Gold bullion coins are not bought for their design or rarity, but for the gold they contain. Even so, they are not all the same: some are purer, others stand up better to handling, and some are easier to resell in Spain than others. Here we go through the five best known.
The five reference coins
Krugerrand (South Africa). The first modern gold bullion coin, minted since 1967. It is 22 carat (916.7 thousandths): the gold is alloyed with copper, giving it its reddish colour and making it more scratch-resistant. It contains one troy ounce of fine gold, although it weighs a little more (about 33.9 grams) because of the alloy. Probably the most recognised in the world.
Maple Leaf (Canada). Minted by the Royal Canadian Mint since 1979 and 999.9 fine since 1982. Practically pure gold, and softer. Recent issues include security features, such as radial lines and a small engraved maple leaf, that make counterfeiting harder.
Vienna Philharmonic (Austria). Minted by the Austrian Mint since 1989, 999.9 fine, with a face value in euros since 2002. It is the most common gold bullion coin in Europe, so in Spain it is easy to sell.
Britannia (United Kingdom). Minted by the Royal Mint since 1987. Until 2012 it was 22 carat; since 2013 it has been 999.9 fine, and the latest versions include advanced security features.
American Eagle (United States). Minted since 1986, 22 carat like the Krugerrand. Very liquid in the US; available in Spain, but with less supply and demand than the others.
Why they are all VAT-exempt
Spanish law treats as investment gold any coin of at least 900 thousandths, minted after 1800, that is or was legal tender in its country, and that is not sold for more than 80% above the value of its gold. All five qualify, which is why they are bought VAT-free. A commemorative or numismatic coin may not qualify, and then it carries VAT.
Quick comparison
| Coin | Country | Fineness | Since | Liquidity in Spain |
|---|---|---|---|---|
| Krugerrand | South Africa | 22 carat (916.7) | 1967 | Very high |
| Vienna Philharmonic | Austria | 999.9 | 1989 | Very high |
| Maple Leaf | Canada | 999.9 | 1979 | High |
| Britannia | United Kingdom | 999.9 (since 2013) | 1987 | High |
| American Eagle | USA | 22 carat (916.7) | 1986 | Medium |
"Between one-ounce coins, the difference in gold is zero. The real difference is the premium you pay when buying and how quickly it is bought back when you sell."
22 carat or 999.9: does it matter?
For value, no: a Krugerrand and a Maple Leaf contain the same ounce of fine gold and are priced the same on content. The difference is physical. 22-carat coins withstand handling better; 999.9 coins scratch more easily, and a heavily marked coin may be bought back at a small discount. If the gold will be in professional custody, the difference matters less.
Sizes: one ounce or fractions
Almost all are also minted in half, quarter and tenth ounces. Fractions let you buy with less money and sell in parts, but carry a proportionally higher premium. For most investors, the full ounce balances cost and flexibility; we compare it with bars in gold bars or coins.
How to choose
For maximum ease of resale in Spain, Krugerrand and Philharmonic. If you prefer pure gold, Philharmonic, Maple Leaf or recent Britannias. And if you are going to buy little by little, any of them in full ounces, building the position month by month as we explain in how to buy gold every month. What is not worth it is paying a collector's premium for a bullion coin: the year or design adds nothing to the gold.
Frequently asked questions
Which gold coin is best for investing?
None is better in gold terms: all contain one ounce of fine gold. In Spain, Krugerrand and Philharmonic are the easiest to resell.
Do gold coins carry VAT?
Bullion coins like these are VAT-exempt in Spain. Commemorative or numismatic coins may not be.
Why does a Krugerrand weigh more than an ounce?
Because it is 22 carat: it contains one ounce of fine gold plus a little copper, bringing the total weight to about 33.9 grams.
Is the capital gain taxed when selling gold coins?
Yes. The gain is taxed under IRPF as a capital gain. See how much gold you can sell without declaring it.
Coins or bars?
Coins are easier to sell in parts; large bars carry a lower premium per gram. Many investors combine both.