On May 26, 2026, the Monnaie de Paris, an institution with a rich history dating back to 1775, unveiled its latest offering: four new Marianne-Or gold bullion coins. These coins, made of 999 thousandths pure gold, range in weight from one ounce (valued at approximately 4,000 euros) to a tenth of an ounce (400 euros). This initiative marks a significant return to the tradition of gold coinage, reminiscent of the historic Louis d’Or.
The Dual Nature of Marianne-Or: Physical and Digital
What sets the Marianne-Or apart is its innovative dual availability. Investors can acquire these coins physically, or opt for an ‘e-Marianne Or’ – a digital representation recorded in the Monnaie de Paris’s accounts without physical minting. This hybrid approach directly challenges the existing gold investment landscape, particularly gold Exchange Traded Funds (ETFs).
Jean-François Faure, founder of Au Coffre, emphasizes the international recognition of these bullion coins, stating they are “a type of coin recognized internationally because they refer to the ounce.” This global acceptance, combined with the option for digital ownership, presents a compelling alternative to traditional gold investments.
Convenience vs. Cost: The ETF Challenge
Gold-replicating funds (ETFs and ETCs) have long offered investors an easy way to gain exposure to gold’s performance, which saw a more than 60% increase in 2025. These financial products, managed by giants like Blackrock, Amundi, and Vanguard, are readily accessible through brokerage accounts.
While ETFs offer simplicity in conservation and quick resale, they lack the tangibility of physical gold. Investors cannot physically hold their gold or transfer it to a third party. The Marianne-Or, however, bridges this gap. An e-Marianne Or holder can choose to have their digital coin minted at any time, for a commission of 4% to 12% of the object’s value and a 10-euro delivery fee. Faure notes that this is “quite within the norm for other modern coins.”
Fees and Taxation: The Deciding Factors
Despite the Marianne-Or’s practical advantages, it faces a significant hurdle in terms of fees. Transaction fees for gold ETFs are typically below 0.5%, excluding variable bank commissions. In contrast, purchasing the new French coin online incurs a 3% fee, and reselling it directly to the Monnaie de Paris carries a 1.3% fee. Annually, e-Marianne holders will pay a 0.5% fee, compared to 0.1% to 0.3% for most ETFs.
Taxation is another critical consideration, particularly in France. Investment gold coins minted after 1800 are subject to two distinct tax regimes upon resale:
- A precious metals tax of 11.5% of the coin’s value.
- A capital gains tax of 36.2% on the real capital gain, with a 5% annual reduction after three years of ownership. After 22 years, a holder can sell tax-free, provided they have the original purchase invoice.
For ETFs, taxes depend on the account type. Capital gains from ETFs held in a securities account are subject to a flat-rate levy of 31.4%. However, certain life insurance policies that include gold-backed funds offer significant tax advantages. After eight years, it’s possible to withdraw 4,600 euros annually in capital gains (9,200 euros for a couple) tax-free. This offers a compelling alternative for those unwilling to wait 22 years for tax exemption.
Strategic Implications for Investors
The introduction of the Marianne-Or represents a strategic move by the Monnaie de Paris to cater to a broader range of investors, offering a blend of traditional gold ownership with modern digital convenience. However, the higher fees and complex tax structure compared to some ETF options mean investors must carefully weigh their priorities.
For those who value the physical aspect of gold and the option to convert digital holdings into tangible assets, the Marianne-Or presents a unique proposition. For others, particularly those focused on cost-efficiency and straightforward tax implications, ETFs might remain the preferred choice, especially when integrated into tax-advantaged vehicles like life insurance policies.
The market will soon reveal whether the Monnaie de Paris’s innovative approach can truly disrupt the gold investment landscape and attract a significant portion of investors currently opting for ETFs.
