Precious metals and coin collecting carry a vocabulary of their own. A planchet is a coin blank. ASW is the actual silver weight of a coin. A double eagle is a $20 gold piece. This glossary defines the terms you’ll meet across our knowledge center, in plain English. Major topics — junk silver, troy ounce, spot price — link out to their dedicated guides; minor terms are defined fully here. Browse by letter or use your browser’s find function.
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | Y | Numbers
A
Acid Test
A traditional method for verifying gold purity by applying a nitric acid solution to a small scratch on the metal and watching for a reaction. Real gold doesn’t respond; base metals dissolve or change color. Jeweler-grade test kits use solutions calibrated to distinguish 10K, 14K, 18K, and 22K gold by which strength provokes a reaction.
Actual Gold Weight (AGW)
The pure gold content of a coin or bar, expressed in troy ounces, regardless of total weight. A 22K American Gold Eagle weighs more than one troy ounce in total but contains exactly 1.000 troy oz AGW. Premium calculations and spot-based pricing both use AGW, never gross weight.
Related: Actual Silver Weight, fineness, troy ounce
Actual Silver Weight (ASW)
The pure silver content of a coin or bar, expressed in troy ounces. A 90% silver Washington quarter weighs 6.25 grams gross but contains 0.1808 troy oz ASW. ASW is what dealers price against silver spot — gross weight matters only for shipping and storage.
Related: Actual Gold Weight, fineness, melt value
Alloy
A metal mixture combining two or more elements. Most coins and bars are alloys because pure precious metals are too soft for everyday handling. Sterling silver (92.5% silver, 7.5% copper), 22K gold (91.67% gold, balance copper and silver), and the copper-nickel clad composition of modern U.S. quarters are common examples.
Allocated Storage
A storage arrangement in which the specific bars or coins you own are physically segregated and labeled with your name at the depository. You own the metal directly. Allocated storage is more secure than the alternative but carries higher fees. See: Allocated vs. Unallocated Gold: Storage Differences That Matter.
American Gold Buffalo
The U.S. Mint’s 24-karat (.9999 fine) gold bullion coin, struck at West Point since 2006. Carries the original Buffalo Nickel design by James Earle Fraser. Competes with the 22K American Gold Eagle on purity but trades at a slightly higher premium. See: American Gold Buffalo: 24-Karat Gold From the U.S. Mint.
American Gold Eagle
The U.S. government’s flagship gold bullion coin, struck at West Point since 1986. Made of 22K gold (.9167 fine) with copper and silver added for durability. Comes in four sizes: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz AGW. Eligible for precious metals IRA holdings. See: American Gold Eagle: Complete Buyer’s Guide.
American Numismatic Association (ANA)
The largest hobbyist coin organization in the United States, founded 1891 and chartered by Congress. Publishes The Numismatist magazine, runs the annual World’s Fair of Money, and operates the Summer Seminar at Colorado College. ANA membership is the standard credential for serious U.S. coin collectors and the dealers who serve them.
American Silver Eagle
The U.S. government’s silver bullion coin, struck at West Point since 1986. Contains one troy ounce of .999 fine silver with a $1 face value. Bullion strikes typically carry no mintmark; proof and burnished collector issues carry the W mintmark. See: Silver Eagle Mintage History & Key Dates.
Annealing
A heat-treatment step used during minting to soften coin blanks (planchets) before they’re struck. Heating the planchet relaxes the metal’s internal stresses so the design transfers cleanly under the press. Without annealing, modern high-relief coins like the American Gold Buffalo would crack under striking pressure.
Ask Price
The price at which a dealer or exchange offers to sell gold, silver, or any other asset. The retail price you pay. Always higher than the bid price the same dealer would pay you for the same item — the difference is the spread. See: Bid Price vs. Ask Price: How Bullion Spreads Work.
Assay
Testing a metal to confirm its composition and purity. Historically performed by the U.S. Mint’s assay offices (predecessors of the Denver and San Francisco Mints), modern assays use X-ray fluorescence (XRF) or wet-chemical methods. Major refiners like PAMP and Credit Suisse stamp an assay seal on their bars; assay-certified bullion ships with a paper assay card sealed to the bar.
Aurum
Latin for gold. The source of gold’s chemical symbol, Au, on the periodic table. The word survives in modern brand names (Valaurum sells flexible gold notes called Aurum notes) and in formal scientific and pharmaceutical contexts. In everyday precious metals conversation the word is uncommon — you’ll meet it mainly in etymological asides.
B
Bag Mark
A small contact mark on a coin’s surface caused by handling and storage alongside other coins in mint bags. Bag marks are normal on circulated and uncirculated coinage and don’t lower a coin’s grade below MS-60. They become value-relevant on near-perfect coins where each additional mark drops the grade.
Related: lustre, Mint State
Bid Price
The price at which a dealer or exchange offers to buy gold, silver, or any other asset from you. Always lower than the ask price for the same item. See: Bid Price vs. Ask Price: How Bullion Spreads Work.
Bid–Ask Spread
The difference between the bid price (dealer-buy) and the ask price (dealer-sell) on the same product at the same dealer. The spread is the dealer’s gross margin. Tight spreads of 1–5% are normal on American Silver Eagles and major bullion products; wide spreads of 10% or more are common on numismatic coins. See: Bid Price vs. Ask Price: How Bullion Spreads Work.
Bimetallic Standard
A monetary system in which both gold and silver serve as legal currency at a fixed exchange ratio set by law. The United States operated on a bimetallic standard from 1792 until the Coinage Act of 1873, with a brief revival under the Bland-Allison Act. The system was inherently unstable — when market prices diverged from the official ratio, one metal would disappear from circulation.
Related: Gresham’s Law, gold standard
Brilliant Uncirculated (BU)
A coin that has never circulated and retains full original mint lustre. BU corresponds roughly to MS-60 through MS-62 on the Sheldon scale, though BU as marketed by dealers can include any uncirculated grade. Most modern bullion coins are sold as BU; certified versions appear in PCGS or NGC slabs at specific MS grades.
Britannia
The United Kingdom’s flagship bullion coin, struck by the Royal Mint since 1987. Modern Britannias are .9999 fine silver or .9999 fine gold; pre-2013 silver issues are .958 fine. The reverse features the personification of Britain that has appeared on British coinage since Roman times. See: Britannia Coin Guide: The UK’s Premier Bullion Coin.
Bullion
Precious metal — gold, silver, platinum, or palladium — bought and sold for its metal content rather than for collectible or aesthetic value. Bullion comes in coins, bars, and rounds, and prices closely follow spot. See: What Is Bullion? Definition, Types & Why Investors Buy It.
Bullion Coin
A coin produced primarily as a vehicle for owning precious metal. Bullion coins (American Silver Eagles, Krugerrands, Maples, Philharmonics, Pandas, Libertads) trade at a small premium over spot, in contrast to numismatic coins, which carry a premium over melt value for collectibility. See: Numismatic vs. Bullion Coins: Which Is the Better Investment?.
Bureau of Engraving and Printing (BEP)
The U.S. Treasury bureau responsible for printing U.S. paper currency and federal documents. The BEP is a separate agency from the U.S. Mint — the Mint makes coins, the BEP makes notes. Both are bureaus of the Treasury Department but operate independently with separate facilities.
