A bullion coin (also known as a Specie) is a coin struck from highly refined precious metal (bullion) and kept as a store of value or an investment rather than used in day-to-day commerce.[1] A bullion coin is distinguished by its weight (or mass) and fineness on the coin. Unlike rounds, bullion coins are minted by government mints and have a legal tender face value. Bullion coins can have fineness ranging from 91.9% (22 karat) to 99.99% purity (24 karat).

For the VAT exemption purposes the United Kingdom defines investment coins more specifically as coins that have been minted after 1800, have a purity of not less than 900 thousandths and are, or have been, legal tender in their country of origin.[2] Under United States law, "coins" that fail the last of these requirements are not coins at all,[3] and must be advertised as "rounds" instead.

Bullion coins may sell for a premium over the market price of the metal on the commodities exchanges. Reasons include their comparative small size and the costs associated with manufacture, storage and distribution. The amount of the premium varies depending on the coin's type and weight and the precious metal. The premium also is affected by prevailing demand. Depending on a number of factors, numismatic value may also have a direct influence on the price of a bullion coin.

The American Eagle and Canadian Maple Leaf series are the only coins available in gold, silver, platinum, and palladium.[4][5]


Notable examples of Bullion coins include:

See also


  1. ^ "Investing in Bullion and Bullion Coins". Consumer Information – US FTC. U.S. Federal Trade Commission. May 2011. Archived from the original on 9 March 2016. Retrieved 9 April 2015.
  2. ^ "VAT Notice 701/21A: investment gold coins". Gov.UK HMRC pages. HMRC. 1 February 2012. Retrieved 9 April 2015.
  3. ^ Bouvier's Law Dictionary (Revised 6th ed.). 1856. Retrieved 9 April 2015.
  4. ^ "American Eagle Bullion Coins for Investors". United States Mint. United States Mint. Archived from the original on 18 September 2015. Retrieved 17 February 2018.
  5. ^ "BULLION PRODUCTS". Royal Canadian Mint Website. Royal Canadian Mint. Archived from the original on 12 September 2015. Retrieved 9 April 2015.