Alloy - A mixture of two or more metals; to test a metal for purity.
Assay - To analyze and determine the purity of metal.
Bag Mark - A mark on a coin from contact with other coins in a mint bag.
Bank Note - A form of legalized paper currency issued by a bank.
Bid / Ask - Bid or buy is the price a dealer will pay for gold bullion coins. Ask or sell is the selling price offered by a dealer.
(See Spread.)
Bullion - Uncoined gold or silver in the form of bars, plates, etc.
Bullion Coin - A legal tender coin whose market price depends on its gold content, rather than its rarity or face value.
Business Strike - A coin intended for circulation (as opposed to a Proof coin specially made for collectors).
Bust - A portrait on a coin, usually including the head, neck and upper shoulders.
Cash Price - Price required for immediate settlement since most gold purchases are cash transactions. Also known as "spot price."
Clad Coinage - Coins with a core and outer layer of differing substance. U.S. Dimes, Quarters, Half Dollars and Dollars have been clad since 1965.
Collar - A metal piece that restrains the expanding metal of a planchet during striking.
Commemorative - A coin of special design, issued to honor an outstanding person, place or event in history.
Condition - The physical state of a coin.
Conversion Formulas:
Use these formulas to convert!
Carats to Dwt x by .12860
Carats to Grams x by .2
Dwt to Carats x by 7.776
Dwt to Grams x by 1.5552
Dwt to Troy oz x by .05
Grams to Carats x by 5.0
Grams to Dwt x by .64301
Avoir Oz to Troy oz x by .91146
Avoir Oz to Grams x by 28.3495
Troy Oz to Avoir oz x by 1.091
Counterfeit - A coin or piece of currency imitating a genuine article and intended to deceive buyers or users.
Currency - Any medium of exchange including coins, paper money and other items of value used in daily commerce.
Denomination - The value represented by specific currency, such as a Nickel, Dime or Dollar.
Die - A piece of metal bearing the design of the coin. Two dies (front and back) come together against a coin blank to strike a finished coin.
Device - A symbol or figure on a coin.
Designer - The artist who creates a coin's design (but doesn't necessarily engrave the design into a coinage die).
Dram or Drachm:
An ancient unit of weight, also a Greek coin.
It is believed to have originally meant the amount which one could hold in one's hand.
16 drams = 1 ounce avoirdupois
8 drams = 1 ounce apothecaries
1 drams = 27.34375 grains
1 dram = 1.772 grams
3 scruples = 1 drachm
20 grains = 1 scruple
Edge - The outer border of a coin, considered the "third side" of a coin (not to be confused with "rim").
Some coins feature lettering, reeding, or ornamental designs on their edges.
Engraver - The person who cuts the design into a coinage die (not  necessarily the designer)
Field - The portion of a coin's surface not used for design or inscription.
Error - A coin improperly produced but not found and remelted.
Face Value - The sum for which a coin can be spent or exchanged (a Dime's face value is 10¢),
as opposed to its collector or precious metal value; The nominal value given to legal tender coin or currency
(i.e., a 1-oz gold American Eagle has a face value of $50).
FOOLS GOLD - Not gold at all. It is a gold colored mineral found in other rocks like gold often is.
It is really iron pyrite and in relation to gold is worthless.
Four Nines - Gold with a fineness of .9999 (the purest gold available).
Fractional Currency - Paper money issued in denominations of 3¢, 5¢, 10¢, 15¢, 25¢ and 50¢ from 1863-1876.
Gold is measured in many ways but for some reason this precious metal is weighed in a system
of measurements called "Troy Measurements" which is used internationally.
Troy measurements are such that one pound (lb) is divided up into 12 Troy Ounces
and each Troy Ounce is divided up into 20 units called Pennyweight (dwt).
Gram -
1 gram =.03215 troy ounce
1 gram =.643 pennyweight
1.555 grams = 1 pennyweight (dwt)
1 gram =0.00267923 apothecary or troy pound
1 gram =0.00220462 avoirdupois pound
1 gram =0.0321507 apothecary or troy ounce
1 gram =0.564383 avoirdupois dram
1 gram =0.257206 apothecary or troy dram
1 gram =0.6430149 pennyweight
1 gram =0.771618 scruple
1 gram =15.4324 grains
1 gram =1x10^-6 metric ton
1 gram =1x10^-4 myriagram
1 gram =0.001 kilogram
1 gram =5 metric carats
1 gram =1000 milligrams
1 gram =1x10^6 microgram
1 Gram = 5 Carats
Grade - The condition or amount of wear that a coin has received. The ANA scale measures, or grades, coins from About Good-3 to Perfect Uncirculated-70.
Hairlines - Minute lines or scratches on coins, usually caused by cleaning or polishing.
Incuse - The design of a coin that has been impressed below the coin's surface, rather than the more normal raised design protruding above the surface.
Inscription - The legend or lettering on a coin.
Intrinsic Value (melt value) - Refers to the value of the metal in a coin.
Karat - Unit of fineness, scaled from one to 24. 24-karat gold (or pure gold) has at least 999 parts pure gold per thousand; 18-karat has 750, etc.
Key Date - A scarce date required to complete a collection, usually more difficult to find and afford.
