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Working defenition of the term "bullion"

gecko109gecko109 Posts: 8,231 ✭
in Precious Metals
Below is Webster's defenition of bullion. I propose that everyone chimes in on what THEY consider to be requirements for something to be termed "bullion".

">Webster's says...



My defenition:

Any mass of metal in any form or shape which indicates the type of metal, the fineness of such metal, and the weight of that piece.


So by my defenition, even a brick of solid 24kt gold is not really bullion UNTIL its content, purity, and weight are clearly indicated for all to see.

Comments

  • PerryHallPerryHall Posts: 46,231 ✭✭✭✭✭


    << <i>Below is Webster's defenition of bullion. I propose that everyone chimes in on what THEY consider to be requirements for something to be termed "bullion".

    ">Webster's says...<B">


    My defenition:

    Any mass of metal in any form or shape which indicates the type of metal, the fineness of such metal, and the weight of that piece.


    So by my defenition, even a brick of solid 24kt gold is not really bullion UNTIL its content, purity, and weight are clearly indicated for all to see. >>



    I guess bags of junk silver coins aren't bullion either.





    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    To me, especially coming from a numismatic background like most of us are here, it's pretty much any vehicle where the premium is insignificant relative to the metal. Add to that it *should* be a generally accepted level of purity. I personally don't feel comfortable at less than 90%, though I might make an exception to the rule for bags of 40% Kennedys.

    gecko, this would fit your definition of bullion. It would not fit my definition of bullion. So who is correct?


    image
    http://www.coinace.com/detail.aspx?ID=2495
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • gecko109gecko109 Posts: 8,231 ✭
    "To me, especially coming from a numismatic background like most of us are here, it's pretty much any vehicle where the premium is insignificant relative to the metal. Add to that it *should* be a generally accepted level of purity. I personally don't feel comfortable at less than 90%, though I might make an exception to the rule for bags of 40% Kennedys.

    gecko, this would fit your definition of bullion. It would not fit my definition of bullion. So who is correct?"


    Yes, but by your defenition, used sterling silver tableware would be defined as "bullion".
  • PerryHallPerryHall Posts: 46,231 ✭✭✭✭✭
    Can we all agree that K&H gold bar is "collectable bullion" meaning that it was originally only bullion but is now a valuable and historical antique?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • gecko109gecko109 Posts: 8,231 ✭


    << <i>Can we all agree that K&H gold bar is "collectable bullion" meaning that it was originally only bullion but is now a valuable and historical antique? >>




    I can surely agree with that assesment. Very much like the 1995-W ASE. I dont think that even the mint could guess that this 1oz silver bullion coin would ever be worth $4,000!
  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    My definition:

    A precious metal that has been refined to a specific and identifiable purity; whose value is very closely connected to the market price of the precious metal; and which is not otherwise currently being used as money, jewelry, or in industrial applications.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭


    << <i>

    Yes, but by your defenition, used sterling silver tableware would be defined as "bullion". >>



    I'm comfortable with that. It wouldn't be my personal choice, but I wouldn't argue with anyone who included hallmarked sterling flatware as bullion so long as they were clear about its value relative to its silver content.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭


    << <i>Yes, but by your defenition, used sterling silver tableware would be defined as "bullion".

    I'm comfortable with that. It wouldn't be my personal choice, but I wouldn't argue with anyone who included hallmarked sterling flatware as bullion so long as they were clear about its value relative to its silver content. >>



    I don't have a problem treating used sterling flatware as bullion. How is a bag of junk 90% coins really any different from a bag of junk .925 silverware? (The only difference might be sharp edges on the silverware bag image ).
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • carscars Posts: 1,904
    I consider bullion to be marked with weight/purity or for it to be commonly know such as 90% coinage. I also expect it to be in bar or round form. Silverware, Jewelry and such doesn't count as bullion to me, I consider it an item made from bullion. I consider bullion with huge premium Collectible bullion.
    Its all relative
  • PerryHallPerryHall Posts: 46,231 ✭✭✭✭✭
    Since Trade Dollars show weight and fineness as part of their design, they were considered to be bullion at one time.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    I had to look up the Definition of Defenition. It is quite amusing....

    Clicky
    imageQuid pro quo. Yes or no?
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