Bullion coin

A bullion coin is a coin struck from precious metal 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 an explicit statement of weight (or mass) and fineness on the coin; this is because the weight and composition of coins intended for legal tender is specified in the coinage laws of the issuing nation, and therefore there is no need for an explicit statement on the coins themselves. 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. The American Eagle and Canadian Gold Maple Leaf series are the only coins available in gold, silver, platinum, and palladium.[4][5]

Bullion coins are typically available in various weights. These are usually multiples or fractions of 1 troy ounce, but some bullion coins are produced in very limited quantities in kilograms or heavier.[6]

Bullion coins sell for a premium over the market price of the metal on the commodities exchanges.[7] 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.

The ISO currency code for gold bullion is XAU. ISO 4217 includes codes not only for currencies, but also for precious metals (gold, silver, palladium and platinum, by definition expressed per one troy ounce, as compared to "1 USD") and certain other entities used in international finance, e.g. special drawing rights.

Gold

Reverse of a 2018 Israeli Jerusalem Gold

Reverse of a 2013 American Buffalo

Reverse of a 2013 Russian George the Victorious

The largest demand for gold in the world is jewelry, which consumes 50% of world production. Industry uses 9%, coins use 10% and the rest is for investments.[8] Starting in 1821, with Britain moving to the gold standard, countries' monetary unit became associated with the value of circulating gold or stored gold bullion, but not both. During this time, gold coins were circulated for general use. During the early years of the Great Depression, nations abandoned the gold standard and most gold coins were no longer minted. The South African Kruggerand became the first modern coin minted in 1967 to help market South African gold produced by Rand Refinery and the South African Mint.[9] By 1980, the Krugerrand accounted for 90% of the global gold coin production.[10]

Country	Name of bullion coin	Fineness	Weights options in troy ounces (ozt)	1 oz Mintage (2018)	Years Minted
Australia	Gold Nugget	.9999	​^1⁄20, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1 2, 10, 1 kg	188,921[11]	1986–present 1991–present
	Dragon Rectangular Coin	.9999	1	1,888	2018–present[12]
Austria	Vienna Philharmonic	.9999	​^1⁄25, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1	318,300[13]	1989–present
Canada	Maple Leaf	.9999	​^1⁄20, ​^1⁄15, ​^1⁄10, ​^1⁄5, ​^1⁄4, ​^1⁄2, 1, 100 kg		1979–present
China	Gold Panda	.999	(since 2016) 1g, 3g, 5g, 8g, 15g, 30g, 50g, 100g, 150g	700,000[14]	1982–present
Iran	Emami	.900	2g, 4g, 8.13g		1980–present
Isle of Man	Angel	.999	​^1⁄20, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1, 5, 10		1984-present
Israel	Jerusalem of Gold Series	.9999	1	3,600[15]	2010–present
Kazakhstan	Golden Irbis	.9999	​^1⁄10, ​^1⁄4, ​^1⁄2, 1		2009–2016
Malaysia	Kijang Emas	.9999	​^1⁄4, ​^1⁄2, 1		2001–present
Malta	Melita[16]	.999	​^1⁄4, ​^1⁄2, 1		2018–present
Mexico	Libertad	.999	​^1⁄20, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1		1991–present
	Libertad	.900	​^1⁄4, ​^1⁄2, 1		1981–90
	Centenario	.900	1.20565 (weight 41.67 gr. for 37.5 gr. of pure gold)		1921–31, 1943–47, 1949–72*, 1996*, 2000-09* *dated 1947
New Zealand	Kiwi	.9999	​^1⁄10, ​^1⁄4, ​^1⁄2, 1	500[17]	1990–present[17]
Poland	Orzeł bielik	.9999	​^1⁄10, ​^1⁄4, ​^1⁄2, 1	1,500 (2019)	1995–present[18] except for 2001, 2003 and 2005
Russia	George the Victorious	.999	7.89g	150,000[19]	2006–present
Somalia	Elephant	.999	​^1⁄50, ​^1⁄25, 1, 5		1999–present
South Africa	Krugerrand	.9167	​^1⁄20, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1		1967–present
Ukraine	Archangel Michael	.9999	​^1⁄10, ​^1⁄4, ​^1⁄2, 1	1,500[20]	2011–2018
United Kingdom	Sovereign	.9167	0.2354		1887–1932 1949–52 (dated 1925) 1957–59 1962–68 1974, 1976, 1978–82 2000–present
	Britannia	.9167	​^1⁄10, ​^1⁄4, ​^1⁄2, 1		1987–2012
	Britannia	.9999	​^1⁄40[21] ​^1⁄20, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1		2013–present
United States	Gold Eagle	.9167	​^1⁄10, ​^1⁄4, ​^1⁄2, 1	191,000[22]	1986–present
	American Buffalo	.9999	1	121,000[22]	2006–present

