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In the descriptions on some of the gold coins on the site, the acronym “AGW” is used. AGW stands for Actual Gold Weight, and refers to the actual weight of the pure gold in a gold coin. The measurement does not include the weight of the other metals alloyed with the gold. AGW is measured in troy ounces, which is the standard unit of mass in the precious metals and investment industry for metals like gold and silver. A troy ounce is equal to 31.103 grams.

This half ounce gold coin has an AGW of 0.5000oz. If the gold price is $2,845, the scrap value of this coin is $1,422.50.

To calculate the value of the gold in a gold coin where you know the AGW, simply multiple the AGW by the price of an ounce of gold. For example, as of the 22nd June 2023, one ounce of gold is $2,845 Australian dollars or £1,513. The AGW of a sovereign is 0.2354oz. Therefore, the “scrap” value of a gold sovereign is $670 or £536. The AGW of a Krugerrand is 1oz, so its scrap value is $2,845 or £1,513.

This sovereign has an AGW of 0.2354oz. If the gold price is $2,845, the scrap value of this coin is $669.71.

As an aside, in coins that are not pure gold, like Krugerrands and sovereigns, the non-gold metals alloyed with the gold are given away for free, as their values are usually very low. For example, the silver in a Sydney Mint sovereign is worth about $0.70 (£0.37). The copper in a standard sovereign is worth even less.