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Message:: [QUOTE="Dymaxion22, post: 50147, member: 964"]I think GDJ's point about the distinction between metal value and numismatic value is key here.  While there may be "two ways to win," remember that there are also, then, two ways to lose.  You are simply investing/speculating with two variables to consider rather than one.  Any approach here that fits in with your preferences, style, and risk tolerance is of course just fine, but as GDJ's email makes clear, be careful not to think of the numismatic side of the issue only as a potential "adder" to any gain or loss you see on the metal value -- it is also a potential "subtractor" in its own right, even if the price of gold keeps rising. I also buy gold as an investment/speculation/inflation hedge, which you indicated was your goal, but my own style dictates that I keep things (relatively) simple by sticking with recent bullion coins -- I simply do not have the knowledge or insight necessary to make me comfortable putting money on how collectors will be treating collectible gold coins down the road. In my opinion, all advice on these matters gets more hazy as you merge the collector in you with the investor/speculator in you.  If buying older gold coins scratches the collector's itch in you, then hard rules about investing -- even those you establish yourself and apply in other areas of investment -- become somewhat less relevant. Dymaxion[/QUOTE]