Coin Lingo Glossary

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Imagine you’re walking a coin show bourse floor and overhear the following conversation between a couple of coin dealers:

Dealer 1:  The other day I had a young guy come into my shop with a raw 79 CC Morgan he inherited from his grandfather.  Turned out it’s a blast with good cartwheeling.  Thank goodness gramps kept it in a decent flip.

Dealer 2:  Bet you offered him melt? <chuckle>

Dealer 1:  Hey now!  You know I’m no lowballer.  Usually they bring in junk silver, but not this time.  This one deserved to get sent off to Slab City right away.

Dealer 2:  Any chance it’ll come back as Details?

Dealer 1:  No, not at all.  It’s definitely a Lock 3, but there are a few flyspecks with a touch of cabinet friction, otherwise it would be a screaming Godzilla.

Dealer 2:  Sounds like it might be a candidate for Cack.

Dealer 1:  Darn right.  I think it’ll Green Bean for sure.  I’ll make the kid a small spread offer cuz I know I’m not gonna get buried with it.  It’ll turn quick.

Dealer 2:  Let me know where it grades out.  I have a client who needs a gem 79 CC for her registry.

Dealer 1:  Okay, but once word gets out, you’ll have to move fast to outrun the roadrunners at the next show.

Dealer 2:  Fair enough.  Thanks for the first shot!

Click the letters below to quickly navigate throughout the Coin Lingo glossary:

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Like any area of specialization, coin collecting has its own terminology. To effectively communicate with other collectors, newbies must learn the hobby lingo, or become like this dog and cat.
Dogs and cats have trouble communicating with one another because they speak two different languages. Similarly, advanced coin collectors use terminology and slang that may be confusing to beginners. If you’re just starting out, make a concentrated effort to soak up the hobby lingo. Simply stated, this is essential to eventually achieve any level of satisfaction with coins. The alternative is to suffer the fate of this dog and cat. Image by Shutterstock.


A
Term Description
About Good The grade of a coin having very heavy wear, with portions of the lettering, date, and legends worn smooth. On the 70-point grading scale, an About Good coin generally scores a 3. Abbreviated as AG.
About Uncirculated The grade of a coin having very minimal wear, just one step below Uncirculated. On the 70-point grading scale, an About Uncirculated coin generally scores a 50, 53, 55, or 58. Abbreviated as AU.
Abrasions Light rubbing or scuffing caused by friction. Different than hairlines or bag marks.
Accumulation(1) An aggregation of a certain date, type, or series. Example: an accumulation of Lincoln cents.
Accumulation(2) A random hoard of coins, having no organization, opposite of what might be seen with a coin collection..
Adjectival Grading Assigning a coin grade by using adjectives only to describe the coin's condition. Because adjectival grading is somewhat ambiguous, a numerical grading system is employed today to reduce some of the subjectivity inherent in adjectival grading. Examples of adjectival grading terms are Good, Fine, Uncirculated, Choice Uncirculated, etc. See also Numerical Grading and Sheldon Scale.
Adjustment Marks Small narrow grooves or file marks found on some early United States coins, mostly seen on some pre-1807 silver and gold coins. Created before striking by filing across the planchet to remove metal for the purpose of reducing the planchet to its proper weight. Genuine adjustment marks have little effect on the value of a collectible coin, as compared to marks applied to a coin after leaving the Mint.
Aesthetic Appeal See Eye Appeal.
AG (About Good) The abbreviation of a coin graded About Good. See About Good.
Album A holder resembling a book with openings for displaying coins.
Album Friction Manifested as slight rubbing on the high points due to storage in an album. Generally judged less severely than album slide marks.
Album Slide Marks Lines generated on the surface of a coin by the plastic slide of an album, most visible on high grade coins. The marks are often parallel to one another.
Alloy A mixture of two or more metals.
Alteration The deliberate tampering of a coin's feature, such as the date or mint mark, to make it appear to be a more valuable coin. Perpetrators are subject to prosecution. Also called Altered Date.
American Eagle Bullion coins of legal tender issued by the US Mint starting in 1986. Both gold and silver coins are struck, in Proof and Uncirculated.
American Numismatic Association (ANA) A nonprofit educational organization established in 1891 for the purpose of promoting the study of numismatics. Home base is located in Colorado Springs, CO.
American Numismatic Association Certification Service (ANACS) In 1972, the American Numismatic Association (ANA) began offering authentication services, and in 1979 additionally provided grading services as well. The grading service and acronym were sold in 1990 by the ANA to an unrelated entity and now does business under this name as a third-party grading service.
American Numismatic Society (ANS) A nonprofit educational organization established in 1858 for the purpose of promoting the study of numismatics. Home base is located in New York, NY.
ANA Grading Scale A numeric system of grading coins, developed in the late 1970s, by the American Numismatic Association. Adapted from the Sheldon Scale. See also Numerical Grading and Sheldon Scale.
Ancient Coin A coin struck before the Middle Ages. There is no precise timeline, but generally anything struck prior to the mid-5th century A.D. is considered by numismatists to be an ancient coin.
Annealing A heat treatment and controlled cooling process that restructures the physical and possibly chemical properties of a metal to increase its ductility and reduce its hardness, making it more workable. In coin production, annealing is used to make coin blanks softer, so they can be struck without breaking, while improving metal flow and formability.
Anthony Dollar See SBA Dollar.
Antiqued Describes a coin that has been chemically processed to give a uniform color and texture to a coin while trying to ward off unattractive toning and spotting.
Anvil Die The lower, stationary die. The reverse of a coin is usually formed by the anvil die. See also Hammer die.
Arrows and Rays Pertains to the Seated Liberty quarters and half dollars of 1853. The ornate rays posed challenges in metal flow during striking and were removed from the design starting in 1854.
Arrows at Date Pertains to Seated Liberty coinage. Arrows were added to the design on both sides of the date at various times during the series run to signify a weight increase or decrease.
Artificial Toning Unnatural coloration of coin by applying chemicals or other treatments. Done to mimic natural toning. See also Natural Toning and Toning.
Ask Price The price a dealer is asking for a particular coin when offered for sale to the general public. See Bid Price.
Assay An analysis performed to determine the characteristics and composition of a metal.
AT Abbreviation for Artificial Toning
Attributes The characteristics factoring into coin grade, such as bag marks, luster, strike quality, and eye appeal.
Attribution The identification of a coin's variety per standard reference books. See Variety (1).
AU The abbreviation of a coin graded About Uncirculated. See About Uncirculated.
Auction A listing of coins or other items for sale where buyers must compete against one another by placing bids. There is no set selling price.
Authentic A genuine coin, not a replica or counterfeit. Most grading services will authenticate coins before determining a grade.
Authentication The act of confirming that a coin is genuine.
Avoirdupois Ounce A unit of weight, requiring 16 ounces to make 1 pound. An avoirdupois ounce is an ordinary (or standard) ounce that most people think of when it comes to weighing objects. This is in contrast to a troy ounce, used as a weight measurement involving precious metals. The troy ounce is heavier -- it takes 1.097 avoirdupois ounces to equal 1.0 troy ounces. One avoirdupois ounce equals 28.35 grams or 437.50 grains. See also Troy Ounce.
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B
Term Description
Bag marks Small nicks on the surface of a coin, usually acquired when the coin comes in contact with other coins in a mint bag. In reality, many bag marks occurred from rough handling at the Mint prior to the bagging operation. Most noticeable on larger, heavier coins, such as silver dollars. Also known as contact marks.
Bag Stains Darkish toning on coin surface resulting from contact with canvas once used to make coin shipping bags. Sometimes the stain takes on the appearance of fabric mesh.
Bank Note A paper promissory note considered to be legal tender that can be used by one party to pay another party for debts. In the United States, only the Federal Reserve Bank is permitted to print banknotes. Banknotes used to be backed by precious metals, but this ended in 1971 when the U.S. abandoned the gold standard, thus making American banknotes fiat money, backed only by the faith of the U.S. government. See also Federal Reserve Bank and Fiat Money.
Barber Coinage Designed by Charles Barber, this is the name most collectors attach to the dimes and quarters struck from 1892-1916 and half dollars from 1892-1915.
Bas Relief Slightly raised design elements from a flat area. Most coins are struck in bas relief. There are a few high relief coins, such as the 1921 Peace dollars, where the design elements rise to a relatively high level to create a coin having greater depth. Bas relief is also called low relief. See also High Relief.
Basal State Refers to a coin that is barely identifiable due to excessive wear. Date and mintmark (if any) must be visible unless it is a one-year type. An example of this would be the 1793 Chain cent. Even if the date was worn off but the reverse chain was visible, the coin's identify would be verified.
Base Metal A non-precious metal used in coinage production. Examples are copper, nickel, and zinc.
Basining A polishing operation to 1) remove clash marks or other damage from a die, or 2) Create a mirrored surface on a Proof die. See also Polished Die.
BD Number Short for Bass-Dannreuther number. Harry Bass and John Dannreuther researched various die marriages for U.S. gold coins and assigned identification numbers to the various pairings they found. See Die Marriage.
Beading A circle of beads near the rim of a coin, placed there for decorative purposes. An example of a beaded coin is the 1793 Liberty Cap cent. Beads were used on early U.S. coins, eventually replaced by dentils.
BG Gold Applies to California fractional gold coins because of the definitive work on the subject by researchers Walter Breen and Ron Gillio. The title of their publication is California Pioneer Fractional Gold.
BG Number Short for Breen-Gillio number. Walter Breen and Ron Gillio researched various die marriages for California fractional gold coins and assigned identification numbers to the various pairings they found. See Die Marriage.
Bicentennial Coinage Quarter, half dollar and dollar coins struck during the bicentennial era of 1975-1976, with special reverses commemorating the 200th birthday of the United States.
Bid Price The highest price offered for a particular coin by a dealer to purchase from another dealer. Dealer bidding is facilitated by online exchange networks. See Ask Price.
Bidder (1) A dealer making an offer to another dealer for a particular coin through an online exchange network.
Bidder (2) Someone who makes an offer in an auction.
Billon A low-grade alloy of less than 50% silver mixed with another metal, usually copper.
Bi-Metal Coin A coin that consists of two metals in concentric circles. There has never been a regular issue bi-metal U.S. coin.
Bimetallism A monetary standard allowing the unrestricted currency of two metals, usually gold and silver, at a fixed ratio to each other, as coined money. The bimetallic standard also specifies the exact weight of either metal, while observing the fixed ratio, to be coined into a monetary unit (e.g. a dollar). The Mint Act of 1792 established bimetallism in the United States, setting the gold and silver value to each other at a fixed ratio of 15 to 1. Under the bimetallic standard, anyone could bring either metal to the mint for conversion into coins.
Bit A term originating during the North American colonial period, meaning 1/8th of a Piece of Eight silver Spanish dollar, having a value of 12.5 cents. Pieces of Eight were literally cut into eight pieces, or bits. Two bits, a slang phrase still popular today, equaled 25 cents. A bit was also known by its Spanish name, the Real. See also Thaler, Piece of Eight, Real, Spanish Dollar, and Dollar.
Black and White Refers to a Proof coin having a very obvious sharp contrast between the mirrored fields and frosted devices. An exceptional Deep Cameo coin. See Cameo.
Blank The round, blank, flat metallic piece on which a coin is struck. Also called a planchet or flan, although technically, a planchet is a blank that has already been processed through an upsetting mill to form a raised rim.
Blast Extraordinary luster on a coin.
Blazer Means very much the same as "Blast", but a little less extraordinary.
Blemishes Small nicks, marks, spots of discoloration, or other imperfections spoiling the surface of a coin.
Blended Occurs when an element of a coin (date, design, lettering, etc.) is worn so heavily that it merges with another element or the surrounding field.
Blue Book A guide to the wholesale values of United States coins, noted by its blue cover. Published annually.
BM Abbreviation for Branch Mint, meaning any minting facility other than the Philadelphia Mint.
BN The abbreviation for a copper coin that is mostly brown toned, losing most, if not all, of its original reddish color. See Brown.
Body Bag Slang term, referring to a returned coin from a grading service with No Grade, generally due to a problem with the coin's authenticity or heavy damage. The coin is returned in a soft plastic flip (i.e. the Body Bag), plus the cause for the No Grade. See also No Grade.
Borderline Uncirculated A coin which shows only the slightest amount of wear. On a 70 point scale, the grade for a borderline uncirculated falls between 55 and 59.
Bourse A gathering place where dealers exchange coins and buy and sell coins to the public. Bourse locations are a major aspect of coin shows.
Boy Wonder A youngish male coin dealer who becomes successful in a relatively short time after joining the profession.
Braided Hair Style of hair on half cents and large cents starting in 1840. Miss Liberty's hair is drawn back into a bun, pulled with a braided hair cord.
Branch Mint Any U.S. mint facility other than the Philadelphia Mint. The list of branch mints includes New Orleans LA, Charlotte NC, Dahlonega GA, Denver CO, San Francisco CA, Carson City NV, and West Point, NY.
Brasher Doubloon Gold coin struck by New York goldsmith and jeweler, Ephraim Brasher in 1787. Brasher's gold pieces closely approximated the size and weight of the Spanish doubloon, but carried an original design. Brasher doubloons are among the most fabled rarities in world numismatics. Any genuine specimen can sell for millions.
Brass An alloy of copper and zinc.
Brilliant Refers to a coin that is fully lustrous, without toning or patination.
Brilliant Uncirculated A non-precise term to indicate a coin with no wear, as in Mint State (MS) condition. Correlates to between 60 and 70 on the ANA 70-point grading scale. Due to the generic nature of the term, it is sometimes used to exaggerate a coin's condition. Abbreviated as BU.
Broadstrike A coin struck without a firmly seated collar, resulting in material spreading outwards, but still displaying all design details.
Brockage An error coin, usually bearing the expected design on one side with an incuse mirror image of the same design on the opposite side. Occurs when a newly struck coin improperly adheres to a die, causing the next coin to be struck with the adhered coin, thus creating the incuse mirror image.
Bronze An alloy principally of copper, with zinc and tin added. In U.S. coinage, bronze coins typically contain 95% copper, 5% zinc and tin.
Bronze Disease A pale green powdery spotty corrosion occurring on copper alloy objects, such as bronze coins. The effect somewhat resembles green measles. Bronze disease may appear after exposure to chlorides and can lead to the destruction of an afflicted coin. Despite the name, bronze disease does not spread from one coin to another.
Brown Term applied to a copper coin having less than 5% of the original red color of copper. Most common color of copper coins. Abbreviation is BN.
Brushed A coin that has been rubbed with a brush or cloth, leaving small hairlines or scratches on its surface.
BU Abbreviation for Brilliant Uncirculated. See Brilliant Uncirculated.
BU Roll Coins set aside in a traditional coin roll quantity that are all Brilliant Uncirculated. For example, a 1954-S Lincoln cent BU Roll contains (50) 1954-S cents, all in uncirculated condition.
Buckled Die A warped or distorted die, many times caused by excess die clashing. Coins struck by buckled dies are often slightly bent.
Buffalo Nickel Nickname given to the Indian Head five cent coin of 1913-1938.
Bulged Die A die with a small indentation, caused by repeated die clashing. Coins struck by bulged dies often have a bulge.
Bullet Sale A public auction with relatively short time between the consignment deadline and the sale date.
Bullion Gold or silver typically produced in form of bars, wafers, or ingots, for the purpose of facilitating trade in precious metals.
Bullion Coin A legal tender precious metal coin of a nominal face value that trades slightly above its intrinsic value. Example is the American Eagle $1 Silver coin./td>
Bureau of Engraving and Printing An agency of the U.S. Treasury Department mandated to produce paper currency.
Buried The mistake of purchasing a coin for more than it can easily be sold for.
Burnishing (1) A polishing technique undertaken at the U.S. Mint to treat Proof blanks before striking.
Burnishing (2) A rubbing or polishing post-Mint process whereby the surfaces of coin are made shiny. Can be synonymous with Whizzing. Many collectors shy away from post-Mint burnished coins. Burnishing must always be noted on a coin's description.
Burnt Slang for a coin that has been subjected to multiple chemical dippings. Burnt coin surfaces are typically dull and without luster.
Business strike An ordinary coin which has been struck for circulation in daily commerce. Also called a circulation strike. This is opposed to a proof coin, manufactured through special processes, for sale to collectors and not intended for general circulation. Same as Circulation Strike, Commercial Strike, or Regular Strike.
Bust A portrait on a coin, often depicting the head, neck, and sometimes upper shoulders. In U.S. coinage, the term is frequently used in reference to Miss Liberty.
Bust Dollar Insider term for a silver dollar minted from 1795 to 1803. More properly called the Draped Bust dollar.
Buyer's Premium A predetermined fee that is charged to a successful auction buyer. Buyer's Premiums typically range from 15 to 20% of the final bid. Often called Buyer's Fee.
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C
Term Description
C The mintmark of the U.S. branch mint at Charlotte, North Carolina, active from 1838-1861. See also Charlotte Mint.
Cabinet Friction Refers to friction or rubbing marks on the highest elements of a coin, that was caused by sliding around in a cabinet drawer. Wooden storage cabinets were a popular way to display coin collections up to about the 1930s. Mint State coins with cabinet friction usually grade somewhere in the About Uncirculated (AU) range.
CAC Sticker See Certified Acceptance Corporation.
California Fractional Gold Small denomination gold coins struck by private minters during the early stages of the California Gold Rush. They were issued to alleviate the coin shortage for the rapidly growing population. Denominations of 25 cents, 50 cents, and one dollar were produced.
Cameo coin Term referring to a proof coin that has frosted lettering and features, providing attractive contrast with the mirrored fields of the coin. Abbreviation is CAM. Deep Cameo and Ultra Cameo describe Cameo coins having the boldest, most attractive contrast.
Canadian Silver Broad term referencing silver coins issued by Canada. Generally, they contain 80% silver.
Capped Bust Refers to multiple types of U.S. coins from 1807-1839 featuring the Miss Liberty wearing a baggy cap. The Capped Bust theme is the work of John Reich.
Capped Die A die is "capped" when a newly struck coin erroneously adheres to either upper or lower die (it is supposed to get ejected to make room for next planchet). The stuck coin begins to flow metal around the shaft of the die with each successive strike of the die. The more strikes, the higher the coin metal will be pushed around the die shaft. With enough strikes, the coin begins to resemble a bottle cap. Incidentally, planchets that get struck with a capped die form "brockage" error coins. See brockage.
Carbon spot Brown or black spot on the surface of a coin, caused by oxidation.
Carson City Mint The branch mint established in 1870 in Carson City, NV. The Carson City Mint was built in response the discovery of the fabulous Comstock Lode. Minting operations ceased amid an economic depression (the Panic of 1893), slower silver production, and inside corruption. Coining operations never restarted. Today, the Carson City Mint building is the home of the Nevada State Museum. Mintmark is "CC".
Cartwheel A phenomenon witnessed on a highly lustrous coin when placed under a strong light and slowly rotated, where the luster revolves around the coin like spokes of an imaginary wagon wheel. The term often used in conjunction with silver dollars.
Cast coin A coin made by pouring molten metal into a mold, rather than striking blanks with dies. Counterfeiters have frequently employed the cast coin process.
Castaing Machine A device developed by French engineer Jean Castaing that generated incused edge lettering or other devices to coin blanks on early U.S. coins prior to striking. This advancement made it more difficult to counterfeit coins, plus it allowed for easier detection if metal were removed from the edge by scraping or clipping. Castaing machines were eventually replaced int the 1820s by the introduction of closed collars, which imparted reeding or a plain edge simultaneous to the striking process.
CC The mintmark of the U.S. branch mint at Carson City, Nevada, active from 1870-1893. See Carson City Mint.
CCE Acronym for Certified Coin Exchange.
CDN Acronym for Coin Dealer Newsletter.
CDN Exchange An electronic dealer-to-dealer transaction network. Acronym is CDNX.
CDNX Abbreviation for CDN Exchange.
Census A roster of the known examples of a particular coin or numismatic item. Applicable mostly to ultra-rare items only, such as the 1913 Liberty Head nickel.
Cent 1/100th of the standard monetary unit of a nation. Variations of the word are used, depending upon the country, such as centavo, centimo, etc. In the United States, cents have been coined every year since 1793, with the sole exception of 1815.
Center Dot A raised dot at a coin's center, caused by a compass used to help the engraver position die devices around the coin in a circular orientation, such as lettering, stars, and dates. Center dots are commonly found on early U.S. coinage.
Centering Describing the position of the planchet in relation to the die at the instant of the die strike. A well-centered coin has a rim of equal width over the entire circumference. See also Off-center.
Certification The act of having a coin authenticated, graded, and encapsulated by an independent certification service.
Certification Service A company that certifies coins. See Certified Coin.
Certified Acceptance Corporation A service provider that verifies if a previously PCGS or NGC certified coin is of a solid or premium quality for its assigned grade. Coins meeting the company’s criteria are awarded the Green CAC sticker (often known by the slang term "Green Bean"). The Certified Acceptance Corporation is not affiliated with any coin grading service. Abbreviation is CAC, often pronounced as "cack".
Certified coin A coin authenticated, graded, and encapsulated in a tamper evident container by an independent (i.e., not associated with either buyer or seller, a.k.a. third party) coin grading service. A fee is charged for this service. Nickname for certified coin is "slab".
Certified Coin Exchange. An electronic dealer-to-dealer transaction network that handles only certified coins. Acronym is CCE.
CH Abbreviation for Choice. See Choice.
Chain Cent The shortened name given to the Flowing Hair Chain cent of 1793. It was the first coin struck in the new U.S. Mint building in Philadelphia. The Chain cent was intended to symbolize a strong national unity, but was quickly rejected because many saw it as a reminder of slavery. Within months, it was replaced by the Wreath cent.
Chapman Proof 1921 Morgan dollar Proofs struck especially for Philadelphia coin dealer Henry Chapman. It is estimated no more than 15 Chapman Proof dollars were struck and were not intended for the general public.
Charlotte Mint The branch Mint established in 1838 in Charlotte, NC. The mint was well-situated to strike gold coins from ore found in the North Carolina gold fields. Shortly after the opening hostilities in April 1861 of the American Civil War, the Charlotte Mint fell under Confederate control. Coins of the federal design continued to be produced, until the supply of gold bullion was exhausted. The Charlotte Mint never struck coins again. The original building was relocated in the 1930s and today is an art museum. Mintmark is "C".
Chasing A technique employed by forgers to fabricate a mintmark on a coin. Accomplished by heating the coin's surface and flowing the metal into the shape of a mintmark.
Cheerios Dollar To promote the new Sacagawea dollar in the year 2000, a total of 5,500 of them were placed in randomly selected boxes of Cheerios cereal. After the Sacagawea dollar went into regular production, it was observed a few of the dollars in the Cheerios boxes had greater detail in the eagle's tail feathers compared to all the others. These came to be known as the Cheerios dollar and are by far the most valuable of the Sacagawea dollar series.
Cherrypick To search for and buy a coin worth more than the selling price. In other words, "looking for a good deal". Cherrypickers are drawn to unsearched hoards or other old coin accumulations.
Chiseler Someone who removes small bits of metal from the edge of a coin to later sell. This was a concern long ago when circulating U.S. coins contained gold and silver. Reeding was applied to coin edges to thwart chiselers.
Choice (1) An adjective used to describe an above average specimen of a given grade. For instance, Choice EF-45 represents a coin above the typical EF-40, but still below AU-50.
Choice (2) An Uncirculated (i.e., Mint State) or Proof coin generally agreed as the equivalent of grading 63 or 64 on a 70-point scale.
Chop mark An insignia or an image of some kind punched into a coin by a someone in the public to indicate authenticity. Chop marks are most famously associated with United States Trade dollars circulating in Asia during the latter part of the 19th century, applied by distrusting Chinese merchants to verify authenticity.
Circulated A coin with wear, usually resulting from being released into general circulation. Wear can range from so heavy the coin is barely identifiable to just the slightest touch of wear on the highest points.
Circulation Strike A coin struck with the intention of being released into circulation for general commerce purposes. Also called a business strike. This is opposed to Proof coins, which undergo a special manufacturing process and are not destined for general circulation. Rather, they are made specially for collectors. Same as Business Strike, Commercial Strike, or Regular Strike.
Civil War Token Private issue piece made to approximate the size and function of the U.S. cent. These tokens circulated during the American Civil War years and were released as a response to the shortage of small change coins. Many Civil War tokens were made of bronze and demonstrated the advantages of utilizing the alloy in coinage, a concept soon adopted by the U.S. Mint.
Clad Coin A coin that has an outer layer of copper-nickel (sometimes silver) bonded to a center core of pure copper. Has been the primary metallic composition of U.S. dimes, quarters, half dollars, and dollars since 1965.
Clash Marks Accidental striking of the obverse design on the reverse of a coin or reverse design on the obverse of a coin. Caused as a result of top and bottom dies becoming damaged by hitting each other without a planchet in between, leaving the opposite side impression on each dies, followed later by regular minting using the damaged dies.
Clashed Die Die that has been damaged by clash marks.
Classic Era The era from 1792 to 1964 when the U.S. Mint issued business strike coins composed primarily of gold or silver, although gold coinage ended in 1933.
Classic Head A rendition of Miss Liberty depicting her as a Roman or Greek athlete, wearing a ribbon around her hair. An example of this can be seen on the Classic Head half eagle of 1834-1838.
Cleaned Term associated with a coin having its original surface altered or removed, through the use of chemicals or abrasives, often leaving scratches or other observable damage. Such a practice almost always results in a lower coin value. If a coin has been cleaned, it should be noted as such. A professional cleaning in water or solvent to remove dirt, for instance, leaving no mark or residue is usually considered acceptable.
Cleaning The act of creating a cleaned coin.
Clip A coin or planchet missing a piece of material from its periphery, caused by a malfunction in making the planchet. A curved shape is the most common type of clip.
Clogged Die Occurs when a contaminant, such as grease, fills a recessed area of a die. Coins struck with a clogged die may have weak or missing details.
Closed Collar Sometimes called an edge device, the closed collar surrounds the anvil die and forms either reeding or a smooth, plain edge as the coin is being struck. Closed collars were put into service at the U.S. Mint during the 1820s. Up until this time, edge lettering or other devices were imparted on planchets prior to being sent to the coining press. See Castaing Machine and Open Collar.
CN The abbreviation for Cupro-Nickel alloy, also called Copper-Nickel alloy. See Cupro-Nickel.
Cohen Number Identification number for particular die marriages of U.S. half cents. Researcher Roger S. Cohen catalogued various die marriages and documented them in his 1971 work American Half Cents, the "Little Half Sisters”. Designated by C-1, C-2a, etc. See Die Marriage.
Coin A flat piece of metal issued by a governmental authority, having a distinctive stamp and a fixed weight and value, for use as legal tender.
Coin Collection An assemblage of coins gathered with some objective in mind, such as profit or entertainment.
Coin Collector A person who forms a coin collection with some objective in mind. Not the same as someone hoarding coins.
Coin Dealer A person or company that buys and sells numismatic materials for profit.
Coin Dealer Newsletter A numismatic publication dating back to 1963, providing pricing information, trends, and analysis on U.S. coins. Available to anyone, not dealers only. Contains wholesale and retail value estimates. Acronym is CDN. Perhaps better known as the "Greysheet".
Coin Doctorer An individual who deliberately attempts to enhance a coin's appearance by cleaning, repairing, or any other form of alteration.
Coin Production Refers to the process of making coins. The United States Mint produces billions of coins every year. Here are the basic steps involved:

