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Intrinsic Value

In numismatics, Intrinsic Value or 'melt value' is the term used when referring to the value of a coin. For example, a 1 oz gold coin would take its intrinsic value from the amount of precious metal it contains based on current spot price. If the price per ounce of gold is £1,000 and the coin contains exactly one troy ounce of fine gold, then its intrinsic value is £1,000 regardless of its face value. When a coin's intrinsic value is greater than its face value it's likely to be taken out of circulation.