Bullion
Definition
Bullion is precious metal, usually gold or silver, valued primarily by its weight and purity rather than by any collectible or face value. It comes in the form of coins, bars, and rounds.
Bullion is the most direct way to own physical metal, since its price tracks the metal content closely.
Why it matters
Because bullion is priced near the metal it contains, it carries lower premiums than rare or collectible coins. That makes it straightforward to value: weight times purity times spot price, plus a modest premium. This transparency is why many buyers start with bullion.
In practice
Common bullion products include government coins such as American Eagles and Canadian Maple Leafs, private-mint bars, and generic rounds. Purity is typically stamped on the item, often .999 or .9999 fine. Recognized products from established mints are usually easier to resell.
Common confusion
Bullion differs from numismatic coins. A bullion coin’s worth comes from its metal content, while a numismatic coin’s worth depends on rarity and condition. Some coins straddle both categories, but for most buyers the distinction comes down to whether you are paying for metal or for collectibility.