Burnished
A coin finish produced by polishing the planchet before striking, then striking once at slightly higher pressure than a standard bullion strike. Burnished American Silver Eagles (W mintmark, since 2006) have a matte, satin-like sheen distinct from the mirror finish of proofs and the standard finish of business strikes. Sold by the Mint as collector products.
Business Strike
A coin struck for circulation, on standard production presses at high speed, using unpolished dies and standard pressure. Most U.S. coins in pocket change are business strikes. Distinguished from proofs (specially polished and double-struck) and burnished collector strikes.
C
Canadian Gold Maple Leaf
The Royal Canadian Mint’s flagship gold bullion coin, struck since 1979. Maple Leafs were among the first .9999 fine bullion coins on the market — purer than the 22K American Eagle or Krugerrand — and pioneered modern security features like the radial-line background and the micro-engraved laser mark. See: Canadian Gold Maple Leaf: The 9999 Standard.
Capital Gains Tax (28% collectibles rate)
The federal tax owed on the gain when you sell precious metals at a profit. Physical gold and silver are classified as collectibles under IRS rules, subject to a maximum long-term rate of 28% — higher than the 15–20% rate on stocks. Short-term gains (held under a year) are taxed at ordinary income rates. This is general information, not tax advice; consult a CPA. See: Capital Gains Tax on Gold & Silver: The 28% Collectibles Rate Explained.
Carson City Mint
A U.S. branch mint that operated 1870–1893 in Carson City, Nevada, to coin silver from the Comstock Lode. Carson City Morgan dollars carry the CC mintmark on the reverse and command substantial premiums today, particularly the 1879-CC, 1885-CC, and 1889-CC issues. The mint building still stands and houses the Nevada State Museum.
CAC (Certified Acceptance Corporation)
A third-party verification service that reviews coins already graded by PCGS or NGC and applies a green or gold sticker confirming the coin is solid for its assigned grade. CAC-stickered coins typically trade at a premium over the same grade without the sticker, particularly in the high-end numismatic market.
Cameo / Deep Cameo
A descriptive designation applied to proof coins that show strong contrast between frosted (matte) raised devices and mirrored fields. PCGS and NGC certify these as CAM (cameo) and DCAM (deep cameo) on the slab label. Earlier proofs are less likely to show full cameo contrast; modern proofs are nearly always DCAM by design.
Cherry-Picking
The collecting practice of searching through dealer junk boxes, bank rolls, or auction lots for undervalued, misattributed, or scarce-variety coins. A cherry-picker might find a 1955 doubled-die Lincoln cent in an unsearched roll, or a high-grade Mercury dime mistagged as a common date. Specialized references like the Cherrypickers’ Guide to Rare Die Varieties exist for the purpose.
Chinese Panda
The People’s Republic of China’s flagship bullion coin, struck since 1982 in gold and silver. The Panda is famous for changing its panda design every year (with the 2001–2002 exception, after collector backlash) — a quasi-numismatic series within a bullion program. See: Chinese Panda Coin: Silver & Gold Bullion From China.
Clad Coin
A coin with a pure copper core and outer cladding layers of a different metal — typically copper-nickel for circulating U.S. coinage. Clad construction has been used for U.S. dimes, quarters, half dollars, and dollars since the Coinage Act of 1965, which removed 90% silver from circulating coinage.
Coin Album / Folder
Physical storage products for organizing a coin collection by series. Folders (the Whitman blue cardboard folder is the classic example) have pre-cut openings for each date and mintmark in a series. Albums (Dansco, Capital, Whitman Classic) hold individual coin holders inside a binder. Both have been the standard hobbyist starter kit since the mid-20th century.
COMEX
The Commodity Exchange division of the New York Mercantile Exchange (NYMEX), where the world’s largest gold and silver futures contracts trade. COMEX prices are one of the inputs that determine the daily spot price. See: What Is COMEX? The Gold & Silver Futures Market Explained.
Commemorative Coin
A coin produced by a mint to mark a specific event, person, or anniversary, outside the regular circulating denominations. U.S. commemoratives have been issued sporadically since the 1892 Columbian Exposition half dollar and continuously since 1982. Modern commemoratives are sold to collectors at a premium that funds the commemorated cause.
Constitutional Silver
A synonym for junk silver — U.S. circulating coinage struck through 1964 in 90% silver composition. The “constitutional” label comes from the argument that Article I, Section 10 of the U.S. Constitution requires states to make payment in gold or silver coin. The term is more common in libertarian and goldbug circles than in mainstream numismatics. See: What Is Junk Silver? The Complete Guide to Constitutional Silver.
Contango / Backwardation
Two opposite market structures in commodity futures. Contango: future-dated contracts trade higher than spot (normal for gold; reflects storage costs and interest). Backwardation: future-dated contracts trade lower than spot (unusual; signals tight near-term supply). Backwardation in silver or gold is read by traders as a bullish signal.
Cost Basis
The amount you originally paid for an asset, including premiums, fees, and acquisition costs. Cost basis is subtracted from the sale price to determine taxable gain. For precious metals, cost basis includes the dealer premium over spot — not the spot-equivalent value at the time of purchase. Not tax advice; consult a CPA. See: Cost Basis for Precious Metals: Why It Matters & How to Track It.
Counterfeit
A coin or bar made to deceive — replicating the appearance of an authentic precious metals product while substituting cheaper base metals, lower fineness, or incorrect weight. Modern counterfeits range from crude to sophisticated; testing methods include magnet response, ping tests, dimensional measurement, specific-gravity, and XRF analysis. See: How to Spot Fake Gold & Silver: A Stacker’s Counterfeit-Detection Guide.
D
Date Set
A collecting methodology built around acquiring one example of a coin series for every date and mintmark combination ever struck. A complete Morgan dollar date set runs to roughly 96 coins (every Morgan from 1878 through 1921). Date sets are more comprehensive — and more expensive — than type sets.
Debasement
The reduction of a coin’s precious metal content while keeping its face value the same. Roman emperors debased the silver denarius from about 95% silver under Augustus to under 5% by the 3rd century. The U.S. debased its silver coinage in 1965 by replacing 90% silver dimes and quarters with copper-nickel clad. Debasement is one of the oldest forms of currency depreciation.
Denomination
The face value of a coin or note. The U.S. circulating denomination ladder runs cent, nickel, dime, quarter, half dollar, dollar. Historical gold denominations included the quarter eagle ($2.50), half eagle ($5), eagle ($10), and double eagle ($20). Denomination is distinct from melt value — a 1964 quarter has a 25¢ denomination but several dollars of silver content.
Denticle
One of the small tooth-like or beaded design elements that form a decorative inner border around the rim of many older coins. Denticles originally served as a tamper-resistance feature — missing denticles indicated a coin had been clipped or filed. Modern U.S. coinage has largely abandoned denticles for plain rims.
Depository
A secured storage facility for precious metals or other valuables. The U.S. government operates two major bullion depositories — Fort Knox in Kentucky and West Point in New York — neither of which is open to the public. Private depositories such as Brink’s, Loomis, and IDS offer allocated and unallocated storage services for individuals and businesses.
