Sovereign Mints and Private Refiners
Physical gold and silver comes from two kinds of producers: sovereign mints, which are government-owned and issue legal tender bullion coins, and private refiners, which turn mined and recycled metal into bars and rounds. Both can make high-quality products. The LBMA Good Delivery List is the main industry benchmark for refiners whose large bars are accepted in the London wholesale market.
What a Sovereign Mint Does
A sovereign mint is owned by or operates on behalf of a national (or, in Australia's case, state) government. Its bullion coins carry a face value and legal tender status in the issuing country, and the government stands behind their stated weight and purity. The best-known sovereign mints in the bullion market include:
- United States Mint: American Eagle gold, silver, platinum and palladium coins and the American Gold Buffalo.
- Royal Canadian Mint: the Gold, Silver, Platinum and Palladium Maple Leaf series.
- The Royal Mint (United Kingdom): the Britannia, Sovereign and Lunar series.
- The Perth Mint (Western Australia): the Kangaroo, Kookaburra, Koala and Lunar series.
- Austrian Mint (Münze Österreich): the Vienna Philharmonic.
- South African Mint: the Krugerrand, struck from gold refined by the Rand Refinery.
Most sovereign mints don't sell bullion coins directly to the public in large volume. They sell to a network of authorized purchasers or distributors, who resell through dealers. The U.S. Mint, for example, explains on its website that its bullion coins are distributed through authorized purchasers. Each of our coin guides, such as the American Gold Eagle and Gold Maple Leaf pages, covers a specific mint product.
What a Private Refiner Does
Refiners take raw material, such as mine doré, scrap jewelry or industrial waste, and purify it into bars and grain. Some also produce small minted bars and rounds for retail buyers. Well-known names in retail and wholesale markets include Swiss refiners such as PAMP, Valcambi and Argor-Heraeus, as well as companies in Germany, Japan, North America and elsewhere.
Refiners' products don't carry legal tender status. Their credibility rests on the refiner's reputation, accreditations, assay standards and serial-numbered packaging. Retail bars from major refiners often arrive in sealed assay cards stating weight, fineness and a serial number. Our guides to gold bars and gold rounds vs coins go into product details.
The LBMA Good Delivery List
The London Bullion Market Association maintains Good Delivery Lists for gold and silver. A refiner on the list has met the LBMA's requirements for bar quality, assaying ability, financial standing and responsible sourcing, and continues to be monitored. Only large bars from listed refiners can be traded and settled in the London wholesale market.
Key Good Delivery bar specifications include:
- Gold: roughly 350 to 430 fine troy ounces per bar (the "400-ounce bar"), with minimum fineness of .995.
- Silver: roughly 750 to 1,100 troy ounces per bar, with minimum fineness of .999.
Retail buyers rarely handle these bars, but the list still matters. Refiners on it are recognized across the industry, so their smaller products are generally easier to resell and verify. The list itself is public on the LBMA website, and several government mints, including the Royal Canadian Mint and The Perth Mint, also refine metal and appear on it. Our page on how gold prices are set explains the London market's role in pricing.
Mint Product vs Refiner Product: Practical Differences
| Factor | Sovereign mint coins | Private refiner bars and rounds |
|---|---|---|
| Legal tender | Yes, with a nominal face value | No |
| Who stands behind weight and purity | The issuing government | The refiner and its accreditations |
| Typical premium | Higher | Lower for the same weight |
| Recognition when selling | Very broad | Broad for major refiners, narrower for small brands |
| Size range | Mostly 1 oz and fractions | From 1 gram to 1 kilogram and larger |
Neither type is inherently better. Coins may offer recognizability and smaller units; bars may offer more metal per dollar. Our comparison of gold coins vs gold bars covers the trade-offs.
Who Made the Metal: Retirement Account Considerations
For retirement accounts, the legal test is fineness (and the American Eagle exception), not who made the product. In practice, custodians and depositories often limit bar purchases to products from recognized refiners and accredited producers. Confirm before buying. Our list of IRA-eligible gold and silver bars explains common requirements.
Goldco, a precious metals company, lists coins from several sovereign mints, including the American Gold Eagle, American Gold Buffalo, Gold Maple Leaf, Britannia and British Lunar Series, along with gold and silver bars. Our overview of gold coins available through Goldco has more.
Frequently Asked Questions
Is a coin from a government mint purer than a refiner's bar?
Not necessarily. Many refiner bars are .9999 fine, while some sovereign coins are 22-karat. Purity depends on the product, not the producer type.
Can I buy directly from the U.S. Mint?
The U.S. Mint sells numismatic and proof products to the public, but its bullion coins are distributed through authorized purchasers.
Does a small bar need to be Good Delivery?
The Good Delivery standard applies to large wholesale bars. For small bars, what matters is that the refiner is reputable and widely recognized.