Proof Bullion Coins

However, many coin dealers and even coin grading companies cannot tell the difference between a BU and a proof bullion coin! As a result, if you collect bullion coins, you need to know the difference.

Often, BU bullion coins are referred to as "BU/prooflike", which means that it is a BU coin, but looks proof. That is a perfectly acceptable term (which you should understand means that the coin is BU).

I believe part of the problem with distinguishing BU and proof bullion coins is that gold is a very soft metal, which makes it easier to form, so if the bullion coin is made from .999 fine gold (or better), the single strike of a BU coin is likely to make the coin appear prooflike. Add to this that some bullion coins have very limited mintages, and you get coins that look proof but are not.

How To Tell The Difference

Country	Theme	Style	How To Tell
Australia	Gold Nugget/Kangaroos	Reverse	BU coins have a frosted background, and mirror-like foreground ("reverse proof"), whereas the proof coins have a mirrored background and frosted foreground (standard proof). It is easiest to distinguish them on the side with the Queen. Also, the BU coins are sold in square hard plastic containers with "Australia" on them, whereas the BU coins are not (so if it has that holder, it's BU).
Australia	Gold Lunar	Reverse	BU coins have a frosted background, and mirror-like foreground ("reverse proof"), whereas the proof coins have a mirrored background and frosted foreground (standard proof). It is easiest to distinguish them on the side with the Queen.
Austria	Philharmonic	BU	Only issued in BU.
Canada	Maples	Standard	Only issued in BU, except 1989. The 1989 proofs have a mirror-like background and a frosted foreground, whereas the 1989 BUs have the normal BU background/foreground.
Canada	Platinum Wildlife	Proof	Only issued in proof.
China	Gold Panda	Proof Mark	Most or all proof pandas have a 'P' mark in a circle. Otherwise, the BU and proof coins may be virtually indistinguishable.
China	Silver Panda	Proof Mark	Most or all proof pandas have a 'P' mark in a circle. Otherwise, the BU and proof coins may be virtually indistinguishable.
China	Platinum Panda	Standard	As of 2008, I believe all platinum pandas were issued in the same quality (probably proof).
Gibraltar	Dog	BU Mark	All BU Gibraltar Dog coins have a 'U' privy mark (some think it is for 'Uncirculated'), whereas the proof coins do not. Otherwise, the BU and proof coins may be virtually indistinguishable.
Great Britain	Gold Britannia	Standard	Proof coins appear proof, whereas BU coins are not quite as shiny.
Isle of Man	Cat	BU Mark	All BU Isle of Man Cat coins have a 'U' privy mark (some think it is for 'Uncirculated'), whereas the proof coins do not. Otherwise, the BU and proof coins may be virtually indistinguishable.
Mexico	Gold Libertad	BU	Only issued in BU(?)
Mexico	Silver Libertad	Standard	Proofs are visually identifiable, with a mirror-like surfaceOnly issued in BU(?)
South Africa	Krugerrand	Standard	For early years, it can be hard to tell the BU from the proof coins, as some of the BU coins look proof-like. For other years, the foreground is frosted (with a mirror-like background), which are easier to distinguish.
United States	Gold Eagle	Standard	Proof version has mirror-like surface, BU does not.
United States	Platinum Eagle	Standard	Proof version has mirror-like surface, BU does not. Also, proof reverse design is different than Bu reverse design.

There are a few other oddities, as well. For example, there are Russian zodiac coins where apparently some of them are only in BU, others are only in proof. And the Singapore Lunar series has at least one proof coin in it, which can be distinguished by a circle of dots around the coin.