Physical gold can be broadly classified into three categories:
• Bullion: The value of the coin, bar or round is only equal to the Gold content. There is no collectible value. Gold Coins are actual currency with a face value produced by a government mint. Bars and rounds have no face value and are manufactured at private mints. Coins such as the 1 oz Gold American Eagle, 1 oz Gold Canadian Maple Leaf or 1 oz Gold South African Krugerrand are considered a bullion item.
• Numismatic: The collectible value of the coin exceeds the value of the metal content. Numismatic items are characterized by a very limited supply because of age, mintage, condition and/or rarity. A good example of a numismatic item would be that recently, a rare nickel sold for $5 million.
• Semi-numismatic: There is a collectible value, but it does not exceed the value of the metal content. A good example would be most pre-33 Gold Coins.