Numismatic Glossary

A grade of AG-3 on the Sheldon scale. The coin is extremely worn, with the design visible only in outline. The date is typically readable but little else remains. This grade exists primarily for coins of extreme rarity where any identifiable example has value.

See also: sheldon scale ,good

Grades AU-50 through AU-58, describing a coin with only slight wear on the highest points of the design. Significant original mint luster remains, particularly in the fields and protected areas. AU-58 is the highest circulated grade and often represents strong value relative to Mint State prices.

See also: mint state ,luster ,slider

Natural toning that develops on coins stored in cardboard or paper-based coin albums over years or decades. The sulfur compounds in the album material react with the coin's surface, producing concentric rings of color that progress from the rim inward. Album toning is generally considered attractive and can add a premium, particularly on silver coins that develop blue, gold, or purple hues.

See also: toning ,patina

A coin whose date has been changed by tooling, engraving, or removing metal to make it appear to be a rarer year. A common example is altering a 1944-D cent to resemble a 1914-D. Altered dates can often be detected under magnification by examining the style, spacing, and surface texture around the digits.

See also: counterfeit ,key date

American Numismatic Association Certification Service. Originally the ANA's authentication arm, now operating independently as a third-party grading service. ANACS grades are generally considered accurate but carry less market confidence than PCGS or NGC, and coins in ANACS holders typically trade at a discount.

See also: pcgs ,ngc ,certified coin

The identification of a coin's specific die variety, overdate, repunched mintmark, or other distinguishing characteristic. Attributing a coin to a known variety can significantly increase its value. Major attributions (such as an 1888/7 overdate or a 1955 doubled die) are recognized by the grading services and noted on the holder.

See also: variety ,doubled die ,overdate ,cherry picking

A contact mark or nick acquired when coins struck at the mint were counted, bagged, and shipped in canvas sacks. Large denomination coins, particularly silver dollars, are frequently covered in bag marks even in otherwise uncirculated condition. Bag marks are distinguished from post-mint damage by their random distribution and shallow, rounded character.

See also: contact mark ,mint state

Dimes, quarters, and half dollars designed by Charles E. Barber, struck from 1892 through 1916. All three denominations share the same obverse portrait of Liberty wearing a Phrygian cap with a laurel wreath. The word "LIBERTY" in the headband is the primary grading diagnostic for circulated examples.

See also: engraver

The price a dealer is willing to pay for a coin (bid) and the price at which a dealer is willing to sell (ask). The difference between the two is the spread, and it varies based on the coin's popularity, rarity, and grade. Thinly traded coins tend to have wider spreads.

See also: greysheet

A coin composed of two different metals or alloys, typically with a center disc of one metal press-fitted into an outer ring of another. The British 2 pound coin, the Euro 1 and 2 euro coins, and the Canadian 2 dollar Toonie are common examples. Bi-metallic construction provides enhanced security against counterfeiting.

See also: clad ,counterfeit

A round disc of metal that has been punched from a strip and prepared for striking into a coin. Before striking, the blank may be annealed (softened by heating) and run through an upsetting mill to raise a proto-rim. At this stage it is technically called a planchet. Errors involving blank preparation (wrong metal, wrong thickness, clipped blanks) form a distinct area of collecting.

See also: collar ,die ,error coin

Collector slang for a coin returned ungraded by a third-party service. When PCGS or NGC declines to grade a coin, it is returned in a clear flip rather than a graded holder, often with a reason noted such as cleaning, artificial toning, or questionable authenticity. A body-bagged coin is a disappointment but also useful information about the coin's condition.

See also: pcgs ,ngc ,cleaned ,details grade

Any U.S. Mint facility other than the Philadelphia Mint. Historically, branch mints included Charlotte (C), Dahlonega (D, gold only), New Orleans (O), San Francisco (S), Carson City (CC), Denver (D), and West Point (W). Coins from certain branch mints carry premiums, with Carson City being the most notable example.

See also: mint mark

A loosely used term indicating that a coin is uncirculated and retains its original mint brilliance. BU does not correspond to a specific Sheldon grade and can describe anything from MS-60 to MS-65 or higher. Because of its imprecision, the term has fallen out of favor among serious collectors, who prefer specific numeric grades.

See also: mint state ,uncirculated

An error coin struck without a collar or outside the collar, allowing the metal to spread beyond normal diameter. Broadstruck coins have a wider, thinner profile and lack edge reeding. The degree of spread and the completeness of the design determine collector value.

See also: collar ,error coin ,off center

An alloy of copper and tin, sometimes with small amounts of zinc. U.S. small cents were struck in bronze (95% copper, 5% tin and zinc) from 1864 through 1942 and again from 1944 through 1982. The bronze composition gives these coins their characteristic warm brown tone when naturally aged.

See also: copper nickel ,clad

A coin struck in precious metal (gold, silver, platinum, or palladium) whose value is based primarily on its metal content rather than its face value or numismatic premium. Modern bullion coins include the American Eagle, Canadian Maple Leaf, South African Krugerrand, and Austrian Philharmonic. Most are legal tender but circulate at metal value.

