Today, opinions still differ concerning the actual meaning of the subjects and figures depicted on gold bracteates. There are basically two opposing views: one assumes that they are representations of gods and deities, while the other assumes that they more likely display humans. Moreover, several different positions are visible within both opinions. There is not enough space here to introduce them all, so a very brief overview will have to suffice.
The interpretation as images of gods is the older one. It considers the bracteates to be successors to Roman coins, which also depict gods and deities on their reverses. Analysing the so-called ‘three gods bracteates’ (family B 1; families), Karl Hauck succeeded in 1970 (Goldbrakteaten aus Sievern. Munich) to establish that the central image was probably a depiction of Loki killing Balder, son of Woden, and Woden himself as third person. In his many other works on bracteates, Hauck developed ‘context iconography’ as an interdisciplinary method for interpreting bracteate images, which have since been understood as core symbols of the pre-Christian, polytheistic religion of the North. This method includes bracteates of all types and is therefore the most comprehensive approach to date. According to Hauck's main interpretation, the bracteates as a whole convey a message that promises healing and regeneration.
The interpretation as humans has been put forward from different scholars. However, it usually only applies to the C-bracteates. Here, the focus is mainly on the depiction of rulers, or the representation of a sacrificial act. The latest consideration, based on IK 738 Vindelev with its runic inscription, suggest a retainer of Odin (Imer, Lisbeth/Vasshus, Krister: Lost in transition. The runic bracteates from the Vindelev hoard. In: Novele 76, 2023, 60–99), but this is controversial for linguistic and iconographic reasons.
At least, there is much support for the general thesis that the small round pendants with their standardised images must be amulets. This means that all bracteates are to be understood as lucky jewelleries, that grant protection and ward off evil.