Gold nuggets are some of the most sought-after pieces of gold, and often sell for quite a lot more than their gold scrap value. For many prospectors, finding a gold nugget is the ultimate outcome of a prospecting session.
So, how rare are gold nuggets? Gold nuggets are very rare, and it’s estimated that only around 2% of all gold retrieved today is in the form of gold nuggets. The two main reasons are that most gold nuggets were melted down before the ’90s and that gold regardless of its form is really rare. The rarest gold nuggets are crystalline nuggets.
In this article you will learn:
- Which types of gold nuggets are the rarest
- The REAL reasons why gold nuggets are so rare (There are several)
- Where and how to find them
Table of Contents
Gold Nugget Types Listed By Rarity
Although gold nuggets are rare regardless of their shape, some are rarer than others. For instance, crystalline gold and quartz gold specimens with a significant amount of gold are rare. On the other side of the spectrum we have round and smooth placer nuggets, which are the least rare of all gold nuggets.
Size and weight are two other aspects that also reflect the rarity of a piece. Bigger gold pieces, regardless of their form, are rarer than small pieces and will obviously command a higher price.
Below I have made an attempt at listing some of the most commonly mentioned gold nugget types by rarity.
- Round, Smooth Placer Nuggets (Most common)
- Crystalline Gold
- Gold in Quartz Specimens
- Gold Nugget Crystals (Least common)
Do remember that the above list isn’t based on any particular source, but more on what I’ve seen and heard throughout the years I’ve been active. Nevertheless, I think it at least manages to provide a reasonably accurate overview.
Below you find more information about each type of gold nugget, including how much they tend to sell for.
Round, Smooth Nuggets (Placer Gold Nuggets)
The round and smooth gold nuggets are those that most people are somewhat familiar with. This is quite logical, considering that they are the most common gold nuggets you can find. In addition, their appearance also provides clues about their origin.
In simple terms, gold nuggets that lately have broken loose from the main lode are not round and polished but have much sharper edges. As soon as the gold is picked up by a river or stream, it will tumble against the gravels and sands, which will eventually break down the pointy edges and create the smooth surface we are used to.
The value of round placer gold nuggets is mostly based on size and weight, provided that it’s reasonably pure. Although prices vary greatly, below are some general guidelines as to what they can be worth:
| Size | Premium on top of Gold Spot Price |
| Up to 0,5 Oz | 0-40% Premium |
| 0,5 to 1 Oz | 50 – 80% |
| Above 1 ounce | 100% + |
Crystalline Gold Nuggets
Crystalline gold nuggets are the rarest form of natural gold and will command a high price among collectors.
Crystalline gold is gold that has just got released from the host rock, and that hasn’t yet been exposed to the elements. This creates the rough, pointy and crystallized surface that’s so attractive among collectors.
As to the price, each nugget has to be examined separately. The rarer and bigger the nugget, the higher the price.
With that said, crystalline gold regularly sell for twice the gold spot price. In some cases it’s not uncommon to see them go for 4 times the spot price or even more!
Gold Nugget Crystals (Crystallized Gold)
This is the absolutely rarest type of gold nugget and often falls under the crystalline gold nugget category.
So, what’s the difference between gold nugget crystals and crystalline gold?
Well, in simple terms you could say that gold nuggets crystals have much more prominent crystallized features, and often include several types of crystallization. This makes them rarer and more valuable, even if the distinction between the two types is often neglected.
The number of crystal types that can form are numerous, and since different crystal forms can show up in the same gold nugget, the total number of variations are endless!
Gold In Quartz Specimen
Crystalline gold forms inside open voids, where its growth is not hindered by the surrounding rock. Often times, these cavities are filled with quartz later on, which encloses the gold and acts as a protective layer against the elements.
Gold in quartz specimens are quite rare, and can often be sold for a quite large premium. Pieces that are made up mostly of quartz are sometimes valued as if they were entirely made up of gold.
Understanding Why Gold Nuggets Are So Rare: Top 6 Reasons!
There are many reasons behind the scarcity of gold nuggets beyond the most obvious ones. As a matter of fact, gold nuggets are becoming increasingly rare. The old times when a prospector could find a nice spot and capture numerous nuggets just with a simple gold pan are mostly gone.
Let’s dive right into the explanation!
Gold Is Rare!
This doesn’t need much explanation, but here are two facts that put it all into perspective:
- The concentration of gold in the earth’s crust is 0.0005 parts per million, which makes it one of the ten rarest elements.
