Dnfox

'The law defines 'numismatic coins' as those having a premium of 15% or more over their gold content.' Totally false—no basis in statute or regulation. A regulation was proposed in 1984, but never adopted. False Claim #6 'The law defines United States $20 gold pieces as 'numismatic' coins.' Totally false—no basis in statute or regulation.

What the Law Really Says... and Why You Should Not Buy Them!

Things are not what they seem, nor what people think they are. The loosely used, popular definition of a 'numismatic' coin is one that collectors will pay a premium for. When used as 'numismatic' versus 'bullion' coin, people usually mean a collector's coin versus a coin sold for a small premium over its metal value. The first is an investment in a coin, never mind its precious metal content; the second is an investment in silver or gold, never mind that it's a coin.

Numismatic Definition

Numismatic Supplies. Whether you collect coins as a hobby, or approach it more as an investment strategy, SilverTowne has the Numismatic Supplies to support your efforts. We offer a wide variety of coin albums and folders (featuring selections from Dansco, Harris and Whitman), storage boxes, coin tubes, plastic capsules, display frames, glass. Of or relating to coins or currency. Of or relating to numismatics. French numismatique, from Late Latin numisma, numismat-, coin, variant of Latin nomisma, from Greek, custom, current coin, from nomizein, to have in use, from nomos, custom; see nem- in Indo-European roots. Numismatics is the scientific analysis and study of money and the way people have used money throughout history. Additionally, it is also used to refer to the collecting of coins, currency, tokens, paper money, and related objects. When coin collectors use the word numismatics, though, they generally mean the study of coins in particular. The American Numismatic Society is an organization dedicated to the study of coins, currency, medals, tokens, and related objects from all cultures, past and present. The Society's headquarters in New York City has the foremost research collection and library specialized in numismatics in the United States.

But never mind these loose, popular definitions. Like the word 'awesome,' they no longer mean much at all, except under the law. And the law defines 'numismatic' very narrowly, and not at all as people believe, or numismatic dealers contend.

False Claim #1

'Numismatic coins are exempt from government seizure by law.' Totally false—no basis in statute or regulation.

False Claim #2

'Customer purchases of bullion gold coins must be reported to the government, but numismatic coins don't have to be reported.' Totally false—no report is required when you buy gold, regardless whether it is bullion or numismatic. Only sales of certain gold and silver items must be reported, and then only when they exceed certain quantities.

False Claim #3

'Coins minted before 1934 are exempt from government seizure.' Totally false—no basis in statute or regulation.

False Claim #4

'United States $20 gold pieces minted before 1934 are exempt from government gold seizure.' Totally false—no basis in statute or regulation. In fact, it was mainly these coins which the government seized in 1933.

False Claim #5

'The law defines 'numismatic coins' as those having a premium of 15% or more over their gold content.' Totally false—no basis in statute or regulation. A regulation was proposed in 1984, but never adopted.

False Claim #6

'The law defines United States $20 gold pieces as 'numismatic' coins.' Totally false—no basis in statute or regulation.

LET THE BUYER BEWARE!

You should buy what is best for you, not what is best for some coin dealer. In emergencies, times of economic downturn, or markets of significantly rising prices, all values tend to sink to their lowest common denominator. With gold and silver coins, that means their precious metal content. Premiums, especially numismatic premiums that depend on stable markets and widespread prosperity, cannot survive that sort of pressure.

Why spend money to buy premium that does not bring you any benefit? Remember, it is ounces that bring a return, not premium. If you have numismatic coins, act now, while you can, to convert that numismatic premium into more gold and silver by swapping your numismatic coins for bullion coins. Contact us with a list of your coins and we will calculate exactly how much gain in ounces of gold or silver that swap would net you.

The Law and Numismatic Coins

Collecting coins can be a hobby both fascinating and rewarding. In the past 25 years, investors have discovered the exotic world of numismatics and jumped in with big bucks. Riding the wave of mythical profits in numismatic coins, dealers in the '70s set up boiler rooms where salesmen armed with WATS lines pushed quasi-numismatic coins like US silver dollars or $20 gold pieces. I say 'quasi'-numismatic because so many of these exist that they aren't truly 'rare' coins, although they carry big premiums over their gold or silver value, and they can dance and jump when the gold bull is raging.

