A bullion refers to a precious metal coin or bar (generally gold, silver, platinum, or palladium) whose value is based on its weight and purity, rather than its numismatic rarity or condition. Unlike collector coins, bullion pieces are produced in large quantities by official mints and are primarily intended for investment purposes.

They often carry a symbolic face value, but their price follows the international market value of the metal. A bullion is a standardized, widely recognized investment asset that is easily tradable on financial markets.

It is also worth noting that the face value allows these coins to be classified as investment gold (according to European regulations), and therefore they are exempt from VAT.

Several theories exist regarding the origin of the word “bullion.” The most likely comes from the Old French word boillon (broth), used in the Middle Ages at the English court. It is in the 14th century that the word “bullion” is believed to have been used for the first time to refer to precious metals.

Bullionism, a Spanish economic school of thought dating back to the 16th century, held that the amount of precious metals held by a country was a measure of its wealth, which would support this theory.

As for Claude de Bullion, Superintendent of Finances under Louis XIII, he was one of the key figures behind the Louis d’or introduced in 1640, a gold circulating coin whose name, for many French people, remains synonymous with capital, savings, and wealth transfer.