One of the questions we hear surprisingly often is whether a one-ounce American Gold Eagle really contains a full ounce of gold.

It does.

American Gold Eagles are 22-karat gold, which sometimes causes confusion. People see 22K instead of 24K or .9999 fine and assume the coin must contain less gold.

The important thing to understand is that the other metals are added to the ounce of gold. They do not replace part of it.

A one-ounce American Gold Eagle contains one full troy ounce of pure gold, plus a small amount of silver and copper added to make the coin harder and more resistant to scratching and wear.

That is why a one-ounce Gold Eagle actually weighs more than one troy ounce. The finished coin weighs approximately 1.091 troy ounces, 33.93 grams, or 21.82 pennyweight. If the different weight systems are confusing, our guide to troy ounces versus regular ounces explains why precious metals use a different ounce than ordinary household measurements.

Why Is the American Gold Eagle 22 Karat?

Pure gold is relatively soft. The American Gold Eagle was designed as a durable bullion coin, so the U.S. Mint uses a 22-karat alloy. The coin is approximately 91.67% gold, with the balance made up of silver and copper.

This does not mean the buyer receives less than an ounce of gold. The coin is simply heavier because the alloying metals are added to the full ounce of gold.

A simple way to think about it is:

1 troy ounce of gold + silver and copper = a finished coin weighing more than 1 troy ounce.

Does the Silver and Copper Add Value?

For practical bullion pricing, no. When we buy or sell a one-ounce American Gold Eagle, the small amount of silver and copper in the alloy is not separately priced into the coin.

The coin is valued as a one-ounce gold bullion coin. The additional metals are there to make the coin harder and more durable. They explain why the finished coin weighs more than one troy ounce, but they are not an important part of its bullion value.

So you do not need to calculate the value of the copper or silver. What matters is that the coin contains one full troy ounce of gold, along with whatever premium the market is currently paying for American Gold Eagles. Our gold bullion page explains more about the different forms of investment gold we buy and sell.

Is a 22-Karat Gold Eagle Worth Less Than a .9999 Gold Coin?

Not simply because it is 22 karat.

A one-ounce American Gold Eagle contains essentially the same amount of gold as a one-ounce American Gold Buffalo, Canadian Maple Leaf, or other one-ounce .9999 fine bullion coin: one troy ounce of gold.

The difference is how the coin is made. A Gold Eagle contains additional metals for strength, while coins such as the Gold Buffalo and Maple Leaf are made from nearly pure gold.

Some investors strongly prefer .9999 fine gold. Others prefer American Gold Eagles because they are durable, recognizable, and widely traded. Neither preference is necessarily wrong.

After buying and selling precious metals for many years, we have also seen customer preferences change. When gold bars and .9999 fine gold are heavily promoted, more people ask specifically for pure gold. At other times, American Gold Eagles are the product everyone wants.

A lot of bullion buying simply comes down to what investors are familiar with and what they have been told to buy. Those changes in demand can also affect premiums, which is one reason the spot price of gold is only a starting point when pricing physical bullion.

Why Does Pennyweight Show Up in the Weight?

People sometimes notice that we also express precious-metal weights in pennyweight, abbreviated dwt. Pennyweight is part of the same troy-weight system used for gold and silver. There are exactly 20 pennyweight in one troy ounce, which is why the finished Gold Eagle weighs about 21.82 pennyweight.

You can read more about this in our guide explaining why coin dealers use pennyweight instead of grams.

The Simple Answer

If you own a one-ounce American Gold Eagle, you have one full troy ounce of gold.

The fact that the coin is 22 karat does not mean part of your ounce is missing. The silver and copper are added to the gold, which is why the finished coin weighs more than an ounce.

At Oakton Coins & Collectibles, we buy American Gold Eagles, Gold Buffalos, Maple Leafs, gold bars, Krugerrands, and many other forms of investment gold. For most sellers, the important questions are how much gold the item contains, current market conditions, and what buyers are paying for that particular form of bullion.