- All gold recovered since the dawn of man would fit into a 70×70 feet big cube.
The Easiest Gold Has Already Been Found
The numerous gold rushes that took place in the 19th and 20th centuries took advantage of the fact that very little prospecting had been done up until then. Gold was more prevalent than it is today, which meant that it was easier to find. Gold nuggets, for instance, were much more common than they are today.
When you think about it, it’s quite logical that the big easy gold was taken first. It’s not only that it’s easier to find and pays more, but the methods used back then were not as refined as they are today. This in itself made fine gold recovery a less profitable and viable alternative.
This is also partly the reason why prospectors today can profitably work the old tailings left by old-timers.
Nearly All Nuggets Have Been Melted
Man’s predilection for gold nuggets is a quite new occurrence, at least at the scale that we see it today. Collectors are looking for rare nuggets to add to their collections, which drives up prices. Indeed, few prospectors would melt a nugget if they found one, but instead market and sell it to a collector.
However, not that long ago this was seldom the case. Nearly all gold nuggets that have been found historically, ranging from the finds made by the old Aztecs to the US and Australian gold rushes of the 19th century, were melted down. It wasn’t until the 20th century that gold nuggets and natural gold received the attention of collectors and prospectors, which in turn lead to increasing value and attractiveness.
For instance, the biggest gold nugget found in the world, the welcome stranger nugget, was hammered into pieces to be melted shortly after discovery. Quite insane by our standards, isn’t it!
Big Mining Companies Continue to Smelt Nuggets
Although most gold mining companies specialize in hard rock mining which doesn’t produce gold nuggets, those that mine placer gold seldom take the time to sort out gold nuggets and sell them.
To take advantage of the premium that gold nuggets will command, they would have to market each nugget separately. As you might suspect, this would draw attention from their main activity, meaning that their time could be spent better getting more gold out of the gound. Besides, selling gold nuggets takes much longer time than just selling it all to a refinery. Liquidity certainly is an important aspect to consider when you’re running a business!
Erosion
As pieces of gold get hammered by gravels and rocks in a river, bits will start to chip off. In other words, many nuggets are turned into fine gold or gold flakes if enough time is allowed to pass.
Need Stable Geological Conditions to Form
For gold nuggets to form there needs to be stable geological conditions. In short, gold forms as hot acidic solutions containing dissolved gold move up through the earth’s crust and then materialize in cracks and fissures. Only occasionally is the process stable enough to give the gold enough time to grow into nuggets.
Can You Still Find Gold Nuggets?
Yes, gold nuggets can still be found in the US. And although the lion’s share of the easily accessible gold was dug up by the old-timers, there is still loads left out there to get. In addition, you mustn’t forget that the modern world has invented tools that the old-timers couldn’t even dream of, and that opens up new, previously inaccessible land for prospecting.
The perhaps most notable invention and widely adopted prospecting tool is the metal detector. With its help, you can discover gold nuggets at new places where the old-timers didn’t care to look. For example, the so-called “hillside placers”, where gold has broken loose from the lode but not yet made it into a river were seldom discovered and worked by old-timers, since they were so hard to find. Although they aren’t easy to find today either, a metal detector makes a great difference.
My complete guide to electronic prospecting covers how to find gold nuggets with a metal detector.
Best States for Finding Gold Nuggets
In the same way that all states don’t have much gold for you to find, not all gold states have gold nuggets. Quite on the contrary, most gold comes as tiny placer gold and gold dust.
Here are four of the best states for finding gold nuggets!
- Arizona
- Nevada
- Oregon
- California
Australia
If you have been prospecting for any longer period of time, you are unlikely to have escaped the fact that a lot of big nuggets come from Australia. Some of the biggest nuggets found come from Australia, and the Western part of the country has proven especially productive.
Conclusion
Gold nuggets are really rare. As a matter of fact, at the moment only 2% of all gold dug by miners and hobby prospectors come in the form of gold nuggets. The rest is made up of finer gold and gold dust, which is especially true for bigger mining operations that often specialize in hard rock mining.
There are two main reasons why gold nuggets are so rare. To begin with, nearly all gold found in the past has been melted down to create gold bullion or jewelry. Secondly, gold prospectors in the past focused mostly on the easiest gold, which included large gold pieces such as gold nuggets. And as the found gold nuggets were melted down, they haven’t survived to our days.
Happy prospecting!