Are 1-ounce gold coins a good investment? – CBS News

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January 30, 2024 / 3:10 PM EST / CBS News
For centuries, gold’s finite supply and hefty demand have made it a valuable investment asset — and, these days, it’s one of the most traded assets on the planet. And, this precious metal offers several other unique benefits to investors, making it worth consideration as an addition to most portfolios
But when shopping for gold, you may find that there are numerous ways to purchase it. You can buy gold bars and coins — and can even buy gold novelty items. 
For many, though, gold coins make sense to invest in — and the 1-ounce gold coin is a popular investment option in particular. But are 1-ounce gold coins a good investment?
Learn more about your gold investing options now
Gold can be a good investment, but what about 1-ounce gold coins in particular? They can be, and there are a few reasons why:
You have the option to purchase multi-ounce gold bars when you’re investing in gold. But at today’s gold prices, doing so could cost tens of thousands of dollars — which would put the investment out of reach for many people. 
However, you can purchase a 1-ounce gold coin for around $2,100 — which is about comparable to what you could purchase a 1-ounce gold bar for. That lower buy-in price makes these coins more accessible to the masses than larger gold bars. 
Compare your gold investing options online today
You can also add gold coins to your self-directed gold individual retirement account (IRA). Adding gold to a traditional self-directed IRA means you’ll make your investment on a pre-tax basis. Or, adding it to a Roth IRA means tax-free growth on your gold investments. 
Moreover, some states offer sales tax exemptions on gold coin purchases that meet specific requirements. 
For example, according to the Michigan Legislature, investment coins are exempt from state sales taxes. These coins include “numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and issued by the United States government or a foreign government with a fair market value greater than the face value of the coins.”
State tax regulations vary from one state to the next, though, you may or may not enjoy the same tax benefits outside of Michigan. It may still be worth it to check your state tax laws, however, to determine if there are any additional tax benefits associated with purchasing gold coins. 
When you buy gold coins, you’re making an investment in gold — but you may also be purchasing a collectible asset. For example, some 1-ounce gold coins have collectible value because they feature striking depictions of animals, political figureheads and nature — and the mints that produce gold coins only make a limited number of the most collectible designs. 
The rarest coins tend to have the highest collectability value — and therefore generally garner the highest prices. 
There are other reasons to add gold coins to your portfolio, including: 
There are several reasons to consider investing in 1-ounce gold coins. These coins are often collectible and have a relatively low cost of entry. Moreover, the potential tax and diversification benefits that come with gold coin investments can be hard to ignore. Compare your gold investing options online now.
Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, three dogs and 10 ducks.
First published on January 30, 2024 / 3:10 PM EST
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