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The first and most important question when buying gold coins is choosing where to purchase them. In Russia, the price directly depends on this, and the difference can be very significant. There are three main options: coin dealers, banks, and buying from private individuals.
The first and most important question when buying gold coins is choosing where to purchase them. In Russia, the price directly depends on this, and the difference can be very significant. There are three main options: coin dealers, banks, and buying from private individuals.
As a rule, coin dealers, i.e., companies specializing in precious metals, have lower prices for coins than banks. At the same time, the quality of the coins and the package of accompanying documents are completely analogous to those from banks. Such dealers are mainly concentrated in Moscow and St. Petersburg, but they also have branches in other large cities.
Prices for coins in regional banks can differ from those of Moscow dealers by several thousand rubles per coin. Therefore, it is sometimes more profitable to travel to the capital for a purchase, especially if you are buying several coins. However, even in smaller banks like 'Uralsib,' 'Transstroybank,' or 'Rosselkhozbank,' you can sometimes find coins at prices even lower than dealers', especially in provincial branches.
Information on the internet is not always updated promptly, especially during periods of high market volatility. It is best to buy gold during periods of price calm—at such times, the selection is wider, sellers are more attentive, and discounts may even be available.
A novice investor can easily get lost in the choices, but in reality, the range of true investment coins in Russia is not that large. Throughout the existence of the USSR and the Russian Federation, only five main types suitable for capital investment have been issued.
Tsarist gold coins of the Russian Empire are also an investment object, but this is a separate, more complex topic that requires in-depth knowledge.
First in chronological order is 'The Sower' coin of the RSFSR, issued in the 70s and 80s of the last century. It is undoubtedly a beautiful coin, but for purely investment purposes, it is currently somewhat overpriced.
Dealers sell these coins for about 78,000 - 79,500 rubles and buy them back for around 72,500 rubles. At the same time, the 'George the Victorious' coin of a similar weight (a quarter of an ounce) is sold for about 73,000 rubles and bought back for 71,000 rubles.
Due to the higher premium and the larger spread between the buying and selling price, the Soviet-era 'Sower' is more suitable for aesthetic pleasure than for mass investment. You can purchase one coin for a collection, but for building a core portfolio, it is better to choose other options.
The undisputed and virtually unrivaled leader in the Russian gold investment coin market is 'George the Victorious' (GPZ). This coin is issued in various weight categories, making it accessible to investors with different budgets.
With the rise in gold prices, the 1/10 ounce format, or a coin weighing 3.11 grams, is becoming increasingly popular. It allows entry into the market with a relatively small amount. As of October 2024, such a coin cost about 29,400 rubles, which corresponds to a price of 9,453 rubles per gram.
For comparison, the price per gram of gold in a larger coin weighing a quarter of an ounce (7.78 g) was about 9,457 rubles. The difference in the price per gram is insignificant, which makes buying several small coins almost as profitable as one large one. This allows for diversification of investments and increases the portfolio's liquidity.
Besides 'The Sower' and 'The Victorious,' there are several other types of gold investment coins, mainly dedicated to sporting events.
Overall, all these coins are fully-fledged investment instruments. When selling, they can be sold to a buyer at the price of the metal they contain.
| Period/Mint | Moscow Mint (MMD) | Saint Petersburg Mint (SPMD) |
| 2006-2014 | 72,300 RUB | 71,800 RUB |
| 2018-2023 | 73,100 RUB | 72,800 RUB |
| 2024 | 73,800 RUB | 73,300 RUB |
When buying gold coins, it's important to be aware of some dealer tricks that artificially inflate the price. One such trick is varying the price of coins depending on the year of mintage and the mint.
As you can see from the table, the 'newer' the coin, the more expensive it is, although from an investment standpoint, it is just a piece of gold of the same weight and purity. Also, coins from the Moscow Mint (MMD) are valued higher than those from the Saint Petersburg Mint (SPMD) due to a myth that rust spots appear on the St. Petersburg coins. In reality, these spots are particles from the die and are easily removed, for example, with a cleaner like 'Domestos'.
Thus, there is no point in overpaying for a coin from a more recent year or a specific mint. The most rational choice is to buy the cheapest option—the old type 'George the Victorious' (2006-2014) minted by the SPMD.
Another common trick is lowering the buyback price due to 'minor mechanical damage,' i.e., insignificant scratches. Unlike in Western countries, where investment coins are treated as metal and minor defects are ignored, in Russia, dealers can significantly reduce the price.
For example, a coin bought for 73,000 rubles might be bought back for only 64,000 rubles if it has minor scratches, which is a difference of 12.33%. Moreover, the concept of 'minor mechanical damage' is extremely subjective and depends on the specific appraiser.
Since dealers inspect coins so meticulously when buying them back, the investor should be no less careful when purchasing. Don't rush, inspect each coin thoroughly, you can even use a magnifying glass on your phone. If something seems off, ask the seller to replace the coin with another one without defects.
Sometimes dealers offer to sell gold coins in bulk—in sealed mint boxes of 50 or in bank bags of 100. The price per coin for such a purchase is slightly lower than the retail price.
However, such a purchase carries the risk of buying a 'pig in a poke.' Coins in factory packaging are not encapsulated and may have those very mechanical damages or spots. Once you open the packaging, you cannot return them, and upon subsequent sale, the dealer will evaluate each coin individually.
As a result, the discount obtained from the bulk purchase may completely disappear because some of the coins will be graded as having 'minor mechanical damage.' Thus, the benefit of buying in factory boxes or bags is highly questionable. It is better to buy coins individually in capsules, after inspecting each one.