See also: melt value ,spot price ,face value

A general term for early U.S. coins (roughly 1790s through 1830s) that feature a bust portrait of Liberty on the obverse. This includes the Flowing Hair, Draped Bust, and Capped Bust design types across multiple denominations. Bust coinage forms one of the oldest and most historically significant areas of U.S. numismatics.

See also: obverse

A service that reviews coins already graded by PCGS or NGC and applies a green bean sticker to coins that are solid for their assigned grade, or a gold sticker to coins considered undergraded. Founded by John Albanese, CAC verification carries market premiums ranging from modest to substantial depending on the coin. A coin that does not receive a sticker is returned without comment.

See also: pcgs ,ngc ,certified coin

A proof coin with a noticeable contrast between frosted design elements and mirror-like fields. On cameo proofs, the portrait and lettering appear white and frosty against a deeply reflective background. Cameo contrast is designated "CAM" on the holder and carries a premium over non-cameo proofs.

See also: dcam ,proof

The radial pattern of light that sweeps across an uncirculated coin's surface when it is tilted under a point light source. The effect is caused by the microscopic flow lines created when the planchet metal is forced into the die cavities during striking. Intact cartwheel luster across all surfaces is the hallmark of a coin that has never circulated.

See also: luster ,mint state

A record of known surviving examples of a particular coin, typically compiled by specialists from auction records, dealer inventories, and collector reports. The term is also used to describe NGC's population report (their "Census"). A census is distinct from a population report in that it attempts to count individual coins rather than grading events.

See also: pop ,condition census ,ngc

A coin that has been authenticated and graded by a third-party grading service and encapsulated in a tamper-evident holder (slab). Certification provides a professional grade opinion and an authenticity guarantee. The major certification services are PCGS and NGC.

See also: slab ,pcgs ,ngc

The practice of finding valuable die varieties or undergraded coins in dealer inventories or at coin shows, often at prices that do not reflect the coin's true rarity. Successful cherry picking requires knowledge of die varieties and strong grading skills. The term comes from "picking the cherries" out of a group of otherwise ordinary coins.

See also: attribution ,variety ,coin show

A small punch mark applied to a coin by a merchant, banker, or money changer to verify its silver content and authenticity. Chopmarks are most commonly found on trade coins that circulated in East Asia during the 18th and 19th centuries, including Spanish 8 Reales, Mexican Pesos, and U.S. Trade Dollars. While technically damage, chopmarked coins are collected as a distinct specialty.

See also: trade dollar ,counterfeit

Coins made from layers of different metals bonded together. Since 1965, U.S. dimes, quarters, and half dollars have been struck in a clad composition of copper-nickel bonded to a pure copper core. The copper core is visible on the edge of circulated clad coins as a distinctive orange-brown line between the silver-colored outer layers.

See also: copper nickel ,bronze

A coin whose surfaces have been altered by chemical, mechanical, or abrasive treatment to change its appearance. Cleaning ranges from light dipping in a mild solution to aggressive scrubbing that leaves visible hairlines. Cleaned coins receive details grades from PCGS and NGC and trade at significant discounts to problem-free examples.

See also: dipped ,whizzing ,details grade ,hairlines

An event where dealers, collectors, and grading services gather to buy, sell, trade, and exhibit coins. Shows range from small local club events to major national conventions like the ANA World's Fair of Money and the FUN show. Coin shows remain one of the best ways to examine coins in person and build relationships with dealers.

See also: cherry picking ,raw

The circular retaining ring that surrounds the planchet during striking, preventing the metal from spreading outward and forming the coin's edge. Reeded edges are produced by vertical grooves cut into the inside of the collar. A collar malfunction can result in a broadstruck error, where the coin spreads beyond its normal diameter.

See also: reeded edge ,edge ,broadstrike ,blank

A coin issued to honor a person, place, event, or institution. The U.S. has produced commemorative coins since 1892, beginning with the Columbian Exposition half dollar. Modern commemoratives (1982 to present) are typically sold at a premium over face value and are not intended for general circulation.

See also: nifc ,proof

A date and mintmark combination within a series that was produced in large quantities and remains readily available. Common dates are typically the most affordable way to acquire a coin of a given type and grade. The distinction between common, semi-key, and key dates drives much of the pricing structure within any series.

See also: key date ,semi key ,mintage

A ranking of the finest known examples of a particular coin, typically listing the top five or ten specimens by grade. The concept was popularized by Dr. William Sheldon for early large cents and has since been applied to other series. A coin that ranks in the condition census for its date is among the best-preserved survivors and is often noted as such in auction descriptions.

See also: census ,sheldon scale

A mark, nick, or abrasion on a coin's surface caused by contact with other coins during production, storage, or transportation. Contact marks are distinguished from circulation wear in that they are localized impacts rather than broad surface friction. On Mint State coins, the quantity, size, and placement of contact marks is a primary factor in determining the grade.

See also: bag mark ,mint state ,wear

An alloy of 75% copper and 25% nickel, used for U.S. five-cent pieces since 1866, three-cent nickels (1865-1889), and as the outer cladding layer on modern dimes, quarters, and half dollars. Despite containing mostly copper, the alloy has a silver-white color.

