Commemorative gold coins have always been a popular choice among collectors and those hoping to preserve a specific memory, but are they an increasingly smart investment choice?
The Royal Mint has seen a 306% year-over-year increase in gold coin sales during the first quarter of 2025, and the number of gold buyers has risen 46% quarter-over-quarter.
“The sustained surge in gold demand shows the growing appeal of safe-haven assets in today’s economic climate,” says Stuart O’Reilly, market insights manager at The Royal Mint.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Of all the ways to invest in gold, buying commemorative or collectable gold coins is perhaps one of the most rewarding and meaningful.
While rising gold prices typically enhance the value of collectable gold coins, the value of collectable gold coins also depends on factors such as the coin's rarity, historical importance and market demand.
Buying gold bullion or gold funds, while more conventional investing options, don’t offer the same character or potential for gifting that a decorative, high-quality or rare gold coin offers.
“Commemorative coins serve as a unique memento of significant people, events and anniversaries that customers can treasure,” says a spokesperson for The Royal Mint. “The Royal Mint produces commemorative coins with over 50 different designs each year, from music legends including Sir Paul McCartney and Dame Shirley Bassey, to favourite stories such as Harry Potter and The Lion, The Witch and The Wardrobe.”
Are gold coins a good investment?
Gold coins can be a very good investment – but it depends on the coin.
The Royal Mint issues gold bullion coins, designed primarily for investment purposes. Rising gold prices have led to increased demand for these: The Royal Mint’s data shows that the total weight of gold coins sold rose 208% year-over-year and 26% quarter-over-quarter, with gold coin revenue increasing 329%.
Gold bullion coins are exempt from capital gains tax (CGT), adding to their appeal for investors.
“We have seen how these all-time highs in gold markets lead to an increase in first-time precious metals investors entering the market,” says a spokesperson for the Royal Mint. “Over the last few years, The Royal Mint has produced a range of new investment products, ranging from small bars to fractional coins, enabling investors to buy precious metals in new ways that facilitate their approach to investing.”
Collectable coins, however, are not primarily intended for investment purposes. Rather, they are intended to act as a unique keepsake for friends and family, or to mark a significant life event such as an anniversary.
They come in three forms:
- Proof coins: the highest standard of coin that the Mint produces. These are struck three times to produce a sharp, high quality finish, and like most of the Mint’s collectable coins, they are produced in either gold or silver;
- Brilliant uncirculated coins: these are similar to the coins that you carry in your pocket, but feature a specific feature or design, such as The Snowman;
- Bullion coins: while some have obvious commemorative or collectable value, these have a similar quality of finish to the coins in your pocket but, as above, are intended for investment purposes rather than their design quality.
Proof and brilliant uncirculated coins do have an investment value thanks to their gold content, but if you’re buying gold coins as an investment, it’s bullion coins you want. Some commemorative gold coins do end up selling for eye-watering sums, but this is thanks to their quality and rarity as opposed to the price of gold per se.
What are some of the most valuable gold coins of all time?
In the UK, collectable gold sovereign coins tend to fetch the highest valuations. Their prices depend on the coin itself, how long ago they were issued, and how many were ever minted.
The most expensive selling gold sovereign coin was an Edward VIII Sovereign which sold to a collector for £1 million in 2020. The 22-carat coin is especially rare because it was never circulated – Edward VIII abdicated to marry American divorcee Wallis Simpson before its release.
George III Sovereign coins typically fetch a high asking price, according to physicalgold.com, thanks to their scarcity – one has sold for as much as £186,000.
Globally, however, rare American coins fetch the highest prices.
A historic 1822 Half Eagle, a gold coin with a face value of $5, sold for $8.4 million in 2021, while a 1787 Brasher Doubloon fetched $9.36 million in the same year.
The most expensive coin in history, though, was a “Flowing Hair” dollar – the first to be minted by the newly-independent US in 1794 – which sold for $10 million in 2013.
Commemorative coins for 2025
The gold standard of commemorative coins for 2025 is The Royal Mint’s Annual Set. The 2025 Annual Set honours the life of Queen Elizabeth The Queen Mother with a commemorative £5 gold coin, alongside gold coins dedicated to the modern railway, the Royal Observatory, Greenwich, the Red Arrows and stories of the Second World War.
A limited edition gold proof set containing all five coins in 22 carat gold costs £9,360 – but with only 50 available, this set is a true collector’s item. A silver proof set is available for £669.
Some other noteworthy collectable coins for 2025 include:
- The Bond of the 1980s 2025 1oz Gold Bullion Coin, ideal for Bond fans and priced at £2,622.40;
- The Piedfort Sovereign 2025 Gold Proof Coin, costing £1,620 and with a maximum mintage of 1,260 coins;
- The Royal Tudor Beasts The Queen’s Panther 2025 UK 2oz Gold Proof Coin; this coin is worth £6,940 now, but with an extremely limited mintage of just 56 coins, it could conceivably become a collector’s item.
Collectable and commemorative gold coins for 2024
It’s not too late to buy a 2024 coin, especially if it was a memorable year for you – whether you got married, celebrated a new job, or retired from work. There are plenty of commemorative coins that could help you immortalise the year.
Some highlights include:
- A range of Star Wars coins including a Millennium Falcon 1oz gold proof coin worth £3,525;
- A Harry Potter collection including a limited edition Black Lake 2024 50p gold proof coin, with a maximum mintage of 60 coins and a price tag of £1,475;
- A 2oz St George and the Dragon gold proof coin worth £5,545.
In December, The Royal Mint launched a commemorative coin celebrating the life and work of Sir Paul McCartney. The most expensive coin in the range, a 1oz Gold Proof coin of which only 260 will be struck, costs £3,525.
“This feels like a huge honour,” said McCartney. “It’s not anything I would have ever expected to happen when I was a kid.”
Fans of the Beatles will of course have a huge interest in this commemorative coin. On that note, any music fans that are also into collectables might want to check their vinyl collection for any of these rare and valuable records.
-
What will the unravelling of US-China trade mean for the economy?What will a US-China decoupling mean for the global economy?
-
Scottish Mortgage: why we’re turning to private companies and China for exceptional returnsWhen it comes to delivering growth, Scottish Mortgage will stop at no end in its hunt for exceptional long-term returns - this includes China, unicorn companies and sectors such as space exploration
-
The mystery of America’s gold and why an audit mattersHow much gold does the US actually have? Dominic Frisby explains why it matters
-
Gold’s surprisingly stealthy bull marketGold's multi-year gains gathered less attention than you’d expect, but that now seems to be changing, says Cris Sholto Heaton
-
Three gold mining stocks with strong green credentialsPersonal View Tom Bailey of HANetf highlights three gold and precious metal miners to consider.
-
Weigh up this sustainable gold ETC from the Royal MintProfessional investor Hector McNeil highlights an investment in gold, the world's oldest monetary system
-
Why is gold looking attractive on Wall Street?Wall Street is taking to gold. What's pushing the commodity to be attractive?
-
Gold or silver: which is the better bet?Should you invest in gold or silver? Or should you own equal amounts of the precious metal?
-
Gold expands its horizons – but is it enough to drive prices?Gold is increasingly being used in industry, be it for nanotechnology, cancer therapy or fighting malaria. But is this demand enough to boost prices?
-
The end of China’s boomLike the US, China too got fat on fake money. Now, China's doom is not far away.
