Abstract It is suggested that there may be several effects contributing to the special catalytic properties of supported nanosized gold particles, and that it is useful to order them in a hierarchy. The most important effect is related to the availability of many low-coordinated gold atoms on the small particles. Effects related to the interaction with the support may also contribute, but to a considerably smaller extent. We base the analysis on a new set of experimental results comparing the CO oxidation rates over gold supported on different reducible and nonreducible oxides, on an analysis of a large number of published activity data, and on an analysis of density-functional calculations of the effect of metal coordination numbers in comparison to the role of charge transfer, layer thickness, and interactions with the support.