A
- About Uncirculated (AU)
- A coin showing only light wear on the highest points, retaining most of its original mint luster. Grade range AU-50 through AU-58 on the Sheldon scale.
- Alloy
- A blend of two or more metals — most U.S. coinage uses copper-based alloys (e.g. 90% silver + 10% copper).
- ANA
- American Numismatic Association — the largest nonprofit numismatic organization in the United States, founded 1891. Membership signals professional standing for coin dealers.
- ANACS
- American Numismatic Association Certification Service — one of the four major U.S. coin grading services alongside PCGS, NGC, and CAC.
- Anvil die
- The lower die in a coining press, traditionally fixed in place. Strikes the reverse of most coins.
- Attribution
- The process of identifying a coin's specific variety, die marriage, or die state — important for rarer issues where varieties carry distinct values.
B
- Bag mark
- A small ding or contact mark on an uncirculated coin, picked up from contact with other coins in a mint bag. Common on silver dollars.
- Brilliant Uncirculated (BU)
- A coin in original mint condition with full luster and no wear. Roughly equivalent to MS-60 through MS-63.
- Bullion
- Precious metal valued primarily by weight and purity rather than numismatic rarity — coins, bars, or rounds. Gold and silver bullion track live spot prices.
- Bullion coin
- A government-issued coin made primarily for investors and traded close to its metal value. Examples: American Gold/Silver Eagle, Canadian Maple Leaf, Krugerrand.
C
- CAC
- Certified Acceptance Corporation — a verification service that places a green or gold sticker on already-slabbed PCGS/NGC coins meeting strict quality standards for their grade.
- Cameo (CAM)
- A designation for proof coins showing strong contrast between frosted devices and mirrored fields. Deep Cameo (DCAM) is a stronger contrast.
- Carson City (CC)
- A U.S. mint that operated in Carson City, Nevada from 1870–1893. The 'CC' mint mark appears on some of the most desirable silver dollars and gold coins.
- Cherrypicking
- Examining rolls or accumulations to identify unattributed varieties or higher-grade coins that have been overlooked. Skilled cherrypicking can find significant value.
- Cleaned
- A coin whose surface has been altered with abrasives, chemicals, or polish. Cleaning is the single most damaging thing that can happen to a coin — values drop 30–70%, and graders flag the coin in a Details holder.
- Coin
- A piece of metal issued by a government for use as money. Excludes tokens, medals, and rounds, which are unofficial issues.
- Commemorative
- A coin issued to mark a person, place, or event. U.S. commemoratives split into 'classic' (1892–1954) and 'modern' (1982–present) eras.
- Condition rarity
- A coin that is common in low grades but rare in high grades. Many 20th-century U.S. coins are condition-rare in MS-67 or MS-68.
- Counterfeit
- A coin made fraudulently to imitate a genuine coin. Modern counterfeits — particularly from overseas — are increasingly sophisticated; reputable dealers and graders inspect every coin.
- Crack out
- Removing a coin from its grading slab — typically to resubmit at hope of a higher grade. Cracking out usually lowers, not raises, value.
D
- Deep Cameo (DCAM)
- A proof-coin designation for the highest level of frost-to-mirror contrast. PCGS uses DCAM; NGC uses Ultra Cameo (UCAM).
- Denomination
- The face value of a coin (cent, nickel, dime, quarter, half-dollar, dollar). Face value is rarely related to current market value.
- Designer
- The artist responsible for a coin's design. Designers' initials often appear on the obverse (e.g. 'VDB' for Victor David Brenner on the Lincoln cent).
- Die
- The metal stamp used to strike a coin's design into a blank planchet. Each coin requires an obverse die and a reverse die.
- Die marriage
- A specific obverse die paired with a specific reverse die. Some collectors specialize in identifying every die marriage of a series.
- Dipping
- Briefly immersing a coin in a chemical solution to remove toning. Considered cleaning by graders; reduces value.
- Double die
- An error where the design is doubled on a coin because the die was struck more than once during creation. The 1955 Doubled Die Lincoln cent is the most famous example.
E
- Eagle
- Historically a $10 U.S. gold coin (1795–1933). Today, the term also refers to modern bullion coins: American Gold Eagle, American Silver Eagle, etc.
