Fineness
Fineness is the purity of a precious metal item, expressed as parts per thousand. A 1 oz Gold Maple Leaf at .9999 fineness is 99.99% pure gold. Investment-grade gold for VAT exemption in the EU must be ≥99.5% fine (995/1000). Common levels: .999, .9999, .99999.
Modern bullion is typically struck at .999 (three-nine) or .9999 (four-nine) fineness. The Royal Canadian Mint and the Austrian Mint mint at .9999 for both gold and silver. The American Gold Eagle is an exception: it is 22-karat (.9167) because alloyed with copper for hardness — its total gold content is still 1 oz, the coin is just heavier overall.
Higher fineness does not automatically mean a better investment — the spot price you pay is for the pure-gold content. But a .9999 coin is sometimes preferred by industrial buyers and by jurisdictions where VAT exemption requires ≥99.5% purity.
Related terms
LBMA Good Delivery is the international quality standard maintained by the London Bullion Market Association. A refiner on the LBMA Good Delivery List has proven its bars meet strict purity (≥99.5% gold, ≥99.9% silver), weight, dimensions, and assay accuracy — making the bars universally accepted by major dealers.
A sovereign coin is a bullion coin issued by a national government with legal-tender status and a face value. Examples: American Eagle, Canadian Maple Leaf, British Britannia, Austrian Philharmonic, South African Krugerrand. Sovereign coins are universally recognized and easier to resell than private bars.
Investment-grade gold is the legal category of gold bullion that qualifies for VAT exemption in the EU: bars and coins of ≥99.5% purity (gold) or ≥99.9% (specific silver products), in standard weights, minted after 1800. The category is defined by EU Directive 2006/112/EC, Article 346.