Bullion is the most common way of buying the physical form of precious metals like gold or silver. Bullion is valued based on the mass and purity of the metal, not on the collectible, or numismatic, value.
Most bullion is in bar (i.e., ingot), coin, or round form. It is typically stamped with its weight and hallmark, which states its purity.
Most bullion has a hallmark of 0.999 fine.
Other coins are traded as bullion because they have an accepted precious metal content and can be traded with confidence – for example, 90% silver US coins or British gold sovereigns.
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