Gold Coins vs. Silver Coins: Which Has Accumulated More Value Since 2020?

Although gold and silver prices have retreated from the all-time highs they set in early 2026, they’re still up substantially since the beginning of the decade.

If you had invested in gold and silver coins back in 2020 and held on to those investments, you’ve probably made a tidy profit. But which type of coin has accumulated more value?

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Keep reading to find out which one may be worth more of your money.

What Drives Gold and Silver Coin Values

Physical gold and silver values are mainly driven by economic and geopolitical forces that impact spot prices on international exchanges. But a lot more is at play when it comes to coin values.

Beyond a metal’s spot price, here are some other factors to consider when gauging the price of a gold or silver coin, according to the U.S. Money Reserve.

• Type: Coins come in different types such as bullion, certified, proof, and uncirculated. A bullion coin’s value is largely determined by its weight and the current gold or silver market price. By contrast, a coin’s condition and availability play bigger roles in the value of proof and certified versions.

• Size: As a general rule, the bigger the coin, the higher its value. But that’s not always the case if a coin is rare or in heavy demand.

• Grade: For gold and silver coins that have been professionally graded, the higher the grade the higher its value.

• Metal content: Some coins include pure gold or silver, meaning they don’t include any other metals such as copper, nickel or zinc. These are much more valuable than “clad” coins that do contain other metals.

Current Gold and Silver Prices

On the commodities market, gold and silver coins are typically priced according to their melt values. This differs from the collector’s market, which factors in rarity, condition, historical significance, and market demand.

As of Oct. 4, these were the melt values of gold and silver coins, according to Numismatic Guaranty Company (NSC):

If you’re not familiar with the above terms, here’s a primer from Pinehurst Coins:

• Bid price: This is the highest price a buyer is “willing to pay” for an ounce of metal. You typically receive the bid price when you sell to a dealer, which is “slightly below the spot price.” The spot price is simply the current market price for one troy ounce.

• Ask price: This is the lowest price a seller is “willing to accept” for an ounce of metal. When you buy precious metals from a dealer, you usually pay the ask price, which includes a “premium above” the spot price.

Which Has Accumulated More Value Since 2020?

Comparing the accumulated value of gold and silver coins over the years is difficult because different coins fetch different prices based on factors beyond melt value. But you can compare the spot prices of each metal, which influences the coin prices.

If you’re talking strictly dollars, gold has accumulated more value simply because it’s worth a lot more per ounce than silver. But from a percentage standpoint, silver is the winner.

Here’s a look spot gold prices since 2020, according to data from Money Metals and JM Bullion:

• January 2020: $1,520.55 per ounce

• January 2021: $1,946.60

• January 2022: $1,800.10

• January 2023: $1,824.16

• January 2024: $2,063.73

• January 2025: $2,624.50

• January 2026: $4,318.18

• October 2026: $4,154.30

Here’s how spot silver prices have trended, according to data from Macrotrends (January prices were not accessible for 2022 and 2025):

• January 2020: $18.01 per ounce

• January 2021: $26.91

• February 2022: $24.37

• January 2023: $23.68

• January 2024: $22.94

• February 2025: $31.23

• January 2026: $113.95

• October 2026: $60.39

As the above figures show, the price of silver has climbed by 235% since January 2020, while gold has risen 173%.

However, if you bought an ounce of gold in January 2020, your dollar profit would be about $2,634. You would have needed to buy about 65 ounces of silver in January 2020 to get a similar dollar profit.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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