We buy half-ounce uncirculated American Gold Eagles

The half-ounce Eagle occupies a useful middle ground: enough metal to matter, small enough to sell a piece of a position without breaking up a full ounce. Investors have treated it that way for four decades, which is why so many of them turn up in South Florida estates.

Uncirculated is where it gets interesting. The burnished W-mint issues are struck differently from ordinary bullion and produced in far smaller numbers, so they carry a collector premium that has nothing to do with the gold price. Original mint packaging and the certificate of authenticity add to it — keep them together if you still have them.

Condition decides the rest. A coin that has been handled, cleaned or rattled loose in a drawer grades below one that stayed in its capsule, and we will show you the difference under magnification rather than simply quoting a lower number. If the rest of the album came with it, our coin desk goes through it date by date.