Bullion can be a misunderstood item. Most people think of Gold bars or Silver bars when talking about bullion. This is only one form of bullion.
When dealers talk about bullion, they generally are including bullion coins. These include U.S. Eagles, Gold Buffalos, Krugerrands, Canadian Maple Leafs, Austrian Philharmonics, Mexican 50 Peso down to Mexican 2 Peso, Isle of Man Precious Metals, Britannias and Chinese Pandas.
Generally, bullion includes any coin which is readily deliverable and trades based on the daily price of gold. Only a few items need reporting upon sale, so don’t allow dealers to talk you out of buying bullion coins because of reporting requirements. The newer U.S. coins such as Buffaloes and Eagles are specifically defined as numismatic coins in the legislation that created them.
For those who are concerned about confiscation, these coins should be safe from confiscation. In fact, they are even safer than the $20 Gold coins most dealers sell as non-confiscatable!
These are a small sample of bullion coins that American Federal both buys and sells.