Bullion Coin Premium Calculator
Calculate the premium over spot price for bullion coins.
Compare American Eagles, Canadian Maples, Krugerrands, and rounds to find the best value buy.
Bullion Coin Premium
The premium is the markup above spot price you pay at retail. It covers minting cost, distribution, dealer margin, and demand.
Melt value = Spot price per troy ounce × the coin’s actual metal content in troy ounces Premium $ = Retail price − Melt value Premium % = Premium $ ÷ Melt value × 100
Against melt, not against spot. That distinction only matters for coins that are not exactly one ounce, which is to say most of the interesting ones. A 90% silver dollar holds 0.7734 troy oz, so at a $30 spot its melt is $23.20. Buy it for $28 and you paid a 20.7% premium. Divide by spot instead and you get −6.7%, which reads like a bargain and is nonsense.
One more trap while we are here: divide by the retail price rather than by melt and you get a smaller number, because that is the discount, not the premium. Dealers occasionally quote it that way.
Actual metal content of the common ones (this is the number the calculator wants, not the coin’s gross weight):
| Coin | Actual metal weight |
|---|---|
| Pre-1965 US dime (90% silver) | 0.0723 troy oz |
| Pre-1965 US quarter | 0.1808 troy oz |
| Pre-1965 US half dollar | 0.3617 troy oz |
| Morgan or Peace dollar | 0.7734 troy oz |
| 40% silver half (1965-70) | 0.1479 troy oz |
| American Silver Eagle | 1.000 troy oz fine (31.103 g gross) |
| American Gold Eagle | 1.000 troy oz fine gold (33.93 g gross, 22 karat) |
| Krugerrand | 1.000 troy oz fine gold (33.93 g gross) |
| Gold Sovereign | 0.2354 troy oz |
A troy ounce is 31.1035 g. The 28.35 g ounce is the avoirdupois one used for groceries, and mixing the two up costs you about 10%.
Typical premiums (2026 averages):
Every table below is a percentage over melt, matching the formula at the top. For a coin that holds exactly one ounce those are the same number, which is why you see the two used interchangeably. For junk silver, a 100 oz bar or a fractional gold piece they are not the same number at all, and melt is the one that means something.
Silver (1 oz coins unless noted):
| Product | Premium % over melt |
|---|---|
| Generic silver round | 8-15% |
| 100 oz silver bar | 4-8% |
| Pre-1965 90% silver coin (junk) | 2-10% |
| Engelhard / Johnson Matthey bar (vintage) | 10-20% |
| Canadian Silver Maple | 15-25% |
| American Silver Eagle | 25-40% |
| Britannia / Australian Kangaroo | 18-30% |
| Generic limited-edition rounds | 30-100%+ |
Gold (1 oz coins):
| Product | Premium % over melt |
|---|---|
| Generic 1 oz gold bar | 2-4% |
| 1 kg gold bar | 1-3% |
| 100g Pamp / Credit Suisse | 3-5% |
| Krugerrand | 3-6% |
| Canadian Gold Maple | 3-6% |
| Britannia | 4-7% |
| American Gold Eagle | 4-8% |
| American Gold Buffalo (24K) | 5-9% |
| Pre-1933 US gold coins | 8-25% |
Platinum (1 oz coins):
| Product | Premium % over melt |
|---|---|
| Generic platinum bar | 5-10% |
| Britannia / Maple | 8-15% |
| American Platinum Eagle | 10-20% |
Why premiums vary:
- Sovereign coins carry higher premiums (legal tender status, government backing)
- Generic rounds and bars are the cheapest way to acquire metal
- Numismatic value (rare dates, condition, errors) can multiply premium 5-100×
- Bulk discounts: 10+ ounces typically saves 1-3% per oz
- Online dealers vs. local coin shops: online usually 2-5% cheaper
- Cash-back / credit card fees: 3-4% added at dealers like APMEX or JM Bullion
Premium-reduction strategies:
- Buy junk silver for the lowest premium, usually a few percent over melt, though it climbs whenever retail demand spikes
- Buy 100 oz silver bars for 4-8% premium
- Hold larger sizes (10 oz, 1 kg gold) for tightest premium
- Buy direct from mint (US Mint, Royal Canadian Mint) for some products
- Estate sales / private sellers can offer 0% premium (with risk)
When premium is “too high”:
- Generic round at 30%+ premium = avoid (not collectible enough to recoup)
- Eagle at 50% premium = wait for lower spot or different product
- Limited edition with 100%+ premium = pure speculation
Resale reality: Selling to a dealer gets you melt, or a shade under it. Buy at an 8% premium and sell 2% below melt and the round trip has cost you 10% of melt, which is about 9% of what you actually handed over. Either way the metal has to appreciate by roughly that much before you are level, so the spread is the thing to minimise, not the timing.
Recognized brands (highest resale liquidity):
- Sovereign mints: US, Royal Canadian Mint, Royal Mint (UK), Perth Mint (AU)
- Major refiners: Pamp Suisse, Credit Suisse, Engelhard, Johnson Matthey, Argor-Heraeus
- Larger generic mints: Sunshine Minting, Asahi, Geiger Edelmetalle
Watch for:
- Counterfeit bars (especially silver): buy from reputable dealers
- Fake assay cards on smaller bars
- “Coin shop” vs “Pawn shop” pricing: wide gap
- Sales tax on bullion in some US states
How we build and check this calculator
This calculator runs entirely in your browser, so the numbers you enter stay on your device. The math behind it is written by hand and tested against worked examples and standard references before the page goes live.
SuperGlobalCalculator is independently built and maintained. See how we build and verify our calculators.