Comprehensive Numismatics Glossary

A complete reference guide to numismatic terminology, coin collecting, and precious metals terminology for collectors, investors, and enthusiasts.

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Last updated: January 2026

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A

About Good (AG) 

A grading term describing a coin that is less than Good. Only the main features on the surfaces are visible. Typically, peripheral lettering, date, stars, or other features are partially worn away. Abbreviated as AG and numerically assigned the number 3.

 

About Uncirculated (AU) 

A grading term describing a coin that initially appears to be Uncirculated, but upon closer inspection a little rub or friction can be seen. Abbreviated as AU. Numerical equivalents associated with About Uncirculated are: AU-50, 53, 55, and 58, with AU-50 being the lowest grade and AU-58 being borderline Uncirculated.

 

Abrasion(s) 

Area(s) of a coin where a foreign object or another coin has displaced metal in an abraded fashion. Not the same as hairlines or bag marks.

 

Accolated 

Overlapped impression, as with two or more portraits on the face of a coin. Example: The 1900 Lafayette commemorative silver dollar bears the accolated portraits of Washington and Lafayette.

 

Accumulation 

A group of miscellaneous and random coins, often a monetary hoard, not a coin collection. This term may also refer to a grouping of a particular series, date or type such as an accumulation of Walking Liberty half dollars.

 

Actual Gold Content (AGW) 

The amount of pure gold that exists in an object when all other metals have been extracted. Abbreviated as AGW.

 

Actual Silver Weight (ASW) 

The actual amount of silver in a "silver" coin: the mass of the coin multiplied by its fineness.

 

Adjustment Marks 

Small, straight (never curved) striations or file marks found on early United States coins. Caused during planchet preparation (before striking) by drawing a file across the coins to remove excess metal so as to reduce the planchet to its proper weight. The result is a series of parallel grooves.

 

Aesthetic Appeal 

Term used to indicate the artistic or visual desirability of a coin in addition to its numerical or technical grade. Synonym: eye appeal.

 

Ag (Silver) 

The chemical symbol for Silver.

 

Allocated Metal 

Physical precious metals stored in secure, insured warehouses. Legally, you are still the owner of the gold and the account provider is the custodian.

 

Alloy 

A mixture of two or more metals. Metals such as silver, nickel, copper and zinc are frequently mixed with gold to improve its hardness and durability, making it more resistant to nicks and scratches.

 

American Eagle (Gold or Silver)

Bullion products struck by the U.S. Mint. Since their debut in 1986, these coins have become America's most popular bullion coins, as well as being instantly recognizable and accepted worldwide. American Gold Eagles are struck in a traditional coinage alloy of 91.67% (22 karat) gold; each coin contains a full measure of pure gold, alloyed with silver and copper. American Silver Eagles are the official silver bullion coin of the United States, each bearing a nominal $1 face value and struck in .999 fine silver.

 

American Numismatic Association (ANA)

A non-profit numismatic organization founded in 1888 for the advancement of numismatics.

 

Ancients 

General term for coins of the world struck circa 600 B.C. to circa 450 A.D.

 

Annealing 

The process of repeatedly heating and cooling metal in order to relieve stresses. This is often done with coin blanks to make the metal less brittle before striking.

 

Anodize 

Generally refers to impure copper cast into a special shape for incorporating into an electrolytic refinery for the final purification process.

 

Approved Carriers 

An exchange-authorized armored carrier approved for the transport of precious metals.

 

Arbitrage 

Simultaneously buying and selling a commodity in different markets to take advantage of price and/or premium differentials.

 

Argentum 

Latin for Silver.

 

Ask 

The price at which a dealer offers to sell.

 

Assay 

A test to ascertain the fineness and weight of a precious metal item. In the case of gold or silver, it determines its purity.

 

Assay Mark 

The stamp by an assayer on a bar or piece of precious metal to guarantee its fineness.

 

Au (Gold) 

The chemical symbol for gold, which is derived from "aurum", the Latin word for gold.

 

Aurum 

Latin for Gold.

 

Australian Dragon 

Year of the Dragon coins issued in Australia in 2000 and 2012.