1) The Mint buys coils of metal 1,500 feet long. The metal comprising the coil is of a specified thickness, depending on the coin denomination it will eventually make. The coil is fed into a machine where a long strip is straightened and cut off. From there, the strip is processed through a blanking press where a cookie cutter action punches out thousands of round blanks per minute.

2) The blanks are sent into an annealing furnace to make them softer, so they can be struck without breaking, while improving metal flow and formability. They are then dropped in a quench tank to cool them off rapidly. Next, they are washed to remove quenching media and tarnish, and then dried.

3) The blanks are then processed through the upsetting mill, where the blanks are fed into a groove a bit narrower than its diameter. This action forces the metal up around the edge of the blank to form a rim. The rim will protect the coin from circulation wear and makes it stackable. Upon the completion of this step, the blank has a new name: planchet. Often the terms “blank” and “planchet” are used as synonyms, but that is not technically correct.

4) The planchets move to the machine press area for striking. Working dies are set up in pairs inside a press: the upper die contains the obverse design, the lower die the reverse. A planchet is placed atop the lower die, whereupon the press brings the upper die down with tons of pressure to strike the planchet, forcing metal to flow into the recesses of the dies to generate the coin’s design elements. A collar is positioned around the planchet to prevent the metal from flowing excessively, while simultaneously imparting smooth, reeded, or lettered edges. The planchet is now a coin.

5) After passing quality control, the coins are dropped in large bags, weighed, and stored before being turned over to the Federal Reserve Banks for nationwide distribution.

There are variations in this process depending on the finish. Proof coins require more steps and are handled with greater care. See also Die Making.
Coin Show An open meeting of coin dealers, convened for the purpose of buying, selling, and trading between the dealers and with the public.
Coin World A widely read numismatic publication issued weekly. Established in 1960.
COINage A widely read numismatic publication issued bi-monthly.
Coins Magazine A widely read numismatic publication issued monthly.
Collar A device that holds a planchet in place while the coin is struck by the upper and lower dies. It also may restrain metal flow during the striking action. Collars are often thought of as the third die because they are used to form the edge devices of a coin. A collar may be a solid piece of plate metal with a hole for the planchet to fit into or a set of coordinated segments that move together before and after the coin is struck. See also Closed Collar and Open Collar.
Colonial Coinage Refers to coinage circulating in the British American colonies, dating back to 1652 to just prior to the completion of the U.S. Mint in Philadelphia in 1792.
Color Alludes to the hues or color characteristics of a coin. For example, copper coins can have a red or reddish brown color, and silver coins, a rainbow-like luminous or gleaming color.
Commemorative A special coin or medal produced to honor an outstanding person, place, or historical event.
Commercial Grade The highest feasible grade that could be applied to an uncertified coin, as a result of applying grading standards less stringently. A coin’s commercial grade is typically a step or two higher than what would have been its certified grade.
Commercial Strike A coin struck with the intention of being released into circulation for general commerce purposes. Also called a business strike. This is opposed to Proof coins, which undergo a special manufacturing process and are not destined for general circulation. Rather, they are made specially for collectors. Same as Business Strike, Circulation Strike, or Regular Strike.
Common Date Coin (1) A coin that is generally available and not considered semi-rare or rare.
Common Date Coin (2) A coin date within a series that is generally available when compared to other dates in the series.
Condition The physical state of a coin. Is a primary consideration in determining coin grade.
Condition Census A list of the finest known specimens (maybe numbering five or six) of a particular variety of coin. Is considered a somewhat vague term.
Condition Rarity (1) A common date coin that is very rarely found in a high grade. An example of this is the 1892-S Morgan dollar.
Condition Rarity (2) The rating on a rarity scale for a given coin at a certain grade and higher. See also Rarity (2) and Rarity Scale.
Consensus Grading Evaluating a coin's condition by using more than one grader.
Conservation Collectible coins are frequently damaged due to improper storage, environmental conditions, mishandling, surface contamination, encrustation, and other detrimental causes. In some of these situations, certain professional techniques can be employed to improve a coin’s appearance without inflicting additional harm to the coin and guard against further deterioration whenever possible. The objective of this treatment is to reveal the coin’s originality, not conceal something. This approach is called numismatic conservation and is considered an acceptable practice throughout the coin industry. This is not to be mistaken with coin doctoring, which tries to upgrade a coin’s eye appeal through deceptive methods such as artificial toning or improper cleaning. Mechanical alterations like plugging holes or smoothing scratches do not quality as numismatic conservation.
Consignment Coins turned over to an auction company or dealer to sell.
Contact marks Marks on a coin resulting from contact with other coins or some other object. Often called bag marks.
Contemporary Counterfeit A counterfeit coin made of base metal during the same time period when the genuine coin was being minted. Numerous such counterfeits were produced during the American colonial era. See Base Metal.
Continental Dollars The origin and usage of these "dollars" is somewhat of a mystery. All are dated 1776, though may have been struck later. They are comprised of pewter, brass, copper, and silver. Benjamin Franklin's design for paper Continental currency may have been the inspiration for the Continental dollar motif. Many fakes are known to exist.
Copper An elemental metal used in the production of certain coins, including half cents and large cents, primarily before the mid-1860s. After that, copper was replaced by bronze (see Bronze). Also, copper is added in small amounts to gold and silver coins to increase hardness and strength.
Copper Spot A spot visible on gold coins. The classic gold coins that circulated long ago contained a small percentage of copper to improve hardness and durability. Sometimes copper was concentrated in areas on the surface which subsequently oxidized, creating dark spotting. Copper spots can range in size from very small to large.
Copper-Nickel Cent The small cents issued from 1856-1864 were made of an alloy comprised of 88% copper and 12% nickel. The Flying Eagle cent of 1856-1858 and first six years of the Indian Head cent (1859-mid 1864) were the copper-nickel cents. During their time of service, they were called the "white cents" because of their pale color compared to the earlier red cents.
Coppers Informal term applied to colonial copper coins, half cents, and large cents. See also Colonial Coinage.
Copy A replica of an original coin issue. Copies are usually made of a different metallic composition than the original. According to the Hobby Protection Act of 1973, all numismatic copies in the United States must be clearly marked with the word "COPY". Also known as a Replica.
Copy Dies (1) Official U.S. Mint dies made in a year beyond that shown on the coin. There are usually small differences between the copies and original dies. An example of this is the 1836 Classic Head half cent with the reverse of the Braided Hair half cent of 1840-1857. See also Restrike.
Copy Dies (2) Counterfeit dies made from a genuine coin.
Coronet Head A coronet is a crown or tiara. The design of many 19th century gold and copper coins placed a coronet on the head of Lady Liberty. Coin types characterized by this are named as such. For example, the $2.50 gold pieces of 1840-1907 are called Coronet quarter eagles (although many collectors call this same coin Liberty Head quarter eagles).
Corrosion Damage resulting from reactive chemicals, often airborne, upon metals. Advanced corrosion can eat away at the metal. Many American and early U.S. copper coins are plagued by corrosion.
Counterfeit Coin A coin that is not genuine, generally manufactured with the intent to deceive. Genuine coins having added mintmarks or altered dates are many times categorized as counterfeit coins. A highly illegal practice.
Countermark A stamp or mark created on a coin to validate its use by another government or to specify revaluation.
Counterstamp A design of some sort stamped on a coin (after it left the Mint) for a particular identification or promotional purpose. Counterstamped coins are graded following regular guidelines, but a description and condition of the counterstamp must also be provided.
Crackout An coin encapsulated by a third party grading service that is thought by the owner to be undergraded. The coin is "cracked out" of the plastic holder and submitted again as a raw coin, in the hope of receiving a higher grade.
Crossover A coin that was graded and encapsulated by one certification service and later sent to another service where it was assigned the same grade and encapsulated in the second company's holder.
Cud A raised lump on a coin caused by striking with a die having a portion of its surface cracked or broken off.
Cull Refers to a coin picked out from a group of coins because it is of extraordinarily poor quality, barely recognizable, sometimes even with damage (has holes or is bent, for example).
Cu-Ni Abbreviation for copper-nickel, taken from the elemental designations on the Periodic Table for copper and nickel respectively. Many U.S. coins are comprised of a copper-nickel alloy.
Cupro-Nickel Refers to any alloy of copper and nickel. In modern times, any mention of Cupro-Nickel coins pertains to the "sandwiched" clad coinage in use since 1965, but the copper-nickel cents, three-cent nickel pieces, and five-cent nickels also are categorized as Cupro-Nickel coins. See Clad Coin.
Curated Coin Refers to a coin that has been professionally cleaned to improve the coin's appearance, while at the same time imparting no harm upon the coin. Most buyers accept curated coins without expecting a discount. Removal of sea life encrustation from a coin recovered from a shipwreck, with no evidence of the cleaning process, is an example of a curated coin. See Conservation.
Currency Any form of money used as a means of trade. Includes coins and paper money.
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D
Term Description
D The mintmark of the U.S. branch mints at Dahlonega, Georgia, active from 1838-1861, and of Denver, Colorado, active from 1906-present. See Dahlonega Mint and Denver Mint.
Dahlonega Mint The branch mint established in 1838 in Dahlonega, GA. Gold was discovered in Georgia in 1828. Dahlonega quickly became a gold rush boomtown, and within a few years was selected as an ideal site for a U.S. branch mint, to convert mined gold into coins. It struck coins for the United States until its seizure in 1861 by the Confederacy at the outbreak of the American Civil War. Coinage production at Dahlonega continued using federal dies, but came to an end on June 1, 1861, and was never resumed. In 1873 the abandoned mint building was re-opened as an agricultural college, but tragically burned to the ground in 1878. A new structure was built the following year atop the old mint's surviving granite foundation and today serves as the main administrative office building for the University of North Georgia. Mintmark is "D".
Damaged Coin A coin that has been holed, gashed, bent, stained, environmentally attacked (causing severe discoloration or corrosion), or in some way mutilated from its original form.
Date The year indicated on a coin, almost always the year it was minted. See also Restrike.
DCAM Abbreviation for Deep Cameo coin. See Deep Cameo.
DDO Acronym for Doubled Die Obverse.
Debased Coin A coin whose precious metal content has been reduced by the issuing government authority. An example is the 1965 Kennedy half dollar. It contained 40% silver, down from the 90% silver content of the 1964 issue.
Deep Cameo An expression to describe a Proof coin having heavily frosted design elements and lettering that contrast with the fields. Mostly seen on modern Proof coinage. Sometimes called Ultra Cameo. See also Cameo.
Deep Mirror ProofLike A term applied to a business strike coin with deeply reflective fields, having a mirror-like appearance. Caused by highly polished dies and resemble Proof coins. Used frequently in describing certain Morgan silver dollars. Abbreviated as DMPL, pronounced as "Dimple".
Delamination Occurs when metal missing is peeling from the surface (or already gone) because of poor bonding or planchet imperfections.
Denomination The face value assigned to a coin, such as cent, nickel, dime, quarter, half dollar, and dollar.
Dentils The toothlike devices encircling the rim of some coins. Also known as denticles. Dentils were discontinued on most U.S. coins in the early 1900s.
Denver Mint The branch mint in Denver, CO, issuing coinage for the United States from 1906 to the present. In 1858, a major gold deposit was discovered near what is today the city of Denver. Four years later, the U.S. government authorized the establishment of a branch mint in Denver, whereupon the fledgling mint took up residence inside the Clark, Gruber & Co. building. Although the facility was fully equipped, coinage operations were postponed. Mint Director James Pollock cited "... the hostility of the Indian tribes along the routes, doubtless instigated by rebel emissaries (there being a Civil War) and bad white men...." as a primary cause of no Denver coinage. Decades passed. In the meantime, major silver finds were made in the area. In 1895, Congress authorized the construction of a new mint building in Denver. Construction began in 1899 and took five years before the building was ready for occupancy. Finally, in 1906, coinage from the Denver Mint was issued, eventually cranking out 167 million gold and silver coins in its first year of operation. The Denver Mint remains today one of the most prolific coining facilities in the world. Mintmark is "D".
Design The basic theme of a coin. Examples are Seated Liberty coinage and Standing Liberty quarters.
Design Type The name assigned to the design on a particular coin. An example is the Jefferson nickel.
Designation For a few coin types, just having a numerical grade for a Mint State or Proof coin does not impart enough information about the quality of the coin. In these situations, designations (often called qualifiers) are attached to the point grade as a suffix, but do not affect the grade itself. Designations provide additional information the marketplace has deemed to be of significance to collectors, and hence, has an impact on a coin’s value. Designations for Mint State coins are for color, strike boldness, and surface reflectivity. For Proofs they are for color and surface contrast.
Designer The person credited with creating the design of a coin. For United States coinage, designers have been both Mint employees (e.g., John Reich) and non-Mint employees (e.g., Victor D. Brenner).
Details (1) Minute characteristics in a coin design. Primary examples include small details in wreaths, hair, leaves, and feathers.
Details (2) A problem coin determined by a third-party grading service to be genuine, but without attaining a numerical grade due to the problem. Instead, an adjectival grade only is given, corresponding to the amount of wear on the coin. Some of the issues that can cause a coin to be denied a numerical grade are improper cleaning, large scratches, artificial toning, repaired, and damage. An example of how a Details coin is labeled: “VF Details – Cleaned”. This means the coin has a wear level somewhere in the VF20-VF35 range. The good news is a Details coin is genuine, but almost always, it sells for considerably less than the same coin without the problem.
Details Grading Same as Net Grading.
Device Generally refers to the principal design element on a coin, such as a portrait, eagle, or shield, but could pertain to any specific design element. Applies to obverse and reverse.
Device Punch A steel rod tool used to punch a device into a working die. This method was used before hubbed dies became the standard to make working dies in the 1840s.
Die An engraved cylindrical stamp made of hardened steel, with an incuse mirror image design for impressing on a planchet to produce a coin. Dies are used in pairs, one having the obverse design and the other, the reverse design. The upper die generally has the obverse design and is called the hammer die. The lower die generally has the reverse design and is called the anvil die. A planchet is placed between the dies and struck by the hammer die (with the anvil die remaining stationary) to produce a coin. See also Die Making, Master Die and Working Die.
Die Alignment Refers to the positioning of the hammer die (upper) and anvil die (lower) relative to one another during the striking process. Dies not properly aligned can produce inferior coins. If the dies are misaligned in the vertical axis, weakness will be observed on localized areas on both obverse and reverse. If the dies are spaced too far apart, the result will be a coin of overall weakness. If the dies are too close to one another, the resultant coin will be sharply struck, but will generate premature wear on the dies.
Die Break A die that has a small piece of it broken off and missing. This creates a raised area on a coin struck with such a die. Raised area is often called a cud.
Die Chip A small fragment broken off and missing from a die. Metal flows into the resulting hole during striking, resulting in a cud. Similar to a die break.
Die Clash See Clash Marks.
Die Crack A small crack in a die, resulting in coins struck with a small, irregular ridge created by metal flowing into the crack. Very common in early U.S. coinage, much less so in modern coinage. Die cracks may be useful in identifying die varieties and evaluating die state. See also Die Variety and Die State.
Die Defect A flaw on a coin, caused at the Mint by a damaged die.
Die Line Same as Die Striations.
Die Making Refers to the process of manufacturing the dies used to strike coins. Die Making has come a long way since the Philadelphia Mint was constructed in 1792. Here are the basic die making steps at the Mint today:

