A Brief History of Coins
A Beginner’s Guide to Coin Collecting
What Makes Certain Coins Collectable?
The Journey of a Coin, from Design to Delivery
An Introduction to Coin Grading
What does Legal Tender Actually Mean?
Mintages and Issue Limits
The Importance of Mint Marks
Top Tips for Taking Care of Your Collection
A Glossary of Key Coin Terms ❯
A Glossary of Key Coin Terms
Like most hobbies and industries, the world of coins has its own unique language! It’s impossible to cover everything here, but below is a list of some of the key terms used in the wonderful world of coin collecting.
If there is a term that you think should be included here or if you think that one of our definitions could be improved, please feel free to drop us a line at enquiries@heritagecoins.co.uk
| Alloy | A mixture of two or more metals often used to increase strength or durability or to enable a particular coin colour (eg bronze or copper) to be created from more cost-effective materials |
| Assay | To analyse coins and ingots, usually those made from precious metals such as gold, silver and platinum, to determine the content and purity of their metal content |
| Bi-Metallic | A coin comprised of two different metals or alloys, such as the UK £2 and £1 coins |
| Blank | A blank piece of metal of a specific alloy, shape, size and weight that will go on to have a designed stamped upon it, at which point it will become a coin |
| Brilliant Uncirculated (BU) Coins | Collector coins that, while struck more quickly and with a lower level of definition than Proof coins, still offer a gleaming ‘mint condition’ finish because they’ve never been in circulation |
| Bullion | Precious metals such as silver, gold and platinum that are then struck or formed into coins, ingots or bars to be traded at current bullion prices |
| Circulating coins | Coins struck at huge speed and in vast quantities that are then released into general circulation for everyday use |
| Collar | A metal frame that is placed around a blank before it is struck to stop the metal spreading under the pressure applied by the dies |
| Commemorative Coins | A coin designed, produced and issued to honour or celebrate a particular person, event or anniversary. Issued as limited editions for collectors and enthusiasts, they are often also released as circulating coins in lower mintages than non-commemorative versions |
| Counterfeit | A fake coin produced by criminal organisations used to commit fraud, such as being used in everyday transactions or sold on the secondary market as a genuine article |
| Denomination | The different financial values of a currency (eg 10p, 50p, £1 etc) |
| Die | An extremely durable tool, usually made from hardened steel, used to stamp a design into a blank and turn it into a coin |
| Encapsulation | the process by which a coin is graded for quality, and authenticated as genuine, before being enclosed in plastic, almost always performed by a qualified, independent expert |
| Engraver | An artist who can take an initial design and produce the model that will be used to create the tools and dies, often sculpting in clay or plaster in three dimensions |
| Face Value | The value of coin, as described by the denomination stamped onto its reverse |
| Grading | The process of defining the condition of a coin, depending on how close to mint condition it is or how much wear and tear it has suffered. The most commonly used grades are Fine, Very Fine, Extremely Fine and Uncirculated |
| High Relief: | A coin design that includes elements that will be struck high above the table. They are very hard to produce, primarily decorative and only ever issued as collectors’ items |
| Incuse | The elements of a coin’s design that are pressed into its surface by the dies (the opposite of ‘relief’) |
| Inscription | The text elements of a coin’s design, such as words, mottos or messages |
| Legal Tender | A specific, technical term with a very narrow legal definition. Currency described as ‘legal tender’ can be used to settle or clear a debt in court, but can’t always be used for day-to-day transactions |
| Limited Edition Presentation (LEP) | The amount of a particular coin, taken from its mintage or issue limit, that will be issued in a specific set or packaging |
| Medal | A metal object, maybe struck or handcrafted, issued to an individual to recognise service or duty. Also used (along with medallion, or medallic) to describe a commemorative metal object issued more widely (perhaps instead of a commemorative coin) to celebrate an event, anniversary, person or group |
| Mint | A factory or production facility where coins are made on behalf of a government or issuing authority |
| Mint Mark | A small mark on a coin, usually letters but also sometimes a design or pattern, which identifies which Mint struck the coin or which organisation issued it |
| Mintage | The maximum quantity of a particular coin that will be struck and issued (also known as ‘Issue Limit’) |
| Numismatics | The study and collection of coins, tokens, paper notes, and medals. A numismatist is someone does this as a job or hobby |
| Obverse | The front, or ‘heads’, side of a coin which often carries a royal portrait |
| Proof | A coin struck using polished blanks and dies to create a mirror-like table and frosted relief. Proof coins are usually struck more than once to ensure every fine detail of the design is transferred to the blank, and the dies are frequently cleaned with compressed air to remove any traces of dust and ensure each coin is as close to perfect as possible |
| Relief | The elements of a coin’s design that are raised above the table, such as portraits and the key storytelling features (opposite of ‘incuse’) |
| Reverse | The back (or ‘tails’) side of a coin |
| Rim | A coin’s raised edge which helps protect the design from wear |
| Table | The background area of a coin’s surface that is not used for its design or inscription. On Proof quality coins this is often polished to a mirror-like finish |
| Uncirculated |
A coin that has not been released for everyday use, so has lost little or none of its mint-condition finish. Also used in grading to describe a coin that is in particularly good condition and has preserved much of the quality of its strike. |
