Glossary of numismatics

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This article is a collection of Numismatic and coin collecting terms with concise explanation for the beginner or professional.

Numismatics (ancient Greek: ???????????) is the scientific study of money and its history in all its varied forms. While numismatists are often characterized as studying coins, the discipline also includes the study of banknotes, stock certificates, medals, medallions, and tokens (also referred to as Exonumia).

Sub-fields or related fields of numismatics are: Exonumia: is the study of coin-like objects such as token coins and medals, and other items used in place of legal currency or for commemoration. Notaphily: is the study of paper money or banknotes. Scripophily: is the study and collection of stocks and bonds.

Video Glossary of numismatics

A

Adjustment

The filing down of a blank to the correct weight before striking, shown by file marks. File marks are often still visible on the surface of a coin even after being struck.

Alliance coinage

Coins minted by two or more state governments in conjunction. The Euro coins would be an example of this.

Alloy

Homogeneous mixture of two or more elements, where the resulting compound has metallic properties. Common coin alloys include cupro-nickel (copper and nickel) and bronze (copper and tin).

Altered Date

False date put on a coin to defraud collectors, usually to make it appear more valuable. Such alterations are often easily spotted with the aid of a magnifying glass.

Anepigraphic coin

Coin without an inscription. Many ancient coins used only a simple picture of an animal to show value or weight.

Annealing

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

Assay

Test to ascertain the weight and purity of a coin.

Attribution

Identifier of a coin such as date, mint, denomination, or variety.

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B

Bag Mark

Surface mark, or nick, on a coin usually from contact with other coins in a mint bag. More often seen on large gold or silver coins. Also called "contact marks".

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. Most often found on ancient and medieval coins, but also on silver coins which circulated in China and Japan, where they are referred to as chop-marks.

Base metal

Non-precious metal or alloy containing no gold or silver. Common base metals used in coinage include nickel and copper.

Beading

Raised dot border along the rim of a coin.

Billon

Low-grade alloy of gold or silver with a high percentage of another metal, usually copper. Billon is often the result of a sudden debasing of circulating silver coinage due to hyperinflation.

Bi-metallic

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.

Blank

Prepared disk of metal on which the coin design will be stamped. Also called a 'planchet' or 'flan'. In practice, 'Blank' is also referred to the un-struck or flat side of a uniface coin or medal.

Brass

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

Copper based alloy with tin.

Bullion

Precious metals (platinum, gold and silver) in the form of bars, ingots or plate, or where quantity is considered as a valuation.

Bullion coin

Precious metals in the form of coins whose market value is determined by metallic content rather than scarcity.

Bullion Value

Current market value of the raw precious metal content of a coin. For example, the bullion value for Canadian silver coins, 1920 to 1966, is 12 times the face value when silver is $20.00 per troy ounce.

Business Strike

A coin intended for everyday use in commerce.

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C

Cameo

Strong distinction in the surface appearance of foreground devices relative to the field. Proof coins often exhibit this feature.

Carat

Unit measurement of the weight of precious stones. Usually marked 'c' or 'car'. 1 carat = 200 milligrams. Not to be confused with 'Karat' used with gold (see below).

Cast coins

Coins produced by pouring metal into a mold. Used for the first Ancient Roman bronze "As" coins and Chinese "cash" coins, but rarely used today. Modern counterfeit coins are often cast.

Centum

One one-hundredth of the basic monetary unit from Latin. The English cent, Romance languages centavos, centimos, centesimos or centimes are one hundredth of a base unit like dollar, euro, peso etc.

Certified Coin

Coin that has been graded and authenticated by one of numerous independent grading services. See also Encapsulated coin.

Chop-mark

See Banker's Mark.

Church Tokens

Also known as Communion Tokens, they were generally issued initially by Scottish parishes (die stamped one-side only to show the parish) and later in USA and Canada; they were square or oblong, and were made of lead, iron or brass and measured 1/4" to 1".

Circulated

Term used to indicate a coin that has wear.

Clad Coinage

Issues of coins that contain a center core and outer layer of differing metals or alloys bonded together. The current U.S. Quarter, dime, and half dollar are made of cupronickel clad copper.

Coin alignment

A method of striking in which the obverse and reverse dies are aligned 180 degrees from each other. All American coins are struck this way.

Collar

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

Contact Marks

Minor abrasions on uncirculated coinage created by contact with other coins. Also called "bag marks".

Countermark or Counterstamp

Partial or complete over-stamping of a coin or token in order to change its value or issuing authority, or to display an advertisement, political slogan or symbol, etc. Stamping may consist of a number (value), symbol (authority), letters (advertisement or slogan), or any combination of the above.

Crown

Large coin often struck in precious metal. Modern crowns are usually not highly circulated due to being too large and/or too heavy. The United States's last crown-sized coin for circulation was the Eisenhower Dollar, last struck in 1978.