 

Australian Kangaroo 

Australia's gold nugget bullion coins (now Kangaroos) were introduced in 1986 as .9999 fine ("four nines," or 99.99 percent pure gold) bullion coins. Each year since 1989, the design has changed, all featuring various depictions of kangaroos.

 

Australian Koala 

Australian bullion coin which has been minted since 1987. It has been minted in gold, silver and platinum and its design changes each year.

 

Austrian 100 Corona 

Late 20th century restrike of a popular 19th century bullion gold coin. Each coin contains .9802 oz actual gold weight.

 

Austrian Philharmonic (Gold, Silver, Platinum) 

Austria's .9999 gold Philharmonic bullion coins were first minted in 1989 and quickly became Europe's most popular gold bullion coin. Silver Philharmonic coins were first issued in 2008 and are .999 fine silver. Platinum Philharmonic coins were first issued in 2016 and are .9995 fine platinum.

 

Avoirdupois (AVDP) 

The system of weights and measures most commonly used in the United States and Great Britain in which 16 AVDP ounces equals 1 pound. It is used for most solid objects, but not for precious metals and gems. One avoirdupois ounce equals 28.35 grams or 437.50 grains.

B

Backwardation

A market condition in which current spot price is higher than the forward price (or future contract price). Backwardation is commonly seen with supply shortages or disruptions.

 

Bag Marks

Imperfections or marks on coins that occur during shipment while stored in canvas bags. This also can refer to mass-produced coins that come into contact with other coins during the minting process.

 

Banker's Mark

A small countermark applied to a coin by a bank or a trader indicating that they consider the coin to be genuine and of legal weight. These are found on ancient and medieval coins as well as on silver coins which circulated in China and Japan, where they are referred to as chop-marks.

 

Bar

Metal formed into a convenient shape for shipping, storing or further processing.

 

Base Metal

Any non-precious metal or alloy that does not contain gold or silver. Common base metals used in coinage include nickel and copper.

 

Beading

A raised dot border along the rim of a coin.

 

Bear Market

Describes investment markets, such as stock markets or metals markets, in which prices are or are soon expected to be in decline. The opposite of a bear market is a bull market.

 

Bid

The price at which a dealer is willing to buy.

 

Billon

A low-grade alloy of gold or silver with a high percentage of another metal, usually copper. Billon is often produced in response to a sudden debasing of circulating silver coinage due to hyperinflation.

 

Bi-Metallic Coin

A coin with one type of metal in the center with an outer ring of a different metal. Examples are the 1 and 2 Euro coins and the Canadian "toonie" two-dollar coin.

 

Bitcoin

Worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository. Bitcoin can be exchanged for other currencies, products or services.

 

Blank (Planchet)

A prepared disk of metal on which the design for a coin will be stamped. Also called a planchet or flan.

 

Brass

A copper-based alloy with zinc.

 

Brockage

Originally referring to metal wasted in coin production, now means coins struck when the previous coin remains stuck to a die, creating an incuse impression in the next struck coin (primarily found in ancient coins).

 

Bronze

A copper-based alloy with tin. Also abbreviated as Æ or AE.

 

Brilliant Uncirculated (BU)

Used to describe a coin in new condition. It is for a coin that has no wear and shows original luster, but it may have light handling marks or other imperfections.

 

British Sovereign

British gold sovereigns have been struck periodically since 1489. For centuries, this .2354 troy oz coin was the measure by which all other gold coins were judged. Each coin is 91.7 percent pure (22 karat).

 

Buffalo Nickel

U.S. 5 cent coins designed by James Earle Fraser, minted for circulation from 1913-1938. This coin was the basis of the popular Buffalo Silver Round.

 

Buffalo Round

A replica of the design used on U.S. 5 cent coins minted from 1913-1938.

 

Bull Market

Describes investment markets, such as stock markets or metals markets in which prices are or are soon expected to be on the rise. The opposite of a bull market is a bear market.

 

Bullion

Gold, silver, platinum or palladium coins which closely follow spot prices and have little or no numismatic value (such as restrikes and modern sovereign mint bullion coins).

 

Bullion Coin

A precious metal coin whose market value is determined by its intrinsic precious metal content. They are bought and sold mainly for investment purposes.

