The average premium during the past decade for U.S. $20 gold pieces has been in the 35% to 40% range, significantly higher than the premiums generally prevailing for other pre-1933 coinage -- a circumstance that bodes well for European and South American coins which can be acquired now at roughly half that premium. By way of example, in the wake of the 1997-98 Asian Contagion economic crisis, coincident with the West's own financial jitters in the run-up to Y2k, safe-haven investors (for reasons outlined in the Introduction to this booklet) drove U.S. gold coin premiums to nearly double the gold content.

Given the prolonged nature of the financial crisis which began in 2008, and the continuation of economic uncertainties, demand should continue unabated for pre-1933 gold coinage as a whole; and the average premiums, under the right circumstances, could rise to match that of the U.S. $20 gold pieces. Whether the European and South American coins will follow such a path remains an open question, but the prospect presents no additional risk for the investor who wants to own safe-haven gold anyway.