Buying & Products
Investment Coins Compared: Krugerrand, Vienna Philharmonic & Co.
Krugerrand, Vienna Philharmonic, Maple Leaf, American Eagle: the well-known gold coins look different but mostly contain the same amount of fine gold. We compare fineness, denominations, the gap between buying and buy-back price and recognisability, explain the difference between investment and collector coins and show what is different about the silver Philharmonic.
Key facts at a glance
- The most common gold investment coins (Krugerrand, Vienna Philharmonic, Maple Leaf, American Eagle, Britannia, Kangaroo) each contain one troy ounce of fine gold in the standard size, so the material value is practically identical.
- They differ in fineness (Krugerrand and American Eagle: 916.7 parts per thousand, the others: 999.9), in design, in mint and in the gap between the buying and buy-back price.
- Small denominations (1/10 oz and below) are more flexible to sell but carry a much higher premium per gram of gold.
- Recognised gold investment coins are exempt from VAT in Germany, whereas silver coins such as the silver Philharmonic are subject to 19% VAT.
- Rare or historic coins follow a different logic: their price depends on collector value, not on gold content alone.
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The short answer first
If you want to buy gold in coin form, there is no single right coin. The Krugerrand, the Vienna Philharmonic and the Maple Leaf are all known worldwide and are easy to sell again to specialised dealers. Which coin suits you mainly depends on whether you value particularly high fineness, a particular design or a small denomination — and on how large the gap between buying and buy-back price is at the time of your decision.
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What makes a coin an investment coin?
An investment coin is a coin whose price is based almost entirely on its metal value. It is minted in large quantities, has a precisely known fineness and is recognised and bought back by dealers worldwide. In Germany, Section 25c of the VAT Act (UStG) also plays a role: gold coins count as investment gold and are exempt from VAT if, among other things, they
- have a fineness of at least 900 parts per thousand,
- were minted after 1800,
- are or were legal tender in their country of origin and
- are usually traded at no more than 80% above their gold value.
All gold coins compared in this article meet these criteria. A collector coin with a high numismatic premium does not necessarily do so — more on that in the section on rare and valuable coins.
The best-known gold coins at a glance
| Coin | Mint | Fineness | Face value | Since |
|---|---|---|---|---|
| Krugerrand | South African Mint (South Africa) | 916.7 (22 carat) | none | 1967 |
| Maple Leaf | Royal Canadian Mint (Canada) | 999.9 (since 1982, before that 999) | 50 CAD | 1979 |
| American Eagle | US Mint (USA) | 916.7 (22 carat) | 50 USD | 1986 |
| Britannia | Royal Mint (United Kingdom) | 999.9 (since 2013, before that 916.7) | 100 GBP | 1987 |
| Vienna Philharmonic | Austrian Mint (Münze Österreich) | 999.9 | 100 EUR | 1989 |
| Kangaroo | Perth Mint (Australia) | 999.9 | 100 AUD | 1986 (until 1989 as the "Nugget") |
A note on fineness: the 22-carat coins (Krugerrand, American Eagle) are alloyed with copper, and the American Eagle also contains some silver. In the 1 oz version, exactly one troy ounce (31.1035 grams) of gold is still contained in the coin — it is simply slightly heavier than the coins made of almost pure gold. The alloy is considered more scratch-resistant.
The Vienna Philharmonic is a special case: it is the only coin in the table with a face value in euros. This face value is purely symbolic, however, and far below the gold value.
Krugerrand, Philharmonic, Maple Leaf: what sets them apart in everyday use?
Krugerrand: The oldest modern gold investment coin and still extremely widespread. The Krugerrand has no face value, and its design (a springbok on the reverse) hardly changes over the years. You can read more about the coin and about selling it in our article Selling Krugerrand Coins.
Vienna Philharmonic: The Philharmonic's design, with the organ of the Vienna Musikverein and the instruments of the orchestra, is unmistakable. The coin is particularly widespread in Europe and is available in gold, silver and platinum.
Maple Leaf: The Canadian coin carries the maple leaf as its distinguishing feature and is offered in numerous denominations, from 1 g (Maplegram) through 1/20 oz to 1 oz.
American Eagle and Britannia: Both are well traded internationally. The American Eagle is most widespread in the US; the Britannia was switched to 999.9 fineness in 2013, and older years are 22-carat.
Kangaroo: The Perth Mint coin shows a new kangaroo design every year.