1) A coin design (in the form of a line drawing) is approved by the Treasury Secretary.
2) Mint artisans, working from the drawing, render a 3-D sculpted workpiece from clay, plaster, and/or digital software. The workpiece is scanned, creating a fully digitized final model in high resolution.
3) The digital model is translated into machine language so that a computer numerically controlled (CNC) milling machine can engrave the design into steel. This is called the master hub, and it shows a positive image (i.e., the design elements are raised, as would be seen on a coin). There is a master hub for each mint facility because it is at this step where the mintmark is added.
4) The master hub is mounted in a machine press and is pushed at high pressure into a cone-shaped end of a short steel rod to transfer the image and form the master die. This action creates a negative image into the master die, showing the design in reverse, as the design elements are sunk, or incused, into the steel.
5) The master die is mounted in a machine press to form working hubs.
6) A working hub is mounted in a machine press to form working dies.
7) Working dies undergo additional machining and then are heat treated in a furnace and quenched rapidly to harden the dies, followed up with oven tempering to reduce brittleness and increase toughness. After all the additional steps are taken, the Final Dies are complete and serialized.
8) Final dies placed into service to strike coins.

Extra steps are required for Proof dies. Note: Master Hubs and Master Dies are lightly used to preserve their sharpness and soundness. Thus, it is the Working Hubs and Working Dies that get steadily worn and replaced. This “multi-generational” process greatly extends the lives of the master tooling. See also Coin Production.
Die Marriage The pairing of a particular obverse die with a particular reverse die to strike coins. In the formative years of the U.S. Mint, when dies were manually engraved and punched, small differences in lettering and other design elements could be observed from one die to the next. Because of this, numismatic researchers have been able to conclusively identify various die marriages and catalog them as die varieties. An example of this is the Overton Number for early half dollars. Chronicling die state condition was also helpful in identifying die marriages. See also Die State and Die Variety.
Die Sinker An individual who makes dies using a variety of punches. Die sinkers were employed in the early years of the U.S. Mint.
Die State The condition of a die at any given point in its life. Dies having less wear produce coins having sharper details. Dies can also crack and eventually break off pieces. It is especially true in the early years of U.S. coinage when the Mint was strapped for resources, worn and/or cracked dies were not immediately discarded, but remained in production. Numismatic scholars have noted the progressively deteriorating die state for certain coins. For example, there is clear visual evidence documenting the worsening state of one of the obverse dies used to strike 1799 Capped Bust to Right $10 eagles: for this particular die, a crack formed from the rim, through star 8, to the back of Liberty's cap. As the cracked widened, it is clear which coins were struck near the end of the die's life. Sometimes the term Die Stage is used in a similar manner or to describe a die state with greater specificity. See also Cud.
Die Striations Small raised lines in the field of a coin caused from polishing or grinding of a die by Mint employees to remove chips, clash marks, etc. Die striations fade as more coins are struck from the die. Same as Die Lines.
Die Trial Testing a die in conjunction with a different metal.
Die Variety In the early years of U.S. coinage when dies were inconsistently engraved or punched by hand, many minor variations between dies resulted, including overdates, digit shapes, large and small lettering, star sizes and other differences. Essentially, every die was unique. Many coin series have been investigated to identify and catalog the various "marriages" of obverse and reverse dies known to have struck coins of varying years and mintmarks. Each unique combination of obverse and reverse dies constitutes a die variety. An example of this type of research is reflected in the Overton number for early half dollars. By the 1840's, the hubbing process was implemented at the Mint, resulting in more uniform dies. Die varieties still occurred but were mostly limited to the size, shape, and positioning of the date and mintmark. See also Die Marriage, Overton Number, and Hub.
Die Wear The loss of detail on a coin caused by wear on the die used to strike it. This is not to be confused with wear on the coin itself. See also Die State.
Dime A denomination of one tenth of a dollar, or ten cents. First issued by the United States in 1796.
Dipped Refers to removing tarnish, surface dirt or changing the coloration of a coin by placing in a mild acid wash solution.
Disme One-tenth of a dollar. The early spelling of the word dime. Was not used on any regular issue United States coin.
DMPL Abbreviation for Deep Mirror ProofLike. Mostly associated with certain Morgan dollars. Pronounced as "Dimple". See Deep Mirror ProofLike.
Doctored A coin that has been chemically treated or in some way processed to improve its appearance has been doctored. The term generally carries a negative connotation.
Dollar The base monetary unit of the United States. The word “dollar” was derived from the Germanic word “thaler”, originated in 1518. The Spanish “Real de a Ocho” (Piece of Eight) circulated widely throughout the New World and came to be called the “Spanish dollar” by the American colonists. After winning independence from Great Britain, the United States Congress, acting under the Articles of Confederation, adopted the dollar as its official monetary unit in 1785. Following the ratification of the U.S. Constitution, the Mint Act of 1792 reaffirmed the dollar as the monetary unit of the infant nation. See also Thaler, Piece of Eight, Real, Bit, and Spanish Dollar.
Double Denomination An error coin where a previously struck coin is struck again by the dies of another denomination.
Double Eagle A United States gold coin of $20.00 face value, minted from 1849 to 1933. A single gold double eagle dated 1849 is known and resides at the Smithsonian Institution in Washington, D.C. There were reportedly 445,500 double eagles struck in 1933, all of which were melted with the exception of a dozen or so, and most of them are not legal to own.
Double struck A coin that was struck twice.
Doubled die A die struck more than once by a hub in misaligned positions during the creation of the die, resulting in the doubling of some or all of the coin’s design elements. A coin made from this type of die is also called a doubled die.
Doubloon A Spanish gold coin originally valued at about 16 Spanish dollars. See also Brasher Doubloon.
DPL (Deep Prooflike) A term applied to a business strike coin with deeply reflective fields, but having a lesser mirror-like appearance compared to DMPL coins.
Draped Bust The Draped Bust theme was used on various U.S. coins from 1795 to 1807, depicting Miss Liberty with a drape covering her bust. Numismatic researchers believe Mint engraver Robert Scot modeled the theme from the Gilbert Stuart portrait of a Philadelphia woman named Ann Willing Bingham.
Drift Mark Long, streaky, or discolored areas on a coin, caused by foreign matter or debris in the dies.
Dull Term often used to describe a high-grade coin that lacks luster, caused by improper cleaning, oxidation, or other environmental conditions. See Luster.
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E
Term Description
E. Pluribus Unum A Latin phrase meaning "Out of many, one". This is the motto on many U.S. coins.
EAC Abbreviation for Early American Coppers. Usually considered in this group are copper U.S. coins dated 1857 and earlier, colonial coinage, and other pre-Constitutional issues. There is an organization by this name as well that specializes in the study of these coins.
Eagle (1) A United States gold coin of $10.00 face value, minted from 1795 to 1933. The Mint Act of 1792 established the eagle, along with the dollar, as the base monetary units of the United States.
Eagle (2) The name applied to the silver, gold, and platinum bullion coins issued by the U.S. Mint from 1986 to the present.
Early Strike Same as First Strike (1)
Edge The circumference face of a coin that may be plain, reeded or decorated in some way. Some call it the third side of a coin.
Edge Device Any lettering or symbols on the edge of a coin, such as stars or other ornamentation.
Edge Mill Machine to impart lettering or other devices on the edge of a coin. See Caisting Machine.
EF The abbreviation of a coin graded Extremely Fine. Also recognized as XF. See Extremely Fine.
Electrotype A copy of a coin created by an electroplating process, where metal is deposited into a mold formed from the original coin. The obverse and reverse metal shells are then filled with metal and fused together. The edges may then be filed smooth to remove the seam. This process is often used for museum displays. Sometimes used to produce counterfeits.
Electrum A naturally occurring alloy of gold and silver. Some ancient coins were made of this mixture.
Element A design, lettering, or marking on a coin.
Encapsulated Coin A coin that has been confirmed as genuine, graded, and sealed in a plastic encapsulation by a professional service.
Engraver (1) The individual who cuts a coin design into a die. This was the function of the engraver at the early mint.
Engraver (2) The individual who sculpts a clay model of a coin’s design that will be translated to a coin die several steps later. This is the function of the engraver at the modern mint.
Envelope Toning Discoloration on the surface of a coin resulting from storage in a paper envelope. Most paper envelopes contain sulfur or other reactive chemicals.
Environmental Damage Corrosion to a coin resulting from exposure to environmental conditions such as air, moisture, chemicals, or other substances. Excessive, unattractive toning or surface pitting are often the result of environmental damage.
Eroded Die After extended use, a coin die can lose some of its detail due to wear. A die in this state is called an eroded or worn die. In the early years of the U.S. Mint, dies were often used until they wore out, or were heavily cracked or broken. Coins struck with an eroded die may appear to be weakly struck because of missing details. See Die State, Worn Dies.
Error coin A coin minted with an accidental defect of some kind (wrong metal, off-centered, doubling, etc.) that varies from the norm that escaped quality control and mistakenly released to the public. Overdates and overmintmarks are not viewed as errors because they were made intentionally. Also known as a Mint Error.
Essay Coin Another way of saying a test, trial, or pattern coin. Derived from the French word "essai".
Exergue The lower portion of a coin, separating from the rest of the coin by a line, frequently bearing the date, mintmark, and designer's initials.
Exonumia Numismatic items other than coins or paper currency, such as tokens and medals.
Extant As it pertains to coin collecting, refers to coins not destroyed or lost for a given date. For example, of the 6,146 Draped Bust quarters reportedly minted, approximately 650 are extant today.
Extremely Fine A circulated coin with relatively minimal wear. On the 70-point grading scale, Extremely Fine coins generally score 40 or 45. Sometimes called Extra Fine. Abbreviated EF or XF.
Extremely High Relief In coin collecting, refers to the 1907 Saint-Gaudens double eagle of the highest relief variety. The Extremely High Relief dies had so much depth that multiple strikes from a heavy tonnage press were required to fully form up the coin detail. This was not feasible for mass production, so the design was lowered, resulting in the High Relief variety. This also was deemed too difficult to manufacture, so the design was lowered again to create the low relief double eagle and were produced by the thousands. Sometimes called the Ultra High Relief, the Extremely High Relief St. Gaudens double eagles are exceedingly rare and are among the highest prizes in numismatics.
Eye Appeal Subjective overall attractiveness of a coin, based on such things as strike quality, number and location of marks, mint luster, toning, color, centeredness, etc. Eye appeal may play a factor in determining a coin's grade and ultimately its value. See also Market Grading.
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F
Term Description
F The abbreviation for a coin graded as Fine. See Fine.
Face Value The monetary amount a coin is worth as spending money. Has no relation to collectible value.
Fair The grade of a coin with most of the design details worn completely smooth. On the 70-point grading scale, a Fair coin generally scores a 2. Abbreviated as FR.
Fake A catch-all term to encompass a coin that is counterfeit, altered, or in some way treated to make it appear something it is not, usually for the purpose of deceiving would-be buyers.
Fantasy Piece (1) Throughout the 1860s and 1870s, government authorities allowed many unofficial patterns to be struck and sold to people with friendly connections to the Mint. The distribution of these “fantasy pieces” was largely ended in 1887.
Fantasy Piece (2) Term often used in non-Mint related commercial ventures.
Fasces The vertical device on the reverse of Mercury dimes. Is a Roman emblem of authority, having a bundle of rods held together by horizontal bands.
Fat Head Fives Slang term given to the Capped Head Quarter Eagles and Half Eagles of 1813-1834. The nickname was applied because of Lady Liberty's unusually large head and neck.
FB Abbreviation for Full Bands. See Full Bands.
FBL Abbreviation for Full Bell Lines. See Full Bell Lines.
Federal Reserve Bank Known informally as "the Fed", the Federal Reserve Bank is the central bank of the United States.  It was created in 1913 and consists of a network of twelve Federal Reserve Banks and a number of branches monitored by a of the Board of Governors.

The Federal Reserve has four main responsibilities:

