Spot Price

Spot price is the current market price for immediate delivery of one troy ounce of a metal such as gold, silver, platinum, or palladium. It comes from active trading markets and moves continuously while those markets are open.

Spot is a reference point, not a retail price. No dealer buys or sells physical coins at spot, because a finished coin has to be minted, distributed, insured, and stocked. The difference between spot and the actual transaction price is the premium, and it exists on both the buy and the sell side.

Spot applies to metal content, so it is quoted per troy ounce of pure metal rather than per coin. A one-ounce American Gold Eagle contains a full troy ounce of gold even though the coin weighs more than an ounce gross, because it is alloyed with silver and copper. A Morgan or Peace dollar contains less than a full ounce of silver, so its metal value is a fraction of spot. Working out what a coin holds in pure metal is the first step in relating it to the spot quote.

For older or collectible US coins, spot sets a floor rather than a value. A specialist can walk you through how spot applies to what you are buying or selling.