What Are Pre-1933 Gold Coins? A Complete Investor’s Guide

Pre-1933 gold coins are the gold coins the U.S. Mint struck for circulation from 1795 until 1933, when the government stopped issuing gold coinage and Executive Order 6102 required most gold coin to be turned in. The classic series that investors buy today are 90% gold and come in six denominations, from the $1 gold dollar to the $20 double eagle, which holds 0.9675 troy ounces of pure gold.

In the coin trade, “pre-1933 gold” (often shortened to “pre-33 gold”) also covers European gold coins of the same era, such as the British Sovereign, the Swiss 20 Francs and the German 20 Mark.

USAGOLD has served precious metals buyers from Denver since 1973. This guide explains what these coins are, what they contain, how they are priced, and what to check before you buy.

Pre-1933 Gold Coins at a Glance

• Denominations: $1, $2.50, $3, $5, $10 and $20.
• Metal: 90% gold, 10% copper in the classic Liberty Head, Indian Head and Saint-Gaudens series.
• Largest coin: the $20 double eagle, 33.436 grams, containing 0.9675 troy ounces of pure gold.
• Price: melt value (gold content × spot price) plus a premium set mainly by grade and date.
• Legal to own: yes. Americans have been able to own gold freely since 1974.
• IRA: not eligible. The IRS treats them as collectibles.

What Are Pre-1933 Gold Coins?

“Pre-1933” marks the end of American gold coinage. The U.S. Mint struck its first gold coins in 1795, and for well over a century gold coin circulated as money. In 1933, in the depths of the Depression, the government recalled most gold coin, and it has never issued a circulating gold coin since. Every pre-1933 coin that exists today survived that recall, many of them because they were sitting in foreign bank vaults at the time.

Investors buy them for three reasons:

1. Gold content at modest premiums. Common dates trade close to the value of the gold they contain.
2. A fixed supply with history attached. No more will ever be minted.
3. Useful sizes. The $10, $5 and European coins let you buy and sell in smaller pieces than a one-ounce bullion coin.

Dealers group the European gold coins of the same period with U.S. coins because they behave the same way in the market: fixed gold content, a premium over melt, and a collector market beneath the bullion market.

U.S. Pre-1933 Gold Coins by Type

All 90% gold. Source: NGC U.S. gold coin melt values. NGC dates the Liberty $20 type from 1849, but the only 1849 double eagle is a pattern coin in the Smithsonian; circulating coins begin in 1850.

Gold content scales with face value: a $10 eagle holds exactly half the gold of a $20, a $5 a quarter, and a $2.50 an eighth.

$20 Double Eagles: Liberty and Saint-Gaudens

The double eagle is the coin most investors mean when they say “pre-1933 gold.” The Liberty Head type, designed by James B. Longacre (NGC), was struck from 1850 to 1907. The Saint-Gaudens type replaced it in 1907 and ran until 1933. Its design, by the sculptor Augustus Saint-Gaudens, shows Liberty facing forward with a torch and an olive branch, and the U.S. Mint still uses a version of it on the modern American Gold Eagle.

Common dates of both types are what the trade calls “generic gold.” NGC’s Jeff Garrett defines generic gold as common-date U.S. gold coins found in quantity, most often double eagles from the late 1880s to 1928. These are the coins that trade closest to melt value. Our comparison of the $20 St. Gaudens and the $20 Liberty covers how to choose between them.

$10 Eagles: Liberty Head and Indian Head

The $10 eagle holds 0.48375 troy ounces, half the gold of a double eagle, which makes it a practical middle size. The Liberty Head type ran from 1838 to 1907 and the Indian Head type from 1907 to 1933. See our $10 Liberty vs. $10 Indian Head guide.

$5 and $2.50: The Smaller Coins

The half eagle and quarter eagle offer U.S. gold in smaller sizes, just under a quarter ounce and an eighth of an ounce of pure gold. Their premiums usually run higher as a percentage of melt than on the larger coins. Our buyer’s guide to the $5 and $2.50 goes deeper.

$3 and $1 Gold: Collector Coins

The $3 piece and the gold dollar contain little gold and are generally priced as collector coins rather than as gold, so they rarely suit a buyer whose aim is gold ownership.

