\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.
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.
2. Base or uncurrent coin. [Obs.]
         And those which eld's strict doom did disallow, And
         damm for bullion, go for current now. --Sylvester.
3. Showy metallic ornament, as of gold, silver, or copper, on
   bridles, saddles, etc. [Obs.]
         The clasps and bullions were worth a thousand pound.
                                               --Skelton.
4. Heavy twisted fringe, made of fine gold or silver wire and
   used for epaulets; also, any heavy twisted fringe whose
   cords are prominent.