Complete Guide to Buying and Selling Pre-1933 U.S. Gold Coins

Before 1933, U.S. currency derived its value from gold and silver. People commonly used gold and silver coins for purchases and as an everyday medium of exchange in business. Early paper currency was also “gold backed” and supported by U.S. gold reserves.

That monetary arrangement, called the “Gold Standard”, no longer exists. Even so, many attractive, valuable, and historically important gold coins struck during that period remained favorites among gold collectors when this article was published. This guide was intended to explain what to examine in these coins and how to sell or buy pre-1933 U.S. gold coins thoughtfully.

Why Collectors Value Pre-1933 U.S. Gold Coins

Precious-metals investors often selected standard gold bars, while others preferred bullion coins. When this article was originally published, modern bullion was linked to the current spot price of gold. Coins produced before 1933, however, also carried a collectible dimension. For that reason, collectors may have considered adding pre-1933 U.S. gold coins to their holdings.
Because coin enthusiasts sought these precious-metal pieces for their collections, they could sell at prices that might exceed those of modern gold bullion. Put simply, pre-1933 U.S. coins held value both for their gold content and for their appeal as collectible items.

Possible Rarity

Some unethical dealers promoted the mistaken idea that every pre-1933 U.S. coin was rare. Those same dealers might advertise gold bullion coins, then steer customers toward supposedly rare “confiscation-proof” pre-1933 gold coins. Since relatively few gold coins seemed to have been struck before 1933, the claim that few survived from that era could sound convincing.

In reality, many coins minted before 1933 were common-date pieces whose values differed little from modern bullion. Only a small number were genuinely rare gold coins, and fewer still were exceptionally rare. Instead of focusing mainly on the broad period of “before 1933,” examine particular dates, mints, coin types, errors, and other traits that can make one coin scarcer than another.

Online research, coin reference books, and conversations with a precious-metals dealer can help collectors identify stronger options when the aim is to assemble a collection of rare coins.

At the time of original publication, the article described the following: At publication, readers were invited to download a complimentary Rare Coin Guide to help recognize rare coins to watch for or identify within a collection they already owned.

Historical Importance

For many coin collectors, a major reason to purchase pre-33 U.S. coins is their historical importance. The United States Mint struck gold coins from 1795 through 1933. During that period, these gold coins were intended for use as legal tender. In the depths of the Great Depression, however, President Franklin Delano Roosevelt signed an order that altered this arrangement.
On April 5, 1933, Executive Order 6102 authorized the government to confiscate privately owned gold. Except for very rare collectible coins, people were legally required to surrender their gold. The purpose was to nationalize the gold supply as part of Roosevelt’s effort to break the Depression’s grip. Since then, the U.S. Mint has not struck any 90% pure gold coins for circulation.

Full List of U.S. Gold Coins Struck Before 1933

Whether someone is purchasing or selling, it is important to understand the essential facts about Pre-1933 U.S. gold coins. Sellers need to recognize precisely what they own so they can pursue the strongest possible value for their coins. Buyers, meanwhile, should be clear about exactly what they are acquiring and what it is worth in the market. The following provides a complete list of the denominations and varieties of pre-1933 gold coins produced in the United States, including the dates during which each type was minted for reference and comparison.

$1 US Gold Coins

• $1 Liberty Head type 1: 1849 – 1854
• $1 Indian Princess Head type 2: 1854 – 1856
• $1 Indian Princess Head Type 3: 1856 – 1889

$2.50 US Gold Coins

• $2.50 Capped Bust type: 1796 – 1807
• $2.50 Draped Bust type: 1808
• $2.50 Capped Head type: 1821 – 1834
• $2.50 Classic Head type: 1834 – 1839
• $2.50 Liberty Head type: 1840 – 1907
• $2.50 Indian Head type: 1908 – 1929

$3 US Gold Coins

• $3 Gold Coin: 1854–1889
• $3 Indian Princess: 1854 – 1889

$4 US Gold Coin

• $4 Gold Coin “Stella:” 1879-1880

$5 US Gold Coins

• $5 Half Eagle: 1795–1929
• $5 Capped Bust type: 1795 – 1807
• $5 Draped Bust type: 1807 – 1812
• $5 Capped Head type: 1813 – 1834
• $5 Classic Head type: 1834 – 1838
• $5 Liberty Head Coin: 1839 – 1908
• $5 Indian Head Coin: 1908 – 1929

$10 US Gold Coins

• $10 Gold Eagle: 1795–1933
• $10 Capped Bust Gold Coin: 1795 – 1804
• $10 Liberty Head type: 1838 – 1907
• $10 Indian Head type: 1907 – 1933

$20 US Gold Coins

• $20 Double Eagle: 1850–1933
• $20 Liberty Head: 1850 – 1907
• $20 St. Gaudens Double Eagle: 1907 – 1933

Purchasing Pre-1933 American Gold

When this article was originally published, purchasing coins from before Roosevelt’s Executive Order became effective could feel complicated, especially without knowing what to watch for or how to move forward. Before selecting coins for a collection, consider the following questions carefully.