1) Conduct the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates.
2) Regulate banks to ensure the soundness of the nation’s banking and financial system and to protect credit consumers.
3) Maintain the stability of the financial system and contain risks that may arise in financial markets.
4) Provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system and dispersing coin and paper money to financial institutions throughout the country.
FH Abbreviation for Full Head. See Full Head.
Fiat Money Coins that have metal value less than their face values or paper money not backed by metal value, and are legal tender by governmental decree. A Federal Reserve Note is an example of fiat money. See also Gold Standard.
Field The open area, (i.e. the background) on a coin's surface not occupied by a design or lettering.
Filler A coin badly worn or damaged but rare enough to be included in a collection. It fills an open spot in an album, hence the name.
Fillet Head The rendition of Miss Liberty where her hair is tied with a band, usually on the forehead. The Classic Head half eagle of 1834-1838 is an example.
Final Die After its last manufacturing stages are completed, the working die is inspected and serialized, becoming a final die. The final die is placed into service to strike coins. There is a final die for a coin's obverse and reverse. See also Die Making.
Fine The grade of a coin having moderate to considerable even wear throughout. On the 70-point grading scale, a Fine coin generally scores a 12 or 15. Abbreviated as F.
Fine weight The actual weight of a precious metal in a coin, or any bullion form, such as a bar or ingot. The fine weight is always less than the total weight of the object, if alloying metals are also used.
Fineness The proportion of pure precious metal in an alloy, normally expressed in terms relative to one thousand parts. For example, a coin of 90% pure gold is expressed as .900 fine.
Finest Known The coin judged to be the finest specimen known, in terms of condition, of a denomination, type, date, or variety.
First Strike (1) A coin struck shortly after a new die pair is placed into service. First strike coins often are the most coveted by collectors, having sharper details and even sometimes proof-like qualities. Also called Early Strike.
First Strike (2) A designation applied to coins delivered by the U.S. Mint within 30 days following the official release date of a new product. Used often in conjunction with the issuance of bullion coins. Many collectors view First Strike coins as a marketing tool.
Fish A buyer or seller who is unaware of the true market value of a coin and buys or sells it at a price not on par with its true value.
Fish Scale Slang for the silver three-cent coin of 1851-1873. Acquired this nickname due to its diminutive size.
Five Indian Shorthand term for the Indian Head half eagles struck from 1908-1929.
Five Lib Shorthand term for the Liberty Head half eagles struck from 1839-1908.
Fixed Price List A listing of items for sale at set prices.
Flan The round, blank, flat metallic piece on which a coin is struck. Also known as a planchet or blank. The term is used primarily in European nations.
Flat Edge Term referring to certain high relief coins that do not have a wire edge. Also called Flat Rim. An example of both edges can be seen with the 1907 (MCMVII) Saint-Gaudens double eagle. See also Wire Edge.
Flat Luster A softened luster characteristically present on coins struck from worn dies, usually possessing a gray or dullish hue that render lackluster fields.
Flat Strike Occurs when the front and reverse dies do not fully advance towards each other as a coin is being struck, causing the highest areas of relief on the coin's surface to be poorly defined, because the metal is not forced into the deepest recesses of the dies. Very common with Buffalo nickels, Standing Liberty quarters, and Walking Liberty half dollars from the 1920s.
Flip A transparent bi-fold plastic coin holder, preferably made of a non-reactive material, to minimize possibility of damaging the stored coin.
Flip a Coin Selling a coin quickly after purchasing it, in the desire to earn a quick profit.
Flip Rub Slight blemishes or discoloration on the high spots of a coin caused by rubbing that occurs inside a flip.
Flow Lines Microscopic striations visible in a coin’s surface created by the movement of metal from the center of the planchet as it is being struck under high pressure. The cartwheel effect seen on high luster coins is the result of light reflecting from flow lines. See Metal Stress Lines.
Flowing Hair The design of Miss Liberty with long, flowing hair present on several very early U.S. coin types, credited to Mint engraver Robert Scot. One example is the Flowing Hair silver dollar of 1794-1795.
Flying Eagle Cent The first small cent, a cupro-nickel alloy of 88% copper and 12% nickel. The Flying Eagle cent was struck from 1856-1858 and replaced the large cent. Designer James Longacre's obverse borrowed heavily from Christian Gobrecht’s silver dollar reverse of 1836-1839.
Flyspecks Very small spots of oxidation sometimes found on coin surfaces, resembling flyspecks. Caused by exposure to minute moisture particles, many times emitted as saliva droplets from talking or sneezing. Top grade nickel and copper coins are most susceptible.
Focal Area The locations on a coin that are noticed first by a viewer. There are prime focal areas and secondary focal areas. For example, on the obverse of the Peace dollar, the prime focal area is Liberty's face and neck. The secondary focal area is her hair and fields behind her head.
Foreign Coin Any non-American coin. Essentially the same as World Coin.
Four Dollar Gold Piece A pattern coin struck in 1879-1880. Called a Stella. See Stella.
FR The abbreviation of a coin graded Fair. See Fair.
Fractional Currency Paper money with a face value of less than one dollar.
Franklin Half Dollar Half dollar featuring Benjamin Franklin on the obverse and the Liberty Bell on the reverse. John Sinnock's design was in production from 1948 until 1963, when it was abruptly ended to allow for the new Kennedy half dollar.
Freedman's Cap Soft, cone-shaped cap worn in ancient Rome by newly emancipated slaves to signify their freedom. The freedman’s cap, also called the liberty cap, came to symbolize the pursuit of freedom in the late 16th century and later. During the American Revolution, the liberty cap was ceremonially placed atop a pole and hoisted high, to rally the colonists in their bid for independence from British rule. The liberty cap and pole became design elements for the U.S. half cents of 1793-1797 and the cents of 1793-1796. The Seated Liberty coinage of 1837-1891 depicts Lady Liberty holding a pole topped by a liberty cap. The freedman’s cap is sometimes called a Phrygian cap, a derivation of the original Roman freedman’s cap, the Pileus.
Fresh Material Coins that have not been on the market for a very long time, if ever.
Friction Very minimal wear at the coin's highest spots. See Cabinet Friction.
Frost An intentional crystallized-metal effect seen in the recessed areas of a die.
Frosted devices Raised devices on coins struck with frosted dies, resulting in a frosty appearance. See Frost.
FS Abbreviation for Full Steps. See Full Steps.
FT Abbreviation for Full Torch. See Full Torch.
Fugio Cent One cent coin dated 1787, considered by many to be the first regular issue United States coin. At that time, the U.S. was operating under the Articles of Confederation, which remained in effect until March 4, 1789, when it was replaced by the federal government under the Constitution. The Fugio cents were struck by a private contractor. The Latin word “Fugio” is translated as “Time Flies”.
Full Bands (1) A term used for a Mercury dime where the horizontal bands of the fasces device on the reverse are fully separated and uninterrupted. Full Bands are rarer than non-full bands, and is an important modifier in grading Mercury dimes. Abbreviation is FB. Often called Full Split Bands (FSB).
Full Bands (2) A term used for a Roosevelt dime where the horizontal bands of the torch device on the reverse are fully separated and uninterrupted. Full Bands are rarer than non-full bands, and is an important modifier in grading Roosevelt dimes. Abbreviation is FB. The term Full Torch (abbreviation FT) is sometimes used to differentiate between Mercury and Roosevelt dimes for the full band effect.
Full Bell Lines A term used for a Franklin half dollar where the lower set of lines on the Liberty Bell is fully visible and uninterrupted (with the exception where the famous Liberty Bell crack is incorporated in the design. Full Bell Lines are rarer than non-Full Bell Lines, and is an important modifier in grading Franklin half dollars. Abbreviation is FBL.
Full Head A term used for a Standing Liberty quarter where Liberty’s helmet displays full detail. Full Head detail is rarer than regular head detail, and is an important modifier in grading Standing Liberty quarters. Abbreviation is FH.
Full Steps A term used for a Jefferson nickel where 5.5 or 6 steps leading up to Monticello on the coin’s reverse are fully defined and uninterrupted. Full Steps are rarer than “blended” steps and are an important modifier in grading Jefferson nickels. Abbreviation is FS.
Full Strike A coin displaying complete design details, caused by a fully pressurized strike by a non-worn die. FBs, FHs, are examples of full strike results.
Full Torch A term used for a Roosevelt dime where the horizontal bands of the torch device on the reverse side are fully separated and uninterrupted. Full Bands are rarer than normal bands, and is an important modifier in grading Roosevelt dimes. Abbreviation is FT, but FB (for Full Bands) are often used for Roosevelt dimes (in addition to Mercury dimes).
FUN Show The annual convention sponsored by the Florida United Numismatists (FUN) held in early January. One of the major events on the numismatic calendar.
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G
Term Description
G The abbreviation for a coin graded as Good. See Good.
Galvano A reproduction created by electroplating with metal over an artist's enlarged original plaster coin design. The galvano was then set up in a transfer reducing lathe to machine a die or hub. Galvanos and transfer reducing lathes were used long ago at the Mint in coin production. See also Janvier Reducing Lathe and Die Making.
Gem (1) A nonspecific expression used for a coin of exceptional Uncirculated or Proof quality, having few defects.
Gem (2) An Uncirculated (i.e., Mint State) or Proof coin generally agreed as the equivalent of grading 65 or better on the 70-point scale.
Generic Gold Common date gold coins that are relatively abundant in all but the highest very grades. Although a generic gold coin does have some collectible value, the majority of its worth is based on its intrinsic gold content, which fluctuates daily with the world gold price. An example of a generic gold coin is the 1903 Coronet Head half eagle in EF-40 grade.
Gobrecht Dollars The silver dollars struck in the years 1836, 1838, and 1839, named after their designer Christian Gobrecht. Restrikes of the Gobrecht dollar were made from the late 1850s through the early 1870s, and these can be differentiated from the original strikes.
Godzilla An extremely attractive coin.
Gold A yellowish metallic element often used in high-denomination coins. In the majority of classic U.S. gold coinage, nine parts of gold are typically alloyed with one part copper for added hardness and strength.
Gold Buffalo A gold bullion coin issued by the U.S. Mint from 2006 to present. Made of 24-karat or .9999 fine gold and available in nominal face value denominations of $5, $10, $25 and $50.
Gold Bugs Advocates of a post-Civil War political movement seeking a monetary policy based on a national gold standard. Opposed by the Silverites.
Gold Commemorative (1) Any one of the 11 gold coins struck from 1903-1926 to honor a person, place, or event.
Gold Commemorative (2) Any of the modern U.S. commemorative gold issue from 1984 to the present.
Gold Dollar Gold coin of one-dollar denomination struck from 1849 until 1889 There were three types of gold dollars. All were relatively small, measuring no more than a little over half inch in diameter.
Gold Eagle A gold bullion based coin issued by the U.S. mint starting in 1986. Issued in various sizes ranging from .10 ounce to 1.00 ounce of gold, with corresponding face values of $5 to $50. Not intended for circulation.
Gold Standard A system where a nation’s monetary unit (for example, the dollar) has a value based on a certain weight of gold. A nation on the gold standard sets a fixed price for gold, and uses that fixed price to determine the value of the monetary unit. For example, from 1879 to 1933, the U.S. government pegged the price of gold at $20.67/troy ounce. So, for a new ten dollar gold eagle to be coined during that time, it had to contain .48375 troy ounces of pure gold.

Furthermore, a government operating on a gold standard commits to convert paper currency upon demand into an amount of gold based on the fixed price. In essence, gold backs the value of money.

The United States started moving away from the gold standard in 1933 and by the 1970s, all vestiges of this system were gone, replaced by a fiat money system. No nation in the world today is using the gold standard. See also Fiat Money.
Gold Sticker A sticker applied to a certified coin by the Certified Acceptance Corporation to indicate the coin has been undergraded. The gold sticker also indicates that even if the coin had been graded one step higher, it would still be worthy of at least a Green Sticker from CAC. See also Certified Acceptance Corporation.
Good The grade of a heavily worn coin. Major design elements are visible, but with faintness in areas. On the 70-point grading scale, a Good coin generally scores a 4 or 6. Abbreviated as G.
Grade A rating indicating the condition or amount of wear that a coin has received. Today, coins are graded on the 70-point numerical scale popularized by the American Numismatic Association. Adjectival grades were in use long before the 70-point scale and are still used, mostly in tandem with numerical grading. See Adjectival Grading and Numerical Grading.
Grading Service Independent organization that, for a fee, will review a coin, certify its genuineness, assign a grade, and encapsulate the coin in tamper evident container.
Grain An obsolescent unit of measurement of mass. In the troy weight system, a grain equals 1/480 of a troy ounce. In the avoirdupois system (the common system of measuring weight in the U.S.), a grain equals 1/437.5 of an ounce. As a unit of measurement, the grain was frequently used in the 19th century. See also Troy Ounce and Avoirdupois Ounce.
Gram The primary unit of weight in the metric system. One troy ounce = 31.1033 grams. One avoirdupois ounce = 28.3500 grams. In the U.S. the avoirdupois system is the common system of measuring weight.
Granite Lady The second San Francisco Mint building, in operation from 1874-1937. Characterized by a Greek Revival grandeur, the edifice was built atop a foundation of granite, engineered around a “floating” concept, designed to save the building in the event of an earthquake. This foresight paid off on April 18, 1906, when an earthquake and subsequent fire destroyed much of San Francisco. The “Granite Lady” remained steadfast throughout the ordeal and when all the smoke cleared, was the only financial institution in the city capable of operating. In the days following the disaster, the Mint was organized as the clearinghouse bank for San Francisco's relief and reconstruction efforts. Other emergency services were provided to help keep the city on its feet. Coin production resumed shortly thereafter, but it was the 1906 earthquake incident that inseparably linked the Granite Lady to the history of San Francisco. Today, the mint building sits vacant. See also San Francisco Mint.
Granular Describes a coin surface having very small irregularities or a porous appearance, caused by oxidation either before (in the planchet stage) or after striking. Granularity is most often seen in early copper coins.
Green Bean Slang term for the oval-shaped green sticker awarded by the Certified Acceptance Corporation (CAC) to denote a certified coin to be of solid or premium quality for its assigned grade. See also Certified Acceptance Corporation.
Gresham's Law The tendency for a coin of lower intrinsic value to circulate more freely than a coin having the same face value, but of higher intrinsic value. The coin of higher intrinsic value is likely to be hoarded or exported, thus making it disappear from circulation. This observation is credited to 16th century English financier Sir Thomas Gresham.
Greysheet The slang term for popular publication, Coin Dealer Newsletter. See Coin Dealer Newsletter.
GSA The acronym for the General Services Administration, the federal agency that sold millions of surplus Morgan and Peace dollars to the public in the early 1970s.
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H
Term Description
Hairline A thin line or scratch, generally observable in the fields of a coin. Often caused by cleaning or polishing. Hairlines may reduce the numeric grade of a coin. Highly undesirable.
Half Cent A coin produced in the United States from 1793-1857, having a face value of 1/200th dollar.
Half Dime Silver coin of five cent face value issued by the United States from 1794-1873.
Half Disme The original spelling of half dime. The first United States regular issue following the ratification of the Constitution was the 1792 half disme, believed by many scholars to have been struck in John Harper's basement in Philadelphia, prior to the completion of the first U.S. Mint facility.
Half Dollar A denomination of 1/2 dollar, or 50 cents. Half dollars have been minted since 1794.
Half Eagle A United States gold coin of $5.00 face value, minted from 1795 to 1929.
Half Roll Long ago, rolls were distributed with half the number of coins we think of today as the traditional number.
Hallmark Markings placed on a bullion product to indicate fineness or other characteristics.
Hammer Die Of the die pair used to strike coins, the hammer die is the upper die that moves downward during the striking action. Usually forms the coin's obverse. See also Anvil Die.
Hammer Price The price at which a bidder wins an auction lot. Derived from the traditional ending of the bidding action: When the hammer comes down, the auction ends.
Hard Times Token Privately struck token issued from 1833-1844, during a time of political and economic turmoil in the United States. These tokens were about the size of a half cent or large cent and usually carried advertising and/or political messaging.
Haze A cloudy film detectable on the surface of a coin. It can be slight, with little effect, or heavy enough to prevent a coin from being graded. May be observable on either business-strike or Proof coins and can be naturally occurring or artificially induced.
Heraldic Eagle Early U.S. silver and gold coins featured on the reverse a heraldic eagle, displayed as an eagle emblazoned by a shield. The heraldic eagle was designed to replace a smaller, less powerful image of the bird. The 1795 $5 half eagle was the first coin to use both eagle types in separate strikings. Often referred to simply as the large eagle rather than heraldic eagle. See also Small Eagle.
High Points Areas of highest relief on a coin’s surface. The high points are the most difficult areas to obtain a sharp strike, but the first to wear or receive abrasions.
High Relief Refers to a high-pointed design feature on a coin's surface that is intentionally raised to an exceptional level. Producing a high relief coin requires multiple strikes, to fully push the metal into the deepest recesses of the die. Some of the best known High Relief coins are the MCMVII Saint-Gaudens double eagle, made in 1907, and the 1921 Peace dollar.
High-end Coin A coin that has been assigned a grade on the 70-point scale that, in the opinion of an experienced collector, is near the top end of the quality range for the assigned grade. These coins are often good candidates for "cracking out" or submitting to the Certified Acceptance Corporation (CAC).
Hoard (1) A large group of coins held as a collection.
Hoard (2) A large group of coins held as an accumulation of money.
Hoarded Coin Refers to a coin that upon its release from the Mint, is removed quickly from circulation in relatively large percentages by the public. Examples are 1909 VDB Lincoln cent, 1964 Kennedy half dollar, and Bicentennial coinage.
Hoarder Someone who accumulates an unusually large quantity of a particular numismatic item or items.
Hobo Nickel A Buffalo nickel (though sometimes other coins are used) physically modified into a radically different design.
Holder A contrivance for storing a coin.
Holder Toning Coin toning resulting from being in a coin holder.
Holed A coin having a hole drilled or pierced, for the purpose of dangling on a necklace, or some other reason. Holes can be carefully filled to avoid obvious detection (see Plug). Any holed coin, whether plugged or not, must be described as such.
Hub A steel object used to manufacture coin dies. Before modern computerized machining, a portrait lathe or reducing machine transferred a coin image from an enlarged model onto the end of a short steel rod called a hub. A "positive" image (i.e., the design devices are raised -- just as they will appear on the coin) of the correct coin size is transferred to the hub. It is the hub that will be used to make the dies. By contrast, the same design devices in the new die are recessed, or "negative".
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I
Term Description
Impaired Proof A Proof coin downgraded because of damage or signs of circulation wear. On the 70-point scale, an impaired proof should always rate less than 60.
Incomplete Strike This occurs when a coin is missing some of the design elements, or they are weakly visible. This is caused by insufficient striking pressure, misaligned dies, shortened travel distance of the hammer die, or a foreign substance partially filling the dies.
Incuse The part of a coin’s design pressed below the coin's surface. An example of such a coin is the Indian Head quarter eagle of 1908-1929. Most coins are struck in relief, meaning the design elements are raised above the coin's surface.
Indian Head Cent Designed by James Longacre, these cents were issued 1859-1909. The Indian Head cent was made of a cupro-nickel alloy (1859-1864) and bronze (1864-1909).
Indian Head Eagle A U.S. gold coin designed by Augustus Saint-Gaudens having a face value of ten dollars, struck from 1907-1933.
Inert Having only a limited ability to react with other elements. Many types of coin holders are made of an inert material to limit chemical reactions between the holder and surface of the coin being held.
Ingot Metal (including precious metal) shaped into a convenient form for transportation and storage.
Inscription The legend or lettering stamped on a coin or medal.
Intrinsic value The cash value of the precious metal within a coin. Determined by fineness, resulting troy weight, and current bullion market prices. Coins of the U.S. contained intrinsic value for gold until 1933 and for silver coins until 1964. Modern U.S. coins are Fiat Money.
Investment grade Non-specific term used to promote "investment" coins, nominally MS-65 grade or higher.
Investor Someone who buys coins with profit as the primary motivation.
Iridescence Refers to the multi-colored, rainbow-like toning covering most of a coin's surface, while still allowing the coin's original luster to be on full display. Occurs most often on silver and nickel coins, and is considered desirable to many collectors. See also Color and Toning.
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J
Term Description
Janvier Reducing Lathe A precision machine employed to reduce a coin design from an enlarged original model (called a galvano) to a hub the size of the coin. The machine is named after its 19th century French inventor, Victor Janvier, and was purchased by the U.S. Mint in 1905, where it served for nearly a half century. Today, a hub is manufactured from the coin design model using computer technology. See also Galvano and Die Making.
Jefferson Nickel The five-cent face value coin issued from 1938 to the present. Originally designed by Felix Schlag. Since 2004, the Jefferson nickel has undergone several major design changes.
Judd Number A catalog number used to identify various pattern coins. The catalog numbers come from the definitive book United States Pattern, Experimental and Trial Pieces. First published in 1959 by J. Hewitt Judd, it has been updated many times since by numerous numismatic researchers. For example, a particular pattern Proof quarter struck in 1870 is labeled as “1870 25C J-918 (Proof)”. See also Pattern Coins.
Juice Slang term for the commission paid on a coin. The usual juice on a coin purchased at an auction is 15-20% over hammer price.
Junk Silver Common-date silver coins whose value is mostly determined by the current market price of silver bullion. For example, most pre-1965 Roosevelt dimes fall into the junk silver category.
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K
Term Description
Key Date A coin of relative scarcity needed to complete a coin collection. There is limited supply to meet demand, driving prices higher over time, compared to its more common date counterparts.
Killer Lingo for a coin that stands out in some way.
KM Number Numbers referring to the system used by the Standard Catalog of World Coins, originally written by Chester Krause and Clifford Mishler. See World Coins.
Knife Edge A rim or border of a coin formed into a thin wire-like protrusion, occurring when excess metal being pushed out between the edge of the die and the restraining collar. When they occur, wire rims are found usually on Proof and High Relief strikes. This effect can be seen on some 1907 Indian Head eagles. Also called Wire Edge or Wire Rim.
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L
Term Description
Lamination Flaking or peeling away of material from a coin's surface, usually caused by unsatisfactory metal bonding when the planchet was manufactured.
Large Cent Copper U.S. coin valued at 1/100th of a dollar. Composed theoretically of 100% copper. Minted from 1793-1857, it had a diameter almost 50% larger than cupro-nickel small cent that replaced it. The intrinsic value of copper in a large cent had risen to more than one cent, paving the way for its demise.
Large Date Pertains to the size of the digits for the year date on a coin. If there is a large date variety, this means there also exists a smaller date for the coin or series.
Large Eagle Same as Heraldic Eagle. See also Small Eagle.
Large Letters Pertains to the size of the letters for wording on a coin. If there is a large letter variety, this means there also exists smaller lettering for the coin or series.
Large Motto Usually refers to the larger lettering in the "IN GOD WE TRUST" motto on the 1864 two-cent coin. As implied, there exists a Small Motto variety, which is much scarcer. See also Small Motto.
Large Size Refers to the diameter of a particular coin in a series. The use of this term indicates the same coin exists with a smaller diameter. An example is the 1829 Capped Bust half eagle.
Laureate Head crowned with laurel wreath. Miss Liberty on Barber coinage is an example of this.
Legal Tender Currency issued by a governmental authority and sanctioned as money, valid for paying legal debts and obligations. Can be coins or paper money.
Legend An inscription on a numismatic item, such as LIBERTY or UNITED STATES OF AMERICA.
Lettered Edge The narrow edge of a coin having an inscription.
Libertas Americana Medal A medal struck in Paris in 1783 (and later) to memorialize the American Revolution and France's role in helping the Americans to win their independence. Benjamin Franklin, then U.S. minister to France, proposed the themes for the medal. The dies were engraved by Augustin Dupré. The obverse features the Roman goddess Liberty with flowing hair. Behind her is a pole topped by a freedman’s cap. This image served as the inspiration for early U.S. coinage. See also Freedman's Cap,
Liberty The Mint Act of 1792 required all United States coins to show “an impression emblematic of liberty”. The inspiration for fulfilling this requirement came from the Libertas Americana medal, first struck in 1783. The medal’s obverse depicted the Roman goddess Liberty, with flowing hair. The image of a woman representing the concept of liberty was adopted on early U.S. coinage and carried forward to the present day. Numismatists call her Liberty, but she is also known as Miss Liberty or Lady Liberty.
Liberty Cap A rendition of Miss Liberty, with a freedman's cap on a pole behind her head. The Liberty Cap design was used on early U.S. half cents and large cents. See also Freedman's Cap.
Liberty Head The design used on most U.S. gold coins from 1838-1908. It is sometimes called the Coronet Head design because Miss Liberty is wearing a coronet. See Coronet.
Liberty Nickel Another name for the V-nickel struck from 1883-1912. There are a very small number of 1913 Liberty nickels, but these were struck covertly and are not considered regular issues.
Liberty Seated Theme depicting Miss Liberty seated on a boulder. It was the work of Christian Gobrecht and was present on regular issue U.S. silver coins, from 1837-1891 (half dimes, dimes, twenty cents, quarters, half dollar, and dollars). Many collectors use the terms Liberty Seated and Seated Liberty interchangeably.
Light Line A reflective band of light seen when examining or photographing a coin under a light. Most often occurs with Proof coins.
Light Strike See Weak Strike.
Lincoln Cent First issued in 1909 to commemorate the 100th birthday of Abraham Lincoln, the Lincoln cent remains in production today. Designed by Victor D. Brenner, the reverse featured two wheat stalks. This reverse was replaced in 1959 with the Lincoln Memorial. In 2009, four reverses observing chapters in Lincoln's life were used to mark the bicentennial of Lincoln's birth. Since 2010, the reverse has featured a shield.
Liner A coin that is on the edge between two numerical grades.
Lint Marks Miniature incuse impressions on the surface of a Proof or Uncirculated coin. Lint Marks are caused by foreign objects such as hairs, threads, etc. sticking to the die. Because Lint marks are created at the Mint, they generally have little impact on a coin's value, unlike similarly sized hairlines.
Lock 3 A coin that would easily earn at least an MS-63 grade from a third-party grading service.
Long Beach Refers to the Long Beach Expo held thrice yearly in Long Beach, CA, usually in February, June, and October. This is one of the largest and most popular shows for coins, currency, stamps and other collectibles.
Lot A unique number given by an auction company to an item or group of items to be sold in a particular sale.
Loupe A small magnifying glass used by many coin enthusiasts to study coins Many jewelers have loupes as well.
Low Relief See Bas Relief.
Low-end Coin A coin that has been assigned a grade on the 70-point scale that, in the opinion of an experienced collector, is near the low end of the quality range for the assigned grade.
Luster The glossy sheen reflected from the surface of a coin, resulting from the flow of metal caused by the striking of the dies. At the time of minting, the luster is at its strongest, but may fade over time, become discolored, or spotted. One of the greatest challenges to properly grading a coin is assessing if the luster is natural or artificial, and if natural, how much of the luster is diminished through normal wear, friction, cleaning, or other means. Also called Mint Luster.
Lustrous Describes a coin that retains original Mint Luster. Highly desirable.
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M
Term Description
Made Coin The most recent grade on an encapsulated coin that had been cracked out and submitted to a grading service more than once.
Major Variety A coin variety that is readily distinguishable from other coins of the same design, type, date, and mint. Not enough of a difference, however, to declare another type. An example is 1913 Buffalo nickel Variety 1 (bison on mound) and 1913 Variety 2 (bison on plain). See Variety (2)
Malleable Capable of being extended or formed, as demonstrated by pliable metals.
Market Grading For Mint State and Proof coins, third-party grading services generally assign a numerical grade for a coin equal to what they judge the “market grade” to be for the coin. That is, the assigned grade corresponds to what the coin is worth on the open marketplace.

