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what are the differences between gold/siver coin vs. round?
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littleadv gave a great answer, but neglected to mention one thing.  modern minted coins usually only contain a (high) percentage of a precious metal.  for example pre-1965 quarters are 90% silver and 10% other, to maintain strength and durability. rounds of silver bullion are usually .9999%, or fine, silver, which is considerably softer.
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