers price it on. For loose gold, a paper envelope or a coin flip for each coin keeps them from rubbing together on the way to the appointment.

Cleaning lowers a coin's grade and value. Gold that has been polished or rubbed bright draws far lower offers from collectors, so bring coins exactly as you found them, in their flips, tubes or holders.

Pre-1933 gold versus modern bullion coins

Bullion gold coins are priced almost entirely on their gold content. The American Gold Eagle, made since 1986, is 22K (91.67% gold); the one ounce coin weighs 33.93 grams and holds one troy ounce of gold, and it also comes in 1/2, 1/4 and 1/10 ounce sizes.

The Gold Buffalo, made since 2006, and the Canadian Gold Maple Leaf are 24K. The South African Krugerrand is 22K and holds one troy ounce of gold, the Mexican 50 pesos (Centenario) holds 1.2057 troy ounces, and the British Sovereign is 22K.

Gold bars sometimes sit beside the coins. Bars from refiners such as PAMP Suisse, Credit Suisse, Engelhard, Johnson Matthey and the Royal Canadian Mint are stamped with their weight and purity, and they are bought on gold content like bullion coins.

If one box holds both kinds, we separate them at the start of the appointment. Bullion coins and bars get an offer tied to spot, and the pre-1933 U.S. coins are checked one by one for date, mint mark and grade.

Bringing gold coins and other estate items

Gold coins rarely turn up alone. A safe-deposit box or a desk drawer that holds a few double eagles often also holds silver dollars, rolls of pre-1965 change, gold jewelry and old paper money, and all of it can be checked at the same appointment. Keep each group in its own bag or envelope, leave coins in any holders they came in, hold loose coins by the edge and bring a government-issued photo ID if you plan to sell.

Each group is priced on its own terms. Silver dollars and 90% silver coins follow silver spot unless the date or grade calls for a collector offer, gold jewelry is sorted by karat and weighed, and paper money is checked note by note. Silver certificates are redeemable only at face value today, while large-size notes issued before 1929, star notes and National Bank Notes can draw collectors.

A handful of gold coins takes about 10 minutes to check. A larger group of double eagles, eagles and smaller gold can take 30 to 60 minutes, because each coin is examined under a loupe and weighed on a scale you can read.

You leave with a written, item-by-item offer that lists the gold coins together, one line per coin, so a family can see what the gold brought apart from everything else. Accept it and get paid the same day, in cash or by same-day wire for larger sales, or decline and keep the coins and the list. The appraisal is free with no obligation, and it is a purchase appraisal written for a selling decision, so it is not a certified appraisal for court, probate, insurance or IRS use.

Gold coins in Chicago area estates

Pre-1933 gold coins in the Chicago area often come out of a bank safe-deposit box that a parent kept for decades. Large historic homes in Hinsdale and on the North Shore in Wilmette, and the long-held houses of Oak Park, are the kinds of places where a few double eagles or a short stack of $5 pieces can sit untouched for a generation. Sellers who search for gold coin buyers in Chicago are often the heirs who just opened that box.

Executors and attorneys handling an estate in Cook or DuPage County can use our written, item-by-item list to record each coin and what we offered for it. It is a free purchase appraisal, so it is meant for selling decisions and for dividing coins among family. For a large estate with gold, silver and paper money together, you can ask about a home visit.

We meet by private appointment, Monday to Saturday, 10am to 6pm, and the meeting place is set when you book. Call (773) 241-8624 and we call back the same day.

Tell us roughly how many gold coins you have and whether any are in PCGS or NGC holders, and we will plan enough time to check each one. Payment is the same day, in cash or by wire for larger sales.

Ready to sell? See how we handle selling gold coins in Chicago, read about a free coin appraisal, or call (773) 241-8624.