Market grading looks at attributes important to coin buyers. These attributes are strength of strike, severity and location of contact marks (in focal areas is less desirable), mint luster (or reflectivity in Proofs), and eye appeal (toning, plus overall combination of the previous three attributes). Market grading is also used in grading About Uncirculated (AU) coins as well because they are so close to Mint State. In lower grades, technical grading standards are followed.

These additional considerations may swing the market grade plus or minus a point or two. Example: A well-struck coin that would have been rated as MS-63 without market grading (i.e., based on quantity of contact marks) normally sells for more in the current marketplace than a weakly struck same coin in MS-64 (having slightly fewer contact marks). With market grading, the well-struck coin could earn an MS-64 or MS-65 grade because of its superior value to buyers, while the weakly struck coin is downgraded a point or two.

Market grading is somewhat controversial because it is dependent on the current state of the marketplace, meaning the market grade of a coin can change over time. See also Technical Grading.
Market Price Same as Market Value.
Market Value The price a coin is capable of selling for if put up for sale. Also known as Market Price.
Marks Blemishes (bag marks, friction scuffs, etc.) acquired by a coin after it is struck. Marks may be very small to very large and are caused by clashing or rubbing with other coins or foreign objects.
Master Die The master hub is used to make the master die, the second generation of the die. To make a master die, a machine press pushes the master hub under high pressure into the cone-shaped end of a short steel rod to transfer the image. This forms a negative image into the master die, showing the design in reverse, as the design elements are sunk, or incused, into the steel. Thus, when the master die strikes a blank to make a working hub, it is a positive image transferred to the working hub. Many working hubs are made from a single master die. See also Die Making.
Master Hub The first generation of a die is called the master hub. It is engraved in steel from a digital model of a coin design. The master hub shows a positive image (i.e., the design elements are raised, as would be seen on a coin). There is a master hub for each mint facility because it is at this step where the mintmark is added. The master hub makes the master die. See also Die Making.
Matte Proof A special type of proof manufacturing process used on some United States coins from 1908-1916 and the Peace dollars of 1921-1922. Popularized by the Paris Mint in the 1890s, the surface of Matte Proof coins had a granular or satiny look, caused by sandblasting or acid-pickling of the dies. Matte Proofs were discontinued because they failed to gain popularity from collectors. Variations of the Matte Proof process, used during the same time period, include Roman Finish Proofs, Sandblast Proofs, and Satin Proofs.
Medal A round metal wafer often mimicking a coin and stamped with a high relief design, with no stated value and not intended to circulate as money. Issued to commemorate a person, place, or event, or awarded for achievement or excellence. Medals are usually made of gold, silver, bronze, or copper.
Medallion A relatively large medal. See Medal.
Medium Date Pertains to the height of the numeral of the date on a coin. When this term is used it suggests that a large and/or small date exists for that coin or series as well.
Medium Lettering Pertains to the height of the lettering on a coin. When this term is used it suggests that large and/or small lettering exists for that coin or series as well.
Medium of Exchange Any item that is agreed upon be placed at a certain value. An example from colonial times is wampum. See Wampum.
Melt Value The value of precious metal in a coin, calculated by multiplying the weight of the metal within the coin by the market price of the metal. Often called Melt for short. Another way of defining the term is that it is the Intrinsic Value of a coin. See also Fineness.
Mercury Dime The common name for the Winged Liberty Head dime issued 1916-1945. Oddly enough, Mercury dime is an incorrect name for this dime, since the portrait is not that of the Roman messenger god Mercury, but that of Lady Liberty crowned by wings to symbolize liberty of thought. Much of the public mistook the image to be that of Mercury, and the name persisted. Designer was A.A. Weinman.
Metal Stress Lines Microscopic striations visible in a coin’s surface created by the movement of metal from the center of the planchet as it is being struck under high pressure. The cartwheel effect seen on high luster coins is the result of light reflecting from flow lines. See Flow Lines and Cartwheel.
Micro In coin collecting, Micro pertains to something very small, but not necessarily microscopic. For example, the 1945-S Micro S Mercury dime is called that because the "S" mintmark is smaller than that of most on dimes produced by the San Francisco Mint that year.
Mil A unit of measurement equaling 1/1000 of an inch. Used often to describe the thickness of metal plating on a medal or coin.
Milled Edge A raised rim around the circumference of a coin, formed before striking by a machine called an upsetting mill. The upsetting mill feeds the blank into a groove slightly narrower than its diameter. This pushes the metal up around the edge to form a rim. The rim protects the final coin from wear and makes it stackable.
Milling Mark Small, parallel nicks on a coin caused by contact with the reeded edge of another coin. Commonly occurs in mint bags. Milling marks are often more distracting than ordinary bag marks because they are visibly deeper and are more likely to be detrimental during grading, especially when they occur in focal points. Same as Reeding Mark.
Minor Coin A base metal coin of low value, such as a cent or nickel. See Base Metal.
Minor Variety A coin variety that is not readily distinguishable from other coins of the same design, type, date, and mint. The difference is barely noticeable. An example is the 1864 Two-cent Small Motto. See Variety (2)
Mint A facility where coins are minted under governmental authority.
Mint Act of 1792 The act of April 2, 1792 that established the United States Mint and set forth the regulation of United States coinage under a bimetallic standard. Construction of the first Mint building began less than four months later in Philadelphia. Sometimes referred to as the Coinage Act of 1792. See Bimetallism.
Mint Bloom The luster of a freshly minted coin.
Mint Error A coin minted with a defect of some kind (wrong metal, off-centered, etc.) that escaped quality control and mistakenly released to the public. Also known as an Error Coin.
Mint Luster The glossy sheen reflected from the surface of a coin, resulting from the flow of metal caused by the striking dies. At the time of minting, the luster is at its strongest, but may fade over time, become discolored, or spotted. Also known simply as Luster.
Mint Set A full complement of regular business strike coins of every denomination struck in a given year by a mint and assembled in a set by mint employees, typified by specialized packaging.
Mint Set Toning Toning taken on by coins after long term storage in their original cardboard holders. The mint sets from 1947-1958 are especially noted for this.
Mint State The grade of a coin with no indication of wear, usually never exposed to circulation. Correlates to between 60 and 70 (inclusive) on the 70-point grading scale. See also Typical, Select, Choice (2), Gem (2), and Superb.
Mintage The total quantity of coins minted at a given mint in a given time period, usually one year.
Mintmark A symbol, usually a small letter, found on a coin to indicate which mint facility produced the coin.
Mirror The brilliant surface of a coin, usually pertaining to the fields of a Proof or Prooflike coin.
Mishandled Proof A Proof coin that was released into circulation.
Mis-struck An error coin caused by a non-conformity during the striking action.
Modification A slight variation in the design of a coin.
Monster Insider expression for an amazing coin, grading at 67 or higher on the 70-point scale, either Mint State or Proof. Also used as a superlative, such as monster toning.
Moose Insider expression for an amazing coin, grading at 67 or higher on the 70-point scale, either Mint State or Proof.
Morgan Dollar The name given to the silver dollars of 1878-1904 and 1921. Authorized by the Bland-Allison Act of 1878 and designed by Assistant Mint Engraver George T. Morgan.
Mottled A coin with spots or streaks of uneven shades or colors.
Motto A word or phrase on a coin expressing an important ideal. The most common example is “In God We Trust”.
MS The abbreviation of a coin graded as Mint State (Uncirculated). See Mint State.
Mule A coin struck from a pair of dies not meant to be used together. The result is a coin with mismatched sides.
Multiple Struck A coin that was struck two or more times.
Mutilated A coin so badly damaged it cannot be graded.
Mylar A transparent polyester film developed by Dupont. Mylar is used in many coin holders because it is inert and suitable for long term storage of coins.
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N
Term Description
Natural Toning Surface coloration resulting from normal exposure to environmental conditions, occurring over a period of many years. See also Artificial Toning and Toning.
Net Grade The downward grade adjustment assigned to a coin after its technical grade is evaluated against appearance detractions or defects, such as improper cleaning or heavy scratches, resulting in a "net grade" more indicative of true market value. Same as details grading. See also Technical Grade.
Net Price A term used to indicate that the seller is not willing to negotiate on the posted price.
New A coin that has never entered circulation.
New Orleans Mint The branch Mint established in 1838 in New Orleans, LA. It struck coins for the United States until its seizure in 1861 by the state of Louisiana and the Confederacy. It was returned to service in 1879 and issued coins until 1909. The facility is active today as a museum. Mintmark is "O".
NEWPS New purchases.
NGC The acronym for Numismatic Guaranty Company of America, a third-party grading service in operation since 1987.
NGC Census Report A report published by NGC showing a count of how many coins the NGC service graded and their grades. Issued quarterly. See also Population Report.
Nick A small scratch on a coin caused by contact with another coin or some object.
Nickel (1) Typically refers to a coining alloy comprised of 75% copper and 25% nickel, though it appears as a whitish color. First used on the three-cent coins minted 1865-1889, the same nickel alloy has been used almost continuously on the U.S. five-cent coins since 1866 (hence the nickname "Nickel" for the five-cent coin).
Nickel (2) Popular name of a United States coin of five cents face value, minted from 1866 to the present.
No Arrows Description applied to coins without arrows next to their dates during years when other coins of the same type did have arrows by the date. An example of this occurs with the 1873 Seated Liberty dime.
No CENTS Nickel In 1883, the first Liberty Head nickels were issued. The reverse prominently displayed the Roman numeral "V" to indicate a face value of five cents, intentionally omitting the word CENTS. Scammers recognized an opportunity and began gold-plating the "No CENTS" nickels and passing off as five-dollar gold pieces. The Mint moved quickly to include the word CENTS in the design. See Racketeer Nickel.
No Grade When a coin cannot be graded by a third-party service due to questionable genuineness, mutilation, or other reason, it is given a "No Grade" designation. A No Grade coin is returned to the submitter in a "Body Bag" (slang term for a plastic flip). See also Body Bag.
No Motto Description applied to coins without the "IN GOD WE TRUST" motto during years when other coins of the same type did have the motto. An example of this occurs with the 1908 Indian Head eagle.
No Stars Description applied to coins without stars in the design during years when other coins of the same type did have stars. An example of this occurs with the Seated Liberty dimes of 1838.
Numerical Grading The use of numbers on a continuous scale, for the purpose of assigning a numerical grade to a coin's condition. The underlying thought of a numerical grade is to achieve a clearer understanding of a coin's condition relative to other coins, and eliminate the more ambiguous Adjectival Grading. The concept of numerical grading was first introduced by William Sheldon in the late 1940s, and later modified by the American Numismatic Association, and others, since then. The ANA 70-point scale is widely used today. Examples of numerical grading terms are Good-4, Fine-12, etc. See also Adjectival Grading and Sheldon Scale.
Numismatic Guaranty Company A third-party grading service, established in 1987. Acronym is NGC.
Numismatic News A leading numismatic periodical that is issued 36 times a year.
Numismatics The study and collection of money and medals, including coins, tokens, paper currency and medals.
Numismatist A student of numismatics.
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O
Term Description
O The mintmark of the U.S. branch mint at New Orleans, Louisiana, active from 1838-1861, and again from 1879-1909. See also New Orleans Mint.
O Number See Overton Number
Obsolete A coin design or type that is no longer being minted.
Obverse The front or “heads” side of a numismatic item, generally the side bearing the date and the principal device.
OC Number Identification number for particular die marriages of Seated Liberty dollars. Researchers Dick Osburn and Brian Cushing catalogued various die marriages and documented them in their 2018 work Liberty Seated Dollars: A Register of Die Varieties. Also includes detailed analysis of die states. See also Die Marriage and Die States.
Off-center A coin that was not centered when struck between the upper and lower dies, causing a portion of the coin’s design to be missing. PCGS recognizes coins struck off-center by more than 5 percent to be error coins.
Open Collar A positioning device used to more precisely set a planchet atop the anvil (or lower) die prior to striking by the hammer (or upper) die. It also functioned to prevent the planchet from expanding too far while being struck. Open collars were employed during the early years of the U.S. Mint, when planchets had their edges reeded or lettered prior to striking. The introduction of close collars in the 1820s made it possible to apply reeding during the striking operation. See Close Collars.
Orange Peel Surfaces Many Proof gold coins are characterized by having dimple-like fields, somewhat resembling an orange peel. A few Mint State gold dollars and three-dollar gold pieces also display similar surfaces.
Original (1) A coin officially struck using genuine dies, in the year indicated by the date on the coin. See also Restrike.
Original (2) A term describing a coin that has never been subjected to a cleaning process.
Original Roll (1) Stacked coins of the same denomination, in a pre-determined quantity, wrapped in paper and stored, minutes after being minted. The quantities in a roll are set according to their denomination. These are: 50 one-cent pennies, 40 nickels, 50 dimes, 40 quarters, 20 half dollars, and 20 silver dollars. Coins stored in original rolls often react with the chemicals in the paper toning to produce peripheral toning.
Original Roll (2) A roll of Mint State coins that has never been opened or searched.
Original Toning The natural coloration of a coin. This is the opposite of Artificial toning. See Artificial Toning.
Overdate An impression made by superimposing another date (i.e. year) digit over a date digit of a die used in an earlier year. The result is a coin bearing the “new” date, but under close examination, the “old” date is faintly visible.
Overdipped A coin that has been chemically dipped multiple times in an attempt to clean it. Overdipped coins are especially unpopular with experienced collectors.
Overgrading Awarding a coin a better grade than it deserves. This practice is sometimes used unethically to sell coins for more than their true worth.
Over-Mintmark An impression made by superimposing a mintmark over a different mintmark. This is usually done to make a coinage die already prepared for one mint usable at another. Portions of the “old” mintmark are faintly visible. Sometimes abbreviated as OMM.
Overstrike A coin made over a previously struck coin, using a different pair of dies.
Overton Number Researcher Al C. Overton identified and documented various obverse and reverse die combinations, called die marriages, used in the minting of early U.S. half dollars. In the first decades of the U.S. Mint, die-making was an imperfect art because of the manual labor involved. Individual dies could be readily identified as unique because of variations in date positioning, overdates, doubling, and more. Die state deterioration (e.g., die cracks) also rendered distinguishable characteristics. Overton numbers are catalogued to identify the die marriage that minted specific coins. In 1967, Overton published his findings with the release of Early Half Dollar Die Varieties 1794-1836. It has been updated several times. See also Die Marriage and Die Variety.
Oxidation Exposure to air, water, sulfur, minerals, industrial fumes, or other matter may initiate an irreversible chemical reaction called oxidation. The resultant oxide compounds forming on a coin's surfaces denotes the beginning of the corrosion process. Oxidation is the reason why upon exposure to the environment, copper coins usually lose their original red-orange color, morphing into a brownish tone over time. Some oxidation/corrosion effects can be severe, resulting in an undesirable appearance.
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P
Term Description
P The mintmark of the U.S. mint at Philadelphia, Pennsylvania, actively producing coins from 1793 to present. The "P" mintmark first appeared on a coin in 1942, and has been in continual use since 1980. See also Philadelphia Mint.
Pantograph A mechanical linkage based on parallelograms, used for creating larger, smaller, or identical copies of an original template. The early U.S. Mint used pantographs to cut lettering and design elements into coin dies from enlarged models.
Partial Edge Lettering A designation indicating the edge of a coin is missing at least one letter or star. If the lettering was removed by post-Mint damage, the coin does not qualify for this designation.
Patina (1) A thin layer of corrosion, usually green or brown, appearing on the surface of copper or bronze. Caused by oxidation over a long time period, and is found frequently on ancient coins.
Patina (2) Refers to coin coloration due to exposure to environmental conditions. When used in this manner, means the same as toning. See Toning.
Pattern Coin An experimental coin, generally of a new design, denomination or metal, used as a test strike. Patterns are often struck in metals other than what is expected, should the pattern be adopted. Aluminum has been used frequently for pattern coins.
PCGS The abbreviation for Professional Coin Grading Service, a third-party grading service in operation since 1986.
PCGS Population Report Quarterly report by PCGS listing the quantity of coins graded and what they were graded as. Updated counts are published weekly at the PCGS website.
Peace Dollar Name given to the silver dollar struck from 1921-1935. Designer Anthony Francisci's intent was to commemorate the peace following the Great War (World War I). The 1921 Peace dollar was issued in high relief.
Pedigree The roster of previous owners of an extremely rare coin.
Penny The common name for the one-cent coin.
Perfect An Uncirculated or Proof coin grading 70 on a 70-point scale. Extremely rare.
Peripheral Toning Toning around the perimeter of a coin. The center of the coin is untoned. Most frequently caused by long term storage in a paper roll. See Original Rolls.
PFThe abbreviation for a Proof coin. Other abbreviations for the same thing are P and PRF. See Proof.
Philadelphia Mint The first United States mint, established by the Mint Act of 1792. The "mother" mint has been issuing circulation coinage since 1793. The Philadelphia Mint has occupied four locations in its history. In 1969, the fourth and current Philadelphia Mint opened at Fifth Street and Arch, a scant two blocks from where the first facility, "Ye Olde Mint", stood. Mintmark is "P", in continual use since 1980. Prior to that, the Philly Mint did not use a mintmark, with the sole exception of wartime nickels of 1942-1945.
Phrygian cap See Freedman's Cap.
Pick Up Point An area where a feature, such as die doubling, is the most visible.
