What is a round?
A round is coin-shaped metal made by a private mint rather than a government. It has a stated weight and fineness but no denomination, it is not legal tender, and calling it a 'coin' is technically wrong, though everyone does.
Rounds come in endless designs, from plain buffaloes to elaborate artwork. The design is irrelevant to value; the weight, purity, and mint's reputation are what matter.
Why do rounds cost less than coins?
No sovereign guarantee and no mint seigniorage. A private mint's costs are fabrication and distribution alone, so rounds often sell at lower premiums than government coins of identical weight.
The discount is real but cuts both ways at resale: dealers bid on rounds a bit more cautiously because authentication rests on the private mint's reputation rather than a state's.
How do rounds show up in practice?
Rounds can be excellent value for personal holdings, particularly in silver. For an IRA, confirm eligibility with the custodian, rounds must come from an accredited refiner to qualify. And buy from mints with established names; an obscure maker's round is a harder sell later.