Both bars and bullion coins are investment gold and, as such, are VAT-exempt. The difference is not in the purity of the metal, but in how they behave when it comes to buying, storing and, above all, selling.
The premium: how much you pay above the metal
The premium is the surcharge you pay above the value of the gold contained. It covers manufacturing, distribution and, in coins, minting. As a general rule, the larger the size, the lower the premium per gram: a large bar is the cheapest gold per gram, while coins and small bars carry a higher premium because they cost more to produce relative to their weight.
The differences that matter
Selling part or all of it
A 100-gram bar is a single piece: if you need liquidity and only want to sell part of it, you have to dispose of the entire bar. Ten one-ounce coins let you sell one at a time, according to what you need at each moment.
Ease of reselling it
The best-known bullion coins (Krugerrand, Maple Leaf, American Eagle, Philharmonic) are recognised and bought back anywhere in the world, which makes them highly liquid. A bar from a little-known brand may require an authenticity assay before it is bought back.
Maximum gold for your money
For the same weight, a medium-to-large bar works out cheaper per gram. If your goal is to accumulate the largest possible amount of gold with your investment, the bar wins.
Verification and trust
Official coins incorporate anti-counterfeiting designs and measurements that are easy to verify. In any case, always buy from accredited dealers and keep the invoice and the certificate: that is what guarantees the traceability of the piece.
Neither investment gold bars nor coins carry VAT. Silver, by contrast, bears 21% in both formats, as we explain in this article on VAT on metals.
So, which is better?
There is no single answer, but there is a practical rule. For large amounts and an accumulation objective, medium-to-large bars maximise the gold per euro. To get started, to give as a gift or to keep selling flexibility, recognised one-ounce coins are the best point of entry. Many investors combine both: bars as the core of the position and coins for the part they want to keep liquid and divisible.
Whatever the format, an equally important decision comes next: where to store physical gold safely. And if you are still hesitating between metals, this comparison of silver and gold will help you decide.
At Equus Capital we accompany you throughout the whole process of buying physical gold in Valencia: choice of format, fair premium, certification and custody. First consultation free and with no obligation.
Frequently asked questions
Which has the lower premium, a bar or a coin?
A medium-to-large bar has the lowest premium per gram, because it costs less to produce relative to its weight. Coins and small bars carry a higher premium in exchange for greater divisibility and liquidity.
Which is easier to sell?
Globally recognised bullion coins (Krugerrand, Maple Leaf, American Eagle, Philharmonic) are very easy to resell anywhere. A bar from a little-known brand may require an authenticity assay before it is bought back.
Can I buy gold in small amounts?
Yes, through one-ounce or fractional coins, or small bars of a few grams. It is the way to start with little money or to hold divisible pieces, in exchange for accepting a somewhat higher premium per gram.
Which is better for gifting or inheriting, bars or coins?
Coins tend to be more practical because of their divisibility: they allow the gold to be split or handed over piece by piece, which is very useful when there are several recipients or heirs.