Among coin dealers, the phrase "common gold" generally refers to coins that have the lowest premium, which is often stated as a percentage over melt value. In my opinion, there is nothing common about gold. Since ancient times, gold has been the most universally valued substance on earth. And when used to produce United States coins, the value of this metal is greatly enhanced.

The first Double Eagle I ever bought was an 1868-S in choice AU grade. My cost was $43. I was hoping to pick it off for double face value, but the crotchety old dealer wouldn’t budge. His reluctance to negotiate might have been because he didn’t think a boy my age really had that much money in his pocket. At the time I purchased my first Double Eagle, I could have gotten a beautiful 1909-S VDB cent for the same price or, if I wasn’t overly concerned about the grade and could live without the 1913, I could have filled an entire Whitman album with Liberty Nickels.

Contrary to what many believe, collecting gold coins is not reserved for the rich. As of this writing, several types of United States gold coins are available for slightly over $100 each.

Owning gold is a special experience that every coin collector should attempt to enjoy. Compared to the cost of other things, like automobiles or a round of golf, many United States gold coins seem like incredible bargains. Gold coins are one of the most easily-sold numismatic investments. I find it amazing that century-old gold coins minted in the United States are still available to collectors for such a small percentage over the value of the metal they contain. After having well over a million gold coins pass through my hands, I still consider each of them important and special. Gold is gold and there is no substitute.

James Halperin is co-chairman of Heritage Rare Coin Galleries and Heritage Numismatic Auctions, of Dallas, Texas, the world's largest rare coin dealer and auctioneer. Jim has been one of the top coin traders in the world for the past 25 years. He is also the author of two best-selling futurism novels, The Truth Machine and The First Immortal. Send your coin questions for James Halperin to [email protected] or visit his Web Site.