With high energy photon activation analysis (PAA) a more suitable technique than thermal neutron activation analysis (NAA) is available for the non-destructive analysis of gold coins. Eight gold coins, four silver coins and a Sassanian silver vase were analyzed by PAA for their main constituents (Au, Ag, Cu). The irradiations were performed with the linear electron accelerator of the Bundesanstalt für Materialprüfung in Berlin. High-resolution gamma spectroscopy was used for the analyses. The gamma ray spectra were measured with 43 cm³ Ge(Li) detector connected to a 4096 channel pulse-height analyzer. The obtained data were processed with a 16 K-computer. One set of coins had been analyzed by 14 MeV NAA with a neutron generator. The PAA values are in satisfactory agreement with these.