See also: clad ,bronze

A coin made outside the mint with intent to deceive, whether for circulation (a fake made to spend) or for collectors (a fake made to sell as a genuine rarity). Modern counterfeits, particularly those produced in China, have become increasingly sophisticated. Third-party certification provides the most reliable protection against counterfeits.

See also: certified coin ,pcgs ,ngc

The practice of removing a coin from its grading service holder, typically with the intention of resubmitting it for a higher grade. Crack-outs are common on coins believed to be conservatively graded. The practice inflates population report numbers, since the same coin may appear multiple times in the data at different grade levels.

See also: slab ,pop ,pcgs ,ngc

A large silver coin denomination used across Europe from the 16th century onward, typically weighing around 25-30 grams. The British Crown (5 shillings), Spanish 8 Reales, French Ecu, and German Thaler are all crown-sized coins. Crown-sized world coins are among the most widely collected categories in numismatics.

See also: trade dollar

A heavily worn, damaged, or otherwise impaired coin that has value primarily for its metal content or as a space-filler. Culls trade at or near melt value for precious metal coins and at steep discounts for base metal issues. Some collectors use culls as affordable placeholders in their sets while they search for better examples.

See also: melt value ,junk silver

A proof coin with heavy, well-defined frost on all design elements, creating a strong contrast against the mirror fields. DCAM is the highest level of cameo contrast recognized by the grading services and commands a premium over standard cameo (CAM) proofs. On pre-1970 proofs, deep cameo contrast is scarce and carries a significant premium.

See also: cameo ,proof

The face value assigned to a coin by the issuing authority. Denominations vary enormously across world coinage, from fractional units to high-value gold pieces. Understanding a country's denominational system is essential for identifying and cataloging world coins.

See also: face value

The tooth-like projections around the inner rim of many early U.S. coins, serving as a border between the rim and the design. Denticles were a standard feature on coins through the early 19th century and are evaluated as part of the strike quality on bust-type coinage.

See also: rim ,bust coinage

The artist who created the coin's design. The designer is not always the same person as the engraver, who cut the design into the die. For instance, Augustus Saint-Gaudens designed the double eagle and eagle of 1907, but Charles Barber did much of the die preparation at the Mint.

See also: engraver ,die

A grade assigned by PCGS or NGC to a coin that has been cleaned, damaged, repaired, or otherwise impaired. The holder notes the coin's technical grade (the amount of wear) along with the specific problem, such as "AU Details, Cleaned." Details-graded coins trade at significant discounts to straight-graded examples.

See also: cleaned ,pcgs ,ngc

Any raised design element on a coin, including the portrait, lettering, date, and mintmark. Devices are the opposite of fields, which are the flat areas between and around the design elements. Wear on the devices is the primary grading criterion for circulated coins.

See also: field ,obverse ,reverse ,wear

A hardened steel cylinder with a coin's design engraved (incised) into one end. Coins are struck between two dies: the obverse (or anvil) die on the bottom and the reverse (or hammer) die on top. Dies wear out over time, producing progressively weaker strikes and eventually developing cracks. The study of individual dies and their characteristics is a major area of numismatic research, particularly for early U.S. coinage.

See also: hub ,obverse ,reverse ,die crack

A thin, raised line on a coin's surface caused by a crack in the die. As dies weaken from repeated use, stress fractures develop in the steel. Metal flows into these cracks during striking, leaving a raised line on the finished coin. Minor die cracks are common and generally do not affect value, though dramatic examples (such as a "cud" at the rim) can be collectible.

See also: die ,variety

A coin that has been immersed in a chemical solution (typically a mild acid) to remove toning or brighten the surfaces. Light, professional dipping can be nearly undetectable. Heavy or repeated dipping strips the coin's natural luster and leaves an unnaturally bright, washed-out appearance. The grading services may or may not grade a dipped coin depending on the severity.

See also: cleaned ,luster ,toning

A die that received a doubled impression during the hubbing process, resulting in coins with visibly doubled design elements. The doubling appears on every coin struck from that die and is distinct from machine doubling, which is a striking error. Famous doubled dies include the 1955 and 1972 Lincoln cents and the 1916 Buffalo nickel. Abbreviated DDO (doubled die obverse) or DDR (doubled die reverse).

See also: hub ,die ,machine doubling ,variety

The third side of a coin, perpendicular to the obverse and reverse. Edges may be plain (smooth), reeded (grooved), lettered, or starred, depending on the denomination and era. The edge is formed by the collar during striking. Reeded edges were originally introduced as an anti-counterfeiting measure to prevent clipping (shaving metal from the edge).

See also: reeded edge ,collar ,rim

The craftsman who cuts a coin's design into the die or hub, working from models or drawings provided by the designer. The Chief Engraver of the U.S. Mint held one of the most influential positions in American numismatics. Notable Chief Engravers include Robert Scot, Christian Gobrecht, James B. Longacre, Charles E. Barber, and Frank Gasparro.

See also: designer ,die ,hub

Surface corrosion, pitting, or discoloration caused by prolonged exposure to soil, saltwater, or harsh chemicals. Common on coins recovered from shipwrecks, buried hoards, or agricultural land. The damage is often irreversible and results in a details grade.

