Coin collecting glossary
109 terms you'll meet on a slab label, a Mint spec sheet or a dealer's call, in plain English.
A
- Advance Releases
- An NGC label designation (also written "Advanced Releases") for coins bought by approved bulk buyers before a new issue's official public sale date. The submitter must document the purchase and ship dates, and the coins must reach NGC or an NGC-approved depository within about a week of shipping.See also: Early Releases, First Strike, NGC
- AGW / ASW
- Short for Actual Gold Weight and Actual Silver Weight: the amount of pure metal in a coin, as opposed to its total weight including any alloy. A one-ounce American Gold Eagle, for example, weighs more than one troy ounce in total but contains one troy ounce of gold.See also: Fineness, Melt value, Troy ounce
- Alloy
- A mixture of metals melted together. Pure gold and silver are soft, so many coins add copper or other metals for durability; classic U.S. silver coins are 90% silver and 10% copper, and American Gold Eagles are 22-karat gold alloyed with silver and copper.See also: Fineness, Karat
- American Eagle
- The U.S. Mint's official precious-metal coin program, launched in 1986 with gold and silver coins; platinum was added in 1997 and palladium in 2017. Eagles are made both as bullion coins and in collector finishes such as proof, burnished and reverse proof.See also: Bullion, Burnished, Proof, Reverse proof, Walking Liberty half dollar
- American Liberty High Relief
- A U.S. Mint series of 24-karat high-relief gold coins showing modern interpretations of Lady Liberty. The first, a one-ounce 2015 coin struck at West Point, was also the first U.S. gold coin to carry a $100 face value; later designs have generally followed every other year.See also: High relief, Karat, U.S. Mint
- ANA
- The American Numismatic Association, a nonprofit educational organization for coin collectors founded in 1891 and chartered by Congress in 1912. It is headquartered in Colorado Springs, Colorado, where it runs a money museum, a library and collector education programs.See also: Numismatics
- Artistic Infusion Program
- A U.S. Mint program, started in 2003, that contracts outside professional artists to submit designs for coins and medals. Designs chosen from these artists are then sculpted for production by the Mint's own staff artists.See also: Sculptor-engraver, U.S. Mint
- Ask
- The price at which a dealer offers to sell a coin or bullion item. The gap between the ask and the bid is called the spread.See also: Bid, Premium, Spot price
- Autograph label
- A general term for any grading-service label that carries a person's signature. Some are individually signed by hand, while others use a printed, licensed facsimile of the signature, so the label wording is worth checking.See also: Hand-signed label, Holder
B
- Bar
- A rectangular piece of refined precious metal, made by a mint or refiner and usually stamped with its weight, fineness and maker. Bars are not legal-tender coins and are valued mainly for their metal content.See also: Bullion, Fineness, Round
- Bid
- The price at which a dealer offers to buy a coin or bullion item. It is normally lower than the ask, the price at which the same dealer sells.See also: Ask, Spot price
- Brilliant Uncirculated
- A common, informal description (often shortened to BU) for a coin that has never been in circulation and still shows its original mint luster. Unlike a numeric Mint State grade, it is not a precise grade.See also: Luster, Mint State
- Bullion
- Precious metal valued mainly for its weight and purity, in the form of bars, rounds or bullion coins. Bullion coins such as standard American Eagles are produced in large quantities for people who want to own the metal itself.See also: American Eagle, Bar, Melt value, Round, Spot price
- Burnished
- A U.S. Mint collector finish in which the blanks are polished by tumbling before they are struck, giving a soft, satin-like surface. Burnished American Eagles, first issued in 2006, carry a W mint mark for West Point; PCGS labels them with the SP (Specimen) prefix, while NGC uses MS.See also: American Eagle, Planchet, Specimen
- Business strike
- A coin made in the ordinary way for circulation or general sale, as opposed to a specially made proof. Business strikes are graded on the Mint State scale when uncirculated.See also: Mint State, Proof
C
- CAC
- Certified Acceptance Corporation, an independent company founded in 2007 that reviews coins already graded by PCGS and NGC. It applies a green sticker to coins it considers solid for their grade and a gold sticker to coins it believes merit a higher grade; it now also grades coins in its own holders.See also: NGC, PCGS, Slab
- Cameo
- A proof coin whose raised design is frosted and contrasts clearly with mirror-like fields. Both PCGS and NGC note this on the label as "Cameo"; stronger contrast earns Deep Cameo or Ultra Cameo.See also: Deep Cameo, Proof, Ultra Cameo
