What Are Bullion Rounds?
Rounds are minted by private mints. They cannot be used as legal tender because they have no government backing. Since only a governing authority can extend monetary value or in other words the face value of a coin, the rounds that are minted by private mints only have a melt value. Coins are minted by a sovereign government have a legal tender, a minimum face value, and a melt value.
An easy way to think about it is a round is a “coin-like piece of precious metal. They are produced in various sizes, weights, and no round can have the exact specifications (diameter, thickness, and mass) as a government issued coin. This helps prevent counterfeiting and makes it more difficult to defraud coin-operated technologies. Rounds can have some unexpected weights like 1/20 oz., 2 oz., 5 oz., and 10 oz. rounds.