Related: allocated storage, unallocated storage
Die
The hardened steel tool engraved with a coin’s design in reverse. When the press drives a die into a planchet, the design transfers to the coin. Modern coins are struck from a pair of dies — the obverse die fixed below, the reverse die descending from above. Die wear, cracks, and re-engraving create many of the most collectible coin varieties.
Dollar-Cost Averaging (DCA)
An accumulation strategy in which you buy a fixed dollar amount of an asset on a regular schedule, regardless of price. DCA smooths the buying cost over time and removes the timing-the-market decision — the same approach retirement accounts use for stock funds. For stackers, monthly buys of one Silver Eagle or one gram of gold are the standard DCA pattern. See: Dollar-Cost Averaging Into Silver (and Gold): A Stacker’s Strategy.
Double Eagle
A historical U.S. $20 gold coin, struck in 22K gold from 1850 to 1933. The two famous designs are the Liberty Head (1850–1907) and the Saint-Gaudens (1907–1933). The 1933 Saint-Gaudens — almost entirely melted after FDR’s gold recall — is the most valuable U.S. coin, with a single legally owned example selling for $18.9 million in 2021.
Doubled Die
A coin variety created when the working die receives a misaligned secondary impression during its manufacture, then transfers the doubled image to every coin it strikes. The 1955 Lincoln cent (Doubled-Die Obverse) is the famous American example — the date and motto show clear secondary outlines, and high-grade examples trade in the thousands. Distinct from machine doubling, a different effect that does not carry the same premium.
DWT (Pennyweight)
A weight unit equal to 24 grains, or 1/20 of a troy ounce. The pennyweight is the traditional unit used in the U.S. jewelry trade for scrap gold pricing. One DWT equals 1.555 grams. See: What Is Pennyweight? DWT to Grams Conversion for Gold.
E
Eagle (U.S. coin denomination)
Historically, a U.S. $10 gold coin — so named because the reverse design featured an eagle. Sub-denominations included the quarter eagle ($2.50), half eagle ($5), and double eagle ($20). The U.S. Mint revived the name in 1986 for the American Eagle bullion program (Gold Eagle, Silver Eagle, Platinum Eagle), where it no longer denotes a $10 value.
Eisenhower Dollar
The U.S. dollar coin struck from 1971 to 1978, commemorating President Eisenhower’s death and the Apollo 11 moon landing (the reverse shows the Apollo insignia). Circulating versions are copper-nickel clad; collector versions struck in San Francisco contain 40% silver. See: Eisenhower Dollar Value Guide (1971-1978).
Engraver
The artist responsible for the master design and the dies of a coin. The U.S. Mint employs Sculptor-Engravers and contracts external artists through its Artistic Infusion Program. George T. Morgan (Morgan dollar), Augustus Saint-Gaudens (Double Eagle), James Earle Fraser (Buffalo nickel, Gold Buffalo), and Adolph Weinman (Walking Liberty half, Mercury dime) are the most consequential American coin engravers.
Errors and Varieties
Two related but distinct categories of unusual coins. Errors are coins struck incorrectly — off-center, struck on the wrong planchet, double-struck, missing a clad layer. Varieties are intentional or semi-intentional die differences — doubled dies, repunched mintmarks, design changes mid-year. Both carry premium over face or melt value when properly authenticated.
Exergue
Pronunciation: EG-zerg
The space at the bottom of a coin’s reverse, often separated from the main design by a horizontal line, used for the date, mintmark, or denomination. The exergue is more prominent on classical and pre-1900 coinage than on modern issues, where the date has generally migrated to the obverse.
Exonumia
Pronunciation: eks-oh-NEW-mee-ah
The collecting field encompassing coin-like objects that are not legal-tender coinage — tokens, medals, casino chips, transit tokens, Civil War store cards, So-Called Dollars, sales-tax tokens. Exonumia has its own reference catalogs (the Hibler-Kappen So-Called Dollar catalog, the Civil War Token Society standards) and a substantial collector base distinct from mainstream numismatics.
F
Face Value
The denomination stamped on a coin — its legal-tender value as currency, regardless of metal content. A 1964 Washington quarter has a 25¢ face value and several dollars of silver melt value; the higher figure is the relevant one for buying and selling. Face value matters legally (and to vending machines); melt value matters economically.
Fake Gold / Silver
See counterfeit. See: How to Spot Fake Gold & Silver: A Stacker’s Counterfeit-Detection Guide.
Farthing
A historical British coin worth one-quarter of a penny, struck from the 13th century until decimalization in 1971. Farthings appear in collections of British and Commonwealth coinage and in literary references (a “farthing’s worth”). Not directly relevant to U.S. coinage but commonly searched.
FDR Gold Recall (Executive Order 6102)
The 1933 federal order requiring U.S. citizens to surrender most privately held gold coins, bullion, and gold certificates to the Federal Reserve in exchange for paper currency at $20.67/oz. The order included exceptions for jewelry, dental gold, and reasonable quantities for industry. Repealed by Congress in 1974, restoring legal private gold ownership.
Fineness
A measure of a metal’s purity expressed as a decimal fraction. .999 (three-nines, “fine”) means 99.9% pure; .9999 (four-nines) means 99.99%; .925 means 92.5% (sterling silver); .9167 means 91.67% (22K gold). Higher fineness commands a slightly higher premium over spot. Always paired with the metal — “.999 silver” is unambiguous; “fineness” alone is not.
FIFO / LIFO
Cost-basis accounting methods for determining which units of an asset were sold. FIFO (First In, First Out) assumes the oldest units sell first; LIFO (Last In, First Out) assumes the newest. Specific identification — naming exactly which units were sold — produces the most favorable result and requires per-coin records. Not tax advice; consult a CPA.
Related: cost basis
Fort Knox
The common name for the United States Bullion Depository, an Army installation in Kentucky that holds a large portion of the U.S. gold reserve. Fort Knox is not a coin-producing mint — coin production happens at the four active U.S. Mint facilities. West Point also stores gold; the two are distinct depositories.
Fractional Silver / Gold
Bullion coins or bars smaller than one troy ounce. Fractional gold (1/10, 1/4, 1/2 oz American Eagles; 1g, 5g, 20g bars) carries higher premium per ounce than full-ounce products because manufacturing cost is relatively constant. Fractional silver (1/10, 1/4, 1/2 oz rounds) is less common; most silver buyers default to the one-ounce size.
Related: premium over spot
Futures Contract
A standardized agreement to buy or sell a fixed quantity of a commodity at a set price on a set future date. Most gold and silver futures trade on COMEX; contract sizes are 100 oz (gold) and 5,000 oz (silver). The vast majority of contracts settle in cash without physical delivery — the spot price ultimately reflects the consensus pricing across these contracts.
Related: COMEX, spot price
G
Gold Buffalo
See American Gold Buffalo.
Gold Eagle
See American Gold Eagle.