The problem is, gold and silver dealers keep on convincing people to buy the more expensive US $20 gold pieces on the basis that they are 'numismatic' coins. What difference does that make? When gold was confiscated in 1934, they say, 'numismatic' coins were exempted.

I don't find that logic convincing. The exemption in 1933 was very vague: 'gold coins having a recognized special value to collectors of rare and unusual coins' (Presidential Proclamation of 4/5/1933). Worse yet, our government tyrants are notoriously arbitrary. If they confiscate gold a second time, why would you expect them to be consistent? Besides, who will turn in his gold if his family's safety depends on it? Finally, in 1933 US $20s comprised the largest part of banks' gold reserves, and most assuredly were not exempted from seizure.

And this is not 1933. In 1933 gold formed the basis of the banking system’s reserves. Today, it doesn’t, and the government propaganda machine has been churning night and day since 1933 proclaiming gold has been demonetised. In 1933 Roosevelt found it necessary to seize the gold to “reliquefy” the banking system. Today, that isn’t necessary. They perform the same magic with computers, creating money out of thin air. So the government gains no advantage by seizing gold today.

However, a seizure would stir up a mammoth wasp’s nest. Most gold and silver owners don’t trust government to begin with. Would they timidly turn in their gold at the government’s call? Hardly—seizure would be an enforcement nightmare. Would the government find the little gain of gold seizure worth the effort of swatting all those wasps? Doesn’t seem reasonable, even for the notoriously unreasonable federal government..

WHAT ABOUT DEFINITIONS?

But here's a new twist on things. In the past 20 years dealers have been hammering out regulations with IRS about the definition of 'numismatic' coins. Many dealers aver that some government regulation defines a 'numismatic coin' as one that costs more than 15% over its gold or silver value. (We'll examine this claim more closely in a moment.) Relying on that definition, gold and silver dealers urge you to buy US $20s, which sell at far more than a 15% premium.

But so far, nobody has noticed this other, larger loophole:

The Gold Bullion Coin Act of 1985 (Public Law 99-185 of Dec. 17, 1985, 99 Statutes At Large 1177, 31 USC 5101, 5111, 5112) provided for minting the American Eagle ounce, half ounce, quarter ounce, and tenth ounce gold coins. Section 2(3) provides, 'For purposes of section 5132(a)(1) of [Title 31], all coins minted under this subsection shall be considered to be numismatic items.' (emphasis added)

The Liberty Coin Act of July 9, 1985 (Public Law 99-61 of 7/9/85, 99 Stat. 115, 31 USC 5112) authorized the one ounce silver coin commonly called the Silver American Eagle. At section 202(g) it contains identical language.

By statutory definition then, the American Eagle gold coins and the silver American Eagles are 'numismatic' coins. (31 USC Section 5132(a)(1) requires the Secretary of the Treasury to apply proceeds from selling 'numismatic' items to cost of making them.)

Here's another kicker. I nearly wore out a law school librarian trying to find the regulation that defines a numismatic coin as one that sells for more than 15% over its bullion value, but we couldn't find it. Thanks to the Industry Council for Tangible Assets (ICTA), I found it in a proposed regulation 26 CFR 1.6045-1 on page 647-648 of the Federal Register, Vol. 49, No. 3, 1/5/1984. But that proposed regulation was never adopted, and the current 26 CFR 1.6045-1 contains none of that language. I couldn't find it in any IRS letter rulings or other decisions, either. If it exists, neither the librarian nor I could find it. (One customer once told me that a dealer had faxed him a copy of the proposed regulation claiming that his company's corporate attorney said it was current law! When the customer asked for a letter from the attorney stating that, the salesman said that wouldn't be possible.)

