Numismatic Glossary

A

Altered surfaces — A coin whose surfaces have been modified — commonly by cleaning, polishing, tooling, or re-engraving. Altered surfaces typically disqualify a coin from a straight grade and result in a Details designation.

ANA — American Numismatic Association. The largest US numismatic organization, publisher of The Numismatist magazine and operator of the ANA World's Fair of Money.

ANACS — The oldest US coin grading service, founded by the ANA in 1972 and now operating independently. Known for die variety attribution and affordable pricing.

Ancient coin — A coin struck in antiquity — typically Greek, Roman, Byzantine, or other pre-medieval coinage. Graded on a modified scale by NGC's Ancients division.

AU (About Uncirculated) — A grade range from AU-50 to AU-58. The coin shows only slight wear on the highest points and retains most of its original mint luster.

B

Bag mark — A small nick or abrasion caused by contact with other coins while in a mint bag. Common on silver dollars and gold coins distributed in bulk.

BU (Brilliant Uncirculated) — An older term for an uncirculated coin with bright, original luster. Largely superseded by specific MS grades on the Sheldon scale.

Bullion — A coin whose value is based primarily on its precious metal content — gold, silver, platinum, or palladium — rather than numismatic rarity. American Eagles and Canadian Maple Leafs are examples.

C

CAC — Certified Acceptance Corporation. A sticker service founded by John Albanese that verifies PCGS or NGC grades as accurate or better. CAC-stickered coins typically trade at a premium.

Cameo (CAM) — A designation for proof coins with frosted devices contrasting against mirror-like fields. DCAM (Deep Cameo) indicates exceptional contrast.

Carson City — The Carson City Mint (mint mark 'CC') operated from 1870-1893 in Nevada. CC-minted coins — especially Morgan dollars — are prized by collectors for their scarcity and historical significance.

Circulation — Coins issued for use as money. A 'circulated' coin shows wear from being used in commerce, as opposed to an uncirculated coin that was saved from the moment of striking.

Clad — A coin made of layered metals, such as the copper-nickel clad composition used for US dimes and quarters since 1965. The core is one metal and the outer layers are another.

Commemorative — A coin issued to honor a person, place, or event rather than for general circulation. US commemoratives divide into 'classic' (1892-1954) and 'modern' (1982-present).

Contact mark — A small mark on a coin's surface caused by contact with another coin. More significant than a hairline but less severe than a scratch. Affects grade, especially on high-grade coins.

Cud — A raised, irregular area on a coin's surface caused by a broken die. Cuds are a type of error and can add value depending on size and rarity.

D

Details grade — A grade assigned to a coin with surface problems (cleaning, damage, altered surfaces) that prevent a standard grade. The label indicates what the grade would otherwise be — for example, 'AU Details — Cleaned.'

Device — The raised design elements on a coin — the portrait, eagle, lettering, or other imagery that stands above the field.

Die — The hardened metal tool used to strike a coin. Each coin requires two dies (obverse and reverse). Die wear and die varieties are a major area of numismatic study.

Die variety — A coin struck from a die that differs in some way from the standard die — for example, a doubled die, a repunched mint mark, or a misplaced date. Major varieties (like the 1955 Doubled Die Lincoln Cent) can be extremely valuable.

DMPL (Deep Mirror Proof-Like) — An uncirculated coin — typically a Morgan dollar — whose fields have a deeply reflective, mirror-like surface from being struck on fresh dies. DMPL coins are highly prized.

Doubled die — A die that was accidentally given multiple impressions during manufacture, creating coins with duplicated design elements. Famous examples include the 1955 DDO Lincoln cent and 1972 DDO Lincoln cent.

E

Edge — The third surface of a coin, between the obverse and reverse. Can be plain, reeded, lettered, or decorated depending on the issue.

EF or XF (Extremely Fine) — A grade range from EF-40 to EF-45. The coin shows light wear on the highest points only, with sharp details overall.

Error coin — A coin with a manufacturing defect — off-center strike, clipped planchet, double-struck, wrong planchet, etc. Genuine errors can carry significant premiums.

Exonumia — Coin-like objects that are not official circulating money — tokens, medals, encased coins, and so-called dollars. A specialty collecting area.

F

F (Fine) — A grade range (F-12 to F-15) indicating moderate wear across the coin's surface. All major design features and lettering remain sharp.

Field — The flat, smooth area of a coin's surface, around the raised devices. Field condition (marks, luster, toning) strongly affects grade.

First Strike — A label applied by some grading services to coins submitted within a short window after their official release date. Can add a premium to modern coins.

Flip — A small plastic coin holder with two pockets, used for storage or to carry coins at shows. Soft flips can contain PVC, which damages coins over time.

Full Bands (FB) — A designation applied to Mercury Dimes whose horizontal bands on the fasces are fully separated — indicating a strong strike. FB coins are substantially more valuable than non-FB examples of the same grade.

Full Bell Lines (FBL) — A designation for Franklin Half Dollars with fully separated lines across the Liberty Bell on the reverse, indicating a sharp strike.

Full Head (FH) — A designation for Standing Liberty Quarters with fully detailed hair and helmet features on Liberty's head.

Full Steps (FS) — A designation for Jefferson Nickels with fully separated steps on Monticello — 5 or 6 complete steps. FS coins carry major premiums.

G

G (Good) — A grade range (G-4 to G-6) indicating heavy wear. Major design elements are still visible but most fine details are worn smooth.

Gem — An informal term for a high-grade uncirculated coin, typically MS-65 or higher, with exceptional eye appeal.

Grade — A numeric assessment of a coin's condition on the Sheldon scale (1-70). The grade directly determines market value.

