Bullion coins are some of the most beautiful coins in the world. They are made of a precious metal (gold, platinum and silver are most common). They tend to be quite rare, many with mintages of less than 10,000. They have been minted since the late 1960s by a variety of countries, although most have been minted since 1980. They are designed to be bought and sold based on their metal content, not their face value, as a way for people to own gold or other precious metals (as an alternative to "gold bars" and ingots). However, because of their beauty, scarcity, and value, they are also collector coins.
Opinions differ as to the true definition of a bullion coin. Most people feel that a coin must be legal tender to be a bullion coin -- but that would prevent the 1982 Gold Pandas from being bullion coins, while allowing the later years to be bullion coins. Some people consider coins with very limited mintages (1,000 or less) to be bullion coins, if they meet the other criteria.
South Africa was the first country to mint bullion coins, with the Krugerrand. Bullion coins are most common in 1 ounce sizes, although most are also available in 1/2 ounce, 1/4 ounce and 1/10 ounce sizes. Sometimes there will also be smaller 1/20th ounce or 1/25th ounce sizes, as well as larger 2oz, 5oz, 10oz, and larger sizes.
This page last updated June 27, 2000.