Last Updated on November 14, 2023 by Ben
The Austrian Philharmonic Gold Coin is a coin that is often called the “Vienna Philharmonic Coin,” and it is the best known, most widely available European gold coin. Austrian Philharmonic coins fulfill the purity requirements for bullion investing in an IRA as set forth by the IRS. It comes with an attractive design that is recognized around the world for its beauty and quality.
History, Development, and Introduction
Austrian Philharmonic Gold Bullion coins are a continuity of centuries worth of tradition in the production and appreciation for precious metals. The Austrian Mint has been producing coinage since 1194, making it one of the world’s oldest minting institutions, so you know that these high-quality bullions will be well made and stand out among its peers with their impeccable attention to detail.
The Austrian Mint was originally founded during the Holy Crusades. King Richard I, who is nicknamed “the Lionhearted,” was held hostage by the Austrian Duke Babenburg. The king was eventually ransomed for 100,000 silver coins (roughly half of which was used to found the Austrian Mint).
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Austrian Philharmonic coins are introduced in 1989, with the backing of the Central Bank of Austria. Even though this Austrian Philharmonic coin has maintained wide appeal since its introduction, it has been the best-seller three times (1992, 1995, and 1996) and is consistently rated as one of Europe’s most sought-after coins.
From its start to the end of 2001, the Vienna Philharmonic coins were first released as legal tender and had a face value in Austrian Shillings. In 2002, the face value was listed in euros. This change came with the creation of the European Union.
Austrian Philharmonic Physical Characteristics
With their unique nickname and design, the Philharmonic coins are a tribute to the historical role that Vienna has played in classical music.
The front of this coin shows the Great Organ in the Golden Hall of Vienna’s Musikverein. That is where the Vienna Philharmonic Orchestra plays music.The word REPUBLIK OSTERREICH is printed above the Musikverein. Below the organ, you will find other information about this coin: its weight and fineness, as well as its face value and year minted. On the 2008 1-oz gold coin, it would read 1 UNZE GOLD 999.9, 2008, 100 EURO.The reverse side of the Philharmonic coins shows pictures of instruments that are used in music. They represent the Vienna Philharmonic Orchestra which is a famous group. The words WIENER PHILHARMONIKER go along the top.
The instruments portrayed are:
- 1 cello
- Four violins
- 1 Vienna horn
- One bassoon
- One harp
The illustration on both sides of the Philharmonic gold coin is by Thomas Pesendorfer. They were designed in 1989.
All Vienna Philharmonic coins have a 99.99% gold composition.
All Vienna Philharmonic coins use a 99.99% gold composition (pure gold). Unlike some other gold bullion, Philharmonics do not have any metal added to them to make them stronger or last longer. These coins are among the purest gold coins in the world.
The 1 oz version of the Austrian Philharmonic coin boasts having the largest diameter out of any bullion coins in operation.
Austrian coins are made at the company Austrian Mint AG. They are part of the Austrian National Bank. The Mint guarantees the weight, purity, and listed face value of coins.
The weight denominations at the Mint of Finland are available in four different sizes: 1 troy oz. with a face value of €100, ½ troy ounce worth €50, ¼ troy ounces valued at €25, and a tenth-ounce worth €10.
The images on the back and front of Vienna Philharmonics are the same for all weights.
Vienna Philharmonic Pricing
The Vienna Philharmonic gold bullion is legal tender in the European Union. The face value of each weight denomination states how much a coin is worth. This value, however, has little bearing on how much it actually costs because Austrian Philharmonic coins are almost always priced and sold according to their intrinsic values – that is determined largely by the price of gold in markets around Europe.
This means the market price of these coins is a reflection of their value when used in an investment portfolio. When sold, typically, there’s a premium added to account for coinage and distribution costs.
The gold price changes every day. Some newspapers will list the price each day. It is easy to track how much Austrian Philharmonic gold bullion you are investing in this way.
How to Buy the Cheapest Austria Gold Philharmonics
Some people might think that they should just go with the metal dealer nearest them when it comes to gold purchasing. But if you’re looking for Austria Gold Philharmonics and want a good deal on bullion, there are some things to consider first.
You can find an up-to-the-minute list of reputable dealers who have low prices on their site.
Find an online bullion dealer that helps find the best prices on all Austria Gold Philharmonics. This company updates its site hourly to reflect any changes in the gold spot price. With this platform, you can compare and contrast different pieces of Austrian currency without wasting time or energy by going from one vendor’s website to another.
Investing in Austrian Philharmonic Bullion Coins Through an IRA
These coins make a great choice for investors for a lot of reasons. These coins are:
- Among the highest purity, most beautiful coins in the world
- Unique in being the only gold investment available to be minted with Euros as its face value
- A byproduct of the Austrian Mint
The Internal Revenue Service allows you to put gold, silver, platinum, and palladium bullion in your IRA. You can put these in a self-directed IRA called precious metal IRA, and you can invest only in IRS-approved bullion – like Austrian Philharmonic gold coins.
Any investment bullion that the IRS has approved must meet certain requirements. For example, it must be made of a minimum amount of silver or gold, and you have to have $5,000 to establish a precious metals IRA. If you want to buy more things, they must cost at least $1,000. Those with an IRA have the option to transfer or rollover money from another account into a precious metals IRA.
Investment bullion will have to be stored in a place approved by the IRS. These places are responsible for looking after and securing your metal, like gold or silver.
Austrian Philharmonic gold bullion coins are now available to buy directly from the Austrian Mint through their official website. For international customers, there may be extra fees as they pass through customs, but this is a good way for collectors and investors around the world to get hold of them. Investors can also purchase from dealers around the world like APMEX for a reasonable price.
The gold Philharmonic is an excellent investment. The unique design alone makes it worth the price, and being legal tender, whose weight and purity are guaranteed by the Austrian government, means that you can trust these coins.
The Austrian Gold Philharmonic is a worthy addition to any collection, and it’s important for collectors like you to be aware of the risks that may come with investing in one.