Definition

• Bullion Coin.  A numismatic item issued not for monetary purposes but for its metal content. Bullion coins have been struck in precious metals of silver, gold, platinum, palladium and, in a sense, are coined ingots (struck from coining dies on coining presses). Bullion coins always bear a denomination (they would be bullion medals if they do not) but are not intended to circulate at that denomination. They may be legal tender in the country of their issue; as such they are classed as non circulating legal tender. In fact, however, the denomination is always at a substantial discount from its precious metal value.
  The fineness (purity) and weight of bullion coins are usually identified on the item; as .999 fine (.9167 for U.S. gold eagles) and they usually weigh an exact ounce, an exact fraction of an ounce, or an exact multiple of an ounce for ease of quick valuation. Bullion coins sell near the spot price for their metal on the day of transaction, thus fluctuate in value constantly. Since the purity is guaranteed by the issuer no refinery charge or assaying cost is necessary at any transaction as it would be with normal ingots.
  The classic bullion coin is the Maria Theresa Thaler of 1780.
  Reference:                                                                                                                                  
  N22 {1975) Coin World Almanac, Chapter 15 in later editions.
   

  excerpted with permission from

  An Encyclopedia of Coin and Medal Technology

  For Artists, Makers, Collectors and Curators

  COMPILED AND WRITTEN BY D. WAYNE JOHNSON

  Roger W. Burdette, Editor

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