- Edge
- The third side of a coin, perpendicular to obverse and reverse. May be plain, reeded, or lettered.
- Encapsulation
- Sealing a coin in a tamper-evident plastic holder ('slab') with its grade certified. PCGS, NGC, ANACS, and ICG are the major encapsulators.
- Error coin
- A coin produced with a Mint mistake — off-center strike, double die, wrong planchet, etc. Some errors carry substantial premiums.
F
- Field
- The flat, plain surface of a coin surrounding the raised design elements.
- Fine (F)
- A Sheldon-scale grade (F-12 through F-15) for a moderately worn but still distinguishable coin.
- Finest known
- The highest-graded surviving example of a particular coin. Finest-known status can multiply a coin's value many times over.
- Fractional gold
- Gold coins struck in sizes smaller than 1 troy ounce — typically 1/2, 1/4, and 1/10 oz. American Gold Eagles are issued in all four sizes.
- Full Bands (FB)
- A designation for Mercury (Winged Liberty Head) dimes showing complete separation of the fasces bands on the reverse — a strike-quality marker that commands a premium.
- Full Bell Lines (FBL)
- A Franklin half dollar designation requiring complete, unbroken lines on the Liberty Bell on the reverse — a strike-quality premium designation.
- Full Head (FH)
- A Standing Liberty quarter designation requiring complete detail on Liberty's helmet — a strike-quality premium.
- Full Steps (FS)
- A Jefferson nickel designation requiring complete detail on Monticello's steps. Five Full Steps (5FS) and Six Full Steps (6FS) are tiers above non-FS grades.
G
- Grade
- A numeric or descriptive rating of a coin's preservation. Modern U.S. grading uses the Sheldon scale, 1 (Poor) to 70 (Perfect Mint State).
- Graded coin
- A coin that has been authenticated, graded, and encapsulated by a third-party grading service. Graded coins typically trade for more than raw equivalents at MS-64 and above.
- GSA dollar
- A Morgan silver dollar sold by the U.S. General Services Administration from the early 1970s Treasury hoard, typically in a distinctive black plastic holder. Common dates: $200–$400; rare dates: thousands.
H
- Hairlines
- Fine, parallel scratches on a coin's surface caused by cleaning or improper handling. Visible to graders under magnification; reduces grade and value.
- Hub
- The master tool used to create coining dies. A single hub produces multiple working dies.
J
- Junk silver
- Pre-1965 U.S. silver coinage (90% silver) traded by weight as bullion rather than by date or condition. A $1,000 face-value bag of junk silver contains about 715 troy oz of silver.
K
- Key date
- A coin that is scarce in any grade and consistently in demand. Key dates anchor the value of any given series — e.g. 1893-S Morgan, 1916-D Mercury, 1909-S VDB Lincoln.
L
- Legend
- The lettering on a coin — typically the country of issue, denomination, motto, and date.
- Lettered edge
- An edge inscribed with text rather than reeded or plain. Modern Presidential dollars carry lettered edges.
- Luster
- The reflective sheen of a coin's original mint surface. Strong luster is a hallmark of high-grade uncirculated coins; cleaning destroys it.
M
- Melt value
- The intrinsic value of a coin's metal content at current spot prices. Numismatic value can be far higher; melt is a floor, not a ceiling.
- Mint
- A facility authorized to produce coins. The U.S. operates the Philadelphia, Denver, San Francisco, and West Point mints today.
- Mint mark
- A small letter on a coin identifying the mint that struck it: P (Philadelphia, often unmarked), D (Denver), S (San Francisco), O (New Orleans, historical), CC (Carson City, historical), W (West Point), C (Charlotte, historical), D (Dahlonega, historical, gold only).
- Mint set
- A U.S. Mint product containing one example of each circulating-strike coin from a given year, packaged for collectors.
- Mint State (MS)
- An uncirculated coin grade, MS-60 through MS-70 on the Sheldon scale. MS-65 is generally the cutoff for 'gem' quality.
- Morgan dollar
- U.S. silver dollar struck 1878–1904 and 1921, designed by George T. Morgan. Roughly 656 million were minted across multiple mints; the series is the most-collected U.S. coin in history.
