Bullion Glossary

"SPOT PRICE" - Not to be confused with "SCRAP PRICE"
This is the underlying value of the precious metals available.

This fluctuates based on world economics, market conditions and speculation.

"BULLION"
This term is a term used for high purity precious metals made into a sellable item such as coins.

It may also refer to the quality of the coin manufactured

"FINE BULLION"
A precious metal purity stated as a minimum of 99.5%

"CIRCULATED"
Referring to the minting process - This means the bullion items are typically circulated and often come out of tubes. Even if a seller takes them out of a tube and instantly into a capsule, this would still be classed as circulated because it wasn't done from mintage.

"BU / BRILLIANT UNCIRCULATED"
These are coins that have been manufactured in mint packaging, often with authentication. Sold in a capsule and often carded/boxed

"PROOF"
This is the highest quality of strike when creating coins. A proof coin would have been struct multiple times to make a much nicer finish.

Often very limited and may come in different designs to the bullion alternative.

Proof coins will usually come with COA although the COA does not distinguish a coin to be proof.

"COA / CIRTIFICATE OF AUTHENTICITY"
As it sounds, this is a certificate that comes with certain bullion coins /bars.

COA's are often highly thought of and wanted, especially when selling proof coins or poured silver bars. Although, ironically, a COA does not prove authenticity, as it can be easily copied. or you can have a real COA and a fake coin.

"SCRAP PRICE" - Not to be confused with "SPOT PRICE"
This is the price that a dealer is willing to purchase your bullion items for.

This fluctuates based on spot price and the appeal of the items

"SCRAP"
Items of a low purity or items with a low appeal.

i.e. pre47 50% silver coins would be classed as scrap. Although so would 999 gold items from less than favourable mints like the londonmintoffice

"999"
A precious metal purity stated as a minimum of 99.9%