Picked Off Slang for purchasing a coin at below market price.
Piece of Eight A Spanish peso silver coin, also called "Real de a Ocho" (Piece of Eight). It was created in response to the popularity of the many versions of the large silver thaler coin circulating throughout Europe, dating back to the early 16th century. Vast silver deposits were discovered in Spain’s possessions in the Americas, allowing for the widespread distribution of the Piece of Eight in the New World, including the British colonies, where it became known as the “Spanish dollar”. The Piece of Eight coin was frequently cut into 1/8, 1/4, and 1/2 bits to facilitate smaller business transactions. The Spanish Dollar eventually became the archetype upon which the base monetary unit of the United States was modeled and named. See also Thaler, Real, Bit, Spanish Dollar, and Dollar.
Pioneer Gold Privately produced gold coins, struck to address coin shortages in frontier regions of the United States following the precious metal ore discoveries in Georgia, California and elsewhere. Used interchangeably with Territorial Gold.
PL The abbreviation used for a coin judged to be Prooflike. See Prooflike.
Plain Edge The smooth edge of a coin, lacking any lettering or decoration.
Planchet The round, blank, flat metallic piece having a raised rim, on which a coin is struck between two dies. Many also refer to a planchet as a blank or flan, but technically, a planchet is a blank with a raised rim, formed on the upsetting mill.
Planchet Defect Any type of flaw present on a planchet prior to striking. Laminations and clips are examples of planchet defects.
Planchet Striations Fine lines embedded on some Proof coins, mostly caused by polishing of planchets to give them mirrorlike surfaces prior to being struck. Not often seen on business strikes.
Plated A coin with an extremely thin layer of metal applied on its surface. For example, the Lincoln cent has been made mostly of zinc since 1982, but is plated with copper.
Platinum Eagle A platinum bullion-based coin issued by the U.S. mint starting in 1997. Issued in various sizes ranging from .10 ounce to 1.00 ounce of platinum, with corresponding nominal face values of $10 to $100. Not intended for circulation.
Playing the Game Resubmitting a coin to one or more grading services more than once, in the hope it will be receive a higher grade. For some coins, a single point increase means thousands of dollars in trading value. Of course, Playing the Game is somewhat risky, as the coin can possibly receive a lower grade than before.
Plug A process by which a hole in a coin is filled, in an attempt to restore the coin to its original appearance. The grading description on any coin having a plugged hole must indicate the coin has been plugged.
Plus(+) Awarded by Numismatic Guaranty Corporation (NGC) to coins at the top end of their assigned grade, nearing the quality requirements for the next grade higher.
P-Mint Shortened way to say Philadelphia Mint.
PNG Acronym for Professional Numismatic Guild.
PO The abbreviation for a coin graded as Poor. See Poor.
Polish The action of imparting a mirror-like finish to the surface of a struck coin, accomplished by a buffing wheel, silver polish, or any abrasive material. The grading description of any coin having a polished surface must indicate the coin has been polished.
Polished Die A die that has been polished to blend out clash marks or to remove other damages. Proof dies used are also polished smooth to render mirrorlike surfaces. Same as Basining.
Polyvinyl Chloride A chemical added to some plastic flips to make them soft and pliable. Abbreviated as PVC. PVC can promote corrosion on coins. Coins stored over a long period of time in flips containing PVC may develop a greenish slime on their surfaces or suffer discoloration. Today, most coin flips avoid PVC, but collectors should verify before purchasing.
Poor The grade of a coin that is worn so badly only the basic coin type is identifiable. Date and mintmark (if any) must be strong enough to be readable. On the 70-point grading scale, a Poor coin generally scores a 1. Abbreviated as PO.
Population Report Periodic publication produced by grading services, indicating the quantity of coins that have been awarded a certain grade for each date and mintmark submitted. The value of Population Reports is that they provide some insight to the true scarcity of certain coins in certain grades, in spite of the skewing factor caused by crackouts.
Porous Possessing a granular surface, resulting from oxidation, most frequently associated with older copper coins.
Portrait A head, bust, or other likeness of a person included in a coin design.
PQ An abbreviation for a coin judged to be of Premium Quality. See Premium Quality.
PR The abbreviation for a Proof coin. Other abbreviations for the same thing are PRF and PF. See Proof.
Premium Quality A generic term used to describe coins that are the finest specimens within a certain grade, due to good eye appeal or other beneficial qualities. A very non-specific term, often abused.
Presentation Strike A Proof coin or top quality business strike made specially for presentation to a high ranking person. An example of this is the 1804 silver dollar (actually minted no earlier than 1834). These were struck as diplomatic gifts to foreign dignitaries.
Presidential Dollar A dollar coin type issued to commemorate the service of former U.S. presidents. Issued from 2007-2016, four coins were released yearly (although only three in 2016), honoring the presidents in the order in which they held the nation's highest office. The Presidential dollar was intended to circulate freely, but did not win popularity with the public. In December 2011, the U.S. Mint suspended minting and issuance of the Presidential dollar for general circulation purposes. The Mint continued to produce Presidential dollars for inclusion in products marketed to the public that contained the dollar coins. From 2017 onward, a new Presidential dollar is to be minted following the death of a former president. The outer layer of the coin has a gold-like color and is made of an alloy consisting of 77% copper, 12% zinc, 7% manganese, and 4% nickel, bonded to a pure copper core.
Press In coin manufacturing, a press is a compression machine in which a pair of dies come together to form a coin from a planchet.
Prestige Set A set of coins produced by the U.S. Mint, containing one or more proof commemorative coins released in the same year, as well as a proof cent, nickel, dime, quarter and half dollar. Is not the same as a Proof set.
PRF The abbreviation for a Proof coin. Other abbreviations for the same thing are PR and PF. See Proof.
Price Guide A publication listing wholesale and/or retail values of various coin types in a wide range of conditions.
Price Realized The reported price for what a coin sold for at an auction. Usually includes the buyer's premium. See also Buyer's Premium.
Pristine A generic term applied to coins in original, unspoiled, “leaving the mint” condition. Many times a coin in MS/PR-67 condition has a "pristine" description associated with it.
Private Mint A minting facility owned by a private individual or company. Not a government facility. Private mints do not strike U.S. legal tender coinage.
Problem coin A coin that has been cleaned, damaged, repaired, artificially tones, or has other unfavorable characteristics. A problem coin is usually valued at a small fraction of other examples of the same coin having no problems.
Processing A term describing the treatment of a coin, in an attempt to improve appearance and grade. Processing encompasses wire brushing, acid dipping, or any other surface tampering. It is considered unethical to try to sell a processed coin without describing it as such.
Professional Coin Grading Service A third-party grading service. Established in 1985, began grading services the following year. Abbreviated PCGS.
Professional Numismatic Guild An organization of coin dealers founded in 1955. Abbreviated PNG.
Proof A coin produced for collectors from a specialized manufacturing process, not intended for general circulation. Involves polished planchets and dies, often double struck to accentuate the coin’s devices. Correlates to between 60 and 70 (inclusive) on the 70-point grading scale, though impaired proofs may rate lower. Common abbreviation is PR, sometimes PF or PRF. See also Impaired Proof, Typical, Select, Choice (2), and Gem (2).
Proof Dies Dies made strictly for striking only Proof coins. The fields are polished to create mirrorlike qualities on the coin. The recessed areas of the proof dies are not polished, giving the raised devices on the struck coin a "frosty" appearance, sharply contrasting with the highly reflective fields. Most, but not all proof dies have been made this way. Matte, Roman, and Satin proof dies do not impart a mirrorlike finish.
Proof Set A full complement of Proof coins of every denomination struck by a mint in a given year and assembled in a set by mint employees, typified by specialized packaging.
Prooflike A term used to describe regular circulation coins (i.e. non-Proof strikes) possessing a reflective, Prooflike surface. Most often invoked when describing Morgan silver dollars with superb mirror-like surface qualities, resembling those of a Proof coin. Commonly abbreviated as PL. See also DMPL.
Proof-Only Issue A coin issued only as a Proof, having no business strike alternative. An example of a proof-only issue is the 1895 Morgan dollar.
Provenance The roster of previous owners of an extremely rare coin. Same as Pedigree.
Punch A steel rod having a device, a date, lettering, and other symbol mounted on one end that was sunk into a working die by applying force on the opposite end. Used frequently in days of old.
PVC Abbreviation for polyvinyl chloride. See Polyvinyl Chloride.
PVC Damage Damage inflicted upon a coin due to storage in a flip containing the PVC chemical. In the early stages, the damage may appear as a clear and sticky film, becoming greenish over time. See Polyvinyl Chloride.
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Q
Term Description
Qualifier For a few coin types, just having a numerical grade for a Mint State or Proof coin does not impart enough information about the quality of the coin. In these situations, qualifiers (often called designations) are attached to the point grade as a suffix, but do not affect the grade itself. Qualifiers provide additional information the marketplace has deemed to be of significance to collectors, and hence, has an impact on a coin’s value. Designations for Mint State coins are for color, strike boldness, and surface reflectivity. For Proofs they are for color and surface contrast.
Quarter A denomination of 1/4th of a dollar, or 25 cents. Quarters were first struck by the United States in 1796.
Quarter Eagle A United States gold coin of $2.50 face value, minted from 1796 to 1929.
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R
Term Description
Racketeer Nickel A gold-plated 1883 No “CENTS” Liberty Head five-cent coin (“V” nickel). 1883 was the first year of issue for the Liberty Head nickel. The new design featured a large Roman numeral "V" (for five) on the reverse, and purposely did not include the word CENTS. Racketeers gold-plated some of the "No CENTS" nickels and successfully passed them off as five-dollar gold pieces to a public unfamiliar with the new nickel. See No CENTS nickel.
Rainbow Toning A toned coin displaying a spectrum of colorful hues is said to have rainbow toning. Most often associated with Morgan dollars stored for many years in original mint bags.
Rare (1) Refers to a coin available in limited quantities, relative to demand. Example: 1909-S VDB Lincoln cent.
Rare (2) Refers to a coin for which very few examples are known to exist. Sometimes called ultra rare. Example: 1894-S Barber dime.
Rarity (1) A generic term used to describe a coin for which demand generally outstrips supply. For example, many collectors would agree that a 1916 Standing Liberty quarter is a rarity.
Rarity (2) An indication where a coin rates on a rarity scale. The rarity rating can be for the total number of extant examples or it may refer to the number of examples in a certain grade and higher. See also Rarity Scale and Condition Rarity (2).
Rarity Scale A numerical rating system designed to assess and rank the scarcity of coins. The incremental ratings indicate the approximate quantity of specimens extant (i.e., survive) for a given rating. There have been several rarity scales developed. For example, the "PCGS CoinFacts Rarity Scale" assesses the survivorship rarity of a coin on a scale from 1.0 to 10.0. A rating of 1.0 indicates at least one million specimens are believed to exist. A rating of 10.0 means just one specimen is known. 10.1 means no specimens are known. Using the 1796 Draped Bust quarter as an illustration, it rates 5.7 on the scale because there are an estimated 650 specimens extant. The PCGS rarity scale can be applied to assess rarity at a certain grade or higher. For instance the number of 1796 quarters in MS-60 grade or better is estimated to be 90, giving it a "Condition Rarity" rating of 8.1. See Condition Rarity (2).
Raw A coin that has not been graded and encapsulated by a grading service.
Rays In numismatic texts refers to lines on a coin's design meant to symbolize rays of the sun. An example of this can be seen on the obverse of Walking Liberty half dollars.
RB The abbreviation for a copper coin having a red-brown coloration. See Red Brown.
RD The abbreviation for a copper coin retaining most, if not all of its original reddish color. See Red.
Real A Spanish monetary unit used throughout the North American colonies. Pronounced as "ree all". Plural = "Reales". A real was one-eighth of the “Real de a Ocho” (Piece of Eight) large silver coin that came to be called the “Spanish dollar”. The Piece of Eight coin was frequently cut into 1/8, 1/4, and 1/2 bits to facilitate smaller business transactions. The real was also called a “bit”. See also Thaler, Piece of Eight, Bit, Spanish Dollar, and Dollar.
Recut Date Means the same thing as Repunched Date, although is not as accurate a description. See Repunched Date.
Red Term applied to a copper coin retaining most, if not all of its original reddish color. Many numismatists define a coin to be RD only if 95% or more of the original reddish color is retained. Abbreviation is RD.
Red Book The nickname for "A Guide Book of United States Coins," originally by R.S. Yeoman. It is one of the most widely distributed references on United States coinage. The Red Book has been published annually since 1947.
Red Brown Term applied to a copper coin displaying a mixture of its original reddish color and subsequent brownish toning. Many numismatists define a coin to be RB if 5% to 95% of the original reddish color is retained. Abbreviated RB.
Reeded Edge The edge of a coin with grooved lines running around its circumference, perpendicular to the coin's surface. All current production coins, with the exception of cents and nickels, have reeded edges.
Reeding Mark Small, parallel nicks on a coin caused by contact with the reeded edge of another coin. Commonly occurs in mint bags. Milling marks are often more distracting than ordinary Bag Marks because they are visibly deeper and are more likely to be detrimental during grading. Same as Milling Mark.
Reflective Describes a coin's surface having highly reflective, mirror-like properties.
Registry Set Images of individually owned coin sets published online by several numismatic grading services. The sets are assessed by the grading services by their completeness and numerical grade. Registry sets make it easier and safer for collectors to share their coins with fellow numismatists.
Regular Issue A coin design struck for release into the channels of commerce. Regular issue coins may be made as regular strikes or Proof strikes.
Regular Strike A coin struck through ordinary means using ordinary planchets, bound for release to the public for everyday, commercial use. Same as Business Strike, Circulation Strike, or Commerical Strike.
Relapped Die A die that has had its surface reground by a Mint machinist to remove evidence of wear, clash marks, or other imperfections. Relapped dies often are capable of producing Prooflike coins.
Relief The part of a coin design that is raised above the coin's surface. Relief is the opposite of incuse.
Repair The action of repairing a coin that has a hole, damage, or defect of any kind. Commonly employed repair methods include plugging and polishing. The grading description of any repaired coin must indicate that the coin has been repaired.
Replica A copy or reproduction of a coin, though not the same as counterfeit. According to the Hobby Protection Act of 1973, the word "COPY" must be plainly visible on any replica. A Replica is sometimes called a Copy.
Repunched Date A date with at least one digit punched into the die more than once. This often results in a slight doubling effect of the digit(s) when a coin is struck from a such a die. Repunched dates, letters, and other features are common in 19th century coins. Also known as Recut Date.
Repunched Mintmark A mintmark punched into the die more than once. This often results in a slight doubling effect of the mintmark when a coin is struck from such a die.
Restrike A coin struck in a year beyond the date shown on the coin. Sometimes the original dies are used, and sometimes newly made dies are used. An example of a restrike is seen with the Gobrecht dollar. Some of them that were dated in the 1830s were actually stuck in the 1850s through the early 1870s.
Retoned Describes a coin that had original toning removed by some unnatural process, only to regain color again. Retoning can be acquired naturally or artificially. Also called Second Tone.
Reverse The back or “tails” side of a numismatic item, generally the side opposite the side bearing the date and the principal device.
Riddler A machine that filters out planchets of the incorrect size or shape.
Rim The raised area running along the perimeter on both sides of a coin, thus encircling the obverse and reverse. The rim’s purposes are to protect the devices of the coin from quick wear and allow for easier stacking.
Rim Bruise A flattened spot on the rim of a coin, usually an indication the coin was dropped on a hard surface.
Rim Nick A mark or nick on the rim of a coin. Sometimes called a Rim Ding.
Rimming Machine Same as Upsetting Mill.
Ring Test A type of test that may shed light on the authenticity of a coin. The tested coin is tapped gently with a metal object to detect if there is a high-pitched ring. Counterfeits made as electrotypes or cast replicas many times do not produce this sound. The ring test is not considered conclusive one way or another, but can yield useful evidence.
Rip Purchasing a coin at a very attractive price, from the buyer's perspective.
Roadrunner A dealer who does business at coin shows, but does not have a table set up. Roadrunners are sometimes called Road Warriors.
Roll Stacked coins of the same denomination, in a pre-determined quantity. Examples: 50 cents to a roll, 40 nickels to a roll, etc. Rolls are often wrapped in paper, but many times are stored in plastic tubes or other material. Not necessarily the same as an Original Roll.
Roll Friction Blemishes on the highest points on a coin due to storage in a roll.
Roll Mill A machine used to generate strips of metal of a certain thickness that will later provide the material from which coin blanks are cut. A metal strip is sent between two steel rolls spaced a precise distance apart. The pressure exerted by the rolls forces the metal to the correct thickness. Roll mills are still used for this purpose, but interestingly, at the early U.S. Mint, these machines were powered by horses.
Rolled Edge Pertains to the raised rim around a coin, usually in reference to the 1907 Indian Head $10 Eagle (with periods). The rolled edge was the second try for the Indian Head eagle that year. The first try featured high relief design with a wired edge, but was rejected because it wouldn’t stack easily. Reportedly, 31,500 of the rolled edge with periods were struck, but all except approximately 50 were melted down. A third 1907 version of the coin, without periods, was chosen for mass production and released into circulation because of satisfactory sharpness and overall quality. Rolled edge is sometimes called rolled rim, rounded rim, rolled edge, or normal rim. See also Wire Edge.
Rolled Edge Ten A shortened name for the Rolled Edge Indian Head $10 Eagle (with periods).
Roller Marks Incuse lines, largely parallel, visible in some coins. Believed to be caused by small debris bits contaminating machinery used to fabricate planchets. Most often seen on weakly struck silver dollars.
