Bullion Coin Collectors Site

What does it all mean?

BU: Brilliant Uncirculated. A standard coin term describing the condition of a coin in the condition that it leaves the mint. Since few if any bullion coins circulate, most bullion coins are in BU (or better) condition. See also Proof, Proof-Like.
BU Proof-Like: See Proof-Like.
Bullion Coin: A coin made from a specific amount of precious metal, usually designed to be bought and sold for a small premium over the precious metal content of the coin. See also true bullion coin, major collectible bullion coin, minor collectible bullion coin.
Copy: One of two types of counterfeit coins. A copy is designed to be exactly like the real thing (although there are almost always noticeable differences). Specifically, it is made from the correct metal. Since they are made from the correct metal, copies are usually only made of rare coins. The other type, and more prevalant among bullion coins, is a fake.
Counterfeit: A coin that is not one that was made by the mint. Counterfeit coins are illegal. There are two types: copies and fakes.
Fake: One of two types of counterfeit coins. A fake looks a lot like the real thing, except that it is made of the wrong metal (for example, a gold bullion coin made out of copper). Because they are made out of the wrong metal, they are easier to detect. In most cases, they are either significantly lighter than the real thing, or are bigger (usually thicker, but could be wider). The other type of counterfeit coin is a copy.
Fractional: This term usually refers to coins that weigh a fraction of an ounce, such as 1/2 ounce, 1/4 ounce, or 1/10 ounce.
Major Collectible Bullion Coin: A coin designed for bullion coin collectors, rather than investors. It must be minted for at least 2 years, and certain years will command significant premiums over current bullion coins (10% or more higher). The gold Panda, Isle of Man Cat series, proof Eagles, and Singapore Lunar series qualify as major collectible bullion coins. They are typically "BU proof-like" in appearance, or may be proof.
Minor Collectible Bullion Coin: A coin designed for people other than bullion coin collectors or investors. A coin only minted in one year will qualify as a minor collectible bullion coin, as well as 'specialty' bullion coins (garfield coins, cinema coins, etc.). Although these can be considered bullion coins (IE, they are available in 1/10 oz, 1 oz, etc. sizes), they may or may not be a part of bullion coin collectors collection. They are typically low in mintage. Examples of minor collectible bullion coins include the Bahamas Golf coin.
Mintage: The number of coins a mint produced. Usually, the government that creates bullion coins releases the exact number of the coins that they produced. However, this information is often hard to find.
NIB: Non-Intentional Bullion Coin. A coin that was originally designed for circulation, but now can be bought or sold close to bullion value. An example would be French Roosters, many of which can be bought for about 15% above their bullion value. These coins would not typically be part of a bullion coin collection, but could be.
Proof: A standard coin term describing a coin that the mint has created in a special manner not used for circulating coins, where the coin has a mirror-like finish. Proof coins are created by striking the coin multiple times, using higher pressure, and polishing the dies. See also BU, Proof-Like, Reverse Proof.
Proof-Like: A coin that is in a condition similar to proof, but is not technically a proof coin. Since many bullion coins have low mintages, they often are minted before any significant wear occurs to the dies, giving them a better appearance than a BU coin. Often dealers will mistakenly refer to these as proof coins. If you compare a proof coin to a Proof-Like coin, you can usually see the difference (the proof coin is shinier and more mirror like). Also called BU Proof-Like. See BU, proof, reverse proof.
Reverse Proof: A coin that is minted using the same techniques as a proof coin, but the background is frosted and the foreground is mirror-like. Most Australian bullion coins are like this. See also proof, proof-like.
Spot: The current price of a precious metal.
True Bullion Coin: A bullion coin designed for investors, not collectors. This will be defined as a bullion coin that is minted for at least 2 years, and most or all years can be bought or sold at a reasonable premium over spot (close to current bullion coin premiums). True bullion coins include the gold Krugerrand, BU gold Eagle, and gold Maple. They are typically of BU condition, rather than proof.

This page last updated June 9, 2007.

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