- Motto
- An inscription on a coin, e.g. 'In God We Trust' or 'E Pluribus Unum'.
N
- NGC
- Numismatic Guaranty Company — a major third-party coin grading service founded 1987. NGC slabs are widely accepted in the U.S. market.
- Numismatic
- Pertaining to the study and collecting of coins, paper money, tokens, and related items.
- Numismatist
- A person who studies or collects coins. Working numismatists buy, sell, and appraise professionally.
O
- Obverse
- The front of a coin — typically the side bearing the principal portrait or design element.
- Off-center
- An error coin struck with the planchet misaligned in the die. Severely off-center strikes can be highly collectible.
- Original
- A coin in untouched, undamaged condition — not cleaned, not dipped, with its natural surfaces intact. The most valuable state for most coins.
- Overdate
- A date variety where one date was punched over another — e.g. 1942/1 Mercury dime, where the '2' was punched over a '1'.
P
- Patina
- Natural toning that accumulates on a coin's surface over decades. Attractive patina adds to value; collectors prize original surfaces.
- PCGS
- Professional Coin Grading Service — the largest U.S. coin grading service, founded 1986. PCGS slabs often command a small premium over NGC for the same grade.
- Peace dollar
- U.S. silver dollar struck 1921–1928 and 1934–1935, designed by Anthony de Francisci to commemorate peace after WWI.
- Planchet
- The blank metal disc that becomes a coin when struck between two dies.
- Polished
- A coin whose surface has been abrasively buffed to mimic shine. Always reduces value; visible to graders.
- Privy mark
- A small additional mark on a coin identifying a special issue, mint, or year. Modern bullion coins use privy marks for limited editions.
- Proof
- A specially-struck coin produced with polished dies and planchets for collectors, not circulation. Proofs typically have mirror-like fields and frosted devices.
R
- Raw coin
- An un-encapsulated coin, not in a third-party slab. Raw coins trade at a discount to slabbed equivalents at MS-64 and above due to grading risk.
- Reeded edge
- An edge with vertical grooves — the standard for most U.S. silver and gold coinage. Historically introduced to deter clipping.
- Relief
- The height of a coin's design above the field. Some classic U.S. designs (like the original 1907 Saint-Gaudens Double Eagle) were 'high relief'.
- Replica
- A non-genuine copy of a coin, sold openly as a copy and required by U.S. law (Hobby Protection Act) to be marked 'COPY'.
- Reverse
- The back of a coin.
- Rim
- The raised edge of a coin's obverse and reverse, protecting the design from wear.
S
- Sheldon scale
- A 1–70 numeric grading scale developed by Dr. William Sheldon in 1948. Now used by all U.S. third-party grading services.
- Slab
- Informal term for a third-party grading service's tamper-evident encapsulation. Coins 'in slabs' or 'slabbed' carry the service's certified grade.
- Spot price
- The current per-troy-ounce market price of a precious metal. Used to value bullion in real time.
- Strike
- The act of stamping a coin; also a measure of design clarity. A 'weak strike' shows incomplete details even on an uncirculated coin.
T
- Toning
- Natural color that develops on a coin's surface over time, typically from environmental exposure. Attractive toning (rainbow, peripheral, target) can add significant value.
- Type set
- A collection of one example of each major design type within a denomination or era. A complete 20th-century U.S. type set has roughly 30 coins.
U
- Uncirculated
- A coin that has never been used in commerce and shows no wear. Includes Mint State grades MS-60 through MS-70.
V
- VAM
- Van Allen-Mallis — the standard reference numbering for Morgan and Peace dollar die varieties. Some VAMs (e.g. VAM-4 'Hot Lips' 1888-O) carry enormous premiums.
- Variety
- A distinguishable difference between coins of the same date and mint — overdates, doubled dies, repunched mint marks, etc.
W
- Wheat cent
- Lincoln cent struck 1909–1958 with two wheat stalks on the reverse. Key dates: 1909-S VDB, 1914-D, 1922 'Plain', 1931-S.
- Whizzed
- A coin whose surface has been mechanically polished with a wire brush or buffing wheel — leaves a distinctive directional grain. Severely damaging; treated as cleaned.
- World coin
- A coin issued by any country other than the United States.