European Pre-1933 Gold Coins

European coins add smaller units and international recognition. For most investors, we recommend a core of U.S. double eagles, with British Sovereigns or Swiss 20 Francs added so you can sell a few coins at a time. You can browse our historic European gold coins by country. Our guide to the best European gold coins compares them all, and the German 20 Mark guide covers a coin that holds just a little less gold than a Sovereign.

Why Did the U.S. Stop Making Gold Coins in 1933?

Until 1933 the dollar was defined in gold, at $20.67 per ounce under the Gold Act of 1900. In the spring of 1933 the new Roosevelt administration changed that:

• April 5, 1933: Executive Order 6102 required Americans to deliver most gold coin, gold bullion and gold certificates to a Federal Reserve bank or member bank by May 1, 1933. It let each person keep up to $100 of gold coin and certificates, and it exempted “gold coins having a recognized special value to collectors of rare and unusual coins.”
• January 30, 1934: the Gold Reserve Act transferred the country’s monetary gold to the Treasury and revalued gold at $35 per ounce.
• 1974: Congress again allowed Americans to own gold, and they have done so freely since.

Gold coin that was turned in went to the melting pot. Coins that had been shipped abroad in trade escaped it; they sat in European bank vaults for decades, which is why common-date pre-1933 gold is still plentiful. NGC reported in 2024 that the supply returning from Europe had far exceeded demand.

Can pre-1933 gold coins be confiscated? No law today exempts pre-1933 coins from a future government order. The 1933 order exempted rare coins, but a future order could be written differently. Buy pre-1933 coins for what they are, not for protection that no statute provides. Our article on protecting gold from confiscation covers the history in detail.

What Is a Pre-1933 Gold Coin Worth?

A pre-1933 gold coin is worth its melt value plus whatever premium the market pays over it.

Melt value = pure gold content (troy ounces) × the spot price of gold.

Illustrative numbers, not a quote: if gold were $4,000 an ounce, a $20 double eagle’s melt value would be 0.9675 × $4,000 = $3,870, and a $10 eagle’s would be $1,935. You can check today’s melt value of any type on NGC’s melt value pages or start from our live gold price.

The premium over melt depends on four things:

• Grade. Uncirculated coins (MS60 and up) usually cost more than circulated ones, and for scarcer dates the gap between grades can be large.
• Date and mint. Common dates trade as generic gold. Dates with low mintages or few survivors are priced by collectors, often far above their gold content.
• Certification. PCGS and NGC certification costs a little more and makes the coin easier to sell.
• Supply and demand for the coins themselves. Premiums move independently of gold. In April 2024, NGC’s Jeff Garrett described MS65 Saint-Gaudens premiums as “the lowest premium in the history of the coin business”. In the 2008-2009 financial crisis and again in 2020, demand outran supply and premiums rose sharply. A premium can expand after you buy, and it can also shrink.

For the mechanics, see our guide to gold coin premiums.

Are Pre-1933 Gold Coins a Good Investment?

Common-date pre-1933 coins can be a sound way to own physical gold, as long as you understand what you are paying for and what they cannot do.

What works in their favor

• They follow gold. Common dates in circulated or lower mint-state grades trade near melt, so their value moves with the gold price.
• Fixed supply. No new pre-1933 coins will ever be made, and the collector market sits underneath the bullion market.
• Divisible. The $10, $5 and European coins let you sell part of a holding.
• Recognized worldwide. Double eagles, Sovereigns and 20 Francs are known to dealers in many countries.

What to weigh against them

• Higher premiums than modern bullion, and wider buy-sell spreads.
• Grading matters. The difference between MS62 and MS64 can be large, and it takes a trained eye or a certification holder to judge.
• No IRA eligibility, and long-term gains are taxed at the collectibles rate.

Pre-1933 coins tend to suit buyers who want physical gold outside a retirement account, value history, plan to hold for years, and prefer to buy in smaller units. Modern bullion suits buyers who need IRA-eligible metal, want the lowest premium per ounce, or expect to trade often. Many of our clients own both.

We do not predict prices, and the value of any coin can fall as well as rise. What we can tell you is how the coins are priced and what each choice costs.

Grades: What Investors Should Buy

PCGS and NGC grade coins on a 70-point scale. In practice, investors work in a narrow band:

For a first purchase, we generally recommend a common-date double eagle in MS62 or MS63, certified by PCGS or NGC. More detail: gold coin grades explained, AU vs. uncirculated and PCGS vs. NGC.

Pre-1933 Gold Coins vs. Modern Bullion

Sources: NGC (fineness), U.S. Mint (wholesale premiums), IRS (IRA rules).