Gold IRA
A self-directed individual retirement account that holds physical precious metals (gold, silver, platinum, palladium) in an IRS-approved depository on behalf of the account holder. Metals must meet specific fineness requirements (.995+ for gold, .999+ for silver) and must be held by an approved custodian — home storage is not permitted under current rules. Not tax advice; consult a CPA. See: What Is a Gold IRA? How Self-Directed Precious Metals IRAs Work.
Gold Maple Leaf
See Canadian Gold Maple Leaf.
Gold Round
A circular gold piece struck by a private mint or refiner, distinct from a coin (which carries legal-tender status from a sovereign government). Gold rounds carry no face value and typically trade at a slightly lower premium than government-issued bullion coins. Quality rounds from established refiners (PAMP, Engelhard, Sunshine, Asahi) are highly liquid. See: What Are Gold Rounds? Privately Minted vs. Government-Issued.
Gold Sovereign
A British 22K gold coin with a face value of one pound sterling, first struck in 1817 and still produced by the Royal Mint. The standard sovereign weighs 7.98 grams (0.2354 oz AGW). Pre-1933 sovereigns are widely collected; modern sovereigns trade as low-premium bullion. See: Gold Sovereign Coins: A Buyer’s Guide to British Sovereigns.
Gold Spot Price
The current per-ounce price of gold on the wholesale market, set continuously throughout the trading day by futures, OTC, and physical-market activity. Spot is the reference point dealers price retail product against (spot + premium). See: Gold Spot Price Today: Live Price Per Ounce + What Moves It.
Gold Standard
A monetary system in which a country’s currency is convertible into a fixed quantity of gold. The U.S. operated on a gold standard from 1900 (formally) until 1933 (suspended by FDR) and on a partial gold-exchange standard until 1971 (when Nixon closed the gold window). No major economy currently uses a gold standard. See: What Is the Gold Standard? History & Why It Ended.
Gold-to-Silver Ratio
The ratio of one troy ounce of gold to one troy ounce of silver at current spot prices, calculated as gold spot divided by silver spot. Historical norms range from 15:1 under bimetallism to 90:1 or higher in recent decades. Some investors use the ratio to time rotations between the two metals. See: The Gold-to-Silver Ratio: What It Is & How Investors Use It.
Grade / Grading
The professional assessment of a coin’s condition on the 70-point Sheldon scale, ranging from Poor-1 (barely identifiable) through MS-70 (perfect). Grading is performed by third-party services (PCGS, NGC, ANACS), which encapsulate the coin in a tamper-evident slab with the grade printed on the label. Grade is the single largest variable in numismatic pricing. See: PCGS vs. NGC vs. ANACS: Coin Grading Services Compared.
Greenback
The colloquial name for paper U.S. currency, originating with the demand notes and Legal Tender Notes issued during the Civil War (printed with green ink on the back). The term broadened over time to refer to U.S. paper money generally. Pressure for the Resumption Act of 1875 — eventually returning the dollar to gold convertibility — was driven by the greenback’s wartime devaluation.
Gresham’s Law
The principle that “bad money drives out good” — when two currencies of unequal intrinsic value circulate at the same face value, the more valuable one is hoarded or melted, leaving the less valuable one in circulation. Gresham’s Law explains why pre-1965 silver coins disappeared from U.S. circulation almost immediately after the Coinage Act of 1965 introduced clad replacements.
H
Half Disme
Pronunciation: half DEEM
The first coin struck by the U.S. Mint, in 1792 — a small silver five-cent piece, produced in a quantity of about 1,500. Tradition holds that the silver was donated by George Washington from his own household, though the story is debated. Surviving half dismes are major museum and auction-house items.
Hallmark
A small set of marks stamped on precious-metal objects (jewelry, flatware, bars) attesting to the metal’s fineness and the maker’s identity. Hallmarking is a regulated practice in the UK (the four UK assay offices: London, Birmingham, Sheffield, Edinburgh) and most European countries. In the U.S., voluntary maker’s marks substitute for a formal hallmark system.
I
ICTA (Industry Council for Tangible Assets)
The U.S. trade association for the coin, bullion, and precious-metals industry — now operating under the name National Coin and Bullion Association. ICTA maintains the standard Reportable Items List that dealers reference when determining whether a sale triggers Form 1099-B reporting to the IRS.
Inherited Collection
A coin or bullion collection received through inheritance, gift, or estate distribution. Inherited collections often arrive without records, organized by family memory rather than by inventory, and at a stepped-up cost basis for tax purposes (the fair market value on the date of the original owner’s death). See: Inheriting a Coin or Bullion Collection: A Practical Guide.
Inventory (a Coin or Bullion Collection)
The process of cataloging every piece in a collection — date, mintmark, denomination, condition, storage location, purchase price, current value. An inventory protects against loss, simplifies insurance claims, and gives heirs a chance of monetizing the collection at full value. See: How to Inventory a Coin or Bullion Collection (Step-by-Step).
IRA (Precious Metals)
An individual retirement account that holds physical gold, silver, platinum, or palladium. Requires a self-directed IRA custodian and an IRS-approved depository — home storage is not permitted. Not tax advice; consult a CPA. See: What Is a Gold IRA? and Silver IRA: How to Hold Physical Silver in a Self-Directed IRA.
J
Junk Silver
U.S. circulating coinage struck through 1964 in 90% silver composition — Roosevelt, Mercury, and Barber dimes; Washington, Standing Liberty, and Barber quarters; Walking Liberty, Franklin, and 1964 Kennedy half dollars; Morgan and Peace silver dollars (and pre-1936 issues). “Junk” refers to the absence of numismatic premium, not to condition. Sold by face-value multiplier as bullion. See: What Is Junk Silver? The Complete Guide to Constitutional Silver.
K
Karat
A unit of gold purity equal to 1/24th of the alloy by mass. 24K is pure gold (.999+), 22K is 91.67% gold, 18K is 75%, 14K is 58.33%, 10K is 41.67%. Karat is the standard expression for gold purity in jewelry; fineness (.9999, .999, .9167) is more common for bullion. Not to be confused with “carat,” the gemstone weight unit.
Kennedy Half Dollar
The U.S. half dollar struck since 1964, commemorating President John F. Kennedy. 1964 issues are 90% silver; 1965–1970 are 40% silver clad; 1971 onward are copper-nickel clad. Special collector versions in 90% silver (since 1992) and the 2014 50th-anniversary issues are exceptions. See: Kennedy Half Dollar Value: 1964-Today Year & Mintmark Guide.
Key Date
The lowest-mintage or most-collected date within a coin series, commanding a substantial premium over common-date examples. The 1909-S VDB Lincoln cent, the 1916-D Mercury dime, and the 1885-CC Morgan dollar are textbook key dates. Series cannot be completed without acquiring (or finding) their key dates, which makes those dates disproportionately price-elastic.
Krugerrand
The world’s first modern gold bullion coin, introduced by South Africa in 1967. Krugerrands are 22K gold (.9167 fine) with a one-ounce gold content — the same standard the American Gold Eagle later adopted. Sanctions during apartheid temporarily restricted U.S. imports; today the Krugerrand trades freely as one of the lowest-premium gold bullion options. See: South African Krugerrand: The First Modern Gold Bullion Coin.