What do the coins cost? Buying and buy-back price compared
The material value is the same for all 1 oz coins. Even so, the prices differ slightly because minting costs, demand and availability play a part. Two figures count: what you pay when buying and what you get back when selling. The gap between buying and buy-back price shows the cost of selling again immediately. If you hold for a long time, the purchase price matters most.
A worked example from the Geiger online shop, as of 12 October 2026, in each case 1 oz of gold, 2026 vintage:
| Coin | Buying price | Buy-back price | Gap |
|---|---|---|---|
| Krugerrand | EUR 3,842.50 | EUR 3,586.30 | approx. 6.7% |
| Vienna Philharmonic | EUR 3,865.20 | EUR 3,659.50 | approx. 5.3% |
| Maple Leaf | EUR 3,852.50 | EUR 3,659.50 | approx. 5.0% |
| Kangaroo | EUR 3,860.20 | EUR 3,659.50 | approx. 5.2% |
| Britannia | EUR 3,857.20 | EUR 3,659.50 | approx. 5.1% |
The differences between the 1 oz coins are small. The difference compared with small denominations is much larger (see below).
Important: These figures are a snapshot. Prices and gaps change several times a day with the gold price and with demand. It would be a mistake to conclude from a single reference date that one coin is generally cheaper or more expensive than another. You can see the current values at any time directly in the shop categories for the Krugerrand, the Vienna Philharmonic and the Maple Leaf.
Availability and buy-back: the underrated factor
When comparing, it is not only what the coin costs to buy that matters, but also whether and at what price you can part with it again. With the major investment coins this is straightforward: in the Geiger shop you can see the buy-back price openly for the coins mentioned, including for older vintages ("various years"). An example from 12 October 2026: the 1 oz Krugerrand without a fixed vintage was bought back at EUR 3,604.60, the 2026 vintage at EUR 3,586.30. Older vintages are therefore not automatically worth less — what counts remains the gold content. With less widespread coins, on the other hand, not every dealer may buy them back.
Small denominations: flexible, but more expensive per gram
Besides the ounce, most coins also come in smaller sizes. The range runs from the half ounce through 1/4 and 1/10 oz down to very small coins: the Vienna Philharmonic, for example, comes in a 1/25 oz coin, the Maple Leaf in 1/20 oz, and with the Maplegram there are even gram units. The Arche Noah (Noah's Ark) is also available in gold down to 1 g.
Small coins have advantages: you can add to them and sell them flexibly, they make good gifts, and they let you sell only part of your holding. The price for this, however, is a higher premium per gram of gold. This shows in the shop comparison of 12 October 2026 for the 1/10 oz coins:
| Coin (1/10 oz gold) | Buying price | Buy-back price | Gap |
|---|---|---|---|
| Krugerrand | EUR 420.30 | EUR 364.20 | approx. 13.3% |
| Vienna Philharmonic | EUR 430.30 | EUR 366.00 | approx. 14.9% |
| Maple Leaf | EUR 431.50 | EUR 366.00 | approx. 15.2% |
| American Eagle | EUR 452.20 | EUR 366.00 | approx. 19.1% |
At around 13 to 19%, the gap here is considerably higher than for the ounce coin (around 5 to 7%). For the American Eagle only the 1/10 oz coin is included here, so a comparison with the ounce coin is not possible. If you are investing larger amounts, larger denominations are generally cheaper — if you want to build up in small steps or give coins as gifts, you knowingly accept the higher premium.
Vienna Philharmonic in silver: what is different?
The silver Philharmonic is one of the most searched-for investment coins in silver. The Austrian Mint has issued it since 2008, which makes it one of the younger investment coins in this comparison. It contains one troy ounce of 999 fine silver and carries a symbolic face value of EUR 1.50. The design shows instruments of the orchestra on one side and the organ of the Vienna Musikverein on the other. In the Geiger shop, the 1 oz coin (2026 vintage) cost EUR 76.40 to buy on 12 October 2026, and the buy-back price was EUR 53.40. The gap of around 30% is considerably larger than for gold. This is to a large extent due to VAT: unlike investment gold, silver is subject to the regular value added tax of 19% when purchased in Germany, which is included in the purchase price. We explain the details and the developments around margin scheme taxation in our article Silver and VAT.
The same principle applies to the silver Philharmonic as to gold: whether you choose it or a comparable silver coin ultimately comes down to design, availability and the price gap. You can find the silver Philharmonic with current prices in our online shop, and all other silver coins in the silver coins category.
Rare and valuable coins: investment coin or collector coin?
