Bullion

1. Uncoined gold or silver in the mass.
2. Base or uncurrent coin.
3. Showy metallic ornament, as of gold, silver, or copper, on bridles, saddles, etc.
4. Heavy twisted fringe, made of fine gold or silver wire and used for epaulets; also, any heavy twisted fringe whose cords are prominent.

Properly, the precious metals are called bullion, when smelted and not perfectly refined, or when refined, but in bars, ingots or in any form uncoined, as in plate. The word is often often used to denote gold and silver, both coined and uncoined, when reckoned by weight and in mass, including especially foreign, or uncurrent, coin.