Can You Hold Pre-1933 Gold Coins in an IRA?

No. An IRA that buys a collectible is treated as making a taxable distribution, and coins count as collectibles under IRS rules unless they fall within narrow exceptions for certain U.S. coins and for bullion of a set fineness held by a trustee. Pre-1933 coins do not. For retirement accounts, see which gold coins qualify for a Gold IRA.

How Are Pre-1933 Gold Coins Taxed?

Coins are collectibles for federal tax purposes: long-term gains on collectibles (held more than a year) are taxed at a maximum federal rate of 28%, and short-term gains as ordinary income. Separately, any business that receives more than $10,000 in cash in one transaction or related transactions must report it on Form 8300. USAGOLD does not give tax advice; our article on capital gains tax on gold coins is a starting point for the conversation with your tax professional.

How to Buy Pre-1933 Gold Coins

1. Decide what the gold is for. If you want gold at close to melt value, look at common dates; if you want to collect, look at scarcer coins and higher grades.
2. Choose the coin and grade. For most buyers that is a common-date $20 St. Gaudens or $20 Liberty in MS62 or MS63.
3. Get the numbers in writing: price, melt value and premium.
4. Verify the certification number with PCGS or NGC.
5. Ask for a buy-back quote on the same coin.

Our buyer’s guide covers the best place to buy pre-1933 gold coins and the questions to ask any dealer, and our checklist on how to choose a gold dealer applies to any metal.

Storing and Selling Pre-1933 Gold

Storage. Home safes, bank safe deposit boxes and private depositories each trade convenience against security and cost. Whatever you choose, ask your insurer exactly how coins and precious metals are covered. USAGOLD clients can open their own depository storage account.

Records. Keep invoices with date, price, grade and source, photograph the coins, and record certification numbers. Store the paperwork separately from the coins.

Selling. Common dates sell readily to dealers; certified coins are the easiest to price. USAGOLD buys pre-1933 U.S. and European gold coins from the public, quoted against the spot price. Rare dates and exceptional grades can do better at a major auction house, which charges a seller’s fee; ask for its fee list before you consign.

Frequently Asked Questions

What are pre-1933 gold coins?

They are the gold coins the U.S. Mint struck for circulation until 1933, in denominations from $1 to $20, mostly 90% gold. The term also covers European gold coins of the same era, such as the British Sovereign, Swiss 20 Francs and German 20 Mark.

What is the value of pre-1933 U.S. gold coins?

Start with melt value: pure gold content times the spot price. A $20 double eagle contains 0.9675 troy ounces of gold. Dealers sell common dates for a modest premium over melt; scarce dates and high grades are priced as collectibles. When you sell, you receive the dealer’s bid, which can be below melt, and both gold prices and premiums can fall.

Why are pre-1933 gold coins valuable?

They contain a fixed amount of gold, no more will ever be made, and they carry a century or more of American monetary history. Collector demand for scarce dates and high grades sits on top of the gold value.

Are pre-1933 gold coins rare?

Common dates are not. Large numbers survived in European bank vaults and have been returning to the U.S. for decades. Some dates and high grades are scarce, and those carry large premiums.

What year are pre-1933 gold coins worth the most?

There is no single best year. Value depends on the date, the mint mark and the grade. Dates with low mintages or few survivors carry the largest premiums, while common late dates trade closest to melt.

Is it legal to own pre-1933 gold coins?

Yes. Americans have been able to own gold freely since 1974.

Can I put pre-1933 gold coins in an IRA?

No. They are collectibles under IRS rules. An IRA can hold certain modern bullion coins and bars held by an approved trustee.

Pre-1933 gold or modern bullion: which is better?

Neither is better for everyone. Modern bullion carries lower premiums, and certain bullion coins and bars qualify for an IRA when held by an approved trustee. Pre-1933 coins add history, smaller sizes and collector demand at a somewhat higher premium. You can hold both.

Talk to a Pre-1933 Specialist

USAGOLD was founded in Denver in 1973 by Michael J. Kosares, author of The ABCs of Gold Investing, and is run today by his son, Jonathan Kosares. When you call, you speak with a precious metals professional who will walk you through gold content, premium, grade and date before you decide.

Talk to a USAGOLD precious metals professional at 1-800-869-5115, browse our pre-1933 gold coins for sale, or contact USAGOLD.