L
LBMA (London Bullion Market Association)
The international trade association that sets standards for the global wholesale precious metals market. The LBMA maintains the Good Delivery list — refiners whose bars meet the standard of fineness, weight, and quality required to settle wholesale transactions. The London AM and PM gold “fixings” (now LBMA Gold Price auctions) are the most widely referenced spot benchmarks.
LBMA Good Delivery
A wholesale-market quality standard for bullion bars produced by approved refiners. Good Delivery gold bars are 350–430 troy ounces of .995+ fine gold; Good Delivery silver bars are 750–1,100 troy ounces of .999+ fine silver. Bars from approved refiners (PAMP, Credit Suisse, Engelhard, Asahi, and others on the published list) move freely between major vaults without re-assay.
Legal Tender
A form of payment that creditors are legally required to accept for debts. All U.S. coinage and Federal Reserve Notes are legal tender. Bullion coins like the American Silver Eagle carry nominal legal-tender face values ($1 for the Silver Eagle), but no one transacts with them at face value because their metal content is worth far more.
Libertad
Mexico’s flagship silver and gold bullion coin, struck by the Casa de Moneda de México since 1982. The Libertad uniquely carries no face value — it’s a pure bullion piece. Annual mintages are limited, which gives some date-and-size Libertad issues quasi-numismatic premiums. See: Mexican Libertad: Mexico’s Silver Bullion Coin.
Liberty Seated
A figure of Liberty seated on a rock, holding a shield and Liberty pole, designed by Christian Gobrecht and used on most U.S. silver coinage from 1836 to 1891. The Liberty Seated design appears on half dimes, dimes, quarters, half dollars, and silver dollars across overlapping date ranges, making it one of the largest collecting fields in U.S. numismatics.
Lincoln Cent
The U.S. one-cent coin struck since 1909, the longest-running design type in American coinage. The obverse has carried Lincoln continuously; the reverse changed from Wheat Ears (1909–1958) to Lincoln Memorial (1959–2008) to four 2009 bicentennial designs to the Union Shield (2010–present). See: Wheat Penny Value: Lincoln Wheat Cent (1909-1958) Complete Guide.
Lustre (Luster)
The reflective sheen on a coin’s surface, produced by the original mint strike and progressively destroyed by handling and circulation. A fully lustrous coin shows a “cartwheel” effect when rotated under light. Loss of lustre is the first sign a coin has moved from Mint State to circulated grades.
M
Melt Value
The current market value of the precious metal contained in a coin, calculated as spot price multiplied by actual silver or gold weight. A 1964 quarter at $30 silver has a melt value of about $5.42 (0.1808 oz ASW × $30). Numismatic premium sits on top of melt value; for junk silver, melt value is the price. See: Melt Value Explained: How to Calculate It for Any Coin.
Mercury Dime
The U.S. ten-cent coin struck from 1916 to 1945, formally called the Winged Liberty Head dime. The name “Mercury” comes from the resemblance of Liberty’s winged cap to the Roman god Mercury. 90% silver. The 1916-D, with a mintage of just 264,000, is the series key date. See: Mercury Dime Value (1916-1945): Year & Mintmark Guide.
Mintage
The total number of coins of a specific date, mintmark, and design struck by a mint. Mintage figures are published by the U.S. Mint and reproduced in references like the Red Book. Low mintage doesn’t automatically equal high value — survival rate and collector demand matter as much as production quantity.
Mint Mark / Mintmark
A single letter (or pair of letters) on a coin identifying the branch that struck it. Active U.S. mintmarks are P (Philadelphia), D (Denver), S (San Francisco), and W (West Point); historical mintmarks include CC (Carson City), O (New Orleans), C (Charlotte), D (Dahlonega, pre-1861), and M (Manila). Philadelphia coins struck before 1980 generally carry no mintmark. See: The U.S. Mint: History, Branches & What Each Mintmark Means.
Mint Set
A U.S. Mint–issued set containing one uncirculated example of each circulating denomination from each active branch, packaged together and sold at issue. Mint sets are distinct from proof sets — mint sets contain business strikes, proof sets contain mirror-finish proof coins. Sold annually since 1947 (with a gap in the 1980s).
Mint State (MS)
The general designation for a coin that has never circulated, encompassing the range from MS-60 (heavily bag-marked) through MS-70 (perfect). PCGS and NGC assign specific MS grades based on contact marks, strike sharpness, lustre, and eye appeal. Most modern bullion coins grade MS-69 or MS-70 when sent to grading services.
Morgan Silver Dollar
The U.S. silver dollar struck 1878–1904 and again in 1921, designed by George T. Morgan. 90% silver, 26.73 grams gross, 0.7734 oz ASW. The most widely collected U.S. silver dollar; Carson City and certain other mintmark-date combinations carry substantial premiums. See: Morgan Silver Dollar Value: Year, Mintmark & Condition Guide.
MS-65
A specific grade on the 70-point Sheldon scale assigned to a coin in Mint State with strong lustre, sharp strike, and only minor contact marks. MS-65 sits at the boundary between common-grade and premium-grade for most series; the jump from MS-64 to MS-65 often doubles a coin’s market value.
Related: grade, PCGS / NGC / ANACS
N
Notaphily
Pronunciation: no-TAFF-ih-lee
The collecting of paper money. Notaphilists collect U.S. large-size notes (pre-1929), small-size notes (1929 onward), fractional currency from the Civil War, National Bank Notes, gold and silver certificates, and foreign currency. A parallel hobby to numismatics, with its own reference catalogs and grading services.
Numismatic Premium
The portion of a coin’s price above its melt value, attributable to collector demand — rarity, condition, design, history, or provenance. A 1916-D Mercury dime sells for thousands; its melt value at current spot is around $1.80. The difference is numismatic premium. Distinct from “premium over spot,” which describes bullion-coin pricing.
Numismatic vs. Bullion
The two main categories of investable coins. Numismatic coins are bought for collectibility; bullion coins for metal content. Numismatic coins carry substantial premium over melt; bullion coins carry only a small premium over spot. The two categories require different buying strategies, holding periods, and exit channels. See: Numismatic vs. Bullion Coins: Which Is the Better Investment?.
Numismatics
The scholarly and hobbyist study of coins, paper money, tokens, and related objects. The field encompasses history, art, metallurgy, economics, and collecting practice. Major institutions include the American Numismatic Association (hobbyist) and the American Numismatic Society (scholarly).
Numismatist
Pronunciation: noo-MIZ-muh-tist
A person who studies or collects coins, paper currency, tokens, and related objects. The term covers both casual hobbyists and professional curators — the American Numismatic Association uses it for every one of its members. From the Latin numisma (“coin”). See: What Is a Numismatist? Coin Collecting as a Hobby vs. Investment.
O
Obverse
The “front” of a coin — the side carrying the principal design, traditionally a portrait. On U.S. coinage the obverse generally shows Liberty (older issues) or a U.S. president (modern issues). Distinct from the reverse (the back).
Related: reverse, exergue
Off-Center Strike
A coin struck while the planchet was misaligned in the press, leaving part of the design missing and an unstruck blank area on the opposite side. Off-center errors are graded by the percentage of the design that’s off-center; 10–20% errors are common, while 50%+ errors with a full visible date carry the largest premium.