Roman Finish An experimental Proof finish mostly seen on U.S. gold coins from 1909-1910. Characterized by greater reflectivity than Matte surfaces but less than typical Proofs. Very similar to Satin Proofs.
Round (1) A round one-ounce silver medal or bullion piece.
Round (2) Slang for the round version of the $50 gold Panama-Pacific International Exposition commemorative of 1915.
Rubbing Occurs when a coin is slid across a hardened surface, causing the removal of original mint luster where the rubbing occurred. Though not a precise term, generally considered less severe than cabinet friction.
Rusted Die Rusted dies can result while in storage, leaving some pitted areas on the die. Coins struck from rusted dies can have raised spots, caused by metal flowing into the rust-eaten pits during the striking process. The effects from rusted dies are not factored into a coin's grade because it happened at the Mint.
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S
Term Description
S The mintmark of the U.S. branch mint at San Francisco, California, active from 1854-1955, and again from 1968 to the present. See also San Francisco Mint.
S Number (1) Refers to a Sheldon number to describe a specific die marriage for U.S. cents of 1793-1814. Dr. William Sheldon identified and catalogued the various die marriages in his 1949 book Early American Cents which was renamed Penny Whimy in 1958.
S Number (2) Refers to a Snow number to describe a specific die marriage for the Flying Eagle and Indian Head cents. Rick Snow identified and catalogued the various die marriages in his 2000 book Flying Eagle and Indian Cent Attribution Guide.
Sacagawea Dollar A one dollar circulating coin depicting the Native American woman Sacagawea and her infant son Jean Baptiste on the obverse. Sacagawea joined the Lewis and Clark Expedition in 1804 as an interpreter. Glenna Goodacre designed the obverse. Thomas D. Rogers designed the reverse, featuring a soaring eagle encircled by 17 stars, representing the number of states at the time Lewis and Clark began their westward odyssey. The Sacagawea dollar was released to the public in January, 2000. The outer layer of the coin has a gold-like color and is made of an alloy consisting of 77% copper, 12% zinc, 7% manganese, and 4% nickel, bonded to a pure copper core. See also Cheerios Dollar.
Saint Shorthand reference to the Saint-Gaudens $20 double eagle, minted from 1907-1933.
Saint-Gaudens Refers to sculptor Augustus Saint-Gaudens, selected by President Theodore Roosevelt to redesign the U.S. gold eagle and double eagle. He died in 1907 before his task was fully completed, but receives full credit as the designer of those coins.
San Francisco Mint The branch mint established in 1854 in San Francisco, CA. It was active from 1854-1955 and again from 1968 to the present. The San Francisco Mint has occupied three facilities. The first was active for 20 years, demolished in 1875. The second, named the "Granite Lady", was active from 1874-1937 and still stands and is a landmark structure. The third and current facility was opened in 1937. See Granite Lady.
Sandblast Proof A special Proof manufacturing process whereby a regularly struck coin is blasted by sand particles under high pressure to produce a Proof finish. Not the same as Matte Proof.
Satin Proof A special Proof manufacturing process to produce Proof gold coins in 1909-10, characterized by a light yellow color and softer brilliance. The precise method of this process is unclear to us today.
SBA Dollar Refers to the cupro-nickel dollar coin of 1979-1981 featuring women's voting rights pioneer Susan B. Anthony on the obverse. The design was reprised for one year in 1999.
Scarce Refers to a coin existing in small quantities, relative to demand.
Scratch A deep line or gouge in a coin caused by coming in contact with a sharp or jagged object of some kind. More severe than a hairline.
Screw Press Manually powered press, used during the earliest years of the U.S. Mint. To operate it, a planchet was placed atop the lower (or anvil) die. The upper (or hammer) die was affixed at the bottom end of a vertical rod having screw-like threads. The rod was lowered at rapid speed when weighted arms attached to the rod were rotated, striking the planchet at high force to form the coin.
SD Shorthand version of Small Date.
Seated Coinage Pertains to the Seated Liberty design of 1837-1891 employed on the half dime, dime, twenty cent, quarter, half dollar, and dollar coins. The phrase "Seated Liberty" is spoken by many collectors interchangeably with "Liberty Seated".
Secondary Toning Describes a coin that had original toning removed by some unnatural process, only to regain color again. Retoning can be acquired naturally or artificially. Also called Retoned.
Seigniorage Revenue or a profit taken by the government from the minting of coins, usually the difference between the cost of coin production (metal, labor, etc.) and the face value of the coin. The profit is realized when the government "sells" the coins at face value to the Federal Reserve Banks (FRBs). For example, if it costs the Mint 10 cents to make a quarter, and when the quarter enters circulation via the FRBs, the government earns 15 cents.
Select An Uncirculated (i.e., Mint State) or Proof coin generally agreed as the equivalent of grading 62 on the 70-point scale.
Seller's Fee The commission charged by the auctioneer to the coin consignors (See Consignment)
Semi-Common A coin that is neither common or rare.
Semi-Key Date A coin that is not among the rarest needed to complete a coin collection, but neither is it common. An example is the 1911-S in the Lincoln cent series.
Semi-Numismatic Refers to a collectible coin whose selling price is mostly determined by its bullion intrinsic value. For example, the majority of dates in the Coronet Head double eagle series meet this description. See also Generic Gold.
Semi-Prooflike A term used to describe a business strike coin having some prooflike qualities, but less than that of a Prooflike or Deep-Mirror Prooflike coins. See also Prooflike.
Series (1) A listing of all the dates, mints, and varieties that were struck for a given design type and denomination. Fairly synonymous with Type (1). Example: Buffalo nickels of 1913-1938. See Type (1).
Series (2) A specific design or motif used over a period of time. It can be for a single denomination (example: Shield nickel of 1866-1883) or across multiple denominations (Barber dime, quarter, half dollars) of 1892-1916.
Series set A complete collection of all the dates, mints, and varieties that were struck for a given design type.
Set Registry See Registry Set. This term is used interchangeably.
Sheet At The price of a coin on the Greysheet. Used in language as "what does a coin sheet at?". See also Greysheet.
Sheldon Number See S Number (1).
Sheldon Scale The 70-point numeric grading developed by Dr. William Sheldon in 1948 for Large Cents. The Sheldon Scale eventually became the model for the grading scale developed by the American Numismatic Association in the late 1970s. See also Numerical Grading.
Shield Nickel The design of the five-cent coin struck from 1866-1883. There are two types of Shield nickels: 1) With Rays -- the 1866 and some 1867 nickels have rays between the stars on the reverse, and 2) No Rays -- from 1867 to the end of the series in 1883.
Shot Coin A coin that stands a good chance, in the opinion of the owner, to earn a higher grade from a grading service, if cracked out and resubmitted.
Shotgun Roll (1) A roll that has twice the usual number of coins in a roll. The name originated during the 1960s roll craze when extra-long rolls, approximating the length of a shotgun shell, were being marketed.
Shotgun Roll (2) Paper-wrapped roll crimped on the ends in a way that resemble how shotgun shells are crimped.
Sight Seen A term indicating the buyer of a coin has examined the coin in person before committing to purchase.
Sight Unseen A term indicating the buyer of a coin has not examined the coin in person before committing to purchase. With the advent of third-party grading and the ease of electronic transactions, sight unseen purchases are very common in the modern coin marketplace.
Silver A whitish metallic element often used in United States general circulation coinage from 1794-1964. In coinage, nine parts of silver are typically alloyed with one part copper for added hardness and strength.
Silver Certificate Paper money once redeemable for its face value in silver. The last opportunity to redeem silver certificates was in the mid-1960's.
Silver Clad A coin whose overall metal makeup is 40% silver and 60% copper. Kennedy half dollars minted from 1965-1970 are silver-clad coinage.
Silver Commemorative Silver coins struck by the U.S. Mint to celebrate a person, place, or event. There are two groups: the classic commemoratives, issued intermittently from 1892-1954 and the modern commemoratives, from 1982 onward.
Silver Dollar The base unit silver coin authorized by the Mint Act of 1792. Composed of 90% silver and 10% copper, the first silver dollar was issued in 1794, continuing until 1935 (but not every year). Modern dollar coins released for circulation, such as the Eisenhower dollar, are many times incorrectly called silver dollars, because their composition is cupro-nickel and contain no silver.
Silver Eagle A silver bullion based coin issued by the U.S. mint starting in 1986. Containing one ounce of silver, it had a nominal face value of $1, though it was not intended for circulation.
Silver Nickel Five-cent nickels struck from 1942-1945 during World War II, containing 35% silver, 9% manganese, and 56% copper. Most researchers say nickel was removed from the nickel coin and diverted as materiel needed for the war effort. That the Philadelphia Mint used the "P" mintmark for the first time on the silver nickel is noteworthy. Also called Wartime nickels.
Silver Plug The early U.S. Mint had difficulty producing planchets at the correct weight and fineness. On some underweight planchets, Mint employees inserted a slightly thicker silver plug into a hole in the center of the planchet prior to striking. This was to add weight and bring it up to proper specifications. Upon striking, the plug flattened out to be nearly flush with the rest of the coin as the design was being imparted. The majority of silver plug U.S. Mint coins are 1795 Flowing Hair dollars.
Silver Standard A standard which defines a monetary unit (e.g., a dollar) as consisting of a certain weight of silver. The Mint Act of 1792 created a bimetallic standard in the United States in which the dollar was defined in terms of both gold and silver at certain weights and fineness, setting them in value to each other at a ratio of 15 to 1. For all practical purposes, the silver standard ended in the U.S. in 1873.
Silverites Advocates of a post-Civil War political movement favoring a monetary policy based on a national bimetallic (i.e. gold and silver) standard. Opposed by the Gold Bugs. See Bimetallism.
Skirt Lines The folds on Lady Liberty's gown on the Walking Liberty half dollar are symbolized by demarcations called skirt lines. The skirt lines on 1916-1918 Walkers and many coins through the rest of the series are characterized by strike weakness. Specimens possessing sharply struck skirt lines are capable of selling at premium prices.
SL Shorthand for small letters.
Slab Slang term for the hard plastic protective coin encapsulation provided by grading service companies. Information labeled on the slab includes the date, mint mark, grade of the coin, and identity of grading service company.
Slab City Any one of the third-party grading service.
Sleeper A coin temporarily priced below its true market value, positioned to someday rise significantly in price to properly realign (or establish) itself in relation to its scarcity, relative to demand.
Slider (1) Used to describe an AU (About Uncirculated) coin that appears to many to be a Mint State coin.
Slider (2) Sometimes used to describe a graded coin that is almost worthy of the next grade higher.
Small Cent Cents having a smaller diameter, officially replacing the larger diameter cents in 1857. The Flying Eagle small cents struck in 1856 are technically defined as pattern coins, though they are often mistaken as regular issues.
Small Date Refers to the size of the digits in the date of a coin. Use of this term indicates there are dates for the coin or series having a larger size.
Small Eagle A smallish eagle on a perch was first seen on the reverse of the 1794 half dime and half dollar, but it wasn't until the following year with the $5 gold half eagle that the small eagle term was needed to signify a distinct coin type. See also Large Eagle.
Small Letters Refers to the size of lettering on a coin's design. When this term is used it indicates there is larger lettering on some coins of the same date or series. See also Large Letters.
Small Motto Used when describing the 1864 two-cent coin. A small percentage of them have smaller letters in the "IN GOD WE TRUST" motto. This also happens to be the first time this motto was placed on a United States coin. See Large Motto.
Small Size Refers to the diameter of a particular coin in a series. The use of this term indicates the same coin exists with a larger diameter. An example is the 1829 Capped Bust half eagle.
Smelting The extraction of metal from its ore by a process involving heating and melting.
SMS See Special Mint Set.
SP Abbreviation for specimen strike. See Specimen Strike.
Spanish Dollar The name applied by the English-speaking inhabitants of the North American British colonies to the Spanish "Real de a ocho" (Piece of Eight) that widely circulated throughout the New World and elsewhere. The name “dollar” was adopted by the United States as its official base monetary unit after winning independence from Great Britain. The Spanish dollar remained legal tender in the U.S. until the passage of the Coinage Act of 1857. See also Thaler, Piece of Eight, Real, Bit, and Dollar.
Spark Erosion Die A die fabricated by an electrolytic deposition process that etches a copy of a coin into steel. The surfaces of these dies are rough and leave a large number of observable tiny indentations (some call them "pimples") on a coin struck from these dies. The choice method of a few counterfeiters.
Special Mint Set A set of coins, produced and packaged by the U.S. Mint from 1965-1967, classified neither as business strikes or proof. The intent was to use Special Mint Sets to eliminate Proof sets, which Treasury believed would discourage coin hoarding. However, Proof set production resumed in 1968. Frequently called SMS for short.
Specie Coined money, generally gold and silver.
Specimen Strike Refers to special coins struck at the Mint from 1792-1816, displaying features of the Proof coinage that came later, although highly reflective surfaces were absent. Third-party grading services recognize this quality and designate these coins as SP.
Split Grade Different grades for the obverse and reverse sides of the same coin.
Splotchy Toning Acquired coin coloration that is uneven in shape and shade. Usually results in a less attractive coin.
Spot Generalized term to describe discolored area on a coin, caused by any number of factors. Spots can impact the value of a coin depending on their number, size, visibility, and location. The more distracting they are, the more detrimental to the value of the coin.
Spot Price The current market price for immediate sale of a precious metal, or any other commodity.
Spread The difference between a seller's buy and sell prices for a coin.
Standard Silver The Mint Act of 1792 defined standard U.S. silver coins were to contain about 89% silver and 11% copper. This was changed to 90% and 10% in 1837.
Standing Liberty Quarter Name given to the quarter minted from 1916-1930. The coin features Miss Liberty in a standing position, looking off to her left. Designed by Hermon MacNeil.
Staple Scratch A small scratch on the surface of a coin that occurred while being removed from a stapled cardboard holder.
Star Rating Awarded by the Numismatic Guaranty Corporation (NGC) to a coin having superior eye appeal.
Starred Edge The edge of a coin featuring either raised or incused stars.
State Quarter A quarter issued from 1999-2008, honoring a particular U.S. state on the reverse. Five different state quarters were released yearly, until all 50 states were recognized. The release schedule was set according to the order in which states entered the union (the schedule for the first 13 was determined by when the original states ratified the Constitution).
Steam-Powered Press A mechanized press powered by a steam engine. This machine was first installed at the U.S. Mint in 1836 to strike coins and was much more powerful and faster than the manual screw presses it replaced.
Steel Cent Describes the Lincoln cent of 1943. Copper was needed for shell casings to fight WWII, so copper was diverted from cent production to the war effort. Thus, zinc-coated steel planchets were used in 1943 to produce hundreds of millions of cents. A small number of genuine 1943 copper cents and 1944 steel cents are known to exist.
Steelie A U.S. steel cent.
Stella Name for the $4 gold pattern coins of 1879-80. The reverse features a large star with the word "STELLA" -- the Latin word for star -- inscribed within it.
Sterling Silver An alloy consisting of 92.5% silver and 7.5% copper. Sterling silver is used for jewelry and household articles, especially silverware.
Store Card Privately minted token displaying the name of a business. Store cards were usually made of copper and freely circulated in various localities to alleviate coin shortages in the 19th century, most notably during the American Civil War.
Striations Fine, incuse polish lines on a die causing slightly raised lines on the surface of a coin. Not the same as planchet striations.
Strike The degree to which metal flows into the recesses of the coin dies during the striking action. A strong strike is a coin with all the details struck very distinctly. Also called a bold or full strike. Conversely, a weak, or soft strike has details impressed lightly and less distinctly.
Striking Refers to the process by which a coin is minted, whereby a planchet (often called a blank) is placed between and upper and lower die and hit, causing metal to flow into the recesses of the dies. This creates impressions on both sides of the coin, the obverse and the reverse, resulting in a coin of a specific design type.
Strip Thin, flat metal piece, rolled and drawn to a precise thickness, from which planchets are cut.
Struck Counterfeit A counterfeit coin made in a press, formed by illegitimate dies.
Struck Through A type of error coin that occurs when some external matter accidentally got between the die and planchet when a coin was struck. For example, if a small piece of wire from a wire brush came to rest on a planchet as it was struck, it would leave a small, inverted ridge on the coin, resembling a scratch.
Superb An Uncirculated or Proof coin generally agreed as the equivalent of grading 67 to 69 on a 70-point scale.
Surface Loosely speaking, the entire area of a coin's obverse and reverse. Many times thought of as just the fields of a coin.
Surface Preservation Assessment of a how well a coin's surfaces have been preserved.
S-VDB A shorthand notation for the 1909-S VDB Lincoln cent. See also VDB.
Sweating (1) An illegal method employed by some in the past to obtain precious metal, usually gold, from coinage. The coin is treated by acid to "eat away" some of the metal on the coin's surface, and later recovered from the solution and sold. The procedure leaves the coin with a grainy or slightly rough appearance.
Sweating (2) An illegal process where (usually) gold coins are put in an enclosed container and agitated forcefully to chip away small fragments of metal. These fragments are later recovered from the container and sold.
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T
Term Description
Tab Toning Describes the toning pattern seen on some classic commemorative coins distributed from 1935-1937. The original packaging for many of these coins featured cardboard holders with a round slot for the coin. Traversing the coin's surface on one side was a paper tab designed to secure the coin in place. The exposed areas of the coin around the tab eventually reacted with the environment, rendering an unusual toning pattern, somewhat reminiscent of reverse stenciling.
Tail Feathers Pertains to the eagle's tail feathers on certain U.S. coins, most particularly the Morgan dollar.
Target Toning Refers to a toning pattern characterized by darker coloring around the edge of a coin that gets lighter toward center, somewhat mimicking an archery target.
Technical Grading The process of assigning a numerical grade to a coin based on its state of preservation. The focus of technical grading is concentrated on assessing the amount of wear and is applied to coins in Extremely Fine condition or lower.

