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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 ]
Compared to numismatic coins, bullion bars or bullion coins can typically be purchased and traded at lower price premiums over the fluctuating spot price and their trading bid/ask spreads or buy/sell price differences are closer to the values of the contained precious metals.
There are three main differences between the uncirculated and bullion versions of the coin: Each uncirculated coin comes with a certificate of authenticity from the Mint and is placed inside a plastic capsule and then in a presentation box; the bullion version is shipped in tubes of 10 coins.
Under United States law, coins that do not meet the legal tender requirement cannot be marketed as "coins". Instead, they must be advertised as rounds. [3] Bullion coins are typically available in various weights, usually multiples or fractions of 1 troy ounce, but some bullion coins are produced in very limited quantities in kilograms or heavier.
The current market value of the raw precious metal content of a coin. For example, the bullion value for Canadian silver coins minted between 1920 and 1966 is 12 times the face value when silver is $20.00 per troy ounce. business strike A coin intended for everyday use in commerce.
Beginning in 2019, silver coins in silver proof sets were issued in "fine silver", 99.9% silver, the same silver content as silver bullion coins. Starting in 1947 the U.S. mint began producing "mint sets", and because of the terms used there is some confusion over the difference between these and proof sets.