Bullion Bars & Coins
Below you’ll find the most frequently asked questions on the different precious metal bullion products Kitco Offers.
- What is the difference between precious metal bullion and numismatic coins?
- Why is there a difference between the spot price listed on your website and the price that I pay?
- Are the products that you sell taxable?
- Do you sell mint-condition or proof coins? Can I request new (uncirculated) coins?
- Why do my coins/bars appear spotted or dirty?
- Can I buy bullion bars from a specific refiner or bullion coins from a specific year?
- Do the bars that you sell include assay certificates?
- What denominations are in your 90% silver bags?
- Do you sell precious metal bullion products not listed on your website?
- What are the different gradings of coins and bars?
- Do you report any transactions to the IRS or the Canada Revenue Agency?
- What does MintFirst mean?
- What does Spot Price mean?
- What is the difference between a troy ounce and a standard ounce?
- What does Face Value refer to?
Kitco only sells precious metal bullion coins (and bars) that are traded for the value of the precious metal they contain. Numismatic coins, on the other hand, derive their value from their condition, vintage, rarity, history and collectability. Such coins are typically sold by coin dealers rather than bullion dealers.
The spot price is the price at which a precious metal is trading on the open commodity market. It does not include the (usually high) costs of refining the raw, newly-mined metal and manufacturing coins and bars from it. This inherent fabrication cost is factored into the prices listed on our bullion product list.
Kitco does not charge sales tax for any U.S. transaction.
For Canadian transactions, we charge tax on:
- 22 karat gold coins (Krugerrands, American Eagles, etc.)
- All palladium products (bullion and Pool)
- All rhodium products (bullion and Pool)
Kitco does not always sell mint-condition or proof coins. In addition to coins sourced directly from various national mints, our stock contains coins that have been sold to us by individual customers. While we do sell some new or uncirculated coins, we cannot guarantee that the coins you receive will be new. Because the value of precious metal bullion coins is based on the metal they contain, the condition (new or pre-circulated) of any coin does not affect its market value.
It is likely that the coins/bars that you received may have been previously owned. Sometimes, even new coins and bars can appear spotty with red- or white-tinged marks, flecks or streaks. Such spots and marks on coins/bars are a relatively common occurrence and are not at all problematic. Most of these spots and marks are just residues of chemical and coatings used in the manufacturing process. Often, they can be polished off with a soft cloth. Even if they are hard to clean off, they do not impact the value of the coin/bar because they are not impurities but just superficial marks.
Your coins/bars are no less valuable because they have these marks. The value of precious metal bullion coins and bars depends primarily on their metal content and not on their appearance. Minor blemishes and regular wear and tear do not deplete the value of precious metal bullion coins and bars. Your coins/bars will fetch their full market price whenever you resell them.
Kitco mostly sells circulated precious metal bullion coins and bars. We cannot guarantee the availability of a specific refiner, year or condition for any bar or coin we sell. The market value of precious metal bullion bars and coins does not depend on their manufacturer, year of mintage or appearance. Minor blemishes and regular wear and tear do not deplete the value of precious metal bullion coins and bars. The bar or coin that you receive will therefore retain its full market value regardless of its age or manufacturer.
Kitco does offer its line of MintFirst coins, which have never been previously owned, and come in capsules or tubes to prevent major scratches and dents. Kitco's MintFirst line of coins does guarantee the current or previous year of production. The specific year available is indicated in the product description so you'll know exactly what year you'll be receiving before buying.
Most precious metal bullion manufacturers do not issue assay certificates with their bars. However, all bars are stamped with the names of their makers, their weight and their purity. In some cases, precious metal bullion bars also bear a serial number. These markings attest to the bars’ fineness and genuineness and are widely recognized and accepted by bullion dealers the world over. The value of precious metal bullion bars is therefore not dependent on the presence or absence of an assay certificate. Moreover, most of our bars are sourced from suppliers who meet the stringent criteria for inclusion on industry-standard Good Delivery lists, links to which are listed below.
Gold Silver LBMA - Gold & Silver Platinum Palladium LPPM - Platinum LPPM - Palladium
Each of our 90% junk silver bags contain silver coins that circulated in the United States, dated 1964 and earlier. This includes dimes, quarters, half dollars, and dollars. Each 90% junk silver bag contains the same denomination. While we cannot guarantee the availability of a specific denomination, if we are able to, we are more than happy to accommodate your request.
Kitco often has items in stock that are not listed on our website. To enquire about items such as different ounce size bars and precious metal bullion coins from Australia and China, please call 1 877 775-4826 or 514 313-9999.
While Kitco is primarily a bullion dealer, the majority of our coins and bars contains bullion that has been sourced directly from various national mints or that have been sold to us by individual customers. For this reason, the majority of our bullion is considered circulated. Circulated items may have scratches and minor dents, and bubbles are common in bullion bars. These markings in no way affect the metal value of the item.
Kitco also offers uncirculated coins in its MintFirst line of gold and silver coins. MintFirst coins are sourced directly from national mints to Kitco, and then sent to you. MintFirst coins and uncirculated items may have hairline scratches, or fine prints due to handling during the production and/or packaging process. These minor imperfections do not in anyway affect the metal value of the item.
Many of Kitco's Cool & Collectible items are considered brilliant uncirculated. These items are typically produced and packaged by the mints and refiners themselves, and may come in special packaging that they provide. Standards for brilliant uncirculated items vary between different mints and refiners, but generally minor imperfections are normal through the production process. These imperfections as well as any imperfections on packaging do not affect the metal value of the item.
No, Kitco does not report customer’s transactions to the IRS or the Canada Revenue Agency. It is your responsibility to research the tax implications of purchasing and selling precious metals and to file any documentation that may be required in your tax jurisdiction.
Purchasing coins from Kitco’s MintFirst line guarantees you that the coins are directly from the mint and not from a third-party seller. This provides the assurance that you will be the first to appreciate the luster and detail of your newly minted coins. You can be confident that the MintFirst coins delivered to you are in the same impeccable condition as when they left the Mint. MintFirst also allows you to purchase coins for a specific year, usually the current year of mintage.
The spot price is the current market price at which an asset is bought or sold for immediate payment and delivery. The spot price of gold is determined by a commodity’s most highly traded futures contract. This most traded futures contract can be the current month or it might be two or more months into the future.
Currently the gold spot price is a fluctuating combination of world futures market prices (mostly influenced by the highly fractionally reserved COMEX and London Gold Market) found via the selling and buying of virtual contracts representing the potentially deliverable physical precious metal.
A troy ounce is the standard of measurement used for precious metals and gemstones. The word ounce, when applied to gold, always refers to troy ounces. It is a unit of weight equal to 1.09711 standard or avoirdupois ounces. One standard ounce is 28.35 grams, while a troy ounce is 31.1 grams. All items listed on our online store will either be in troy ounces or in grams.The monetary value printed on coin (also applies to banknotes, stamps, and other financial instruments). For the coins Kitco buys and sells, this does not necessarily correspond to its actual worth. For example, the face value of a 1 oz Gold American Eagle coin is $50, but its actual worth is tied to the spot value of its Gold content — a much higher value.