Precious metals like gold and silver are rarely used in their purest form for coins and bars. Instead, they’re refined to specific purity levels, often expressed as a decimal (e.g., .999) or as a percentage. Understanding these purities helps investors and collectors assess both value and quality.

One Nine Fine (.90%)

  • Also called: Junk silver or 90% silver
  • Composition: 90% precious metal, 10% alloy (usually copper)
  • Common in: Older circulating coins and some historical bullion
  • Examples:
    • U.S. pre-1965 dimes, quarters, and half dollars (junk/constitutional silver)
    • Some Latin American silver coins
    • Classic gold coins like the U.S. $10 Eagle and $20 Double Eagle

Why it matters: These coins were meant for everyday use, so a small amount of alloy was added to make them more durable.

Three Nines Fine (.999 or 99.9%)

  • Also called: Bullion grade purity
  • Composition: 99.9% pure metal
  • Common in: Modern investment-grade bullion
  • Examples:
    • Silver Eagles (U.S.)
    • Canadian Silver Maple Leafs (older editions)
    • Generic silver rounds and bars
    • Many gold bars and coins (e.g., Krugerrands)

Why it matters: This is the standard purity for most investment-grade bullion, balancing high purity with ease of production.

Four Nines Fine (.9999 or 99.99%)

  • Also called: Ultra-fine bullion
  • Composition: 99.99% pure metal
  • Common in: Premium coins and bars
  • Examples:
    • Canadian Gold and Silver Maple Leafs (modern issues)
    • Perth Mint Kangaroos
    • Royal Mint Britannias (recent years)
    • Gold bars from PAMP Suisse and the Royal Canadian Mint

Why it matters: Four nines purity is often marketed as a higher-quality or more “refined” product, though the investment value difference is usually minimal.

Five Nines Fine (.99999 or 99.999%)

  • Also called: Ultra-high purity
  • Composition: 99.999% pure metal
  • Common in: Very limited-edition coins, mostly for collectors
  • Examples:
    • Select Royal Canadian Mint issues (Gold Maple Leaf .99999 editions)
    • Special commemorative coins

Why it matters: This is considered the purest form of refined precious metal, often produced in extremely small batches for collectors, not for regular investing or stacking.