What's the bottom line? Contrary to what most gold and silver dealers think, US $20 gold pieces and silver dollars do not qualify as 'numismatic' coins.

However, if the federal government intends to confiscate gold, any 'exemption' for 'numismatic' coins has to include the American Eagle gold and silver coins. After all, not just a regulation but a statute specifically defines them as 'numismatic.' I wonder if dealers who keep urging customers to buy the higher priced US $20s 'because their higher premium qualifies them as numismatic coins' have thought of this?

BIG BROTHER WANTS TO KNOW

Building its grid of government control, the IRS in the 1980s began to introduce information reporting ('broker reporting') and cash transaction reporting requirements ('cash reporting').

Broker reporting applied to a wide number of transactions, but those that concern us are 'commodities.' That included any personal property for which the Commodity Futures Trading Commission (CFTC) has approved trading in futures contracts, among others, gold, silver, platinum, palladium, and US 90% silver coins.

Don't let this confuse you.Sales to customers aren't reported, only certain purchases from customers. I repeat, I haven't found any requirement in the law that anyone must report precious metals sales to customers.

Specifically, according to Revenue Procedure 92-103, dealers need only report purchases from customers which could satisfy a futures contract. That includes:

• lots of 25 or more (but not fewer) Krugerrands, Maple Leaves, or Mexican Onzas;
• kilo gold bars;
• 100 ounce gold bars;
• 1,000 oz. silver bars;
• $5,000.00 face value (five bag lots, not five thousand bucks worth!) of US 90% silver coin;
• 50 oz. of platinum; or
• 100 oz. of palladium.

If you sell lots smaller than these, the dealer reports nothing.

After fighting with gold and silver dealers through the 1980s the final IRS broker reporting regulation (26 CFR 1.6045-1) didn't include anything about numismatic coins.

CASH REPORTING QUIRK

Cash reporting, as opposed to broker reporting, is a hog of a different color. Cash reporting requires certain entities to report receiving 'cash' in amounts greater than F$10,000 (or F$3,000 in some circumstances). For this purpose, the government isn't interested whether you are buying precious metals or fertilizer, only that you plunked down 'cash.'

The cash reporting requirements of 26 United States Code 6050-I supposedly have companion regulations at 26 CFR Part 1, Section 6050-I-1(c)(7)(i). But note that the word 'cash' has a special definition in this law. In a December 30, 1993 letter, the IRS Assistant Chief Counsel for Income Tax & Accounting Vincent Cardella wrote to the Industry Council for Tangible Assets (ICTA) as follows:

Section 1.6050I-1(c)(1) of the Treasury Regulations defines the term 'cash,' in part, to include the coin and currency of the United States or of any other country, which circulate in and are customarily used and accepted as money in the country in which issued. The term 'cash' does not include [sic] bullion coins, such as gold bullion coins issued under the Gold Bullion Act of 1965 [sic], 99 Stat, 1117 [sic], nor does it include commemorative coins, such as coins issued under the Statue of Liberty-Ellis Island Commemorative Coin Act, 99 Stat. 113 (1985) [The American Liberty Coin Act].

But gold and silver American Eagles are legal tender. Crazy as it sounds, this means that you could walk into a Mercedes dealership, plunk down 201 American Eagle gold coins with a face value of $10,050 and a paper money value of F$80,400, and it wouldn't be a reportable transaction. Wait, kids, don't try this at home. Repeat: even though the IRS Assistant Chief Counsel says so, don't rely on it. But it certainly appears that there is a hole in the cash transaction reporting laws big enough to drive a 747 Jumbo Jet through. The simple way to avoid (not evade) cash reporting is to use American Eagle gold coins and silver American Eagles in everyday transactions.

Crazier still, since Customs is a part of Treasury, do you suppose that American Eagle gold coins are exempt from reporting as cash when you leave the country?

Of course it's crazy, but it's the government, shooting themselves in the toe. They hate gold and silver, and just because they want to discourage people from using it, they write it out of their regulations, but only succeed in making gold and silver more private than their phony paper money.