See also: patina ,cleaned ,details grade

A coin that deviates from the intended product due to a mistake in the minting process. Errors include off-center strikes, wrong planchet errors, broadstrikes, clipped planchets, doubled strikes, and die cap errors. Error collecting is a distinct specialty within numismatics, with its own terminology, grading considerations, and market dynamics.

See also: off center ,broadstrike ,blank ,variety

The area on a coin below the main design, usually separated by a horizontal line. The exergue typically contains the date, denomination, or mint mark. Derived from the Latin "ex ergon" meaning outside the work. Found on coins worldwide from ancient to modern issues.

See also: field ,device ,rim

Grades EF-40 to EF-45 on the Sheldon scale, also abbreviated XF. A lightly worn coin with all design details sharp and clear. Only the highest points of the design show wear, and traces of mint luster may remain in protected areas. EF represents a strong balance of detail preservation and affordability.

See also: very fine ,about uncirculated ,sheldon scale

The overall visual impression a coin makes when first viewed. Eye appeal encompasses luster quality, toning attractiveness, surface cleanliness, and strike sharpness. Both PCGS and NGC factor eye appeal into their grading, and a coin with strong eye appeal can receive the benefit of the doubt on borderline grades. Two coins at the same numeric grade can look very different, and eye appeal is usually the reason.

See also: luster ,toning ,strike

The denomination stamped on the coin, representing its legal tender value. Most collectible coins trade well above face value. Coins that trade at or near face value are said to be "at face," and buying rolls or bags of coins at face value from banks to search for varieties or key dates is known as "coin roll hunting."

See also: melt value ,roll hunting

A bundle of rods bound together with an axe, used as a design element on the reverse of the Mercury dime (1916-1945). The fasces symbolized strength through unity in Roman tradition. The horizontal bands wrapping the fasces are the basis for the Full Bands (FB) designation on Mercury dimes.

See also: full bands ,reverse

The flat, open areas of a coin's surface between and around the raised design elements (devices). On Mint State coins, the fields display cartwheel luster. On proof coins, the fields are mirror-smooth. Contact marks and hairlines in the fields are more visually distracting than those on the devices and weigh more heavily in grading.

See also: device ,cartwheel luster ,proof ,hairlines

Grades F-12 to F-15 on the Sheldon scale. A moderately worn coin where the major design elements are clear but the finer details, such as hair strands and feather tips, are smoothed from wear. Fine is a popular collecting grade for scarce dates that would be prohibitively expensive in higher grades.

See also: very good ,very fine ,sheldon scale

A designation applied to Mercury dimes showing fully separated horizontal bands across the center of the fasces on the reverse. Also called Full Split Bands (FSB). This strike characteristic is scarce on many dates and commands a significant premium, sometimes doubling or tripling the coin's value over a non-FB example at the same grade.

See also: fasces ,strike

A designation applied to Franklin half dollars showing fully defined horizontal lines at the bottom of the Liberty Bell on the reverse, uninterrupted by contact marks. FBL coins are scarce for many dates, particularly those struck at the Denver Mint. The premium for FBL can be dramatic on key dates.

See also: strike ,contact mark

A designation applied to Standing Liberty quarters showing full detail on Liberty's head, including three distinct leaves in the headpiece and visible hair detail beneath. Due to the design's high relief and typical die spacing, Full Head coins are scarce across most dates and are avidly collected.

See also: strike

A designation applied to Jefferson nickels showing five or six fully separated steps at the base of Monticello on the reverse. Full Steps coins are uncommon on many dates, particularly from the 1950s and 1960s, due to inconsistent strike quality. PCGS requires five steps (5FS) while NGC requires six (6FS) for the designation.

See also: strike ,pcgs ,ngc

A grade of G-4 to G-6 on the Sheldon scale, indicating a heavily worn coin with the design visible in outline but flat. Rims may be worn into the peripheral lettering. For key-date coins, Good is a respectable and affordable grade that gives collectors access to dates they could not otherwise obtain.

See also: sheldon scale ,very good ,key date

Common name for the CDN (Coin Dealer Newsletter) wholesale price guide, published since 1963. The Greysheet reports dealer-to-dealer bid and ask prices for certified coins and serves as a baseline for wholesale transactions. Retail prices (what a collector pays) are typically above Greysheet values.

See also: bid ask ,certified coin

Fine, shallow scratches on a coin's surface, most commonly caused by improper cleaning with a cloth or brush. Hairlines are particularly visible on proof coins, where the mirror fields make even the finest lines apparent. Heavy hairlines are a primary reason that proof coins receive lower grades or details designations.

See also: cleaned ,proof ,field ,details grade

A coin produced by placing a blank between two dies and striking it with a hammer, as opposed to using a mechanical press. Hammered coinage was the standard production method worldwide from antiquity through the 17th century. Hammered coins are typically irregular in shape and often show off-center strikes.

See also: die ,blank ,broadstrike

A coin with a hole drilled or punched through it, typically for suspension as jewelry, a button, or a charm. Holing was extremely common on early U.S. and world coins. A holed coin receives a details grade and trades at a steep discount, though holed examples of great rarities still command significant prices.

