When it comes to buying gold, your attention no doubt goes first to purchasing gold coins and gold bullion bars. Indeed, these gold bullion products are the first choice among many investors. When it comes to the collection of precious metals, coins are often a first choice because these products come with limited mintage figures and distinct designs that are, in many cases, available only for a limited time. There is another option available to both types of gold buyers: gold rounds. Learn a little bit more about gold rounds today!

What is a Round?

A round is a term applied to precious metals products with a similar appearance to coins, but a different standing altogether as a form of legal tender. The term coin is reserved, in the United States in particular, for use with products that have legal tender status from the United States Mint. Under the authority granted to it by Congress, only the United States Mint may strike coins with a backed legal tender by the federal government.

To avoid confusion, private mints in the United States must market products of a similar visual appearance to coins as “gold rounds” instead of coins. Beyond that, many gold rounds share the same hallmarks of gold coins. They are, as the name suggests, round in shape, have flat surfaces, and feature distinct designs for the obverse and reverse side. Again, the major difference is the lack of an assigned and backed face value.

About Gold Rounds

Gold rounds are particularly attractive to certain segments of gold investors and collectors. Most gold rounds feature one of two types of designs. There are gold rounds designed with simple mint markings and identifying markers, with the goal being to promote the .999 or .9999 pure gold content of the round. Conversely, other gold rounds are aimed at collectors who covet well-known coin designs but dislike paying the higher premiums over the spot price of gold associated with most collectible gold coin programs.

For example, you’ll find many of the famous US coin designs from the early 20^th century available on gold rounds. Images such as the Buffalo Nickel or Augustus Saint-Gaudens’ Liberty are expensive when found on the American Gold Buffalo and American Gold Eagle, but are much more affordable on a privately issued gold round.

How Do Gold Rounds Compare to Coins and Bars?

As mentioned earlier, gold coins and gold rounds are largely separated by the issuer and the presence/absence of face value. In the United States, only the US Mint issues gold coins, while private mints such as the Golden State Mint are the only ones issuing gold rounds in the US. Gold bars and gold rounds are similar in that, in most cases, they are both available for much lower premiums over the spot price of gold. Gold bars are, however, available with greater size ranges than gold rounds. Additionally, some gold bars are available with intricate designs and higher premiums because they are Precious Metal IRA eligible.

Availability of Gold Rounds

You may find gold rounds easier to purchase than certain other types of gold coins. Gold rounds are produced only by private mints and refineries around the world. Generally speaking, gold rounds are available with no mintage caps. This means that unique designs, such as those historic US coin designs mentioned earlier, are easier to find on a gold round than a collectible gold coin.