- Carbon spots
- Small dark spots on a coin's surface, often caused by tiny bits of contamination or moisture that react with the metal over time. They are common on gold and silver coins and can lower eye appeal.See also: Environmental damage, Eye appeal, Toning
- CCAC
- The Citizens Coinage Advisory Committee, created by Congress in 2003 to advise the Secretary of the Treasury on themes and designs for U.S. coins and medals. Its members review proposed designs in public meetings and make recommendations.See also: U.S. Mint
- Cert number
- The unique certification number printed on a graded coin's label. It can be looked up on the grading service's website to confirm the coin's grade, designation and, often, images.See also: Holder, Slab
- Chief Engraver
- The senior artist of the U.S. Mint, responsible for guiding its sculpting staff and the artistic quality of its coins and medals. The office dates to the Mint's earliest years; after sitting empty from 2010, it was filled again in 2019.See also: Sculptor-engraver, U.S. Mint
- Cleaned
- A coin whose surface has been rubbed, polished or chemically treated, which usually leaves fine hairline scratches or an unnatural shine. Grading services generally give cleaned coins a Details grade rather than a straight numeric grade.See also: Details grade, Luster
- Commemorative
- A coin issued to honor a person, place, event or institution, usually for a limited time. U.S. commemoratives are authorized by Congress and often sold with surcharges that support a named organization.See also: U.S. Mint
- Contact marks
- Small nicks and scrapes made when coins strike one another, for example in mint bags or bulk handling (also called bag marks). Their number, size and location are a major factor in Mint State grading.See also: Mint State, Sheldon scale
- Counterfeit
- A fake coin made to deceive, either copied entirely or altered from a genuine coin, for example by changing a date or adding a mint mark. Authentication is one of the main services provided by third-party graders.See also: Third-party grading
D
- Date
- The year shown on a coin, usually the year it was struck, though some coins bear a different date by law or tradition. Together with the mint mark, the date identifies a specific issue.See also: Exergue, Key date, Mint mark
- Deep Cameo
- PCGS's highest contrast designation for proof coins (abbreviated DCAM), given when deep, even frost on the raised design stands out against deeply mirrored fields on both sides. NGC's equivalent is Ultra Cameo.See also: Cameo, PCGS, Proof, Ultra Cameo
- Designer's initials
- Small letters on a coin identifying the artist who created the design. Examples include the "M" for George T. Morgan on the Morgan dollar and Adolph A. Weinman's "AW" monogram on the reverse of the Walking Liberty half dollar.See also: Morgan dollar, Walking Liberty half dollar
- Details grade
- A grading result for a coin that is genuine but has a problem such as cleaning, damage or corrosion. Instead of a straight numeric grade, the label gives a descriptive level (such as "AU Details") along with the reason.See also: Cleaned, Environmental damage, PVC damage
- Device
- Any main raised element of a coin's design, such as a portrait, eagle or other figure. The flat background around the devices is the field.See also: Field, Legend
- Die
- A hardened steel tool engraved with a coin's design in mirror image. A pair of dies, one for each side, presses the design into a blank when a coin is struck.See also: Die variety, Planchet, Strike
- Die variety
- A coin that differs in a consistent, identifiable way from others of the same date and mint because of a difference in the die that struck it, such as a repunched mint mark or doubled die.See also: Die, Doubled die, Mint mark
- Director of the U.S. Mint
- The head of the United States Mint, appointed by the President with the consent of the Senate for a five-year term. The Director oversees the Mint's production facilities and programs.See also: Treasurer of the United States, U.S. Mint
- DMPL
- Short for Deep Mirror Prooflike: a business-strike coin whose fields are so reflective they resemble a proof's mirrors. PCGS uses DMPL; NGC calls the same quality DPL. The term is most often seen on Morgan dollars.See also: Morgan dollar, Prooflike
- Doubled die
- A die that received a doubled image while it was being made, so every coin it strikes shows doubled letters or design details. The 1955 Lincoln cent is a famous example.See also: Die, Die variety
E
- Early Releases
- An NGC label designation for coins received by NGC or an NGC-approved depository within 30 days of a new issue's first release, based on NGC's published cutoff dates. It means the same thing as NGC's First Releases.See also: First Releases, First Strike, NGC