Cud

A defect from a chipped die.

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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. This often happens during periods of high inflation.

Denticles

Small toothlike projecting points on the inside edge of coins.

Designer

Artist or creator of a coin's design.

Device

Pattern or emblem used in the design of a coin.

Die

Metal piece engraved with the design used for stamping 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. The design of one or both may impress into the opposite die, causing a "shadow" of the design to appear on subsequent coins minted with the damaged dies. The impact of the two dies may also result in die cracks or defects.

Die Crack

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

Die Defect

Imperfection of various sorts caused by a damaged die. May refer to a crack or clash or a chip out of the die, etc. A defect from a chipped die is called a cud.

Die Marriage

The combination of a particular obverse and reverse set of dies. If one die is replaced a new die marriage is created.

Die State

A variation in appearance to a coin struck by a single die, resulting from wear or alteration of the die. For example, the presence or absence of die cracks may signal a specific die state.

Die Variety

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

Dime

United States $0.10 coin. While the term is American in origin, Canadians often use the term as well.

Dipped, Dipping

Chemical cleaning of a coin with a diluted acid. This "cleanliness" is a result of the surface of the coin being dissolved by the acid. Dipped coins almost always have a lower numismatic value than when they were in their former "dirty" state.

Double Eagle (U.S.A)

United States gold $20 coin. Struck from 1850 to 1933.

Double strike

A coin where a die is struck, bounced, then struck again, offset from first strike (used for ancient coins where hubs were not used).

Doubled Die

Die that received two misaligned impressions from a hub; more commonly, a coin struck by such a die.

Doubloon

Popular name of a Spanish gold coin originally valued at 4 dollars. The formal term was "2 escudos".

Dump (Australia)

Centre of the holey dollar with a value of fifteen pence.

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E

Eagle (U.S.A)

1. United States $10.00 gold coin minted from 1795 - 1933.
2. Series of US Bullion coins minted from 1986 through the present.

Edge

Rim of a coin often containing a series of reeds, lettering or other decoration.

Ecu

Large French silver coin made during the end of the monarchy. Also proposed European currency unit.

Effigy

The image or likeness of a person, usually on the obverse of a coin or medal.

Electrotype

Reproduction made by electrodeposition frequently used in museum displays.

Electrum

Artificial or naturally occurring mixture of gold and silver used in some of the world's first coinage.

Elongated coin

An oval medalet produced by a roller die using a coin, token or medal as a planchet, usually a cent.

Encapsulated Coin

A coin that has been authenticated, graded and enclosed in plastic by an independent service.

Engraver

Person who cuts the image of a design onto a die.

Error

Usually a mis-made coin not intended for circulation, but can also refer to an engraving or die-cutting error not discovered until the coins are released to circulation. The mis-made coin errors are usually unique, but the engraving errors appear on all of the coins produced until the error is corrected. This may result in two or more varieties of the coin in the same year.

Essai, Essay

A trial strike, also in currency a strike intended to test the design.

Exergue

A segment of the coin design separated by a line (usually indicating the ground in the design) in which a legend is placed/inscribed.

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F

Face value

Value that is written on a coin. For example, an American 1 cent coin has a face value of 1 cent. A collectable coin or bullion coin is usually worth many times its face value.

Fantasy

Generally a representation of a rare or never issued coin.

Field

Background area of a coin not used for a design or inscription.

Filler

Coin that is very worn and/or damaged, but may still be included in a collection if it is a Key Coin.

Fineness

Purity of precious metal content expressed in terms of one thousand parts. 90% is expressed as .900 fine. The purest gold bullion coin is .99999 fine.

Flan

Blank metal piece before striking, also called a planchet or blank.

Fleur de coin (FDC)

Coin of exceptionally high quality, where quality is determined not just by wear of the coin in circulation but also by the wear and artistic quality of the dies from which it was minted. These factors are crucial for ancient coinage where variability was higher than in modern mints. See also Grade.

Flip Strike

An error caused by the coin flipping over after being struck, and then struck a second time. Each face of the coin will have a "ghost" of the opposite face.

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G

Gem

Coin of exceptionally high condition, such as Gem Uncirculated or Gem Proof.

Grade

The condition of a coin or amount of wear that a coin has received. Common grade terms used in North America, from worst to best, are Poor (Po), Fair (Fr), About Good (AG), Good (G), Very Good (VG), Fine (F), Very Fine (VF), Extra/Extremely Fine (EF or XF), Almost Uncirculated (AU), Uncirculated (UNC), and Brilliant Uncirculated (BU). Grading criteria may also include color, strength of strike, and "eye appeal".

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H

Hammered

A coin that has been struck by hand, using dies and a hammer.