This article cites laws and regulations that were valid at the time it was written. Readers are encouraged to check the references at any law library to make sure they are still valid. This article does not offer legal advice. Special thanks to the Industry Council for Tangible Assets, the trade association for gold and silver dealers for help researching this article. ICTA has done a great job over the years fighting off Big Brother, and every precious metals dealer ought to join and support them.

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

Numismatics (ancient Greek: νομισματική, meaning 'monetary') 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.

A[edit]

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.

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.

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.

Test to ascertain the weight and purity of a coin.

Attribution

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

B[edit]

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.

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.

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.

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.

Copper based alloy with zinc.

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).

Copper based alloy with tin.

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

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.

A coin intended for everyday use in commerce.

C[edit]

Cameo

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

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).

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

SeeBanker's Mark.

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'.^[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.

The term used to describe the position of the obverse (front) and reverse (back) dies to each other. A 'medal alignment' describes a coin struck so that when the 'head' side is facing up, and the coin is turned on its axis, the 'tails' side is also facing up. A 'coin alignment' describes a coin struck so that when the 'head' side is facing up, the coin must be flipped top-to-bottom to see the 'tails' side facing up. Generally, Canadian coins are struck with medal alignment, and US coins are struck with coin alignment.

Collar

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

Contact Marks

American Numismatic Association Website

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.

D[edit]

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.

Artist or creator of a coin's design.

Device

Pattern or emblem used in the design of a coin.

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.

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 hence most numismatists do not recommend dipping or any other method of cleaning coins as this will reduce the coin's value.

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 (common on ancient and medieval coins where hubs were not used).

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

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.

E[edit]

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.

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

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

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

Reproduction made by electrodeposition frequently used in museum displays.

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

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.

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

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.

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.

F[edit]

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.

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.

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.

G[edit]

Gem

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

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'.

H[edit]

A coin that has been struck by hand, using dies and a hammer.^[2]

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.

I[edit]

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.

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

Lettering and wording on a coin.

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.

K[edit]

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.

L[edit]

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.

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

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.

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[edit]

Master die

Original die from which working hubs are made.

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 distributed reflects the age of the monarch at the time.^[3]

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.

See NCLT.

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

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

Defective coin produced by a mint.

Mint luster

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

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.

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[edit]

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[edit]

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[edit]

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.

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.

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

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

Portrait

The obverse (front-side) image.^[4]

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.

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[edit]

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[edit]

Raw

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

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.

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

Reverse proof

A proof coin that has its fields frosted and the design and lettering with a mirror finish. Standard proof coins have the fields mirrored and the design and lettering frosted.

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[edit]

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.

Seigniorage

The difference between the face value of a money and the cost to produce and distribute it. When a government issues new coinage, it earns the seigniorage in profit (or loss if negative).

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.

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[edit]

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

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.

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 time period.

U[edit]

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[edit]

Variety

Fine details of a coin's design which set it apart from the normal issue. Varieties arise as a result of intended or unintended alterations to the basic coin design that occur during the die production stage.

Y[edit]

Year Set

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

Z[edit]

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[edit]

1. ^Tenney, Mary McWhorter (1936), Communion Tokens: Their History and Use, With a Treatise on the Relation of the Sacrament to the Vitality and Revivals of the Church, Grand Rapids, Michigan: Zondervan Publishing House, pp. 11–16
2. ^'Coin / Numismatic Terminology'. www.Gold-Sovereign.net. 2013-08-13. Retrieved 2013-09-04.
3. ^https://www.royalmint.com/discover/uk-coins/maundy-money/
4. ^http://coins.about.com/od/coinsglossary/ss/coinanatomy_4.htm#step-heading

Works cited

• A Guide Book of United States Coins by R.S. YeomanISBN0-7948-1790-4
• 2005 Blackbook Price Guide to United States Paper MoneyISBN1-4000-4839-7
• The Complete Illustrated Guide to Coins & Coin Collecting by DR. James MackayISBN0-681-45952-2

External links[edit]

Media related to Coins at Wikimedia Commons