See also: plug ,cull ,details grade

A steel rod bearing a positive (raised) image of a coin's design, used to create working dies. The hub is pressed into a blank die under enormous pressure in a process called hubbing. A single hub can produce many dies. Errors in the hubbing process, such as doubled hubbing or misaligned hubbing, produce doubled die varieties.

See also: die ,doubled die

A design that is pressed into the surface of the coin rather than raised above it. The most notable examples in U.S. coinage are the $2.50 and $5 gold coins designed by Bela Lyon Pratt (1908-1929), which feature incuse designs on both sides. The technique was controversial at the time, with critics arguing that the recessed areas would harbor germs.

See also: quarter eagle ,designer

Common-date U.S. silver coins (typically pre-1965 dimes, quarters, and half dollars) traded in bulk for their silver content rather than their numismatic value. Junk silver is priced based on the current spot price of silver multiplied by the coins' silver weight. Despite the unflattering name, junk silver is a popular way to hold physical silver at low premiums over melt.

See also: melt value ,spot price ,common date

A date (or date-and-mintmark combination) within a series that is significantly scarcer or more valuable than the common dates. Key dates often represent the lowest-mintage issues or dates where survival rates are disproportionately low. Examples include the 1909-S VDB cent, 1916-D dime, and 1893-S Morgan dollar. Assembling a complete set without the key dates is comparatively easy; acquiring the keys defines the challenge and cost.

See also: semi key ,common date ,mintage

A catalog reference number from the Standard Catalog of World Coins, published by Krause Publications (now Penguin Random House). Krause numbers (prefixed KM# or Y#) are the universal identification system for world coins, functioning the same way Sheldon numbers do for early U.S. large cents.

See also: numismatist

The principal inscription on a coin, typically "UNITED STATES OF AMERICA," "LIBERTY," or "E PLURIBUS UNUM." On early U.S. coins, the legend placement varied considerably and is a useful tool for identifying die varieties.

See also: obverse ,reverse ,device

A coin that has been smoothed on one or both sides and hand-engraved with initials, names, dates, or decorative designs as a personal keepsake. Love tokens were popular in the 19th century, particularly on U.S. Seated Liberty and Barber coins and on British silver. They are collected as a folk art specialty distinct from standard numismatics.

See also: holed ,plug

The reflective quality of a coin's surface, produced by the metal flow during striking. Original mint luster on an uncirculated coin appears as a shimmering, flowing radiance when the coin is tilted under a light. Luster can be described as frosty (soft, satiny), prooflike (partially reflective), or brilliant (highly reflective). The quality and completeness of luster is a primary factor in grading Mint State coins.

See also: cartwheel luster ,prooflike ,mint state

A form of doubling on a coin caused by the die bouncing or shifting during the striking process, producing a flat, shelf-like doubling on the design elements. Machine doubling is distinct from a doubled die variety in that it occurs during striking rather than during die production. Machine doubling has minimal collectible value, while true doubled dies can be worth hundreds or thousands of dollars.

See also: doubled die ,strike

The value of a coin's metal content at current spot prices. For silver coins, melt value is calculated from the coin's weight, fineness, and the current price of silver. A coin trading at or near melt value has little or no numismatic premium. The melt value serves as a price floor for precious metal coins.

See also: spot price ,face value ,junk silver

A coin produced using a mechanical screw press or later roller press, producing a more uniform and consistent product than hammered coinage. The term "milled" originally referred to the machine-made reeded edge that distinguished press-struck coins from hammered ones. Milled coinage became standard in Europe during the 17th century.

See also: hammered coin ,reeded edge ,collar

The total number of coins struck of a particular date, denomination, and mint mark. Mintage figures are reported by the U.S. Mint and serve as a starting point for understanding rarity, though survival rates can differ dramatically from mintage. A coin with a high mintage but low survival rate (such as coins that were widely melted) can be quite scarce.

See also: key date ,common date

See Luster.

See also: luster ,cartwheel luster

A small letter on a coin indicating which mint facility struck it. Common U.S. mint marks include P (Philadelphia), D (Denver), S (San Francisco), W (West Point), O (New Orleans), and CC (Carson City). Philadelphia coins frequently lack a mint mark, particularly before 1980. Mint marks were hand-punched into working dies until 1990, when the Mint began including them in the master hub.

See also: branch mint ,repunched mintmark ,hub

An official set of uncirculated coins produced by the U.S. Mint, containing one example of each denomination from each active mint facility for a given year. Mint sets have been produced annually (with some gaps) since 1947. The coins in mint sets sometimes show special characteristics, such as the satin finish used on 2005-2010 issues.

See also: proof set ,satin finish

The grade range from MS-60 through MS-70, describing a coin that has never circulated. Mint State coins retain their full original luster across all surfaces. The grade within the MS range reflects strike quality, surface preservation (contact marks), luster quality, and eye appeal.

See also: sheldon scale ,uncirculated ,luster ,contact mark ,eye appeal

The silver dollar designed by George T. Morgan, struck from 1878 through 1904 and again in 1921. Morgan dollars are the most widely collected U.S. coin series, with a deep collector base, extensive reference literature, and a broad range of dates from common to extremely rare. The series combines historical interest, silver content, and large-format eye appeal.

