Bullion

Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the Anglo-Norman term for a melting-house where metal was refined, and earlier from Frenchbouillon, "boiling". Although precious metal bullion is no longer used to make coins for general circulation, it continues to be held as an investment with a reputation for stability in periods of economic uncertainty. To assess the purity of gold bullion, the centuries-old technique of fire assay is still employed, together with modern spectroscopic instrumentation, to accurately determine its quality.

Bullion coins are contemporary precious metal coins minted by official agencies for investment purposes. Some bullion coins have been used as currency throughout the 20th century, such as the Maria Theresa thaler and the Krugerrand. Modern bullion coins generally do not enter common circulation despite having legal tender status and nominal face value. Some modern bullion coins are produced as business strike and collectible proof and uncirculated versions, such as the American Silver Eagle and American Gold Eagle coins. Private mint strikes, called bullion rounds, bullion wafers or bullion bars are typically sold at prices slightly above the underlying prevailing precious metals spot price commensurate with their precious metal content, whereas collectible versions are sold at a significant premium over their precious metal bullion melt value. In some cases, the grade and mintages of privately struck rounds, bars or wafers can affect their value as a collectible too, they can at times be considered collectible numismatic pieces rather than bullion items.