Speak
coin like a
collector

The language of the hobby

Walk into any coin shop, open any auction catalog, or call any dealer, and you will hear a language that has been growing since the 1850s. None of it is difficult; all of it is useful. Here is every term a collector actually needs, in plain English.

Bag Marks

Small nicks and abrasions a coin picks up from contact with other coins, most famously from the canvas bags in which silver dollars were stored and shipped by the thousands.

Bullion

Precious metal valued primarily by its weight and purity rather than rarity, such as bars, rounds, and modern coins like the American Silver Eagle.

Business Strike

A coin struck for everyday circulation, as opposed to a proof made specially for collectors.

Cameo

A proof coin whose frosted design contrasts dramatically with mirror-like fields.

Cob

A crude, hand-struck Spanish colonial coin clipped from a silver bar and hammered between dies. Every cob, including those recovered from the Atocha, is unique.

Cull

A heavily worn or damaged coin, often valued mainly for its metal content.

Denticles

The small tooth-like beads ringing the rim of many classic coins, including the Morgan Dollar.

Device

Any major design element on a coin, such as Liberty's portrait or the eagle.

Die

The hardened steel stamp that impresses a coin's design onto a blank. Cracked or repaired dies create collectible varieties.

Face Value

The denomination stamped on a coin, which for collectible coins is usually far below what collectors pay.

Field

The flat background area of a coin's surface surrounding the devices.

Grade

A shorthand description of a coin's state of preservation. Third-party services such as PCGS and NGC assign grades on a 70-point scale and seal the coin in a holder.

GSA Hoard

Millions of uncirculated silver dollars, heavily Carson City issues, discovered in Treasury vaults and sold to the public by the General Services Administration between 1972 and 1980.

Holder / Slab

The sealed, tamper-evident plastic case a grading service places a coin in, displaying its grade and certification number.

Intrinsic Value

The value of the metal a coin contains, as distinct from its collectible value.

Junk Silver

A casual term for circulated, common-date 90% silver U.S. coins valued mainly for silver content. The name undersells them; the silver is very real.

Key Date

The scarcest, most sought-after issue in a series, like the 1889-CC Morgan or 1928 Peace Dollar. The dates every album is built around.

Legend

The principal inscription on a coin, such as UNITED STATES OF AMERICA.

Luster

The way light rolls across an uncirculated coin's original surface. Luster is fragile, and once lost to wear or cleaning it never returns.

Mint Mark

The small letter identifying the mint that struck a coin: CC for Carson City, O for New Orleans, S for San Francisco, D for Denver. No mark usually means Philadelphia.

Mint State (MS)

A coin with no wear at all, graded MS-60 through the perfect MS-70.

Mintage

The number of coins of a given date and mint that were struck. Low mintage is the raw material of rarity.

Numismatics

The study and collecting of coins and currency. A collector is a numismatist, and yes, it's fun to say.

Obverse

The front or "heads" side of a coin.

Patina

The natural surface character a coin acquires over decades. Collectors prize original patina and avoid anything that disturbs it.

Pedigree

A coin's documented chain of ownership. A coin from a famous cabinet, such as an Eliasberg or Farouk piece, carries its pedigree forever.

Planchet

The blank metal disc a coin is struck from.

Premium

The amount a coin's price exceeds its metal value, reflecting rarity, condition, and demand.

Proof

A coin struck multiple times with polished dies on specially prepared planchets, made for collectors rather than circulation.

Raw

A coin not encapsulated by a grading service.

Reeded Edge

The fine grooves around the edge of many coins, originally an anti-shaving security feature.

Reverse

The back or "tails" side of a coin.

Rim

The raised border encircling a coin that protects the design from wear.

Series

All the dates and mint marks of one design, such as the Morgan Dollar series of 1878 to 1921.

Spot Price

The current market price of a precious metal per troy ounce, which changes throughout every trading day. It is why serious dealers confirm coin prices at the time of sale.

Strike

How completely the dies impressed the design into the planchet. A sharp strike shows every detail; a weak strike leaves soft spots.

Toning

Natural coloration, from gold to rainbow hues, that silver acquires over time through slow surface chemistry. Attractive natural toning is prized; artificial toning is shunned.

Troy Ounce

The traditional unit for weighing precious metals, about 31.1 grams, slightly heavier than a standard ounce.

Type Set

A collection built around one example of each design rather than every date, a beloved and achievable way to collect.

Uncirculated

A coin that never entered circulation and shows no wear.

Variety

A recognized die-level difference within a date, such as the Morgan Dollar's famous 8 tail feather and 7 tail feather varieties of 1878.