See also: vam ,prooflike ,designer

One of the two major third-party coin grading services, along with PCGS. Founded in 1987, NGC grades and encapsulates coins in tamper-evident holders with a guarantee of authenticity and grade. NGC is widely accepted by dealers and auction houses and, alongside PCGS, sets the standard for certified coin grading.

See also: pcgs ,slab ,certified coin

A coin struck by the Mint in a standard business-strike format but produced exclusively for sale to collectors, not for release into general circulation. Examples include many modern dollar coins after 2011 and certain silver uncirculated issues. NIFC coins are distinct from proofs in that they are struck using the normal production process.

See also: commemorative ,proof ,mint set

A person who studies or collects coins, paper money, tokens, medals, or related objects. The term encompasses both hobbyists and professional scholars. The root is the Latin <em>numisma</em>, meaning coin.

The front or "heads" side of a coin, typically bearing the principal design, such as a portrait. On U.S. coins, the obverse traditionally carries the date, the word "LIBERTY," and the motto "IN GOD WE TRUST." By convention, the obverse is the side that bears the greater design significance, though this can be debated on some issues.

See also: reverse ,device ,field ,legend

An error where the planchet was not properly centered between the dies during striking, causing part of the design to be missing. The percentage off-center and whether the date is visible determine collector value. A 50% off-center coin with a visible date is more desirable than an 80% off-center coin where the date is lost.

See also: error coin ,blank ,broadstrike

A coin struck from a die in which one date was punched over another, leaving traces of the original date visible beneath the final date. Overdates are most common on early U.S. coinage (before 1840) when dies were hand-engraved and the Mint routinely recycled dies by re-punching the date. Examples include the 1918/7-S quarter and the 1942/1 dime.

See also: die ,attribution ,variety

A coin struck from a die on which one mintmark was punched over a different mintmark, such as the 1875-S/CC Trade dollar. Like overdates, overmintmarks result from die reuse and are most common on 19th-century issues. They are classified as die varieties and often carry a premium.

See also: mint mark ,overdate ,variety

The natural surface coloring that develops on a coin over time through chemical reaction with its environment. On copper coins, patina typically appears as a warm brown or chocolate tone. On silver, it can range from gold and blue to deep purple and black. Attractive, undisturbed patina is valued by collectors and is a sign that a coin has not been cleaned or artificially treated.

See also: toning ,red ,cleaned

An experimental or trial coin produced by the Mint to test a new design, denomination, or metal composition. Patterns were not authorized for circulation and exist in small numbers. They are avidly collected as glimpses into designs and denominations that were considered but never adopted, or that were adopted in modified form.

See also: die ,designer

One of the two major third-party coin grading services, along with NGC. Founded in 1986 by a group of dealers including David Hall, PCGS pioneered the concept of independent, guaranteed coin grading in tamper-evident holders. PCGS grades carry strong market confidence, and coins in PCGS holders often command slight premiums over NGC holders on certain classic series.

See also: ngc ,slab ,certified coin

See Blank.

See also: blank

A repair where a hole in a coin has been filled with metal to restore the appearance of a complete surface. Plugged coins were often holed for use as jewelry or buttons, then later filled when the numismatic value exceeded the ornamental use. Plugs are detectable under magnification by differences in metal color, texture, or surface flow, and always result in a details grade from the major grading services.

See also: cleaned ,details grade ,counterfeit

A designation added to a numeric grade (e.g., MS-64+) indicating that the coin falls at the very top of its grade range, nearly reaching the next full grade. Plus-graded coins often trade at a premium over their base grade, sometimes approaching the price of the next grade level.

See also: sheldon scale ,mint state

Short for population report. The number of coins of a particular date and grade that a grading service has certified. "Pop 3 in MS-67" means only three examples have been graded MS-67 by that service. Population numbers are useful for understanding relative rarity but are inflated by resubmissions and crossovers.

See also: crack out ,pcgs ,ngc ,census

A small symbol or device added to a coin's design to identify the mint master, assayer, or a special occasion. Privy marks have been used on world coinage for centuries as quality control indicators. Modern mints sometimes add privy marks to special collector editions to distinguish them from standard issues.

See also: mint mark ,die ,variety

A coin struck using a special process involving polished dies and planchets, multiple strikes at higher pressure, and careful handling. Proofs are produced for collectors rather than for circulation. They are characterized by mirror-like fields and (on modern proofs) frosted design elements. Proof is a method of manufacture, not a grade. A proof coin can range from PR-1 (heavily worn or damaged) to PR-70 (perfect).

See also: cameo ,dcam ,proof set ,field

A business-strike coin that displays mirror-like reflective fields similar to a proof, typically because it was among the first coins struck from freshly polished dies. Prooflike coins are most commonly found in the Morgan dollar series and receive a "PL" or "DMPL" (Deep Mirror Prooflike) designation from the grading services. These coins carry premiums over standard Mint State examples.

See also: proof ,morgan dollar ,luster ,mint state

An official set of proof coins for a given year, sold by the U.S. Mint. Proof sets typically include one coin of each denomination and are struck with special care for collectors. The sets have been produced annually since 1936 with gaps during World War II. Special editions include Silver Proof Sets and Premier sets.