 

Bullion Precious Metals

Includes gold, silver, platinum and palladium. These metals are traded based on their intrinsic metal value and typically are delivered in a specific trading shape, such as a wafer, bar, ingot, round or coin.

 

Bullion Value

The current market value of the raw precious metal content of a coin.

 

Burnish, Burnished

A polishing process that involves blank planchets being placed in a spinning drum that is loaded with polishing media (millions of tiny 6 mm balls).

 

Business Strike

The method of manufacture used by the mint to strike coins for everyday use. This differs from the Proof method of manufacturing, which is used to strike coins for collectors.

 

Bust

The head, neck, shoulders and upper chest of a person's image, often depicted on the obverse (front) of a coin.

 

Buy/Sell Spreads

The difference between the buying price and the selling price of a security or commodity at the same time on the same day by the same person.

C

Carat

A unit measurement of the weight of precious stones. See karat for the unit of measurement of the purity of gold.

 

Cameo

A frosted device that is in deep contrast to the fields of a coin.

 

Canadian Maple Leaf (Gold or Silver)

Modern bullion coins struck by the Royal Canadian Mint. Canada's gold Maple Leaf bullion coins were the first .999 fine gold bullion coins when they were released in 1979. Since 1982, they have been struck to an even finer purity of .9999 ("four nines," or 99.99 percent pure gold).

 

Canadian Dollar

The currency of Canada.

 

Capsule

A two-piece container that snaps together used to protect coins while in storage.

 

Carrying Charge

The cost associated with storing a physical commodity over a defined period of time.

 

Cash

Typically refers to American dollars, though may refer to any locally available commonly circulating currency, usually made of paper.

 

Cash Commodity

The actual physical commodity underlying a futures contract.

 

Cash Market

A market in which delivery and payment have to be made within two working days of the transaction date.

 

Central Bank

The entity responsible for establishing a nation's monetary and fiscal policy and controlling the money supply and interest rates.

 

Central Device

The main design found on either side of a coin.

 

Cert

Short for certified, meaning rated by a third-party grading service.

 

Certified Coins

Coins that are submitted for encapsulation by an independent grading service to verify the quality, authenticity or state of preservation.

 

Chinese Cash

A traditional Chinese coin with a square hole in the center, used for centuries in East Asia.

 

Chop-Mark

See banker's mark.

 

Circulated

A term used to indicate a coin that has wear.

 

Clad Coinage

Issues of coins using cladding with a center core and an outer layer of differing metals or alloys bonded together.

 

Clipping Coins

Describes the removal of, usually, precious metal from the edge of a coin using shears or a similar tool for fraudulent purposes.

 

Coin Alignment

The term used to describe the positions of the obverse (front) and reverse (back) designs relative to each other.

 

Coin Grading

The process of evaluating a coin's condition and assigning it a numerical or descriptive grade.

 

Collar

The outer ring of the die chamber that holds the blank in place while the obverse and reverse are being stamped.

 

Commemorative Coin

A coin issued to honor or celebrate a specific event, person, or place. These coins are typically produced in limited quantities.

 

COMEX

One of the world's major commodities futures exchanges where gold and silver are traded. It is a division of the New York Mercantile Exchange (NYMEX).

 

Condition

The state of preservation of a coin, ranging from poor to perfect.

 

Consignment

Gold or silver bars which are placed by an organization with a client against a guarantee of payment at the prevailing price as the metal is taken out of the stock.

 

Contact Marks

Minor abrasions on uncirculated coinage created by contact with other coins.

 

Counterfeit

A fraudulent reproduction of a coin or currency intended to deceive.

 

Countermark

Partial or complete over-stamping of a coin or token in order to change its value or issuing authority.

 

Crown

A large coin often struck in precious metal. Modern crowns are usually not highly circulated due to being too large and/or too heavy.

 

Cud

A defect in which a coin has raised metal near its edge. It is caused by a chipped die.

 

Currency

Money in circulation or use as a medium of exchange.

 

Custom Smelting

Where materials received from customers (mostly borax slags and dust) are loaded through an arc furnace, mixed with fluxes and reductant to form three major products: slag, metal and flue dust.