H

Hairlines — Very fine parallel scratches on a coin's surface, often caused by improper cleaning or handling. Hairlines reduce grade and eye appeal.

Half dollar — A 50-cent US coin. Major series include the Capped Bust, Seated Liberty, Barber, Walking Liberty, Franklin, Kennedy, and modern commemorative half dollars.

I-K

ICG — Independent Coin Graders. A coin grading service founded in 1998, known for competitive pricing.

Incuse — A design element that is recessed below the field rather than raised above it. Incuse designs are uncommon — the Indian Head gold $2.50 and $5 coins (1908-1929) are the notable US example.

Intrinsic value — The value of a coin based on its precious metal content, as opposed to numismatic premium. Silver and gold coins always have some intrinsic value regardless of condition or rarity.

Key date — The rarest and most valuable date in a series. Famous examples include the 1909-S VDB Lincoln Cent, 1916-D Mercury Dime, and 1893-S Morgan Dollar.

L-M

Luster — The natural metallic sheen on a coin's surface, created during striking. Fresh mint luster is the strongest single indicator of an uncirculated coin.

Mint — A facility that produces coins. The US Mint operates branches in Philadelphia (no mint mark), Denver ('D'), San Francisco ('S'), and West Point ('W'). Historic mints include Carson City ('CC'), New Orleans ('O'), Charlotte ('C'), and Dahlonega ('D' — pre-1861).

Mint mark — A small letter on a coin indicating which mint produced it. Affects rarity and value — a 1916-D Mercury Dime is worth many times more than a 1916 with no mint mark from Philadelphia.

Mint set — A US Mint product containing one uncirculated example of each coin denomination struck that year. Distinct from a proof set.

Morgan Dollar — The US silver dollar minted from 1878 to 1904 and again in 1921, designed by George T. Morgan. One of the most widely collected US coin series.

MS (Mint State) — Grades from MS-60 to MS-70, applied to uncirculated coins showing no wear. MS-70 is theoretically perfect under 5x magnification.

N

NGC — Numismatic Guaranty Company. The world's largest third-party coin grading service by volume, founded in 1987.

Numismatics — The study and collection of coins, tokens, medals, and paper money. A numismatist is someone who studies or collects coins.

O

Obverse — The front or 'heads' side of a coin — typically the side with the portrait or main design.

OGH (Old Green Holder) — An older-generation PCGS slab with a green-labeled insert, produced from the late 1980s to mid-1990s. OGH coins are considered conservatively graded and often trade at a premium.

Overdate — A coin where one date was engraved over another, creating a visible underdate. Overdates are collected as distinct varieties — the 1942/1 Mercury Dime is a famous example.

P

PCGS — Professional Coin Grading Service. Founded in 1986, PCGS pioneered third-party coin grading and is widely considered the gold standard for US coins.

Planchet — The blank metal disc that becomes a coin when struck. Planchet errors (clipped, lamination, wrong metal) are a collected category.

Plus (+) designation — A designation used by PCGS and NGC for coins at the high end of their assigned grade — clearly superior to a typical example but not quite meeting the next full grade.

Pop Report / Population Report — A public database maintained by grading services showing how many coins they have graded in each date and grade. Essential for pricing rare coins.

Proof — A special striking method using polished dies and polished planchets, producing coins with mirror-like fields and frosted devices. Proofs are graded on a PF/PR scale (PF-60 to PF-70).

Provenance — A coin's documented ownership history. Important for high-value coins, where provenance from famous collections (Eliasberg, Pittman, Norweb) adds significant premium.

PVC — Polyvinyl chloride. Used in older flip-style coin holders and albums; PVC can break down over time and leave a green residue that damages coins. Do not store coins in PVC holders.

R

Raw — A coin that has not been professionally graded and is not encapsulated in a slab.

Reeded edge — An edge with parallel vertical grooves, historically used on silver and gold coins to make clipping detectable. Most US silver and gold coins have reeded edges; cents and nickels do not.

Registry set — An organized collection of graded coins registered with PCGS, NGC, or CAC. Registry participants compete for rankings based on completeness and grade.

Restrike — A coin struck from original dies at a later date than its original issue. Restrikes are official but may differ subtly from originals.

Reverse — The back or 'tails' side of a coin.

S

Semi-key — A date in a series that is scarce but not as rare as the key date. Typically commands a premium over common dates.

Sheldon scale — The 1-to-70 numeric grading scale used by all major grading services, developed by Dr. William Sheldon in 1949.

Slab / Slabbed — A tamper-evident plastic holder that encapsulates a professionally graded coin, showing the grade, certification number, and other details on a label.

Strike — (1) The act of striking a coin with dies. (2) The quality of the impression — a 'strong strike' shows all design details clearly, while a 'weak strike' shows soft or missing details.

T

Tone / Toning — Chemical discoloration on a coin's surface, typically caused by exposure to sulfur, moisture, or other elements. Attractive original toning can add substantial premium; unattractive toning can reduce value.

Type coin — A representative example of a particular design type, used to illustrate a series or complete a type set rather than a date set.

U-V

Uncirculated — A coin that shows no wear from circulation, retaining full mint luster. Grades MS-60 and higher.

VF (Very Fine) — A grade range (VF-20 to VF-35) indicating light to moderate wear, with most major features still sharp.

VG (Very Good) — A grade range (VG-8 to VG-10) indicating significant wear, though the design is still clear and some details remain visible.

W-Z

Wheat cent — A Lincoln cent minted from 1909 to 1958, with two wheat stalks on the reverse. Replaced by the Lincoln Memorial design in 1959.

Whizzing — A harmful cleaning technique that uses a wire brush or buffing wheel to artificially create luster. Whizzed coins are easy to detect and severely reduce value.