What’s the difference between bullion and numismatics?
- Jan 26, 2026
- Bullion
- 5 minute read
The information contained in this article is current as of the date of publishing.
When it comes to buying physical precious metals, two of the most common options are numismatic (or collectible) coins and bullion, but they are fundamentally different. For anyone new to the world of gold, silver and platinum, understanding what makes them different is crucial. In this blog, we’ll look at some of the key characteristics of each, so you’ll have a better understanding of your options.
The information contained in this article is current as of the date of publishing.
When it comes to buying physical precious metals, two of the most common options are numismatic (or collectible) coins and bullion, but they are fundamentally different. For anyone new to the world of gold, silver and platinum, understanding what makes them different is crucial. In this blog, we’ll look at some of the key characteristics of each, so you’ll have a better understanding of your options.
Bullion & Numismatic Basics
“Bullion” is a general term used to describe bars and coins made of precious metals like gold, silver and platinum that are made for investment based on market demand.[1] Available in various sizes, they are tangible assets that are highly liquid, traded on commodity markets across the globe. Their market value is based primarily on precious metal content and the international benchmark price for precious metals, which fluctuate daily based on the bullion market.[2] Minted bullion coins are produced in large quantities on a high-speed press where they are typically struck once and packaged in bulk for delivery. Their design is almost always consistent, making them easily recognizable in the global market. Cast bullion bars, traded in the bullion market worldwide, feature unique marks and are required to meet stringent specifications for the market in which they are traded. For example, bars traded in the Loco London Market must meet Good Delivery standards set out by the London Bullion Market Association (LBMA).[3]
“Numismatics”, defined as the study or collection of coins or paper money,[4] differs in that the market value of each coin (or bar) extends beyond precious metal content to include historical, rarity and collector appeal. These collectibles come with a certificate of authenticity, often have a known or set mintage and come in all metals, shapes, sizes, purity…and more. Modern collector coins are typically produced in small batches on a manually operated press where the operator pays close attention to each individual coin. These coins are often struck two or three times, providing crisp details, and are individually placed in protective capsules and custom packaging. Another element that can visually set a collector coin apart is its design or theme, which can incorporate unique shapes, high relief, gem inserts, complex finishes like frosting or selective colour, and other cutting-edge technologies.
Per LBMA Good Delivery Rules[5], the minimum purity level for investment bullion is:
GOLD
99.5% pure or 995 fine
SILVER
99.9% pure or 999 fine
PLATINUM
99.95% pure or 9995 fine
At a Glance
| Bullion | Numismatics | |
| What | Physical assets of precious metals for investments | Tangible items designed for collecting and/or gifting |
| Purpose | For investors | For collectors |
| Format | Cast bars, and minted coins and bars | Minted coins and bars |
| Design | Historically consistent | Multiple different designs on a yearly basis |
| Mintage | No fixed mintage unless stated | Fixed mintage |
| Market Value | Primarily based on precious metal content and the international benchmark price for precious metals | Based on many aspects such as rarity, condition, design, precious metal content and more |
| Availability of Royal Canadian Mint Products | Through approved bullion dealers and distributors across the globe | From our Boutiques in Ottawa and Winnipeg, mint.ca and approved numismatic dealers worldwide |
Buying Bullion & Numismatics
Choosing which option is right for you is personal but once you’re ready to buy, it’s important to select a reputable manufacturer and seller. After more than a century of operation, the Mint has one of the most technically advanced gold and silver refineries and coin-minting facilities in the world. Whether you are looking to buy bullion, collectibles or a bit of both, we offer many secure and unique options:
Bullion
We introduced the world’s first 99.99% pure gold bullion coin in 1982 and six years later, launched the world’s first 99.99% silver bullion coin—and have since produced some of the finest bullion products on the market. With options available in gold, silver and platinum, our coins and bars are recognized worldwide for their quality, security, popular designs and global liquidity.
The weight, content and purity of our bullion bars and coins are guaranteed and are accepted by all major precious metal exchanges around the world.
Availability: Through select bullion dealers and distributors only.
Numismatics
We are a numismatics market leader, producing a great variety of innovative and diversely themed collector coins, from entry-level to premium offerings, for every type of customer. Thanks in part to our world-class designs, our global leadership in the art and science of minting is consistently recognized with prestigious international awards.
Availability: Through our Boutiques and website as well as select numismatic dealers.
Before you Buy
The lines between what is bullion or numismatic can sometimes be blurred. Some numismatic coins may fetch a higher resale price on the secondary market, but as with any collectible, future resale prices are not guaranteed. Some bullion coins feature unique designs or have a set mintage, giving them a collector appeal. For these reasons, it’s important to understand what sets them apart so you can make a better-informed decision before buying. If you’re interested in investing with gold, silver or platinum bullion, talk to your financial advisor to determine the best options for you.
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[1] Royal Canadian Mint, Glossary of Bullion Terms
[2] LBMA, Pricing & Data
[3] LBMA, Good Delivery
[4] Royal Canadian Mint, Glossary of Terms
[5] LBMA, Good Delivery
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