Bullion refers to precious metals — gold, silver, platinum, or palladium — in bar, ingot, or coin form, valued primarily for their metal content rather than any numismatic or artistic value.
Bullion vs. Numismatic
| Feature | Bullion | Numismatic |
|---|---|---|
| **Value basis** | Metal content | Rarity + condition + metal |
| **Premium** | Low (close to spot) | High (varies widely) |
| **Purpose** | Investment | Collecting + investment |
| **Examples** | American Eagle, Maple Leaf | 1907 Saint-Gaudens, Morgan Dollar |
Common Forms
- Bullion Coins: Legal tender coins (Eagles, Maples, Britannias) valued near their metal content
- Bullion Bars: Refined metal in standardized sizes from accredited refiners
- Bullion Rounds: Coin-shaped pieces from private mints (not legal tender)