Ounce (Avoirdupois vs. Troy)
Two different units of weight that share the name “ounce.” The avoirdupois ounce (28.35 g) is the standard U.S. ounce used for groceries and shipping. The troy ounce (31.1035 g) is heavier and is the standard unit for precious metals. A “one-ounce” gold coin is one troy ounce, never an avoirdupois ounce. See: What Is a Troy Ounce? Why Precious Metals Don’t Use Regular Ounces.
P
Palladium
A precious metal in the platinum group, used in catalytic converters, electronics, and dentistry. Palladium spot price has historically been more volatile than gold or silver, with periods trading at substantial premium and discount to platinum. The American Palladium Eagle (introduced 2017) is the U.S. Mint’s palladium bullion coin.
PAMP / Credit Suisse Bars
Two of the most recognized Swiss-origin private refiners producing gold bars for the global market. PAMP (Produits Artistiques Métaux Précieux) and Credit Suisse bars are LBMA Good Delivery–approved at wholesale sizes and command tight bid-ask spreads on resale. The two refiners are often grouped because their bars trade at nearly identical premiums. See: PAMP vs. Credit Suisse Gold Bars: Which Has Better Resale?.
Patina / Toning
The natural surface color change that develops on coins over time, caused by reactions between the metal and environmental sulfur or oxygen. Toning ranges from light yellowing to dramatic rainbow patterns. Attractive original toning can add substantial premium on collector coins; cleaning to remove toning is one of the worst things you can do to a coin’s value.
Related: lustre, bag mark, tarnish
PCGS / NGC / ANACS
The three major U.S. third-party coin grading services. PCGS (Professional Coin Grading Service, established 1986) and NGC (Numismatic Guaranty Company, established 1987) are the dominant pair, with comparable market acceptance. ANACS (American Numismatic Association Certification Service, established 1972) is the third tier. Coins graded by these services trade at consistent prices in established markets. See: PCGS vs. NGC vs. ANACS: Coin Grading Services Compared.
Peace Dollar
The U.S. silver dollar struck from 1921 to 1935, commemorating the end of World War I (the reverse legend reads PEACE). 90% silver, same weight and silver content as the Morgan dollar. The Peace dollar is the last regular-issue silver dollar in U.S. history before the 2021 commemorative reissue. See: Peace Dollar Value: 1921-1935 Year-by-Year Guide.
Pennyweight (DWT)
A weight unit equal to 24 grains, 1/20 of a troy ounce, or 1.555 grams. Used historically in apothecaries and currently in the U.S. jewelry trade for scrap gold pricing. See: What Is Pennyweight? DWT to Grams Conversion for Gold.
Perth Mint
Australia’s national precious metals refiner and minting facility, established 1899 in Perth, Western Australia. Now owned by the Government of Western Australia. Strikes the Australian Kangaroo (gold and silver), the Lunar Series, and the Kookaburra and Koala silver bullion programs. Operates one of the world’s largest single-roof gold refineries. See: Perth Mint: Australia’s Bullion Powerhouse.
Philadelphia Mint
The headquarters and largest active U.S. Mint facility, founded in 1792 as the first federal building constructed under the Constitution. Strikes circulating coinage with no mintmark on cents and on most pre-1980 issues, and with a P mintmark on post-1980 non-cent denominations and on the 1942–1945 wartime nickel.
Pieces of Eight
The Spanish eight-real silver coin (Real de a ocho), the dominant currency in colonial America. The U.S. dollar was originally defined in 1792 as equal in silver weight to a piece of eight, which is why the Spanish coin continued to circulate legally in the U.S. until 1857.
Planchet
The blank metal disc that becomes a coin when struck by a die. Planchets are produced from rolled metal strip, punched to size, annealed to soften, and upset (the edge raised slightly to form the rim) before striking. Errors in planchet preparation — wrong composition, off-size, lamination — create many of the most collectible mint errors.
Related: die, off-center strike, errors and varieties
Platinum
The densest of the four major precious metals, valued for its rarity, corrosion resistance, and catalytic properties. Platinum spot price typically tracks above or near gold; the relationship inverted in recent years amid auto-industry demand shifts. American Platinum Eagles (struck since 1997) are the U.S. Mint’s platinum bullion coin.
Platinum Eagle
The U.S. Mint’s platinum bullion coin, struck at West Point since 1997. .9995 fine platinum, one troy ounce, $100 face value. Annual proof versions feature changing reverse designs based on themes (Constitutional principles, Liberty allegories). Bullion strikes carry no mintmark; proof issues carry the W mintmark.
Premium Over Spot
The amount above the spot price you pay for a bullion product, expressed in dollars or as a percentage. Premium covers the dealer’s margin, the mint’s fabrication cost, and any collector demand for a specific design. Premium varies sharply by product (1–5% on common rounds; 8–15% on Silver Eagles; 20%+ on small fractional gold). See: Premium Over Spot: What It Is & Why It Varies by Product.
Proof Coin
A coin struck for collectors using specially polished dies and prepared planchets, struck two or three times under reduced pressure to bring up sharp design detail with a mirror-finish field. Modern U.S. proofs come from San Francisco (general issues) and West Point (gold and platinum issues). Proofs trade in PCGS/NGC “PR” or “PF” grade slabs.
Provenance
The documented ownership history of a specific coin or collection. Provenance matters most on high-grade rarities, where a chain of well-known prior owners (the Pittman, Eliasberg, Norweb, or Garrett collections) can add substantial premium. For mainstream bullion and common-grade material, provenance is irrelevant.
Q
Quantitative Easing (QE)
A central-bank monetary policy in which the bank creates new money to purchase financial assets (typically government bonds) from commercial banks, expanding the money supply to lower interest rates and stimulate the economy. The Federal Reserve conducted multiple rounds of QE between 2008 and 2014 and again during the 2020 pandemic response. Gold has historically responded positively to QE announcements. See: What Is Quantitative Easing & How Does It Affect Gold?.
Quarter Eagle
A historical U.S. $2.50 gold coin, struck from 1796 to 1929. Common designs include the Capped Bust, Liberty Head (Coronet), and Indian Head Quarter Eagle. The Indian Head Quarter Eagle (1908–1929) is notable for its incuse design, in which the design is sunk into the coin’s surface rather than raised in relief.
R
Raw Coin
A coin that has not been encapsulated by a third-party grading service. Raw coins trade at lower prices than the same coin in a certified slab, reflecting the buyer’s risk on grade and authenticity. New collectors are generally advised to buy raw common-date coins under $200 and certified coins above that threshold.
Red Book
The annual A Guide Book of United States Coins by R.S. Yeoman, published continuously since 1947 by Whitman. The Red Book lists every U.S. coin by date and mintmark with price estimates by grade. It is the standard reference for retail-side U.S. coin values. The wholesale-pricing companion volume is the Blue Book.
Refiner / Refinery
A company that processes raw or scrap precious metal into refined bars or coin-grade material at specific fineness. Major LBMA Good Delivery refiners include PAMP, Credit Suisse, Asahi (now Asahi Refining), Engelhard (legacy), Argor-Heraeus, and Sunshine Minting. Refiners stamp their bars with weight, fineness, and a serial number for traceability.
