What's the Difference Between Bar, Bullion, and Ingot?

By GovMint :

The terms "bar," "bullion," and "ingot" are often used interchangeably in the context of precious metals, but they have somewhat different meanings.

 A "bar" is a rectangular piece of metal, typically made of gold, silver, or other precious metals, and is produced by mints or refiners. Bars are usually stamped with information about the metal content, purity, and the manufacturer's mark, and they come in various sizes and weights.

"Bullion" refers to precious metals prized primarily for their metal content rather than artistic or collectible value. Bullion can come in bars, coins, or other standardized forms and is typically traded based on the metal's current market price.

An "ingot" is a solid piece of metal cast into a specific shape, most commonly rectangular or square. This term is not widely used nowadays, but ingots are generally larger than bars and are more commonly associated with industrial production and manufacturing. They are usually the raw form of metal before further processing, such as refining or being made into bars or coins.

Sources Used:

https://www.usmint.gov/learn/tours-and-locations/fort-knox