- Edge
- The outer surface around a coin's circumference, sometimes called the third side. It may be plain, reeded or lettered.See also: Reeding, Rim
- Enhanced reverse proof
- A U.S. Mint variation of the reverse proof finish that uses more than one texture, such as different levels of frost and polish, on parts of the design to create layered contrast.See also: Proof, Reverse proof
- Environmental damage
- Harm to a coin from its surroundings, such as corrosion, pitting or heavy discoloration caused by moisture, chemicals or poor storage. Grading services usually note it with a Details grade.See also: Carbon spots, Details grade, Toning
- Exergue
- The space on a coin below the main design, often separated by a line, where the date or other small inscriptions may appear.See also: Date, Field
- Eye appeal
- The overall visual attractiveness of a coin, combining luster, color, strike and freedom from distracting marks. It influences how graders place a coin within a grade.See also: Luster, Plus grade, Star designation
F
- FDOI
- Short for First Day of Issue, a label designation from PCGS and NGC for coins documented as bought or shipped on the first day a new issue is released. Each service sets its own documentation requirements.See also: First Strike, FYOI, Mint-sealed box
- Field
- The flat, unraised background of a coin around the design and lettering. On proofs, the fields are usually mirror-like.See also: Cameo, Device, Proof
- Fineness
- The purity of precious metal, expressed in parts per thousand. Fine silver is often .999, many modern gold bullion coins are .9999, and 22-karat gold is about .9167 fine.See also: AGW / ASW, Alloy, Karat
- First Releases
- An NGC label designation with exactly the same meaning and cutoff dates as Early Releases: the coin reached NGC or an approved depository within 30 days of the issue's first release.See also: Early Releases, NGC
- First Strike
- A PCGS label designation for coins received by PCGS or a PCGS-approved depository within the first 30 days of a new issue's release, by published cutoff dates. It describes release timing, not that a coin was among the first struck from its dies.See also: Early Releases, FDOI, PCGS
- Flag label
- A grading-service label printed with American flag artwork, offered by both PCGS and NGC for certain issues. The design is decorative and does not change the coin's grade.See also: Holder, Slab
- Full Band
- A strike designation (FB) for Mercury and Roosevelt dimes on which the horizontal bands on the reverse torch or fasces are fully separated. NGC uses the term Full Torch for Roosevelt dimes.See also: Full Bell Lines, Strike
G
- Gold Buffalo
- The American Buffalo, the U.S. Mint's first 24-karat gold bullion coin, introduced in 2006. Its design is adapted from James Earle Fraser's 1913 Buffalo nickel.See also: Bullion, Fineness, Karat
- Grain
- A very small unit of weight, equal to about 64.8 milligrams; there are 480 grains in a troy ounce. Historic U.S. coin weights were often set in grains.See also: Pennyweight, Troy ounce
H
- Hand-signed label
- A grading-service label signed individually in ink by a notable person, such as a coin designer or former Mint official, before the coin is sealed. Because each one is signed by hand, they are made in limited numbers.See also: Autograph label, Holder
- High relief
- A design raised well above the coin's surface, giving a sculptural, three-dimensional look. It requires more striking pressure, and the 1907 Saint-Gaudens double eagle is a classic example.See also: American Liberty High Relief, Ultra high relief
- Holder
- The protective case a grading service seals a coin in, together with a label identifying the coin and its grade. Holder styles change over time, and collectors sometimes refer to them by generation.See also: Cert number, Slab
I
- Indian Head gold
- Early 20th-century U.S. gold coins with a Native American portrait: the $10 eagle designed by Augustus Saint-Gaudens (1907 to 1933) and the $2.50 and $5 pieces by Bela Lyon Pratt (1908 to 1929). Pratt's coins are unusual for their incuse design, sunk below the surface rather than raised.See also: Device, Field
J
- Junk silver
- A common nickname for circulated U.S. dimes, quarters and half dollars dated 1964 and earlier, which are 90% silver. These coins are traded mainly for their silver content; $1 in face value contains about 0.715 troy ounce of silver.See also: AGW / ASW, Alloy, Melt value
K
- Karat
- A measure of gold purity on a 24-part scale, where 24 karat is essentially pure gold. American Gold Eagles are 22 karat (about 91.67% gold), while Gold Buffalos are 24 karat.See also: Fineness, Gold Buffalo
- Key date
- The scarcest and most sought-after date or date-and-mint combination in a series, usually because of a low mintage or low survival rate.See also: Mintage, Semi-key date
