Backwardation: see Inverted Market.

Bag Mark: a mark on a coin from contact with other coins in a mint bag.

Bars: precious metals such as silver, gold and platinum forged or stamped into bars. They can be as small as 1/25th of an ounce or as large as 400 ounces.

Bear Market: A Market which is down trending. As distinct to a bull market which is uptrending.

Bid/Ask: This is the price offered by a dealer. The ask price is the price the dealer is eventually willing to accept to close the deal.

Bid: The price a dealer is willing to buy.

Biscuits: Gold and other precious metal bars come in two types. Cast from moulds or stamped. The stamped bars are thinner and flatter than the cast type and are often called biscuits as a result.

Black Hills Gold: This is a particular style of gold jewellery made specifically in the Black Hills of Dakota, USA. It features usually 10k yellow gold with other golds such as rose gold, green gold and filigree and popular motifs such as the grape and grape leaf designs. To qualify it must be produced in the area.

Blank: another word for planchet, the blank piece of metal on which a coin design is stamped.

Boiler Room: A scam enterprise using high pressure sales tactics and false or misleading information, and scare tactics, usually by telephone, to sell overpriced or worthless investments to unsophisticated investors.

Britannia: Britannia silver is purer than sterling. It is an alloy of at least 95.84% silver and up to 4.16% copper to increase the hardness and durability. It is denoted by the millesimal fineness hallmark "958", with the symbol of Britannia being applied optionally.

BU: brilliant uncirculated, used to describe a coin in new condition and, by definition, not circulated.

Bull Market: a market in which the general trend is up as distinct to a bear market in which the general trend is down.

Bullion: Precious metal such as gold and silver in bar or "rounds" coin form. Must be at least 95.5 percent pure.

Bullion Coin: A coin whose market price depends on its gold content or intrinsic value, not on it's or face value.

Bullion Gold: A term for gold coins, wafers, bars or ingots (Cast gold rather than moulded or stamped) which is at least 995 fine.

Bullion: Precious metal in negotiable or trading shape, such as a wafer, bar, ingot, or sometimes a coin. A general term for precious metals in the form of coin, bars, or ingots that are at least 99.5% pure. Also uncoined gold or silver in bars or other storage shapes (ingots).

Business Strike: a coin intended for circulation (as opposed to a proof coin specially made for collectors).

Bust: a portrait on a coin of the head, neck and upper shoulders.

Buy: To purchase, accept in exchange for fiat currency.

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