bullion coin

{{Short description|Type of coin struck from precious metal}}

{{Numismatics}}

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,{{cite web |title=Investing in Bullion and Bullion Coins |url=https://www.consumer.ftc.gov/articles/0135-investing-bullion-and-bullion-coins |department=Consumer Information |publisher=U.S. Federal Trade Commission |access-date=9 April 2015|date=May 2011 | url-status=dead |archive-url=https://web.archive.org/web/20160309043706/https://www.consumer.ftc.gov/articles/0135-investing-bullion-and-bullion-coins |archive-date=9 March 2016}} or collectable, with numismatic value beyond that of its metal content. 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).

In the United Kingdom coins deemed to be investment coins are exempt from value-added tax (VAT) on transactions. A coin is considered to be an investment coin if it was minted after 1800, and at least 900 thousandths fine, and has been legal tender in its country of origin, and not normally sold at more than 180% of the value of its precious metal content; or if it is on a long list of coins deemed to be investment coins.{{cite web|title=VAT Notice 701/21A: investment gold coins|url=https://www.gov.uk/government/publications/vat-notice-70121a-investment-gold-coins/vat-notice-70121a-investment-gold-coins#investment-gold-coins|publisher=His Majesty's Revenue & Customs, UK government|date=28 February 2025}} This Web page links to the current list of investment coins, which is updated as required. Under United States law, "coins" not stamped by authority of the government are not coins{{cite book|title=Bouvier's Law Dictionary|date=1856|edition=Revised 6th|url=http://www.dict.org/bin/Dict?Form=Dict2&Database=bouvier&Query=COIN|archive-date=23 September 2015|archive-url=https://web.archive.org/web/20150923214526/http://www.dict.org/bin/Dict?Form=Dict2&Database=bouvier&Query=COIN|url-status=live}} 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.{{cite web|title=American Eagle Bullion Coins for Investors|url=http://www.usmint.gov/mint_programs/american_eagles/?action=american_eagle_bullion|website=United States Mint|publisher=United States Mint|access-date=17 February 2018|archive-date=18 September 2015|archive-url=https://web.archive.org/web/20150918064126/http://www.usmint.gov/mint_programs/american_eagles/?action=american_eagle_bullion|url-status=dead}}{{cite web|title=BULLION PRODUCTS|url=http://www.mint.ca/store/mint/about-the-mint/products-7400002|website=Royal Canadian Mint Website|publisher=Royal Canadian Mint|access-date=9 April 2015|archive-date=12 September 2015|archive-url=https://web.archive.org/web/20150912230844/http://www.mint.ca/store/mint/about-the-mint/products-7400002|url-status=dead}}