See also: proof ,mint set ,sms

Surface degradation caused by polyvinyl chloride (PVC), a plasticizer used in soft, pliable coin flips. Over time, PVC breaks down and releases a corrosive compound that attacks coin surfaces, producing a greenish, oily film. Mild PVC residue can be removed with pure acetone, but advanced damage causes permanent hazing and etching. Always store coins in PVC-free holders.

See also: cleaned

A U.S. gold coin with a face value of $2.50, produced in various designs from 1796 through 1929. The Capped Bust, Classic Head, Coronet Head, and Indian Head types are all collectible, with the Indian Head design (1908-1929) by Bela Lyon Pratt being notable for its incuse (recessed) design.

See also: incuse ,type coin

A coin that has not been graded and encapsulated by a third-party grading service. Raw coins trade without the assurance of a professional grade opinion, which means the buyer must rely on their own grading ability or the seller's representation. Raw coins of significant value are routinely submitted for certification before sale.

See also: slab ,certified coin

A color designation for copper coins that retain at least 95% of their original mint-red color. Red copper coins carry substantial premiums over Red-Brown (RB) and Brown (BN) examples at the same grade. Maintaining red color requires favorable storage conditions, and original red coins become increasingly scarce on older issues.

See also: bronze ,patina

An edge with evenly spaced vertical grooves, produced by the collar during striking. Reeded edges appear on U.S. dimes, quarters, half dollars, and dollars. Originally introduced to prevent clipping of precious metal coins, reeded edges also aid in distinguishing denominations by touch.

See also: collar ,edge

A graded coin collection registered with PCGS or NGC's online set registry programs. Collectors compete for the highest-graded sets in various categories, driving demand (and prices) for coins at the top of the grading scale. Registry set competition has had a notable impact on premiums for MS-66 and higher coins in popular series.

See also: pcgs ,ngc ,type set

A coin showing evidence of the mintmark being punched into the die more than once, with the second impression slightly offset from the first. RPMs are most common on coins produced before 1990, when mintmarks were individually punched into each working die by hand. Significant RPMs are cataloged in variety references and can carry a premium.

See also: mint mark ,variety ,attribution

A coin struck from genuine mint dies at a date later than the original production run. The U.S. Mint produced restrikes of various issues during the 19th century, sometimes using original dies and sometimes using recreated dies. Restrikes can be controversial in terms of their status as "original" coins.

See also: die ,pattern

The back or "tails" side of a coin. On most U.S. coins, the reverse carries the denomination, an eagle or other emblematic device, and the inscription "UNITED STATES OF AMERICA." The reverse design often receives less attention from collectors than the obverse, but reverse condition matters in grading, particularly at the higher Mint State levels.

See also: obverse ,device ,field

The raised border around the edge of a coin, formed during the upsetting process (before striking) and refined during striking. The rim protects the coin's design from wear and facilitates stacking. Rim damage (nicks, dings, or flatness) can affect both the grade and eye appeal.

See also: edge ,denticles

A standard quantity of coins wrapped in paper or plastic for storage and distribution. Roll quantities vary by denomination: 50 cents, 40 nickels, 50 dimes, 40 quarters, 20 half dollars, or 25 dollars. Original bank-wrapped rolls (OBW rolls) of older coins are prized by collectors for their potential to contain high-grade or variety coins.

See also: roll hunting ,mint state

The practice of searching through bank-wrapped rolls of circulating coins for valuable dates, errors, varieties, or silver coins. A popular and low-cost entry point into coin collecting that requires patience and an eye for detail. Successful roll hunters develop knowledge of key dates, error types, and the telltale edge color of silver coins mixed into modern rolls.

See also: roll ,cherry picking ,key date ,variety

A distinctive matte-like surface treatment applied to coins in U.S. Mint uncirculated sets from 2005 through 2010. Satin finish coins have a soft, granular luster distinct from both standard business strikes and proofs. They are classified as a special strike rather than a standard business strike.

See also: mint set ,proof ,luster

A date within a series that is scarcer than common dates but not as rare or expensive as the key dates. Semi-keys are often the most rewarding targets for collectors working on a budget, offering genuine scarcity at prices well below the true keys.

See also: key date ,common date

The 1-to-70 numerical grading scale used universally for U.S. coins. Developed by Dr. William Sheldon in 1949 for large cents, the scale was later adopted by the ANA and the major grading services for all series. The numbers combine with verbal descriptors (Good, Fine, Extremely Fine, Mint State, etc.) to describe a coin's state of preservation.

See also: good ,very good ,very fine ,about uncirculated ,mint state

A transaction in which the buyer agrees to purchase a coin based solely on its certified grade, without physically examining it. Sight-unseen trading became possible with the advent of third-party grading and is a foundation of the modern certified coin market. PCGS and NGC grades are accepted for sight-unseen trading by most major dealers.

See also: certified coin ,pcgs ,ngc

Collector slang for the tamper-evident plastic holder used by PCGS, NGC, and other grading services to encapsulate graded coins. The term has been in common use since the late 1980s. "Slabbed" means a coin has been professionally graded and holdered.

