This document analyzes noise figure limits for circular loop MR coils. It finds that as loop size decreases, coil noise increases relative to sample noise and can dominate SNR. Coil noise figure (NFcoil) is determined from the ratio of unloaded to loaded coil quality factors (Q). NFcoil values are provided for different field strengths. Small loops have better SNR for nearby regions but larger arrays have more noise. The limits to SNR gains from small arrays are determined by analyzing losses from conductors, capacitors, connections, eddy currents and samples. NFcoil enables optimizing coil/array design for SNR.