Palladium

Obverse of a 2017 American Palladium Eagle

Palladium is a silvery-white metal. Its primary uses are for catalytic converters, jewelry, electronics, professional flutes and fuel cells. The highest price for an ounce of palladium was $2,877 in February 2020.[23]

Country	Name of bullion coin	Fineness	weights options in troy ounces (ozt)	Years Minted
Australia	Emu	.9995	1 ozt	1995–1998
Canada	Palladium Maple Leaf	.9995	1 ozt	2005–2010
China	Panda	.999	.5 ozt	1989, 2004, 2005
Portugal	Columbus	.9995	1 ozt	1987–2000
Russia	Ballerina	.9995	1 ozt	1989–1995
United States	Palladium Eagle	.9995	1 ozt	2017–present

Platinum

Reverse of a 2001 American Platinum Eagle proof.

Platinum is a silverish-white with its name is derived from the Spanish term platino, meaning "little silver". Platinum is used in catalytic converters, electronics and jewelry. The first and only case when platinum coins were used as a regular national currency was in Russia. The coins were minted between 1828 and 1845. Russia stopped minting platinum coins as it proved to be impractical: platinum resembles many less expensive metals, and, unlike the more malleable and ductile silver and gold, it is very difficult to work. From 1975 to 1985, the Isle of Man sold commemorative coins with various designs such as a gyrfalcon, herring, Manx cat, and of the Manx Loaghtan sheep. The American Platinum Eagle comes in two versions. The bullion version is a static design while the proof versions are the only U.S. bullion coins that change designs every year. The highest price for platinum was $2250 an ounce in 2008.[24]

Country	Name of bullion coin	Fineness	weights options in troy ounces (ozt)	1oz Mintage (2018)	Years Minted
Australia	Platinum Koala	.9995	​^1⁄20, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1	2,048 (2008)	1988–2008
	Platinum Platypus	.9995	1	2,994[11] (2017)	2011–2017
	Platinum Kangaroo	.9995	1	5,251[11]	2018-present
Austria	Vienna Philharmonic	.9995	​^1⁄25, 1	13,800[13]	2016–present
Canada	Platinum Maple Leaf	.9995	​^1⁄20, ​^1⁄15, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1		1988–99, 2002, 2009
Isle of Man	Noble	.9995	​^1⁄20, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1		1983–1989, 2016
United Kingdom	Britannia	.9995	​^1⁄10, 1		2018–present
United States	Platinum Eagle	.9995	​^1⁄10, ​^1⁄4, ​^1⁄2, 1	30,000[25]	1997–present

Rhodium

Rhodium is a rare silver-white metallic element. Its primary use is in catalytic converters found in automobiles and jewelry. The highest price for Rhodium was in 2008 when it rose above $10,000 per ounce ($350,000 per kilogram). The first coin was produced by the privately owned Cohen Mint of New York City. It was only minted in 2009 and came in a 1 gram size.[26] The first bullion coin issued by a nation is Tuvalu's South Sea Dragon. There have been two bars produced by Pamp and Baird & Co.[27]

Country	Name of bullion coin	Fineness	Weight	Mintage	Mint	Years Minted
Tuvalu	South Sea Dragon	.999	1 ozt	1,000[28]	Baird & Co	2018

Silver

Obverse of a 2004 American Silver Eagle

Reverse of an Armenian Noah's Ark silver coin

Obverse of a Russian Saint George the Victorious silver coin

The first modern silver bullion coin was the Mexican Onza. It was minted in 1949 and struck intermittently with that date until the 1978, 1979 and 1980 mintages. Mexico created a new coin, the Libertad, in 1982. It was not released until 1984 due to a financial crisis in Mexico. The value of the coin is listed as 1 Onza.[29] The Libertad and South Korea's ZI:SIN are technically not bullion coins as they are not legal tender. In 1986, the American Eagle became the second bullion coin to be minted. It was authorized by the Title II of Public Law 99-61 (Liberty Coin Act) as a way to reduce America's stockpiled silver and to pay for the federal budget. In its first year, 5.8 million Silver Eagle coins were minted. The most minted in one year occurred in 2015, with 47.9 million coins.[30] Countries that did not have their own mints, turned to private mints. Majority of these coins are done for Pacific or Caribbean island nations and are used to bring income into their treasury. Examples are Congo's silverback gorilla coin minted by Scottsdale Mint[31] and Niue's hawksbill turtle minted by New Zealand Mint.[32]

The design of the obverse (heads) side of the coins rarely change. Many coin's reverse (tails) side does change from year to year but retains the same overall theme. For example, the Chinese Panda always includes pandas on the reverse side but has different portraits of pandas every year. The reverse side of Australian's Kookaburra and Koala, Congo's Gorilla, Isle of Man's Angels and Cats, New Zealand's Kiwi, Rwanda's Wildlife, Serbia's Tesla and Somalia's Elephant change every year.

