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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.