GLOSSARY OF TERMS

Ag:

The International Chemical Symbol for Silver, which has an atomic number of 47. Ag is a lustrous, soft, white metal which, among other notable properties, has both the highest electrical and thermal conductivity of any element.

AG:

"About Good", a coin grading prefix which describes a coin that is heavily worn.

Alloy:

A combination of any two or more metals.

Au:

The International Chemical Symbol for Gold, which has an atomic number of 79. Au is the most malleable and ductile pure metal known. Pure Au has a bright yellow color and luster, which it maintains without rusting in air or water.

AU:

"About Uncirculated", a Coin Grading prefix used to describe a Coin which is almost in Mint, Uncirculated State (see BU, below).

BU:

"Brilliant Uncirculated", a Coin grading prefix used to describe a Coin which is in Mint State, with no wear of any kind.

Bullion:

A mass of refined precious metal, such as gold, platinum, or silver; also, Precious metals when measured by weight rather, than monetary value.

Cameo/Deep Cameo:

A mirrored finish on any Bullion Product. This designation is also abbreviated CAM or DCAM for Deep Cameo.

Coin:

A Coin is defined as any metallic object which has been produced under the authority and direction of a Central Government, and designated as Legal Tender currency within that Government's borders. (see definition of Legal Tender below).

COMEX:

Shorthand for The New York Mercantile Exchange Commodities Exchange Market. This is the trading pit on Wall Street where brokers buy and sell commodities futures, including Precious Metals: www.NYMEX.com.

Commemorative:

A Coin which has been produced in limited quantities, to commemorate a special event, person or place.

Copy:

A reproduction of a coin, used for display and/or educational purposes.Any Coin reproduction which does not bear the word 'COPY' (or similar) is referred to as a COUNTERFEIT or FAKE (see definitions below).

Counterfeit:

A coin or other item which is not genuine.

Currency:

A standardized medium of exchange for settlement of debts. See also Legal Tender Currency (below).

EF:

"Extra Fine", a Coin grading prefix; see "XF" below.

Exonumia:

That which lies outside the realm of Numismatics, a.k.a. Legal Tender Currency. For the coin collector, Exonumia usually refers to bars, certificates, ingots, Medallions, or similar items.

Fair:

A Coin Grading term used to describe a lower-grade Coin which is identifiable by Type, but is otherwise lacking in detail.

Fake:

Also known as Counterfeit (see definition above).

Fleur du Coin:

A French Coin Grading term which is used to describe a Coin that is absolutely flawless to the naked eye. This term is not commonly used in the US, but corresponds roughly to a 68 or higher on the Sheldon Scale of coin grading.

Gold:

See Au, above.

Grade:

A numerical score which provides both coin collectors and dealers a quantitative assesment of the quality of a coin. For more info, see An Introduction to Coin Grading.

Legal Tender Currency:

A form of Currency which, by law, cannot be refused in settlement of a debt.

Medallion:

A special type of Bullion Product (sometimes described as a Medal, for brevity) which generally has the appearance and characteristics of a coin, but does not possess Legal Tender currency value.

Melt Value:

The absolute liquidation value of any Bullion product, which is based on the up-to-the-minute Spot value of the Precious Metal content on the Commodities Exchange market (COMEX).

Mint:

A facility where finished Coins and/or Medallions are produced.

Mint Mark:

A distinguishing feature that is stamped into a Coin's design, indicating it's origin and/or other information about the coin, which further distinguishes it from a basic Type and Variety of Coin.

Mintage:

The number of examples of a particular Coin that has been produced.

Motto:

A word or phrase on a coin. For example, most modern U.S. Coins have been Minted with the words "Liberty" and "In God We Trust" on the Obverse.

NGC:

The Numismatic Guaranty Corporation. The NGC is a third-party grading service, which Coin collectors and dealers pay to independently authenticate, certify, grade and register their coins. The primary competitor of the NGC is the PCGS (see below).

Numismatics:

The study of coins and monetary instruments.

Numismatist:

A Person who engages in the study of Numismatics (see above).

Obverse:

The front side of a coin, usually the side with the date or the principal design. Opposite of the reverse side.

Oxidation:

The formulation of oxides on the surface of a coin from exposure to chemical attack and/or atmospheric humidity.

Pattern:

A prototype of a proposed coin design. Patterns are produced in very limited quantities, are not intended for circulation, and are therefore considered very rare and valuable.