Annual silver bullion coin releases

Country	Name of bullion coin	Fineness	weights options in troy ounces (ozt)	1ozt Mintage (2018)	Years Minted
Armenia	Noah's Ark	.999	​^1⁄4, ​^1⁄2, 1, 5, 10, 1kg, 5kg	234,001[33]	2011–present
Australia	Red Kangaroo	.9999	1	4,395,517[11]	2015–present
	Koala	.9999	1, 1kg	166,434[11]	2007–present
	Kookaburra	.9999	1, 10, 1kg	243,740[11]	1990–present
	Dragon	.9999	1	3,888[11]	2018–present[34]
Austria	Vienna Philharmonic	.999	1	2,101,592[35]	2008–present
Canada	Maple Leaf	.9999	​^1⁄2, 1		1988–present
China	Silver Panda	Varies	Varies	10,000,000[36]	1989–present[37]
Congo (Republic)	Silverback Gorilla	.999	1	75,000[38]	2015–present
Cook Islands	HMS Bounty	.9999	1		2009–present
Isle of Man	Angel	.999	1	15,000[39]	1995–2018
	Domestic cats	.999	1	10,000[40]	1998–2018
	Noble	.999	1	30,000[41]	1994–2018
Mexico	Libertad	.999	​^1⁄20, ​^1⁄10, ​^1⁄4, ​^1⁄2, 1, 2, 5, 1kg	300,000[42], (2,458,000 in 1992)	1982–present
	Onza Troy	.925	1 (weight 33.625 gr.)	6,104,000 (1980)	1949, 1978–1980
New Zealand	Kiwi	.999	1, 5	10,000[17]	1990–present[17]
Niue/Fiji	Taku/Turtle	.999	1, 2, 5	350,000[43]	2010–present
Russia	Saint George the Victorious	.999	1	250,000[44]	2009–present
Rwanda	African Wildlife	.999	1		2008–present
Serbia	Nikola Tesla	.999	1	50,000[45]	2018–present
Somalia	Elephant	.9999	​^1⁄4, ​^1⁄2, 1, 2, 1kg		1999–present
South Africa	Krugerrand	.999	1	630,000[46] (2017)	2017–present
South Korea	Chiwoo Cheonwang	.999	​^1⁄2, 1, 2, 10	35,000[47]	2016–present
Ukraine	Archangel Michael	.9999	1	40,000[20]	2011–present
United Kingdom	Britannia	.958	​^1⁄10, ​^1⁄4, ​^1⁄2, 1	N/A	1997–2012
	Britannia	.999	1		2013–present
United States	Silver Eagle	.999	1	15,700,000[22]	1986–present

Reverse of a 2010 "America the Beautiful" coin

Silver bullion coins also come in limited series that usually contain two to twelve coins. Examples are animals from Chinese Lunar New Year or the twelve signs of the Zodiac.

Examples of some limited series silver bullion coins

Country	Name of bullion coin	Mint	weights options in troy ounces (ozt)	1ozt Mintage	Years Minted	# of coins
Australia	Lunar series	Perth Mint	​^1⁄2, 1, 2, 5, 10, 10kg	300,000[11]	2008–2019	12
Barbados	Trident	Scottsdale Mint	1	30,000[48]	2017–2020	4
Canada	Wildlife series	Royal Canadian Mint	1	1,000,000[49]	2011–2013	6
South Korea	ZI:SIN (Twelve Gaurdians)	KOMSCO	1	10,000-40,000[50]	2017–2028	12
Tokelau	Sea creatures	Highland Mint	1, 2, 5, 10, 1kg		2014–2025	12
United Kingdom	The Queen's Beasts	Royal Mint	1, 2, 5, 10, 1kg		2017–2021	12
United States	America the Beautiful	United States Mint	5	20,000-126,700[22]	2010–2021	56