D

Debase

To lower the silver/gold value of the coin by altering its purity, but with the same face value as the pure coin.

 

Delivery

The transfer of the ownership of gold or silver. It may not involve physical movement of metal and is usually made by a simple paper transfer in the LBMA clearing system.

 

Denomination

The face value of a coin or currency.

 

Denticles

Small, decorative tooth-like projecting points on the inside edge of a coin.

 

Designer

The artist or creator of a coin's design.

 

Device

A pattern or emblem used in the design of a coin.

 

Die

An engraved metal piece used for transferring the design to the coin.

 

Die Clash

Caused when a coin planchet fails to be placed between two dies during the minting process, causing the dies to smash together.

 

Die Crack

A fine raised line on a coin that was caused by a crack in the die.

 

Die Defect

An imperfection of various sorts caused by a damaged die.

 

Die Marriage

The combination of a particular obverse and reverse set of dies.

 

Die State

A variation in the appearance of a coin struck by a single die, resulting from wear or alteration of the die.

 

Die Variety

A minor variation in a die, including repunched mintmarks, doubling or deliberate minor changes to the die design.

 

Dipping

The process of using a chemical solution to clean a coin's surface.

 

Dore

An unrefined (therefore impure) alloy of gold with variable quantities of silver and smaller quantities of base metals, which is produced at a mine before passing on to a refinery for upgrading to London Good Delivery standard.

E

Eagle

The earliest legal tender US gold coin first minted in 1795. It is 900 fine.

 

Edge

The outer perimeter or rim of a coin.

 

Engraver

A skilled artisan who engraves the dies used to strike coins.

 

Enhanced Uncirculated

A coin that has been specially treated or polished to enhance its appearance while maintaining its uncirculated status.

 

Enhanced Reverse Proof

A proof coin with enhanced polishing and frosting on specific design elements.

 

Error

A mistake in the minting process that results in a coin with an unintended design variation.

 

Exonumia

The study and collection of coin-like objects such as tokens, medals, and other items used in place of legal currency.

 

Eye Appeal

The overall aesthetic appearance and desirability of a coin beyond its technical grade.

F

Face Value

The value of a coin or paper money, as printed on the coin or bill itself by the minting authority.

 

Fair

A grading term describing a coin that is heavily worn but still shows the main design elements.

 

Field

The flat background area of a coin's design, as opposed to the raised devices.

 

Fineness

The proportion of precious metal in an alloy expressed as parts per 1000.

 

Fine

A grading term describing a coin that shows moderate wear but retains most of its design details.

 

Flan

See blank or planchet.

 

Flip

A small plastic holder used to store and display coins.

 

Fractional Ounce

A precious metal coin or bar weighing less than one troy ounce.

 

Frosted

A matte or textured finish on a coin's surface, often seen on proof coins.

 

Futures Contract

An agreement to buy or sell a commodity at a specified price on a future date.

G

Gem

A term used to describe a coin of exceptional quality and eye appeal within its grade.

 

Gold Fixing

Held twice in London each business day at 10.30am and 3.00pm GMT to establish a reference price for gold.

 

Gold Loan

The provision of finance in gold for a gold-related project or business, typically in mining or jewellery inventory finance.

 

Gold Standard

A monetary system with a fixed price for gold, and with gold coin either forming the whole circulation of currency with in a country or with notes representing and redeemable in gold.

 

Good Delivery

The specification which a bar must meet in order to be acceptable for delivery in a particular market eg London Good Delivery.

 

Grain

One of the earliest units of weight for gold, one grain being the equivalent of one grain of wheat taken from the middle of the ear.

 

Grade

A numerical or descriptive assessment of a coin's condition and quality.

 

Granules

Bullion, including its various alloys presented for sale in granulated form, often referred to as grain.

H

Hairlines

Fine scratches or lines on a coin's surface, often from cleaning or handling.

 

Hallmark

A mark or number of marks made on gold or silver jewellery and other fabricated products to confirm that the quality is of the fineness marked on the item.

 

Hammer Die

The upper die in a coin press that strikes the planchet.

 

Hoard

A collection of coins or bullion that has been accumulated and hidden or stored.

