Q: Can I get modern U.S. gold coins from any bank?

A: The type of gold coins you’re referring to are what are known as gold “bullion” coins and are issued by the U.S. Mint.  The intent is to provide a way for the Mint to allow people to own gold and, in the process, make some money for the Mint. That is why the actual value of the coin is far above the face value.

For example, the current $5 Gold Eagle bullion coin has 1/10 of an ounce of gold. Assuming that gold is trading at $850 per ounce, the melt value of this coin would be $85.  Yet, you would not see this coin available for purchase at this low price.  Instead, it would have a premium added on top of this melt value (aka “spot price”).

Since bullion coins are not intended for circulation, they are not obtainable from banks.  Rather, you must purchase these coins from dealers or from the U.S. Mint directly.