Legal Tender - The coin or currency which the monetary authority of a country declares to be universally acceptable therein as a medium of exchange; acceptable in the discharge of debts.
Legend - Principal lettering on a coin.
Medal - A metal object resembling a coin but not of Legal Tender status.
Legal Tender - A coin, note or other article issued by a government as official money.
Liquidity - The quality of being readily convertible into cash.
London Fix - Twice-daily bidding session in London of the five major gold traders, at which the price is fixed or set. The London Fix is the basis for many gold contracts worldwide.
Mint - A plant that produces coins. Today there are U.S. Mints in Philadelphia, Denver and San Francisco.
Mint Luster - The dull, frosty or satiny shine found on Uncirculated coins, resulting from the centrifugal flow of metal as dies strike the coin blank.
Mint Mark - A small letter on a coin identifying which mint struck the coin.
Mint Set - A complete set of coins of each denomination produced by a particular mint.
Mint State - Same as Uncirculated.
Mintage - The quantity of coins produced.
Motto - A phrase or slogan on a coin that is symbolic of a country.
Mule - A coin struck with two dies not meant to be used together.
Numismatic - Coins which are valued for their rarity, condition and beauty beyond the value of their gold content. Generally, premiums for numismatic coins are higher than for bullion coins.
Numismatics - The study and collecting of coins and articles used as money.
Obsolete - A coin design or type that is no longer produced.
Obverse -  The front (or "heads") side of a coin, which usually features the date and the principal design.
Off-Center -  Describes a coin that has received an off-center strike from the coin press and has portions of its designs missing.
Overstrike -  A new coin produced with a previously struck coin used as the planchet.
Paper Money -  Any currency made of paper, including Fractional Currency, Silver Certificates, Federal Reserve Notes, etc.
Pattern -  An experimental or trial piece, generally of a new design or metal.
Pennyweight (dwt) - The pennyweight was the weight of a silver penny in medieval England.
It is no coincidence that there were 240 pennies to the English pound.
240 silver pennies were equivalent to a pound of silver.
The word sterling applies both to the English pound and to the standard
purity of silver.
1 pennyweight = 24 grains (dwt) (1 old time French penny)
1.55 grams=1 pennyweight (dwt)
20 dwt=1 troy ounce
240 pennyweights = 1 pound troy
24 grains=1 dwt
1 pennyweight =.05 troy ounce
1 gram=.643 pennyweight
Planchet -  The blank piece of metal on which a coin design is stamped.
Premium - In gold coinage, the amount by which the market value of a gold coin exceeds the actual spot value of its gold content. Part of the premium is recovered by the seller at resale.
Proof -  A specially produced coin made from highly polished planchets and dies, and often struck twice to accent the design.
Proof Set -  A complete set of Proof coins of each denomination made in a year.
Relief -  Any part of a coin's design that is raised above the coin's surface is said to be in relief. The opposite of relief is incuse.
Restrike -  A coin minted after the year of its date from the original dies.
Reverse -  The back side (or "tails") of a coin, usually carrying a design of lesser importance.
Rim -  The raised circumference of a coin's obverse and reverse, circling the design and protecting it from wear.
Roll -  Coins packaged by banks or dealers in the following quantities: 50 Cents, 40 Nickels, 50 Dimes, 40 Quarters, 20 Half Dollars, 20 Dollars.
Series -  All dates and mint marks of a specific design and denomination: the Mercury Dime series or Buffalo Nickel series.
Spread - Represents the difference between Bid and Ask prices.
Strike -  The process of stamping a coin blank with a die bearing the design. A strike may be considered full, average or weak on a particular coin, and will affect the value of rare coins.
Toning -  Coloration (patination) caused by chemical reaction to the air or other materials over time.
Troy Ounce - A unit of weight, equal to about 1.1 avoirdupois (ordinary) ounces.
The word ounce when applied to gold, always refers to troy ounces.
Troy Ounce:
The traditional unit of weight for precious metals and gems.
1 troy ounce = 480 grains
1 troy ounce = 24 scruples
1 troy ounce = 20 pennyweights (North American jewelry trade)
1 troy ounce = 1.097 ordinary ounce
1 troy ounce = 8 drams
1 troy ounce = 31.1034768 grams.
1 troy ounce = 120 carats
1 troy ounce = 155.52 metric carats (diamonds / precious stones).
3.75 troy ounces = 10 tolas (Indian sub-continent)
6.02 troy ounces = 5 taels (Hong Kong)
12 troy ounce=1 troy pound
14.583 troy ounce =16 avoirdupois ounce (1Pound)
32.15 troy ounces = 1 kilogramme (Kilo)
32,150 troy ounces = 1 metric ton (1,000 kilos)
1000 troy ounces = 31.1 kilograms
Troy Pound (0.37kg):
A mass unit is used to measure precious metals. There are 12 troy ounces in every troy pound.
One troy pound is equal to 373 grams.
Type Collecting -  Assembling coins on the basis of design instead of by date and mint mark;
collecting a coin of each different design in a series.
Uncirculated -  Without rub, friction or wear from circulation.
Variety -  A minor change from the basic design type of a coin.
Year Set - Collection including each year of issue of a certain type of coin,
though not necessarily including each mint issue.