High Relief

A coin with the raised design high above the field. Coins struck in high relief often have problems with details not coming up sharp enough and dies having a shorter than usual lifespan. If the design is higher than the rim, the coin may not be stackable, and the highest points of the design will wear away very quickly.

Holey dollar (Australia)

Spanish 8 Real coin with a hole in centre, stamped with New South Wales 1813 on obverse and five shilling on reverse.

Hub

Positive-image punch that impresses the coin's design onto a die.

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I

Incuse

Part of the coin's design that has been impressed below the surface (intaglio). Not as popular as the "relief" method due to difficulty striking clearly and shorter lifespan of dies.

Ingot

Bar of pure metal formed by pouring the molten metal into a mould. It may be stamped with its weight and purity.

Inscription

Lettering and wording on a coin.

Intrinsic value

Current market value of a coin based on its metallic content. For a coin struck on precious metals, this is the same as its bullion value.

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K

Karat

Unit measurement of the purity of gold. Usually marked 'K', or 'k'. 24K = pure gold, 18K = .750 fine. Not to be confused with 'Carat' used with precious stones (see above). Note that both originally referred to the seed of the carob tree ('Ceratonia siliqua' or 'Siliqua Graeca'). A Roman coin called the solidus weighed 24 'carats' or 'siliquae', 1/6 of a scruple; this became the standard of purity in western Europe.

Key Coin

A rarer or higher valued coin within a series. As an example, 1923 and 1925 are key coins in the Canadian small cent series.

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L

Laureate

A style of coin portraiture started in ancient Rome whose coins often showed the Emperor's head crowned with a laurel wreath. The American Barber coins from 1892 to 1915 and the first portrait of Queen Elizabeth II used in Great Britain from 1953 to 1967 are modern examples.

Legal tender

Coins or currency which must be accepted in payment of debt.

Legend

Principal inscription on a coin.

Lettered Edge

The outside edge of a coin containing an inscription.

Low Relief

A coin with the raised design not very high above the field.

Luster

Appearance of a coin's ability to reflect light; brilliance. Percentage of the original mint luster is one of the factors in determining grades of "Mint State" coins (e.g. MS-60, MS-65).

M

Master die

Original die from which working hubs are made.

Maundy money

An annual gift made on Maundy Thursday of a set of pure silver coins made by the Royal Mint and distributed personally by the Monarch to the poor of Canterbury. The number of sets reflects the number of years the Monarch has occupied the throne.

Medal Alignment

A method of striking coins in which both the obverse and reverse dies are aligned in the same direction. Most Canadian coins are struck this way.

Medal-coin

See NCLT.

Milled coinage

Machine-struck coinage. In contrast to hammered coinage and cast coinage.

Milled edge

Edge of a coin with grooved lines around the perimeter. Also known as a reeded edge.

Mint Error

Defective coin produced by a mint.

Mint Luster

Shiny "frost" on the surface of an uncirculated or mint state coin.

Mint Mark

Small letter (or other symbol) indicating at which mint the coin was struck. Examples are "S" for San Francisco on US coins or "A" for Paris on French coins.

Mint Roll

Newly minted coins wrapped in rolls of a certain quantity, by the mint or issuing authority.

Mint Set

Set of uncirculated coins packaged and sold by the mint.

Mint State (MS)

Another word for "Uncirculated" or "Fleur de Coin", usually used in North America. Conditions range from MS-60 to MS-70.

Mis-strike

Off centre striking of a coin.

Monster Box

Large plastic shipping boxes for silver bullion coins, holding 500 coins. US Silver Eagles are shipped in green monster boxes while Canadian Maple Leafs are shipped in red monster boxes.

Motto

Inspirational phrase or wording. Examples include "In God we Trust" on US coins or "Liberte, Egalite, Fraternite" on French coins.

Mule

Coin struck from two dies never intended to be used together.

N

NCLT

Non circulating legal tender. These coins are issued in "limited editions" for collectors, and sold for far more than their face value. While these coins are technically legal tender, their bullion value usually far exceeds their face value.

O

Obverse

Front or heads side of coin.

Overdate

Shown date made by superimposing numbers on a previously dated die.

Over Graded

Coin in worse condition than stated.

Overstrike

Impression with new dies on a previously struck coin.

P

Pattern

Coin minted from official dies that is not a regular issue, and intended to evaluate new alloys or designs. Patterns can be divided in three categories:

Pattern: A coin which represents a new design, motto, or denomination, proposed but not adopted, at least for the same year. Most of the unadopted designs fit into this modality.

Die Trials: Coins made with the regular issue dies, in metals other than the proper. Usually minted to verify details of a new coin, value or design.

Experimental Pieces: Very similar process to "Die Trials", but with subtle differences. A coin minted with a die, official or not, to try a new metal, alloy, or shape.

Patina

Surface film caused by oxidation, usually green or brown, mostly found on older silver, copper or bronze coins.

Pedigree

Record of previous owners of a rare coin.