Is It Better to Choose Raw or Certified Coins?

When this article was originally published, whenever you buy gold coins, the choice was whether to purchase raw coins, certified coins, or some mix of both.
Raw coins had not been graded or sealed inside a rigid acrylic holder. They were also generally less expensive than certified examples, making them a frequently suitable option for common-date coins.
At publication, raw coins could make sense for someone purchasing them as an investment based on precious-metal content.

Certified coins had been examined by a third-party grading service (TPGS), authenticated, and given a condition-based grade. They were sonically sealed and enclosed in a tamper-resistant rigid acrylic holder.

• Certified coins generally carried a noticeably higher cost than raw coins
• At publication, certified coins were recommended for adding key-date or uncirculated pieces to a collection
• Certified coins present attractively when displaying a collection for others
• When this article was originally published, certified coins were easier to sell and often brought a higher price if sold later

How Should Gold Coin Sets Be Considered?

When this article was originally published, a person considering pre-1933 U.S. gold coins as an investment might have preferred purchasing numerous coins of one type. For example, they might have chosen circulated-condition St. Gaudens coins. That approach could fit when the main reason for buying was investment rather than collecting for numismatic interest.
By contrast, someone drawn to a coin’s collectible qualities might have aimed to assemble a complete set. Some collectors began with one or several coins from a set, then enjoyed searching for the final piece still missing. In other cases, collectors looked to purchase an already complete set.
Popular sets of pre-1933 gold included date sets

across different denominations, for instance.
Coin sets, also called mint sets, were commonly made up of uncirculated or proof coins. Still, collectors were not limited by fixed rules and could build any kind of set they wanted to pursue. For example, a collector might seek one example of every coin on the complete list of pre-1933 U.S. gold coins above. This approach was commonly known as putting together a “type set.”

Why Consult a Collectible-Coin Specialist?

Speaking with someone deeply knowledgeable about identifying, authenticating, and evaluating pre-1933 coins was presented as the best way to understand what was being purchased. The original article noted that many part-time collectors, YouTubers, and other individuals believed their coins were worth more than they actually were. It therefore suggested relying on a trusted guide.
At the time of publication, Atlanta Gold & Coin Buyers stated that its precious-metals specialists could help locate desired pre-1933 U.S. coins. The article said its pricing was transparent, explaining how prices were reached. Like other precious-metals dealers, it said prices were based on factors including:
–         The current spot price of gold at publication
–         A coin premium
–         Marketplace demand for the coin
–         Rarity, condition, and mint location
–         Wholesale versus retail cost

At the time of publication, Atlanta Gold & Coin stated it could also make sure purchasers understood which coin they received at the time of purchase. The article said that assistance from a coin specialist could help a buyer make the gold-coin purchase that suited them.

How Gold Coins Were Sold

Selling gold coins depended on having a confident understanding of what was owned. When a seller knew what they were selling and what it was worth, selling could be easier, faster, and more likely to achieve a fair price. Knowing each coin’s story also helped. With details about individual coins, a seller could reach appropriate buyers and answer their questions.

Who was best positioned for this work? Unless someone was already a highly experienced coin seller, the article suggested they would likely receive more for their coins by working with a coin specialist. Here is how that could have worked: suppose someone owned an 1854 $1 Indian Princess Head Coin Type 2 and wished to sell it.

The seller would have needed to complete these following steps:

• Arrange authentication, evaluation, and grading for the coin
• Establish an appropriate coin price using spot price and collectability together
• Assess the coin’s available supply and demand
• Locate a potential buyer
• Use personal contacts to locate an interested party
• Promote the coin online or within the local area
• Identify the suitable buyer, such as someone collecting only coins featuring Native American portraits or someone seeking a particular type of pre-1933 gold coins
• Agree on the final sale price
• Make sure the exchange occurs promptly in a safe, secure setting where both parties feel comfortable

Every part of the sales process could proceed more smoothly and more profitably when handled by an expert familiar with the industry and local community. Although a person could learn a great deal about selling pre-1933 gold, the article noted they were unlikely to develop the long-term sales expertise of a dealer working full-time in the business over many years.

At the time of publication, Atlanta Gold & Coin Buyers stated that it could help with both selling or buying pre-1933 U.S. coins. The original article said its coin specialists could assist people working toward investment or financial goals. It described a commitment to securing the best deals as reducing stress, improving buyer and seller prices, and shortening a sale or purchase. Contact us today were the original article’s invitation to begin buying or selling pre-1933 coins. At publication, the article said its then-current coin inventory could be viewed HERE.