Bullion refers to precious metals in bulk that are traded on commodity markets. Bullion takes many forms, including bars, ingots, and coins. When bullion is minted into coins, its face value as currency is far below the actual value of the metal. For example, the US Gold Eagle coin has a face value of $50 dollars, yet it contains one troy ounce of gold which has a value far greater than $50. This is because the value of bullion is determined by its mass and purity.
When bullion coins are minted by national governments, their purity is certified. The level of purity varies, but some bullion coins, such as the Canadian Gold Maple Leaf, can be as pure as 99.99% gold.