Piedfort

A coin struck on a planchet that is thicker than normal, typically twice as thick. "Piefort" is a common misspelling.

Planchet

Blank prepared piece of metal on which the coin is struck.

Portrait

The main front-side image.

Privy

Small mark, often hidden, on a coin, traditionally to indicate the mintmaster or moneyer.

Proclamation Coins

Coins declared legal tender even though they are not issued by the sovereign, but by another sovereign.

Proof

Coins specially struck for collectors using polished dies and planchets. The resulting coins usually have a mirror field and raised areas are frosted in appearance.

Proof Set

Set of proof coins packaged and sold by the mint.

Punch Mark

Coin struck from 'punching' the coin with symbols or seal. Ex: Five Punch Marked coins of ancient India. Punch Marks generally represent animals, tree, hills, and human figures. These coins were issued by royal authority and generally marked with banker's punches on the reverse.

Q

Quarter (U.S.A./Canada)

United States or Canada $0.25 coin. Short for Quarter Dollar.

Quarter Eagle (U.S.A)

United States gold $2.50 coin.

R

Raw

Coin that has not been encapsulated by any coin grading service.

Reeded edge

Edge of a coin with grooved lines around the perimeter. Also known as a milled edge.

Relief

Part of the coin's design that is raised above the field, opposite of "incuse".

Re-strike

Coin struck from genuine dies at a date later than the original issue. Some of the 1804 US Silver Dollars were restrikes.

Repunched date

A coin variety on which the puncheon with which the date is applied to the hub has been used a second time, often to cover a first, failed attempt.

Reverse

Back or tails side of the coin. Opposite of 'Obverse'.

Rim

Raised portion of the design along the edge that protects the coin from wear. It also makes the coins stackable and easy to roll by machine.

Round

Round one ounce bullion piece, generally issued privately.

S

Series

Set of years coin was minted with a specific design and denomination.

Scruple

One Roman scruple = 1/24 Roman uncia; the modern (nominal) estimate of the weight of the Roman scruple is 1.125 g.

Silver Dollar

A one-dollar coin minted in the U.S. (until 1935), and Canada (until 1967). Dollar coins made after those dates are sometimes called "silver dollars" although they are actually made of nickel or other metal. Dollar coins struck in Canada since 1987 are more commonly referred to as Loonies because of the loon design on the reverse.

Slab

Plastic case containing a coin that has been graded and encapsulated.

Spanish dollar

Coin issued in Spain and its colonies from 1497 to 1864. Equal to 8 Reales. Also known as a 'Piece of Eight'. It was legal tender in the United States until 1857.

Spot Price

Quoted market value of one troy ounce of a precious metal in bullion form.

Stainless Steel

A combination of iron, carbon and another element, usually chromium, to prevent rusting. Coins struck on stainless steel are very durable and maintain their shiny appearance, but the hardness of the metal requires that the coins have a low relief in order to prolong die life.

T

Token

Privately issued piece that has redeemable value for goods or services, but is not an official government coin. An example would be subway tokens.

Tombac

A type of brass that was used to make Canadian 5 cent coins in 1942 and 1943. There was a shortage of the usual nickel due to World War II. A shortage of copper forced a switch to Chromium plated steel in 1944.

Trade Dollar

Silver dollar issued specifically for trade with a foreign country.

Truncation

Sharply cut off bottom edge of a portrait or bust. The coin engraver's initials are often found on the truncation.

Type

Coin's basic distinguishing design.

Type Set

One of each coin of a particular design, series or period.

U

Uncirculated

Coin that has never been used, thus retaining all or most of its original luster.

Uniface

A coin struck with the design on one side only.

Union

A proposed United States gold coin worth one hundred dollars. Only one pattern 'half union' is known to exist. Platinum $100 coins are not technically 'unions'.

Unique

Item of which only one is known to exist.

Upset

A coin struck on which the obverse and reverse are out of alignment.

V

Variety

Fine details of a coin's design which set it apart from the normal issue.

Y

Year Set

Set of coins for any specific year containing one of each denomination of that year.

Z

Zinc

A grey inexpensive metal, usually alloyed with copper to make brass coins, but is also used in pure form for emergency coinage when the usual coinage metal is not available due to war or other serious crisis. Much of the coinage struck in Nazi-Occupied Europe was tin-plated zinc.

References

Works cited

• Coin World Glossary
• Dictionary.com
• A Guide Book of United States Coins by R.S. Yeoman ISBN 0-7948-1790-4
• 2005 Blackbook Price Guide to United States Paper Money ISBN 1-4000-4839-7
• "Numismatic Terms and Methods" from the American Numismatic Society
• The Complete Illustrated Guide to Coins & Coin Collecting by DR. James Mackay ISBN 0-681-45952-2

External links

Media related to Coins at Wikimedia Commons

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