L
- Legend
- The main lettering on a coin, usually running around the edge of the design, such as "LIBERTY" or "UNITED STATES OF AMERICA."See also: Device, Motto
- Luster
- The way light reflects off a coin's surface, created by tiny flow lines formed when it was struck. Original luster is one of the main signs that a coin has not been cleaned or worn.See also: Cleaned, Eye appeal, Mint State
M
- Melt value
- What the precious metal in a coin would be worth on its own, based on its pure metal content and the current spot price. Many collector coins are valued well above this.See also: AGW / ASW, Spot price
- Mint mark
- A small letter showing where a coin was made. Current U.S. marks are P (Philadelphia), D (Denver), S (San Francisco) and W (West Point); historic ones include CC (Carson City) and O (New Orleans).See also: Date, Mintage, U.S. Mint
- Mint State
- Grades from 60 to 70 on the Sheldon scale (abbreviated MS) for coins with no wear from circulation. Within that range, grade depends on marks, luster, strike and eye appeal.See also: Business strike, Sheldon scale
- Mint-sealed box
- A label notation for coins that were taken from an unopened shipping box sealed by the U.S. Mint, such as a 500-coin box of Silver Eagles, when they were submitted for grading.See also: FDOI, First Strike
- Mintage
- The number of coins struck for a particular date, mint and finish. A low mintage does not always mean scarcity, since survival rates vary.See also: Key date, Population report
- Morgan dollar
- A U.S. silver dollar designed by George T. Morgan and struck from 1878 to 1904 and again in 1921. The U.S. Mint revived the design for collector coins beginning in 2021.See also: Designer's initials, DMPL, Peace dollar
- Motto
- A short phrase on a coin. U.S. coins carry "IN GOD WE TRUST," first used on the 1864 two-cent piece, and "E PLURIBUS UNUM."See also: Legend
N
- NGC
- Numismatic Guaranty Company, a third-party coin grading and authentication service founded in 1987. It seals coins in holders with a grade and certification number and publishes the NGC Census of coins it has graded.See also: PCGS, Population report, Third-party grading
- Numismatics
- The study and collecting of coins, paper money, tokens and medals. A person who does so is a numismatist.See also: ANA
O
- Obverse
- The front or "heads" side of a coin, usually carrying the main portrait and the date on U.S. coins.See also: Reverse
P
- PCGS
- Professional Coin Grading Service, a third-party coin grading and authentication service founded in 1986. It seals coins in holders with a grade and certification number and publishes a population report of coins it has graded.See also: NGC, Population report, Third-party grading
- Peace dollar
- A U.S. silver dollar designed by Anthony de Francisci to mark the peace after World War I, struck from 1921 to 1928 and in 1934 and 1935. The design returned on collector coins beginning in 2021.See also: Morgan dollar
- Pennyweight
- A unit of weight used in the precious-metals and jewelry trades, equal to 24 grains or one-twentieth of a troy ounce (about 1.555 grams).See also: Grain, Troy ounce
- Planchet
- The blank metal disc that becomes a coin once it is struck between dies.See also: Die, Strike
- Plus grade
- A "+" added by PCGS or NGC to a grade for coins at the high end of that grade that fall just short of the next one.See also: Sheldon scale, Star designation
- Population report
- A published count of how many coins of each date, variety and grade a grading service has certified. PCGS calls it a population report and NGC calls it the Census; resubmitted coins can be counted more than once.See also: Mintage, NGC, PCGS
- Proof
- A coin struck with special care, often more than once, using polished dies and specially prepared blanks, which typically gives mirror-like fields and sharp detail. Proof is a method of manufacture, not a grade; PCGS abbreviates it PR and NGC PF.See also: Cameo, Reverse proof, Specimen
- Prooflike
- A business-strike coin with reflective, mirror-like fields (abbreviated PL), usually because it was struck from freshly polished dies. Deeper reflectivity earns DMPL.See also: Business strike, DMPL
- PVC damage
- A greenish film or residue left on a coin by soft plastic holders containing polyvinyl chloride (PVC). Left alone, it can etch and corrode the surface.See also: Details grade, Environmental damage
R
- Red, Red-Brown, Brown
- Color designations for copper coins: Red (RD) keeps most of its original mint color, Red-Brown (RB) shows a mix, and Brown (BN) has toned to mostly brown.See also: Toning
- Reeding
- The fine vertical grooves around the edge of many coins. It was first used to discourage people from shaving metal off precious-metal coins.See also: Edge, Rim
- Registry set
