From The Collaborative International Dictionary of English v.0.48 [gcide]:
Bullion \Bul"lion\ (b[.u]l"y[u^]n), n. [Cf. OE. bullyon a hook
used for fastening the dress, a button, stud, an embossed
ornament of various kinds, e. g., on the cover of a book, on
bridles or poitrels, for purses, for breeches and doublets,
LL. bullio the swelling of boiling water, a mass of gold or
silver, fr. L. bulla boss, stud, bubble (see {Bull} an
edict), or perh. corrupted fr. F. billon base coin, LL.
billio bullion. Cf. {Billon}, {Billet} a stick.]
1. Uncoined gold or silver in the mass.
[1913 Webster]
Note: 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.
[1913 Webster]
2. Base or uncurrent coin. [Obs.]
[1913 Webster]
And those which eld's strict doom did disallow,
And damm for bullion, go for current now.
--Sylvester.
[1913 Webster]
3. Showy metallic ornament, as of gold, silver, or copper, on
bridles, saddles, etc. [Obs.]
[1913 Webster]
The clasps and bullions were worth a thousand pound.
--Skelton.
[1913 Webster]
4. Heavy twisted fringe, made of fine gold or silver wire and
used for epaulets; also, any heavy twisted fringe whose
cords are prominent.
[1913 Webster]
From WordNet (r) 3.0 (2006) [wn]:
bullion
n 1: a mass of precious metal
2: gold or silver in bars or ingots
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