PCGS:

Shorthand for the Professional Coin Grading Service. The PCGS is a third-party grading service, which Coin collectors and dealers pay to independently authenticate, certify, grade and register their coins. Visit them on the web at www.PCGS.com.

Pd:

The International Chemical Symbol for Palladium, which has an atomic number of 46. Palladium is considered a Transition Metal, and a Platinum Group Metal. While Palladium is considered less valuable than Platinum, recent speculation in the Palladium market has centered on it's possible use in the process of Cold Nuclear Fusion.

Piedfort:

Also spelled PIEDFORTE, a French term which means "Double Thick" and is used to describe a Coin which is approximately twice the normal thickness and/or weight of a normal strike. Historically, the issuance of Piedfort Coins has typically been reserved for either limited-production collector's coins, or as VIP-only special releases.

Proof:

A limited-edition coin struck for collectors, using specially polished dies, which are struck with great pressure to bring out the full detail of the design. Compared with coins intended for circulation (sometimes called a 'Business Strike'), Proof coins typically feature an enhanced appearance, with sharp details, and a modern proof coins typically will posess a deep, mirror-like surface (Called Deep Cameo or DCAM).

Prooflike:

Any coin with a mirror-like reflective surface, but which lacks the full characteristics of a proof.

Pt:

The International Chemical Symbol for Platinum, which has an atomic number of 78. Like Au, Pt is both malleable and ductile, and is extremely resistant to both corrosion and chemical attack. Pure Pt has a soft white color and luster. Pt is an extremely scarce metal, occurring in less than point .003 ppb (parts per billion) in the Earth's Crust.

Refinery:

An Industrial Facility where metals are metled down and refined for re-use.

Relief:

The part of a coin's design that is raised above the coin's surface. When the design has been impressed below the coin's surface, it is said to be incuse.

Reverse:

The back or 'flip' side of a Coin; opposite of the obverse side.

Rim:

The raised portion of a coin encircling the obverse and reverse which protects the designs of the coin from wear.

Sheldon Scale:

A standardized coin grading system, based on a 70 point scale. Developed by Dr. William Sheldon, this scale is a universally-recognized method for quantifying the appearance and condition of any Coin. Please visit our Coin Grading Page for more information.

Silver:

See Ag, above.

Slab:

A high-security, sonically sealed, tamper-evident plastic Coin display holder from a third party Coin authentication & grading service such as NGC or PCGS. Coin Collectors are advised to familiarize themselves as well as possible with the appearance, design, and features of Slabs produced by the NGC and PCGS, as some have been produced fraudulently by Coin Counterfeiters as a tool to prevent detection.

Specimen:

In numismatic terms, a coin specimen is a coin design that is struck as a test, not intended for general circulation.

Strike:

The process by which a Coin is minted; also, can refer to the sharpness of design details produced during the Minting process.

Toning:

A natural patina, or discoloration, of a coin's surface, caused by exposure to atmospheric humidity. Silver coins are the most likely to develop Toning over time. Toning is often considered a very attractive feature for many collectors, because it helps to make the coin unique, and can also serve as verification of the coin's authenticity.

Type:

The basic distinguishing design of a coin; i.e., a U.S. Five Cent Buffalo Nickel is considered one Type of Coin, while a Five Cent Jefferson Nickel is another.

Uncirculated:

An adjective used to describe any Coin which has not been used in commerce, and therefore shows no signs of wear from use, a.k.a. 'Mint State'. On the Sheldon Scale, an Uncirculated coin is quantified as any Coin scoring a 60 or higher on a scale of 1-70. Uncirculated coins are sometimes described as Brilliant / Uncirculated (BU for short).

Variety:

A minor change from the basic Type design of a coin.

VF:

"Very Fine", a Coin Grading prefix used to describe a coin which possesses only light to moderate amounts of wear.

VG:

"Very Good", a Coin Grading prefix used to describe a coin which possesses a heavy amount of wear, but recognizable details.

XF:

Also written "EF" or "Extra Fine", a Coin Grading prefix used to describe a coin which is lightly worn at only the highest points of the design, but still possesses sharp details elsewhere.

Year:

The Year in which a coin was produced. The Year is almost always included in the design of the Obverse of the Coin.

The Year in which a coin was produced carries a great deal of importance for coin collectors, who often collect coins based on significant dates. From a historian's perspective, the Year stamped on a coin allows us to know the context of events that surround that coin's production and use, therefore allowing a better understanding of the significance and value of the Coin as a historical artifact.