- A collection of graded coins entered in an online registry run by PCGS or NGC, where sets are scored by grade and completeness and ranked against other collectors' sets.See also: NGC, PCGS
- Regrade
- Resubmitting a coin to the same grading service that graded it, in hopes of a different result or to move it into a newer holder.See also: Crossover, Slab
- Restrike
- A coin struck later than the date it bears, using original or copied dies.See also: Date, Die
- Reverse
- The back or "tails" side of a coin, opposite the obverse.See also: Obverse
- Reverse proof
- A proof finish that swaps the usual look: the fields are frosted and the raised design is mirrored. The U.S. Mint first used it on American Eagles in 2006.See also: American Eagle, Enhanced reverse proof, Proof
S
- Satin finish
- A soft, non-reflective finish with a fine matte texture. The U.S. Mint used it on its annual Uncirculated Coin Sets from 2005 to 2010.See also: Burnished, Luster
- Sculptor-engraver
- The traditional title for staff artists at the U.S. Mint who design and sculpt coins and medals, including designs submitted by outside artists. Today the Mint generally calls these staff medallic artists.See also: Artistic Infusion Program, Chief Engraver
- Semi-key date
- A date or date-and-mint combination in a series that is scarcer than most but not as scarce as the key date.See also: Key date, Mintage
- Sheldon scale
- The 1 to 70 numeric grading scale used for U.S. coins, based on a system William H. Sheldon published in 1949. Grades of 60 and above indicate no wear, and 70 is a coin with no post-production flaws visible at 5x magnification.See also: Mint State, Proof
- Slab
- The everyday name for a sealed, tamper-evident plastic holder in which a grading service encapsulates a coin with its label.See also: Cert number, Holder, Third-party grading
- Specimen
- A grade prefix (SP) for coins struck with extra care that are neither ordinary business strikes nor true proofs. PCGS also uses it for burnished American Eagles.See also: Burnished, Proof
- Spot price
- The current market price for immediate delivery of one troy ounce of a precious metal, which changes constantly during trading hours. It is the starting point for valuing bullion.See also: Ask, Bid, Premium, Troy ounce
- Star designation
- A star symbol that NGC adds to the grade of a coin it judges to have exceptional eye appeal for its grade.See also: Eye appeal, NGC, Plus grade
- Strike
- How completely a coin's design was pressed into the metal when it was made. A full strike shows all intended detail, while a weak strike leaves high points soft or flat.See also: Die, Full Band, Full Bell Lines, Planchet
T
- Third-party grading
- Authentication and grading by an independent company, such as PCGS or NGC, rather than by the buyer or seller. The coin is sealed in a holder with its grade and certification number.See also: NGC, PCGS, Slab
- Toning
- Natural color that forms on a coin's surface as the metal reacts with its environment over time, ranging from light gold to blue, red or dark tones.See also: Carbon spots, Red, Red-Brown, Brown
- Treasurer of the United States
- A Treasury Department official whose signature appears on Federal Reserve notes. Since 1981 the office has had oversight of the U.S. Mint and the Bureau of Engraving and Printing.See also: Director of the U.S. Mint, U.S. Mint
- Troy ounce
- The standard unit for weighing precious metals, equal to 31.1035 grams, or about 10% heavier than an ordinary ounce. It contains 480 grains or 20 pennyweights.See also: Grain, Pennyweight, Spot price
- Type coin
- A single coin collected to represent a design type rather than a particular date, usually a common date chosen in the best condition the collector wants.See also: Key date
U
- U.S. Mint
- The bureau of the Treasury Department that makes the nation's coins, created by the Coinage Act of 1792. It produces circulating, bullion and collector coins at facilities in Philadelphia, Denver, San Francisco and West Point.See also: Director of the U.S. Mint, Mint mark
- Ultra Cameo
- NGC's highest contrast designation for proof coins (abbreviated UCAM), given when the frosted design contrasts strongly with deeply mirrored fields on both sides. It is NGC's equivalent of PCGS's Deep Cameo.See also: Cameo, Deep Cameo, NGC
- Ultra high relief
- A design raised even higher than standard high relief. The U.S. Mint's 2009 Ultra High Relief double eagle, struck in 24-karat gold, brought Augustus Saint-Gaudens's 1907 design to life as he first imagined it.See also: High relief
W
- Walking Liberty half dollar
- A U.S. silver half dollar designed by Adolph A. Weinman and struck from 1916 to 1947, showing Liberty striding toward the sun. Its obverse was adapted for the American Silver Eagle beginning in 1986.See also: American Eagle, Designer's initials