The term Bullion can be confusing.  In the strictest sense, bullion is hallmarked and or assayed precious metal.  Bullion is usually offered in the form of bars, rounds, or coins and is produced by both private and government mints.  The value of bullion items can normally be correlated to the weight and price per ounce that the metal is trading.  Bullion items are normally 999 or 9999 fine in purity.  Hallmarks can be on the obverse, reverse, or edge of a coin or medal. 

Over the years, many countries have entered the bullion market and introduced their version of bullion coins.  The United States American Eagle coin is a great example of a bullion item that also has a face value.  Although contradictory to the term bullion, many American Eagles now sell for well over their bullion value.  One example, is the 1995 West point proof dollar which now trades for thousands on eBay, but only contains one ounce of Silver.  The 1995W realizes such a price because of its popularity and rarity.  Many other American Eagles, both raw and certified, have premiums well above their bullion value.  The U.S. Goverment/IRS also favors American Eagle bullion products in certain transactions.  Other countries produce bullion coins, such as, the Canadian Maple Leaf and the China Panda.

Another recent example is the 2008-W (West Point) made reverse of 2007, Unc Silver Eagle.  With a quoted mintage of under 50,000, this makes it the second rarest of all Silver Eagles.  In late 2008, it traded on eBay for around $500.   Look for this coin to increase in value over the next few years.

Other issues grouped as bullion items are metals produced by private mints, 90 percent US Coins, and other coins that trade at bullion prices.

The Franklin Mint issues from the 1970s are often offered on eBay and sometimes sell for melt value or more.  These medals are usually hallmarked 925 Sterling and commemorate an event or person.  Depending on the popularity of the issue, the ending price will vary.  Some issues sell for multiples of bullion value while others will not.

Low grade or common 90 percent coins are frequently traded as bullion.  These coins are deemed by the seller to not have any numismatic value.  Price guides will sometimes abbreviate the value of these coins with a BV for bullion value.  If unsure of the value of a coin find a coin reference guide and look up precious metal content weight.  Multiply that number by the market value of the metal.  Also, lower grade, common, and or damaged world coins are sometimes sold as silver.  If you found this review helpful, please rate it positive. By  Troy Thoreson w/ aucpro