Anyone searching for "rare" or "particularly valuable" gold coins often means something other than investment coins. With a collector coin, the price is determined not only by the gold content but also by rarity, condition, year of minting and demand among collectors. This premium over the pure material value can be considerable — and can only be achieved when selling if a buyer values exactly that collector value.
That a coin is old does not automatically make it a collector coin, however. A good example is the Swiss Vreneli of 20 francs, minted between 1897 and 1949. It contains around 5.8 grams of fine gold and, despite its age, is usually traded close to its gold value: on 12 October 2026 the buy-back price at Geiger was EUR 673.40 and the buying price EUR 760.40. The buy-back price thus corresponds quite exactly to the value of the gold it contains. A genuine collector premium is usually only achieved by rare years or pieces in exceptional condition.
The Arche Noah (Noah's Ark) series builds a bridge between the two worlds: the coin of the Republic of Armenia has been minted in silver since 2011 and has also been available in gold as an investment coin since 2020. With security features such as a numbered certificate of authenticity and a protective capsule, it appeals to investors and collectors alike.
As a rule of thumb: if you mainly want gold as a store of value, a standard investment coin serves you well. If you are enthusiastic about history and designs, you can deliberately choose collector coins as a supplement — but you should be aware that the resale price may fluctuate more.
Which gold coins to buy? A decision guide by goal
| Your priority | What to look at |
|---|---|
| Highest possible fineness | Maple Leaf, Vienna Philharmonic, Britannia, Kangaroo (999.9) |
| Recognisability and easy resale | Krugerrand as one of the most traded investment coins, likewise the Philharmonic and the Maple Leaf |
| Durability in everyday use | 22-carat coins such as the Krugerrand and the American Eagle are more scratch-resistant |
| Euro face value | Vienna Philharmonic |
| Small amounts or a gift | 1/10 oz, Maplegram or Arche Noah from 1 g, with a higher premium per gram |
| Changing designs | Kangaroo with a new design every year |
The table is a guide based on features — not a recommendation and not a statement about future price development. You can also combine several coin series.
What to look out for when buying
- Reputable source: Buy from a specialised precious metals dealer that shows buying and buy-back prices openly.
- Original packaging and certificate: For coins with a certificate of authenticity or a capsule, keep them — they make resale easier.
- Keep the proof of purchase: The purchase date matters for the holding period. For the tax treatment when selling, read Selling Gold and Taxes.
- Know the cash limits: Anonymous purchases are subject to limits and reporting requirements, which we explain in Buying Gold Anonymously.
- Think about selling: Anyone who knows how and where they will later sell the coins makes a better buying decision. You will find tips under Selling Gold: Where Do You Get the Best Price?.
Summary
The well-known gold coins differ less in gold content than in details: fineness, design, denomination and the gap between buying and buy-back price. All the coins mentioned are exempt from VAT as investment gold, internationally known and easy to sell to specialised dealers. Silver coins such as the silver Philharmonic follow a different tax logic, and rare collector coins follow their own pricing rules.
At Geiger Edelmetalle we show you the current buying and buy-back prices for every coin in the online shop so that you can compare before you decide. We are also happy to advise you in person on which coins and denominations suit your plans. View investment coins in the online shop now
Frequently asked questions
Which gold coins are the best known?
The best-known gold investment coins include the Krugerrand, the Vienna Philharmonic, the Canadian Maple Leaf, the American Eagle, the British Britannia and the Australian Kangaroo. All are traded internationally and are readily bought back by specialised dealers.
Which gold coin is best suited as an investment?
There is no single best coin. All the common investment coins contain one troy ounce of gold in the standard size. What counts are personal criteria such as fineness, design, denomination and the current gap between buying and buy-back price. No return forecast can be derived from this.
What is the smallest gold coin in the world?
According to the Swiss mint Swissmint, the smallest gold coin in the world is a 1/4-franc coin with an Einstein motif from 2020: it weighs 0.063 grams, measures 2.96 millimetres and was minted only 999 times — a pure collector's item. For investment coins, the range usually starts at 1 gram, in the Geiger Edelmetalle range for example with the Maplegram and the Arche Noah. The smaller the coin, the higher the premium per gram of gold usually is.
Are silver investment coins tax-free?
No. Unlike investment gold, silver coins such as the silver Philharmonic are subject to 19% VAT when purchased in Germany. How this affects a later sale is explained in our article on silver and VAT.
Don't have any precious metals in your portfolio yet?
Discover coins, bullion, and much more in our online store.