 

Hub

A steel punch used to create dies for coin production.

I

Incuse

A design that is impressed or recessed into a coin's surface, as opposed to a raised design.

 

Ingot

A block or bar of precious metal cast in a convenient shape for storage or further processing.

 

Inscription

The principal words or lettering on a coin. It can also be called legend.

 

International Standards Organisation

The ISO is a network of national standards institutes in 153 countries on the basis of one member per country. The Central Secretariat is based in Geneva and the South African member of the ISO is the South African Bureau of Standards (SABS).

 

Intrinsic Value (Bullion)

The value of a coin based on its precious metal content rather than its numismatic or collectible value.

K

Karat

A unit of measurement of the purity of gold. Pure gold is 24 karat.

 

Key Date

A date in a coin series that is scarce or rare, often commanding a higher premium.

 

Kilobars

1000 grams is the world's most widely traded small gold bar, popular among investors and jewellery manufacturers as it is normally sold at an extremely low premium above the prevailing value of its gold content.

 

Krugerrand

South African gold bullion coin first issued in 1967 with a fineness of 916.6.

L

Legal Tender

Legal tender is payment that, by law, cannot be refused in settlement of a debt denominated in the same currency.

 

Legend

The inscription or lettering on a coin.

 

LBMA

The London Bullion Market Association was formally incorporated on 14 December 1987 to represent the interest of the participants in the wholesale bullion market and to encourage the development of the London market in every possible way.

 

LBMA Good Delivery Lists

Lists of acceptable refiners of gold and silver whose bars meet the required standard (of fineness, weight, marks and appearance) of the London Bullion Market Association.

 

London Good Delivery

This an international standard in terms of which gold bars must have a minimum gold purity of 99.5%. Central banks normally hold gold in the form of these bars.

 

Loco

The place – location – at which a commodity eg loco London gold, is physically held.

 

Luster

The shine or reflective quality of a coin's surface.

M

Maple Leaf

Canadian gold coin with a fineness of 999.9.

 

Medal

A metal object resembling a coin but usually larger. Medals are issued to recognize an event, place, person or group and have no stated value.

 

Melt Value

The intrinsic value of a coin based on its precious metal content at current market prices.

 

Miller Chlorination Process

This is a pyrometallurgical process whereby gold dore is heated in furnace crucibles. The process is able to separate gold from impurities by using chlorine gas which is added to the crucibles once the gold is molten. Chlorine gas does not react with gold but will combine with silver and base metals to form chlorides. Once the chlorides have formed they float to the surface as slag or escape as volatile gases. The surface melt and the fumes containing the impurities are collected and further refined to extract the gold and silver.

 

Mint

The government facility where coins are produced.

 

Mint Luster

The original shine on a coin as it left the mint.

 

Mint Mark

A small letter or symbol on a coin indicating which mint produced it.

 

Mint Set

A set of coins from a particular year, typically including one coin of each denomination.

 

Mint State (MS)

A grading term indicating that a coin has never been in circulation and shows no wear.

 

Mintage

The total number of coins produced by a mint in a given year or for a particular issue.

 

Motto

A phrase or inscription on a coin, such as "E PLURIBUS UNUM" on U.S. coins.

N

Nickel

A hard, silvery-white metal often used in coin alloys.

 

NGC

Numismatic Guaranty Company, a major third-party coin grading and authentication service.

 

Numismatics

The specialized sector of the coin business for the study and collection of rare coins and other media of exchange, particularly those with archaeological and historic interest.

 

NYMEX

A US futures exchange consisting of two divisions, NYMEX (the New York Mercantile Exchange) and COMEX (the Commodities Exchange).

O

Obverse

The front or heads side of a coin. The back (tails) is called the reverse.

 

Off-Center

A coin that was struck off-center, resulting in a partial design.

 

Ore

Originally from the Old English for crude or unwrought metal. It refers to any economic mineral deposit of precious or other metal.

 

Overstrike

A coin that has been struck over another coin, showing design elements from both coins.

P

Palladium

A precious metal similar to platinum, often used in modern bullion coins.