See also

• Silver coin
• Palladium coin
• Platinum coin

References

1. "Investing in Bullion and Bullion Coins". Consumer Information - US FTC. U.S. Federal Trade Commission. May 2011. 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. Retrieved 17 February 2018.
5. "BULLION PRODUCTS". Royal Canadian Mint Website. Royal Canadian Mint. Retrieved 9 April 2015.
6. "Lucius Precious Metals | Buy Gold, Silver, Bullion & Coins". www.lpm.hk. Retrieved 2017-10-14.
7. "Buy Physical Gold Bullion, Gold Coins & Gold Bars | LPM". www.lpm.hk. Retrieved 2017-10-14.
8. "Gold Pie Charts". Business Insider. July 2012. Retrieved 6 June 2019.
9. "Products". Rand Refinery. Retrieved 19 April 2019. produced by Rand Refinery and the SA Mint
10. Tom Bethell (4 February 1980). "Crazy as a Gold Bug". 13 (5). New York Media. p. 34.
11. "Investment Bullion Bars and Coins Mntages". Perth Mint. Retrieved 4 June 2019.
12. "Dragon 2018 1oz Gold Proof Rectangular Coin". Perth Mint. Retrieved 19 July 2020.
13. "218 Annual Report" (PDF). Austrian Mint. pp. 81–82. Retrieved 14 February 2020.
14. "China Debuts Extensive Range Panda Bullion". AgAuNews. 25 October 2017. Retrieved 5 June 2017.
15. "The Cardo" Israel Bullion Coin 2018 - 1oz Gold". Israel Mint. 5 June 2019.
16. "Melita bullion coins 2018". Central Bank of Malta. Archived from the original on 21 January 2019.
17. "New Zealand Kiwi Series adds a five ounce Variant". AgAuNews. 13 October 2017. Retrieved 4 June 2019.
18. "Monety uncjowe NBP". National Bank of Poland. Retrieved 8 February 2020.
19. "Saint George the Victorious". Central Bank of the Russian Federation. Retrieved 5 June 2019.
20. "Bullion Coins". National Bank of Ukraine. Retrieved 4 June 2019.
21. "The Royal Mint Unveils the UK's Smallest Coin". Royal Mint. Retrieved 11 May 2020.
22. "US Mint". SD Bullion. Retrieved 4 June 2019.
23. "Palladium Price". APMEX. 30 May 2019.
24. "Platinum Price of Today & History". Gold Republic. Retrieved 31 May 2019.
25. "Bullion Sales Figures". US Mint. Retrieved 5 June 2019.
26. "Rhodium Bullion Products Coming Soon". Rare World Metals Mint. 14 March 2009. Retrieved 6 March 2020.
27. "Rhodium". Midas Gold Group. Retrieved 30 May 2019.
28. "1oz Rhodium Tavalu South Sea Dragon". Retrieved 5 June 2019.
29. "Mexico issues first modern silver bullion coin". CoinWorld. 4 July 2016. Retrieved 29 May 2019.
30. "Silver Eagle Mintage". Silver Eagle Guide. Retrieved 29 May 2019.
31. "Congo Silverback gorilla series". APMEX. Retrieved 29 May 2019.
32. "Niue Silver Coin - Hawksbill Turtle". New Zealand Mint. Retrieved 29 May 2019.
33. "Noah's Ark Silver Bullion Coin". Geiger Edelmetalle. Retrieved 5 June 2019.
34. "Dragon 2018 1oz Silver Proof Rectangular Coin". Perth Mint. Retrieved 27 June 2019.
35. "Vienna Philharmonic". Austrian Mint. Retrieved 5 June 2019.
36. "China Debuts Extensive Range Panda Bullion Commemoratve coins". AgAuNews. 25 October 2017. Retrieved 4 June 2019.
37. "Chinese Panda Silver Series". Bullion Data. Archived from the original on 23 September 2015. Retrieved 20 April 2012.
38. "2015-2019 Congo Silverback gorilla by Scotsdale Mint". AgAuNews. 4 June 2019.
39. "1 oz Angel Isle of Man Silver Proof Coin". Coin Invest. Retrieved 4 June 2015.
40. "Pojoy mints Isle Man Cat Series Hits 28 Years old". AgAuNews. Retrieved 4 June 2015.
41. "2018 Isle of Man Silver Noble". APMEX. Retrieved 7 June 2019.
42. "Libertad Coin Seres 2019 Programs Surprises May Have Only Begun". CoinUpdate. 12 March 2019. Retrieved 4 June 2019.
43. "2018 New Zealand Silver Niue Hawksbill Turtle". JM Bullion. Retrieved 4 June 2019.
44. "St. George the Victorious". AgAuNews. Retrieved 4 June 2019.
45. "Serbia Begins Tesla Silver Bullion Coin Series". CoinWorld. 18 September 2018. Retrieved 4 June 2019.
46. "Silver Krugerrand Adds Itself to the List of Silver Bullion Big Guns". AgAuNews. 16 July 2018. Retrieved 14 February 2020.
47. "South Korean Chiwoo Cheonwang Series Silver Bullion Medallions From Komsco". CoinWeek. 24 October 2018. Retrieved 7 June 2019.
48. "Barbados Trident Bullion Coin Back for 2018". AgAuNews. Retrieved 5 June 2019.
49. "Canadian Wildlife Siilver Bullion Coins". CoinNews. Retrieved 5 June 2019.
50. "Korean Silver Medals Highlight Mythology". Coin World. 19 April 2019. Retrieved 5 June 2019.

External links