Glossary of Terms

Ask

The ask price is the lowest price at which a seller is willing to sell a coin, bullion product, or other asset. It is the opposite of the bid price.

Bid

The bid price is the highest price a buyer is willing to pay for a coin, bullion product, or other asset. It is the opposite of the ask price.

Bullion

Bullion refers to precious metals such as gold, silver, platinum, or palladium that are valued primarily for their metal content rather than their collectible value. Bullion is commonly produced as bars, rounds, and government-issued coins.

Cameo

A cameo finish describes a proof coin with frosted raised design elements that contrast against highly polished mirror-like fields. Stronger contrast is often designated as Deep Cameo (DCAM) or Ultra Cameo (UCAM).

Die

A die is a hardened steel tool engraved with the design used to strike coins. Separate obverse and reverse dies are used during the minting process.

Face Value

Face value is the monetary denomination assigned to a coin by its issuing authority, regardless of the coin’s actual precious metal or collectible value.

Fineness

Fineness refers to the purity of a precious metal, usually expressed as a decimal. For example, .999 fine gold contains 99.9% pure gold.

Intrinsic Value

Intrinsic value is the value of a coin or bullion product based solely on its precious metal content, excluding any collectible or numismatic premium.

Melt Value

Melt value is the current market value of the precious metal contained in a coin or bar based on the prevailing spot price.

Mint Mark

A mint mark is a letter or symbol placed on a coin identifying the mint facility where it was produced.

Mint State (MS)

Mint State (MS) refers to a coin that has never entered circulation and shows no wear from everyday use. Coins are graded on the Mint State scale from MS-60 to MS-70.

Numismatic

Numismatic refers to the study, collection, and appreciation of coins, paper money, medals, and related monetary objects.

Obverse

The obverse is the front side of a coin, typically displaying a portrait, national emblem, or principal design.

Planchet

A planchet is the blank metal disc that is prepared before being struck into a finished coin.

Premium

A premium is the amount paid above the current spot price of a precious metal. Premiums reflect manufacturing costs, distribution, demand, rarity, and other market factors.

Proof

A proof coin is a specially manufactured coin struck using polished dies and carefully prepared planchets to produce exceptional detail and mirror-like finishes. Proof coins are created primarily for collectors.

Reverse

The reverse is the back side of a coin, typically featuring a secondary design, denomination, or national symbol.

Spot Price

The spot price is the current market price for immediate purchase or sale of a precious metal such as gold or silver before dealer premiums or fees are added.

Strike

A strike is the process of impressing a coin’s design onto a planchet using specially engraved dies under high pressure.

Toning

Toning is the natural change in color that develops on a coin’s surface over time as a result of chemical reactions with its environment. Depending on the coin and collector preference, toning may either enhance or reduce value.

Troy Ounce

A troy ounce is the standard unit of weight used for precious metals. One troy ounce equals approximately 31.1035 grams, making it heavier than the standard avoirdupois ounce used for most everyday goods.