 

Parallel Stream Sampling

Refers to the process whereby two samples are taken simultaneously from the same feed material in order to verify that the end result would not have a variance of more than 1%. This means that if sample A has a specific grade, sample B should not vary by more than 1% when compared to sample A. If this is not the case, the deposit is resampled to ensure that the required conditions are met.

 

Pattern

A trial coin or medal produced to test a design before official production.

 

PCGS

Professional Coin Grading Service, a major third-party coin grading and authentication service.

 

Precious Metals

Metal of great value being gold, silver, platinum and other platinum group metals.

 

Premium

The amount above spot price that a dealer charges for a coin or bullion item.

 

Proof

A coin struck with special care using polished dies and planchets, typically produced for collectors.

 

Proof Set

A set of proof coins from a particular year.

R

Rare Coin

A coin that is scarce or valuable due to its age, rarity, condition, or historical significance.

 

Refining

The separating and purifying of gold and silver from other metals.

 

Relief

The raised design elements on a coin's surface.

 

Restrike

A coin struck from original dies at a later date, often for collectors.

 

Reverse

The back or tails side of a coin. The front (heads) is called the obverse.

 

Reverse Proof

A proof coin with a frosted background and polished design elements, opposite of a traditional proof.

 

Riddler

A coin that is difficult to attribute or identify due to unclear markings or design.

 

Rim

The outer edge of a coin, typically raised to protect the design.

 

Rolled Gold

The process in which a layer of carat gold alloy is mechanically bonded to another metal.

 

Roll

A paper wrapper containing a standard number of coins of the same denomination.

 

Round

A privately minted bullion coin or medal, typically one troy ounce.

S

Scrap Gold

The broad term for any gold which is sent back to a refiner or processor for recycling.

 

Series

A group of coins of the same type, denomination, and design produced over multiple years.

 

Silver

Latin name Argentum. The chemical symbol is Ag.

 

Slab

A hard plastic holder used by grading services to encapsulate and protect a graded coin.

 

Smelting

The process of melting ores or concentrates to separate out the metal content from impurities.

 

Sovereign

A British gold coin with a fineness of 916.6, first issued in 1489.

 

Spot Price

The current market price of a precious metal for immediate delivery.

 

Standard Bar (or Good Delivery Bar)

Gold bar weighing approximately 400 troy ounces or 12.86 kilograms and having a minimum fineness of 995 parts per 1,000 pure gold. Silver bar weighing approximately 1,000 troy ounces or 32.15 kilograms with a minimum fineness of 999.

 

Strike

The quality and sharpness of the design impression on a coin.

 

Surface Preservation

The condition of a coin's surfaces, including the presence or absence of marks, scratches, and toning.

T

Tael

Traditional Chinese unit of weight for gold, widely traded in the Far East. 1 tael = 1.20337 troy ounces = 37.4290 grams.

 

Toning

The natural oxidation or patina that develops on a coin's surface over time.

 

TOCOM

The Tokyo Commodity Exchange, established in 1984.

 

Tola

Traditional Indian unit of weight for gold. 1 tola = 0.375 troy ounces = 11.6638 grams.

 

Token

A coin-like object used in place of legal currency or for commemoration.

 

Troy Ounce

A precious metal unit of mass equivalent to 31.1034375 grams.

 

Type

A category of coins sharing the same basic design.

 

Type Set

A collection of coins representing each different design or type within a series.

U

Uncirculated

A coin that has not circulated in the general public. It can also refer to a coin's grade, implying it has a high degree of preservation and lack of wear.

 

Upsetting Mill

The machine used to form a rim on a blank to create a planchet.

V

Variety

A minor variation within a type, such as a different mint mark or date.

 

Very Fine (VF)

A grading term describing a coin that shows light wear on the high points but retains most of its design details.

 

Very Good (VG)

A grading term describing a coin that shows moderate wear but retains most major design elements.

W

White Gold

A gold alloy containing whitening agents such as silver, palladium or nickel as well as other base metals. Often used as a setting for diamond jewellery.

 

Wear

The loss of detail on a coin due to circulation or handling.

Y

Year Set

A collection of coins from a specific year, typically including one coin of each denomination produced that year.

Z

Zinc

A base metal often used in coin alloys, particularly in modern U.S. coins.