For About Uncirculated, Mint State and Proof coins, most coin experts employ a process called market grading to assign a numerical grade.

Technical grading is more objective and with fewer nuances compared to market grading. In market grading, the location of contact marks, strength of strike, mint luster (or reflectivity in Proofs), and eye appeal are crucial, but generally do not factor in technical grading. See also Market Grading.
Teddy's Coin Refers to the unique 1907 Indian Head double eagle pattern (J-1776). President Theodore Roosevelt commissioned sculptor Augustus Saint-Gaudens to revamp U.S. coinage, including the $20 double eagle. Although Saint-Gaudens preferred the Indian Head obverse for the double eagle, the familiar torch-bearing Lady Liberty theme (today called the Saint-Gaudens type) was selected. The same collector has owned the coin for decades. Experts believe it could easily fetch more than $10 million if offered for sale.
Telemarketer Someone who makes unsolicited phone calls to sell coins. There were many telemarketers operating in the 1970s and 1980s, many of whom were selling overpriced coins.
Ten Indian Shorter way of saying Indian Head $10 gold eagle of 1907-1933.
Ten Lib Shorter way of saying Liberty Head $10 gold eagle of 1838-1907. Many collectors also call this series the Coronet Head $10 gold eagle.
Territorial Gold Privately produced gold coins, struck to address coin shortages in frontier regions of the United States following the precious metal ore discoveries in California and elsewhere. “Territorial” in this reference can be misleading because many of the private minters were located in places where statehood had already been achieved. Term used interchangeably with Pioneer Gold.
TF Abbreviation for Tail Feathers.
Thaler Large silver coin (about 40 mm) first minted in 1518 in what is today the Czech Republic. The word thaler was Germanic in origin. Because of the popularity of a large silver coin, other countries struck similar pieces, basing their names on the word “thaler”. The Dutch leeuwendaalder was one such coin. It circulated in the British North American colonies during the 17th and early 18th centuries. The English-speaking inhabitants of the colonies began to apply the word “dollar” to the coin. During the same time, large numbers of the Spanish peso – the "Real de a Ocho" (Pieces of Eight) – circulated widely throughout the colonies. As early as 1581, this coin was called the “Spanish dollar”. After the successful American Revolution, the “dollar” was chosen as the name for the base monetary unit of the United States. See also Piece of Eight, Real, Bit, Spanish Dollar, and Dollar.
Third-Party Grading Service An entity that is neither a buyer or the seller of coins that authenticates and assigns a grade to a coin submitted to it. NGC and PCGS are the best-known third-party grading services today.
Three Cent Nickel Three cent coin struck from 1865-1889 featuring Miss Liberty on the obverse. Composed of 75% copper and 25% nickel. Designed by James Longacre.
Three Cent Silver Three-cent coin struck from 1851-1873 featuring a large star on the obverse. The issues of 1851-1853 were composed of 75% silver and 25% copper. From 1854 to the end of the series in 1873 they were composed of the standard 90% silver and 10% copper alloy. Called a Trime in the numismatic community.
Thumbing The deceptive practice of attempting to hide an abrasion on a coin, by using the thumb to obtain a bit of skin oil from the corner of nose, and carefully rubbing it onto the affected area on the coin. The oil can possibly reduce the shiny appearance caused by the imperfection and conceal its existence.
Tin A base metal included in many coinage alloys. Tin helps protect the coin from corrosion, but is soft and therefore appears in limited percentages. For example, most Lincoln cents prior to 1982 contained tin, but less than five percent.
Tissue Toning Natural toning acquired due to long-term storage in original Mint tissue paper packing. The tissue, first used in the 19th century, contained sulfur that reacted with coin surfaces. Prolonged exposure to the tissue many times resulted in vibrant toning, consisting of attractive rainbow colors. Seen more often on Proof coins compared to business strikes.
Token A coin-like object used to obtain a specific product or service, issued by a private entity. Tokens are not legal tender money and have no stated monetary value. Typically made of cheaper metals such as copper, aluminum, brass, tin, or pewter.
Toning Natural coloration of a coin caused by environmental exposure over a long period of time. Some collectors will pay premiums for coins they feel are attractively toned. Experienced collectors shun artificially toned coins.
Tooling Using metal alteration tools to touch up the appearance of a worn coin, to make it seem as if original detail had not been lost through circulation. Long ago, tooling was more acceptable than it is today. Any coin that has been tooled must be described as such.
Tooling Mark Small, discreet line on the surface of a coin, caused by Mint operators tweaking a die to remove imperfections. Tooling marks are frequently seen on counterfeit coins as well, as the lawbreakers touch up a die to make it appear more genuine.
Top Pop A slang term used to describe a coin that has the highest grade in a population report for its type and variety. See Population Report.
Trade Dollar A U.S. coin with a face value of $1 minted 1873-1885 specifically for commerce in China and other parts of Asia. Containing nearly 2% more silver than regular silver dollars, trade dollars were introduced to compete against silver-heavy coins of other nations also circulating in Asia. Trade dollars were not legal currency within U.S. borders. See also Chop Marks.
Transitional Pattern A coin struck during a time of transition from an outgoing variety or series to a new one. Not intended for circulation. An example of a Transitional Pattern is the 1859 Liberty Seated half dime paired with the reverse of 1860 (did not have the legend UNITED STATES OF AMERICA in the reverse design). Another example is the 1860 Liberty Seated half dime paired with the obverse of 1859 (it had stars in the obverse design). These examples of Transitional Patterns came about as the legend UNITED STATES OF AMERICA was being transferred from the reverse to the obverse in the period from 1859 to 1860, while eliminating the obverse stars. Neither Transitional Pattern bore the identity of the U.S. The circulation strikes from 1860 onward carried the legend UNITED STATES OF AMERICA on the obverse and had no stars on either side.
Trap Coin A coin that is priced at top dollar for a grade, but does not deserve that grade. The buyer will probably have difficulty selling the coin for the same grade, and is "trapped".
Trime A U.S. silver coin with a face value of three cents minted from 1851-1873.
Troy Ounce A unit of weight, equal to 480 grains (about 1.097 avoirdupois ounces). The word ounce, when applied to precious metals, refers to a troy ounce. See also Grain, Troy Weight, and Avoirdupois Ounce.
Troy Weight A system for weighing precious metals. There are 480 grains in a troy ounce compared to 438 grains for a standard (called avoirdupois) ounce. That means a troy ounce is heavier -- it takes about 1.097 standard ounces to equal 1.0 troy ounces. Another way of expressing this fact is there are 31.1 grams in a troy ounce, but only 28.35 grams in a standard ounce. The troy weight system can be traced back to the time of the ancient Romans, when small bronze cubes called “uncias” (ounce) weighing about 31.1 grams (on our scales today) were used as a medium of exchange. During the Middle Ages, the French city of Troyes became a business mecca where precious metals were exchanged in large quantities. The chief unit of measurement for bullion sales in Troyes came to be known as the troy ounce, weighing 31.1 grams (there’s that number again). See also Grain, Troy Ounce, and Avoirdupois Ounce.
Truncation The sharply cut off bottom portion of a portrait. The Washington quarter obverse exemplifies this effect.
Tube A plastic cylindrical container designed for storing a stack of coins of the same denomination.
Turban Head Alternate name given to numerous U.S. coin types. Can be confusing to collectors. Here are several coin types also known as Turban Head: Draped Bust quarter eagle of 1796-1807, Capped Bust half eagle of 1795-1807, Capped Head to Right eagle of 1795-1804, Classic Head half cent of 1809-1836, and Capped Bust half dollars of 1807-1839.
Twenty Lib Shorthand for the Liberty Head $20 double eagle of 1849-1907. This series is also called Coronet Head double eagle.
Twenty-Cent Piece A short-lived 90% U.S. silver coin with a Seated Liberty motif obverse. Issued from 1875-1878, although last two years were Proof only. The coin was not popular because of its nearly identical size and design of the quarter.
Two-Cent Piece References the two-cent coin minted from 1864-1873. Some call it the Shield two-cent coin.
Type (1) A group of dates displaying a particular basic coin design and denomination. The elements of the obverse and reverse design combine to define a type. An example of a type is the Capped Bust quarter of 1815-1838. A more familiar example is the Buffalo nickel of 1913-1938. The Capped Draped Bust quarter eagle of 1808 is a type that lasted for one year only. Another example is the Seated Liberty half dollar of 1839-1891.
Type (2) A slight variation in design or size, or alloy composition. Examples are the Type 1 Capped Bust quarter large diameter of 1815-1828 and the Type 2 small diameter of 1831-1838. Another instance is the Type 1 Buffalo nickel (bison on mound) of 1913 and Type 2 (bison on plain) of 1913-1938. Type examples are plentiful in the Seated Liberty motif, involving the presence and removal of arrows, rays, and motto. Many numismatic references, such as the Redbook and ANA Grading Standards, denote these sorts of dissimilarities as varieties. See Variety (2).
Type Coin A representative coin from a given type (sometimes called a series). Type coins are collected based on the type they exemplify instead of its date and mintmark. Usually a relatively common date. See Type (1) and Series (1).
Type set A collection of Type coins representing a given type (sometimes called a series). See Type Coin and Type (1).
Typical A term once used in the ANA grading standards to describe a low-level Uncirculated or Proof coin, equivalent to a 60 on a 70-point scale. The "Typical" descriptor was discontinued in 1987.
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U
Term Description
Ultra Cameo An expression to describe a Proof coin having heavily frosted design elements and lettering that contrast sharply with the fields. Mostly seen on modern Proof coinage. Sometimes called Deep Cameo. See also Cameo and Deep Cameo.
Ultra High Relief Same as Extremely High Relief.
Ultra Rare A coin for which only a tiny handful of examples are known to exist. An example is the 1933 Saint-Gaudens $20 double eagle.
Uncirculated (1) A coin preserved in a condition as issued by the mint, without any signs of wear. Also called Brilliant Uncirculated (BU) or Mint State (MS), scoring between 60 and 70 on the ANA grading scale.
Uncirculated (2) At the U.S. Mint, the term uncirculated refers to the special coining process used to make the coin, which gives it a brilliant finish. Uncirculated coins are manufactured using the same process as circulating coins, but with quality enhancements such as slightly higher coining force, early strikes from dies, special cleaning after stamping, and special packaging in Mint Sets for sale to the public.
Uncirculated (3) Refers to a business strike coin that has never entered everyday commerce.
Undergrading Awarding a coin a lesser grade than it deserves. This practice is sometimes used unethically to purchase coins for less than their true worth.
Unique A coin of which only a single specimen is known to exist. Example: the 1849 Coronet Head double eagle had a mintage of 1, and that lone specimen today resides at the Smithsonian Institute.
Upsetting Mill A machine that raises the perimeter on both sides of a planchet to form a rim.
Used Non-specific term used to describe a coin with wear.
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V
Term Description
VAM Number Identification number for particular die marriages of Morgan and Peace dollars. Researchers Van Allen and A. George Mallis catalogued various die marriages and documented them in their 1977 work The Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars. This reference has been updated several times since original publication. See Die Marriage.
Variety (1) Term sometimes used to indicate Die Variety. See Die Variety.
Variety (2) A slight variation in design or size, or alloy composition. Examples are the Variety 1 Capped Bust quarter large diameter of 1815-1828 and the Variety 2 small diameter of 1831-1838. Another instance is the Variety 1 Buffalo nickel (bison on mound) of 1913 and Variety 2 (bison on plain) of 1913-1938. Variety examples are plentiful in the Seated Liberty motif, involving the presence and removal of arrows, rays, and motto. Some numismatic references, such as the PCGS CoinFacts, denote these sorts of dissimilarities as types. See Type (2).
VDB Shorthand notation for the 1909 VDB Lincoln cent. VDB are the initials for Victor D. Brenner, the designer of the Lincoln cent. His initials were removed shortly after the release of the cent in 1909 because of the outcry of having a non-Mint employee's initials prominently displayed on a coin. Brenner's initials were restored in 1918, though much less conspicuously, located on the tiny slant below Lincoln's shoulder, where they remain to this day.
Vecture A token used to pay a transportation fare.
Verdigris A thin green layer on a copper-based coin occurring as a natural patina formed over a long period of exposure to certain environmental conditions. A patina provides protection from harmful corrosion, similar to what happens with copper roofing. Other greenish deposits are sometimes mistakenly called verdigris – and may actually be detrimental to the coin. These could be an aggressive corrosion or PVC damage (capable of attacking other metals, not just copper), both of which should be professionally removed to improve appearance and limit further harm. See also Patina, Toning, and PVC Damage.
Very Choice A term sometimes used to indicate an especially attractive About Uncirculated coin, graded as AU-58.
Very Fine The grade of a coin showing moderate wear on the higher parts of the design. On the 70-point grading scale, a Very Fine coin generally scores a 20, 25, 30, or a 35. Abbreviated as VF.
Very Good The grade of a well-worn coin with most of the major design elements visible, but with faintness in areas. On the 70-point grading scale, a Very Good coin generally scores an 8 or a 10. Abbreviated as VG.
Vest Pocket Dealer A small volume dealer who doesn't set up at shows nor has a coin shop.
VF The abbreviation of a coin grading Very Fine. See Very Fine.
VG The abbreviation of a coin grading Very Good. See Very Good.
V-Nickel Another name for the Liberty nickel struck from 1883- 1912. There are a very small number of 1913 Liberty nickels, but these were struck covertly and are not considered regular issues.
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W
Term Description
W The mintmark of the U.S. branch mint at West Point, New York, achieving mint status in 1988. See also West Point Mint.
Wafer A disk shaped object, often comprised of precious metal.
Waffle Coin A coin or blank non-compliant with quality standards that is crushed in a waffling machine between two high pressure rollers. Mint operated. The rollers leave an elevated ridge pattern in the metal, somewhat resembling a waffle. The destroyed material is recycled.
Walker Slang for a Walking Liberty half dollar.
Walking Liberty half dollar Half dollars struck from 1916-1947. Designer was A.A. Weinman. The obverse was chosen for the design of the American Silver Eagle $1 bullion coin, struck from 1986 to the present.
Wampum Beads made from hard-shelled clams, usually the Northern Quahog (purple) and Atlantic Whelk (white), broken up into small beads, polished, drilled through lengthwise, and then strung together to make strands, belts, or sashes. Native Americans were the first makers of wampum. In the absence of circulating coinage during colonial times, wampum was used as a substitute for money. The difficulty in producing the strings, and their resultant beauty, is what gave wampum intrinsic value. The slang term “shelling out” originated from the use of wampum as a medium of exchange.
Want List A list of coins compiled by a collector that are needed for a collection.
Wartime Nickel Five-cent nickels struck from 1942-1945 during World War II, containing 35% silver, 9% manganese, and 56% copper. Most researchers say nickel was removed from the nickel coin and diverted as materiel needed for the war effort. That the Philadelphia Mint used the "P" mintmark for the first time on the silver nickel is noteworthy. Also called Silver Nickel.
Washington Quarter First issued in 1932 to commemorate the 200th birthday of George Washington, with the intention it would be a circulating coin for one year only. In 1934 it became a regular issue series and has been minted every year since. Designed by John Flanagan.
Water Mark A design put into paper during the manufacturing process by pressing it while wet between rollers bearing the design.
Watery Appearance A watery, reflective appearance seen on Proof coins, generated by thoroughly polished planchets and dies.
Weak Strike A coin with some of its high relief details not sharply formed due to alloy hardness, inadequate striking pressure or improper die spacing. Inexperienced collectors sometimes incorrectly attribute the lack of detail to circulation wear.
Wear The slow removal of metal from the surface of a coin caused by everyday handling and circulation. Wear usually starts at the highest spots on a coin. Wear is frequently confused with lack of detail resulting from a weak strike.
Webbing The scrap remaining after coin blanks are punched out from a long strip of metal. The Mint buys coils of metal 1,500 feet long. The metal comprising the coil is of a specified thickness, depending on the coin denomination it will eventually make. The coil is fed into a machine where a long strip is straightened and cut off. From there, the strip is processed through a blanking press where a cookie cutter action punches out thousands of round blanks per minute. The webbing is accumulated and recycled.
Weenie A collector who has an exceptionally deep devotion to a particular coin series.
Well Struck Describes a coin having bold, crisp details. Well struck coins are possible when a planchet is struck under correct pressure by fresh, sharp dies.
West Point Mint The Department of Defense turned over a four-acre plot at the West Point Military Academy to the U.S. Treasury for the purpose of constructing a secure facility to house federal government silver bullion reserves. In 1938, the West Point Bullion Depository was open for business. From 1973 to 1986, the Depository struck Lincoln cents to alleviate penny shortages. These coins bore no mintmark, and were therefore indistinguishable from those made at the Philadelphia Mint. Bicentennial quarters, followed by regular Washington quarters in the years 1977-79 likewise rolled off West Point's coining presses.

In the early 1980s, the West Point Bullion Depository added some 20 billion dollars in gold reserves to its vaults, making it one of the world's biggest stashes of the yellowish metal. In September 1983, the "W" mintmark appeared for the first time, when West Point began striking $10 gold eagles commemorating the 1984 Los Angeles Olympic Games. This was the first legal tender U.S. gold coin issued since 1933.

On March 31, 1988, the facility at West Point was elevated to that of a full-fledged United States Mint.

Today, the West Point Mint produces bullion coins, Washington quarters, as well as commemorative coins. All quarters and commemoratives leaving the West Point Mint are struck with the distinctive "W" mintmark.
Wheaties Lincoln cents having the wheat ears reverse, minted from 1909-1958.
Wheel Mark A concentrated area of hairlines generated on the surface of a coin because it got stuck in the rubber wheel of a coin counting machine.
White A qualifier used to describe a brilliant untoned silver coin in its natural state (i.e. not cleaned!)
Whizzing The process of altering of a coin's appearance by using a rotating wire brush to move or remove metal from the surface. The goal of whizzing is to give a coin the artificial appearance of being better grade than it actually is or to generate false mint luster. Under magnification, whizzed coins can be detected. Also called Wire Brushing.
Wire Edge A rim or border of a coin formed into a thin wire-like protrusion, occurring when excess metal being pushed out between the edge of the die and the restraining collar. When they occur, wire rims are found usually on Proof and High Relief strikes. This effect can be seen on some 1907 Indian Head eagles. Also called Knife Edge or Wire Rim.
Wire Edge Ten Slang for the 1907 Indian Head $10 eagle with wire edge. Only 500 were struck. See Wire Edge.
Wonder Coin Description for a coin in superb condition and wonderful eye appeal.
Working Die Formed from a working hub in a machine press. This is the fourth and final generation of the die. A negative image is formed into the working die from the working hub, showing the design in reverse, as the design elements are sunk, or incused, into the steel. Thus, when the working die strikes a blank, it is a positive image of the coin transferred to the blank. The working die undergoes additional machining and then is heat treated in a furnace and then rapidly quenched to increase hardness. From there, the die goes to a tempering oven where its toughness is increased and brittleness reduced. After all the last steps are completed, what is then called the final die is serialized and placed into service striking coins. Note: The working hub and working die are subject to heavy usage and wear and must be replaced frequently. The "multi-generational" die making process extends the lives of the lesser used master hub and master dies, while preserving their sharpness and soundness. See also Die Making.
Working Hub Formed from a master die in a machine press. This is the third generation of the die. A positive image is formed into the working hub from the master die (i.e., the design elements are raised, as would be seen on a coin). A single Working Hub forms many Working Dies that are needed for mass coin production. Note: working hubs and working dies are subject to heavy usage and wear and must be replaced frequently. The "multi-generational" die making process extends the lives of the lesser used master hub and master dies, while preserving their sharpness and soundness. See also Die Making.
World Coins Generally speaking, the coins issued by various nations of the world outside the United States.
Worn Die A die that has been used so extensively it has lost some detail. The loss of detail in the die translates to coins it strikes. In the early years of the U.S. Mint, resources were scarce, so dies were used beyond their normal life, resulting in above average wear, cracking, or other damage.
Wreath Cent The name for the second Flowing Hair large cent type. It was issued in 1793, shortly after the first type, the Chain cent, made its debut. The Chain cent was intended to symbolize a strong national unity, but was quickly rejected because many saw it as a reminder of slavery.
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X
Term Description
XF See Extremely Fine.
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Y
Term Description
Year Set A gathering of all denominations minted in a given year.
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Z
Term Description
Zerbe Proof Morgan proof dollars specially struck in 1921 for Farran Zerbe, one of the leading numismatists of his era. The Zerbe proofs are of a lesser quality than previous Morgan proof coins. Although the dies were highly polished as would be expected for the proof process, the planchets used for the Zerbe specials were made for ordinary business strikes, rendering unfrosted devices and less reflective fields. Approximately 150-200 Zerbe special proofs from the Philadelphia Mint are known to exist. The San Francisco Mint produced a very small number as well, perhaps no more than five specimens extant today.
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The next chapter in this section is Best Places to Buy Coins.

Use the links directly below to navigate the "Getting Started in Coin Collecting" section.

All the chapters referenced above are accessible from any other chapter in this section.  Thus, no need to return to this Introductory page to link to other chapters.