Resumption Act of 1875
The federal law that restored convertibility of U.S. paper currency into gold at face value, effective January 1, 1879. The Act ended the Civil War–era period of inconvertible greenback paper money and put the United States back onto a gold-based monetary footing. See: What Was the Specie Payment Resumption Act of 1875?.
Reverse
The “back” of a coin — the side opposite the obverse. The reverse traditionally carries the denomination, the issuing country’s name, and a secondary design (an eagle, a heraldic shield, an animal). The mintmark on most pre-1965 U.S. silver coins appears on the reverse; post-1968 it moved to the obverse.
Related: obverse, exergue
Rim
The raised edge of a coin, formed during the upsetting process before striking and reinforced by the striking pressure. The rim protects the coin’s design from wear during handling and stacks coins predictably for vending and storage. Worn rims are an early indicator of circulation; missing rim sections suggest clipping or post-mint damage.
Roll (Coin)
A standardized quantity of coins of one denomination, wrapped in paper for handling. Standard U.S. rolls: 50 cents per cent roll, 40 nickels, 50 dimes, 40 quarters, 20 half dollars, 25 small-size dollars (or 20 large-size). Original mint-sewn bags and bank-wrapped rolls of older silver coinage carry premiums when intact. See: How Many Coins Are in a Roll? Standard U.S. Roll Sizes.
Round (Gold or Silver)
A circular precious-metal piece struck by a private mint or refiner, distinct from a coin (which carries legal-tender status from a sovereign government). Rounds carry no face value and typically trade at lower premium than government-issued bullion coins. Common silver rounds include the Sunshine, Buffalo, and various refiner-branded one-ounce designs. See: What Are Gold Rounds? Privately Minted vs. Government-Issued.
Royal Canadian Mint
Canada’s national mint, established 1908 in Ottawa, with a second facility in Winnipeg. The RCM was the first major mint to produce .9999 fine gold bullion (the original Maple Leaf, 1979) and pioneered .99999 fine “five-nines” gold in 2007. Strikes the Canadian Gold and Silver Maple Leaf programs. See: Royal Canadian Mint: History, Coins & .9999 Innovation.
Royal Mint
The official mint of the United Kingdom, with roots going back over 1,100 years. Now based in Llantrisant, Wales (since 1968). Strikes circulating U.K. coinage, the Sovereign and Britannia bullion programs, and an extensive commemorative line. See: The Royal Mint: A Thousand Years of British Coinage.
S
Saint-Gaudens Double Eagle
The U.S. $20 gold coin struck from 1907 to 1933, designed by sculptor Augustus Saint-Gaudens at the request of Theodore Roosevelt. Widely considered the most beautiful coin ever produced in the United States. The 1933 issue, almost entirely melted after the FDR gold recall, is the most valuable U.S. coin — one legally privately owned example sold at Sotheby’s for $18.9 million in 2021.
San Francisco Mint
A U.S. Mint branch opened in 1854 to process California Gold Rush bullion. San Francisco struck circulating coinage continuously from 1854 until the mid-1970s; today its role is primarily proof coinage and the annual U.S. proof and silver proof sets. The S mintmark on a modern Roosevelt dime almost always indicates a proof.
Scrap Silver / Gold
Precious metal sold by weight to a refiner for melting, without regard to original form. Scrap encompasses broken jewelry, dental gold, sterling flatware, damaged coins, and industrial silver. Scrap prices run at a discount to spot — typically 60–85% for jewelry, 80–95% for sterling flatware — reflecting refining costs and dealer margin.
Scripophily
Pronunciation: skri-POFF-ih-lee
The collecting of antique stock and bond certificates, valued for their historical interest, artistic engraving, and association with famous companies or events. A Standard Oil certificate signed by John D. Rockefeller, or a Pennsylvania Railroad bond from 1890, can command four-figure prices among scripophilists. A small parallel hobby to coin and currency collecting.
Silver Eagle
See American Silver Eagle.
Silver IRA
A self-directed IRA holding physical silver in an IRS-approved depository on behalf of the account holder. Silver must meet .999 fineness; the most common qualifying products are American Silver Eagles and certain silver bars from approved refiners. Not tax advice; consult a CPA. See: Silver IRA: How to Hold Physical Silver in a Self-Directed IRA.
Silver Maple Leaf
The Royal Canadian Mint’s silver bullion coin, struck since 1988. One troy ounce of .9999 fine silver — purer than the .999 American Silver Eagle. Carries the same radial-line and micro-engraved security features as the Gold Maple Leaf. See: American Silver Eagle vs. Canadian Silver Maple: Which to Buy?.
Silver Spot Price
The current per-ounce price of silver on the wholesale market, set continuously throughout the trading day by futures, OTC, and physical-market activity. Spot is the reference point dealers price retail silver against. See: Silver Spot Price Today: Live Price + What Drives It.
Slab / Slabbed Coin
A coin encapsulated in a tamper-evident plastic holder by a third-party grading service (PCGS, NGC, ANACS), with the coin’s grade and certification number printed on the label. “Slabbed” is the informal verb. A slabbed coin can be bought, sold, and shipped with confidence in its grade; raw coins require trust in the seller.
Specie
Actual metallic currency — gold and silver coins — as distinct from paper money. “Specie payment” refers to redemption of paper currency for the gold or silver it represents. The U.S. suspended specie payment during the Civil War and resumed it under the Resumption Act of 1875.
Spot Price
The current wholesale price of gold or silver per troy ounce on the global market, set continuously throughout the trading day by futures, OTC, and physical-market activity. Retail bullion products price at spot plus a premium. See: What Is Spot Price? How Gold & Silver Spot Prices Are Set.
Stacker / Silver Stacking
An informal term for someone who accumulates physical silver (and gold) over time as a long-term store of value. “Stacking” implies a buy-and-hold approach focused on metal content rather than numismatic premium. The term originated in online forums in the late 2000s and has since become standard in the bullion community. See: What Is Silver Stacking? A Beginner’s Guide to Building a Stack.
Standing Liberty Quarter
The U.S. quarter struck from 1916 to 1930, designed by Hermon A. MacNeil. The Type I (1916–early 1917) design showed Liberty’s right breast exposed; the Type II (1917–1930) added a chain-mail covering. 90% silver. See: Standing Liberty Quarter Value (1916-1930).
Steel Cent (Steel Penny)
The U.S. one-cent coin struck in 1943 from zinc-coated steel rather than copper, conserving copper for World War II ammunition. A small number of 1943 cents were accidentally struck on leftover bronze planchets — these are the famous 1943 copper pennies, with authenticated examples selling into the six figures. See: 1943 Steel Penny Value: How to Tell if It’s a Rare Copper Variety.
Sterling Silver
A silver alloy of 92.5% silver and 7.5% copper. The .925 standard has been used for British coinage and silverware for centuries and remains the standard for high-quality silver flatware, hollowware, and jewelry. Sterling is not used for modern bullion (which is .999+ fine), but appears on the precious metals market as scrap. See: What Is Sterling Silver? .925 Composition & Value.