See also: pcgs ,ngc ,certified coin ,raw

An AU-58 coin, particularly one that appears very close to Mint State. The term reflects the idea that the coin could "slide" into an MS designation with a favorable look. Sliders are popular with value-conscious collectors because they often look nearly as good as low-end Mint State coins at a fraction of the price.

See also: about uncirculated ,mint state

Special sets produced by the U.S. Mint from 1965 through 1967 in place of standard proof sets and mint sets, which were suspended during the coin shortage. SMS coins have a distinctive satin-like finish that falls between a business strike and a proof. They are collected as a distinct category.

See also: proof set ,mint set

The current market price of a precious metal (gold, silver, platinum, or palladium) per troy ounce. Spot price is the baseline for calculating the melt value of precious metal coins. Numismatic premiums are the amount a coin sells for above its spot-based melt value.

See also: melt value ,junk silver

The quality of the impression made by the dies on the planchet. A well-struck coin shows all intended design details sharply and fully. A weakly struck coin may lack detail in certain areas even in high grades. Strike quality varies by mint facility, die state, and the specific design's demands. The grading services recognize exceptional strikes with designations such as Full Bands, Full Head, and Full Steps.

See also: die ,full bands ,full head ,full steps

The natural discoloration that develops on a coin's surface over time through chemical reaction with its environment. On silver coins, toning is caused by sulfur compounds in air, paper, or album materials. Colors range from light gold and blue through deep purple and black, depending on the exposure duration and chemistry. Attractive natural toning can add a premium, while dark or blotchy toning may reduce a coin's appeal.

See also: album toning ,patina ,eye appeal

A coin whose surfaces have been manually altered with an engraving tool, stylus, or similar instrument to re-engrave worn details or disguise damage. Tooling marks appear as unnatural, sharp lines that do not match the flow of the original die work. Tooled coins always receive details grades.

See also: altered date ,cleaned ,details grade

A U.S. silver dollar type struck from 1873 through 1885, designed by William Barber for use in trade with East Asia. Weighing 420 grains (27.22 grams), Trade dollars were slightly heavier than standard silver dollars to compete with the Mexican peso in Asian commerce. The series includes both business strikes (1873-1878) and proof-only issues (1879-1885).

See also: morgan dollar

A nickname for the three-cent silver coin (1851-1873), derived from combining "tri" (three) with "dime." These tiny coins, among the smallest in U.S. history, were originally produced to facilitate the purchase of three-cent postage stamps.

A single representative example of a particular design type, collected without regard to specific date or mintmark. Type collecting focuses on acquiring one example of each major design in a denomination or across all denominations. It is a popular approach for collectors who want breadth rather than date-complete sets, and it avoids the expense of acquiring key dates.

See also: type set ,key date

A collection containing one example of each major design type within a denomination or across all U.S. coinage. Type sets emphasize design variety rather than date completion, making them more achievable for most collectors. A type set can range from a single denomination to a comprehensive survey of every design ever struck.

See also: type coin ,registry set

A coin that has either never been used in commerce, or circulated very lightly before storage, retaining its full original mint luster. In Sheldon scale terms, uncirculated corresponds to the Mint State range (MS-60 through MS-70). An uncirculated coin may still show contact marks, bag marks, and other impairments from handling at the mint or in storage.

See also: mint state ,brilliant uncirculated ,contact mark ,bag mark

An abbreviation for Van Allen-Mallis, the cataloging system for die varieties of Morgan and Peace dollars. Developed by Leroy Van Allen and A. George Mallis, the VAM system identifies individual die pairings based on characteristics such as repunched dates, doubled lettering, and die cracks. VAM collecting is a major specialty within the Morgan dollar community.

See also: morgan dollar ,variety ,attribution ,die crack

A coin that differs from the standard issue due to a distinct die characteristic, such as a doubled die, repunched mintmark, overdate, or different hub combination. Varieties range from minor (of interest mainly to specialists) to major (widely known and listed in standard references). Major varieties are attributed by the grading services and noted on the holder.

See also: doubled die ,repunched mintmark ,overdate ,attribution

Grades VF-20 through VF-35 on the Sheldon scale. A Very Fine coin shows moderate wear on all high points, but the design remains well-defined and all lettering is sharp. This is the most popular grade range for collectors building date-and-mintmark sets of classic series.

See also: sheldon scale ,good ,very good ,about uncirculated

Grades VG-8 to VG-10 on the Sheldon scale. A Very Good coin shows heavy wear but retains bold, clear major features. VG-8 is the minimum grade most type collectors find acceptable and represents an important affordability threshold for scarce dates.

See also: sheldon scale ,good ,very fine

The loss of surface metal on a coin through friction during circulation or handling. Wear first appears on the highest points of the design and progresses to the fields as the coin circulates further. The extent and distribution of wear is the primary determinant of a circulated coin's grade.

See also: sheldon scale ,device ,field

The process of using a wire brush or rotating tool to impart artificial luster to a coin's surface. Whizzed coins display an unnatural, grainy texture under magnification, with circular metal flow patterns rather than the radial flow of genuine mint luster. Whizzing always results in a details grade from the major grading services. The practice is considered deceptive and can be difficult for inexperienced buyers to detect on raw coins.

See also: cleaned ,luster ,details grade ,raw