Strike
The act of stamping a design into a coin blank with a pair of dies — the foundational manufacturing step of any minted coin. Strike quality describes how completely the design transferred; a full strike shows every detail, while a weak strike leaves some elements soft or unfinished. Strike quality factors into grading on series with known striking issues.
Susan B. Anthony Dollar
The U.S. dollar coin struck for circulation 1979–1981 and again in 1999. Copper-nickel clad, smaller than the Eisenhower dollar it replaced. Frequently confused with the quarter in commerce, which limited public adoption. See: Susan B. Anthony Dollar Value (1979-1999).
T
Tarnish
The surface discoloration that develops on silver (and to a lesser extent on other metals) from exposure to airborne sulfur compounds. Silver tarnish is silver sulfide — a thin cosmetic layer that does not corrode the underlying metal. Tarnish reduces grade on numismatic silver but doesn’t affect bullion melt value. See: Can Silver, Gold, or Platinum Rust? and How to Prevent Silver from Tarnishing.
Toning
The collector-friendly term for silver tarnish — particularly when the discoloration develops attractive rainbow, gold, or russet coloration rather than dull black. Original toning on uncirculated silver coins can add substantial premium when judged attractive; cleaning to remove toning almost always destroys collectible value.
Related: tarnish, lustre, patina
Trade Dollar
A U.S. silver dollar struck from 1873 to 1885 specifically for trade with East Asia, where Mexican and Spanish dollars dominated commerce. Heavier than a regular U.S. silver dollar (420 grains vs. 412.5) to compete on weight. Trade dollars were demonetized in 1876 and are an idiosyncratic series for collectors today.
Troy Ounce
The standard unit of weight for precious metals. Equal to 31.1035 grams — heavier than the avoirdupois ounce (28.35 g) used for groceries. A “one-ounce” gold or silver coin always means one troy ounce. Twelve troy ounces equal one troy pound. See: What Is a Troy Ounce? Why Precious Metals Don’t Use Regular Ounces.
Troy Pound
A unit of weight equal to 12 troy ounces, or 373.24 grams. Substantially lighter than the avoirdupois pound (453.59 g, 16 oz). Troy pounds are historically the basis for U.S. coinage weight specifications and are still used in some bullion contexts, though troy ounces dominate today.
Type Set
A collecting methodology built around acquiring one example of each major design type within a denomination, series, or country — rather than every date and mintmark. A complete U.S. silver dollar type set might include one Bust dollar, one Seated Liberty, one Trade dollar, one Morgan, one Peace, and one Eisenhower 40% silver — far fewer coins than the date-set equivalent.
U
Unallocated Storage
A storage arrangement in which the depository owes you a quantity of metal but doesn’t physically segregate specific bars or coins to your account. Generally lower storage fees than allocated; less secure in a depository bankruptcy. See: Allocated vs. Unallocated Gold: Storage Differences That Matter.
Uncirculated
A coin that has not entered commercial circulation and retains original mint surfaces. Loosely synonymous with Mint State, though “uncirculated” is the informal term and “Mint State” is the formal grading designation. A coin can be uncirculated yet have significant bag marks, weak strike, or impaired lustre — quality varies widely within the uncirculated category.
United States Bullion Depository
The formal name for Fort Knox — the Army installation in Kentucky that stores a large portion of the U.S. gold reserve. Not open to the public and not a coin-producing mint. West Point also stores U.S. gold reserves, in a separate facility; the two depositories together hold the bulk of federal gold.
United States Mint
The bureau of the U.S. Treasury responsible for producing all U.S. circulating coinage, commemorative coins, and the American Eagle bullion program. Operates four active production facilities (Philadelphia, Denver, San Francisco, West Point) plus a headquarters in Washington, D.C. See: The U.S. Mint: History, Branches & What Each Mintmark Means.
V
Variety
A distinct version of a coin within a single date-and-mintmark, caused by differences in the dies or production process. Doubled dies, repunched mintmarks, large-date vs. small-date issues, and certain die-break patterns are all varieties. Specialized references like the Cherrypickers’ Guide catalog varieties for hobbyists who cherry-pick.
Vienna Philharmonic
Austria’s bullion coin program, struck by the Austrian Mint since 1989 in gold (.9999 fine) and since 2008 in silver (.999 fine). Named for the Vienna Philharmonic Orchestra; the design features musical instruments. Vienna Philharmonics carry a face value in euros and are legal tender in Austria. See: Vienna Philharmonic Coin: Silver & Gold Bullion From Austria.
W
Walking Liberty Half Dollar
The U.S. half dollar struck from 1916 to 1947, designed by Adolph A. Weinman. The obverse design — Liberty walking toward the sunrise — was revived in 1986 for the American Silver Eagle. 90% silver. See: Walking Liberty Half Dollar Value (1916-1947): Complete Guide.
War Nickel (1942–1945)
The U.S. five-cent coin struck during World War II in a special 35% silver alloy, conserving nickel for armor plating. War nickels are identified by a large mintmark above Monticello on the reverse (P, D, or S) — the only Philadelphia-struck nickels in U.S. history to carry the P mintmark. See: Are Any Nickels Silver? The 1942-1945 War Nickel Story.
West Point Mint
The U.S. Mint’s bullion facility, located at West Point, New York. Originally established as a silver bullion depository in 1937; elevated to full mint status in 1988 when it took over the American Eagle bullion program. Strikes the Gold Eagle, Silver Eagle, Platinum Eagle, and Gold Buffalo programs. Not open to public tours.
Wheat Penny
The colloquial name for the Lincoln cent struck from 1909 through 1958, named for the two wheat stalks on the reverse. Replaced in 1959 by the Lincoln Memorial reverse. Wheat pennies are common in old jars and bank rolls; key dates include the 1909-S VDB, 1914-D, and 1922 No-D. See: Wheat Penny Value: Lincoln Wheat Cent (1909-1958) Complete Guide.
World Gold Council
The international trade association funded by gold-mining companies to promote gold demand. Publishes widely cited data on global gold supply and demand, central-bank holdings, and ETF flows. WGC research is generally well-sourced but should be read with the awareness that it is industry-funded.
Y
Year Set
A collecting methodology focused on acquiring every coin struck in a specific year, often as a personal-significance set (birth year, graduation year, marriage year). A complete U.S. year set is achievable for modest cost in most modern years and grows expensive only for years with rare key dates or low-mintage commemoratives.
Numbers
1099-B (Form)
The IRS form dealers issue when a precious-metals sale exceeds certain thresholds set by the IRS and the ICTA Reportable Items List. Selling 25 or more Krugerrands, 1,000 oz of silver bullion bars, or specific quantities of other reportable items triggers a 1099-B filing. Not all sales are reportable; check current thresholds before assuming. Not tax advice; consult a CPA. See: Form 1099-B and Precious Metals: When Dealers Report Your Sale.
1933 Saint-Gaudens Double Eagle
The most famous U.S. coin in modern numismatic history. The Mint struck roughly 445,500 in 1933, but FDR’s gold recall order intervened before they were released — virtually all were melted. A single example was legally permitted in private hands and sold for $18.9 million at Sotheby’s in 2021, the highest price ever paid for a coin.
1943 Steel Penny
See Steel Cent (Steel Penny).
