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Hair
The area of a coin that represents hair and may be an important aspect of the grade.

Hairlines
Thin, shallow scratches on the surface of a coin, usually caused by improper cleaning, or mishandling. Hairlines are found on virtually all proof coins, and are considered the most important single factor in grading high quality proof coins. They sometimes appear on business strikes as well. Hairlines tend to show up more often on proof-like business strikes.

Half
Synonym for half-dollar.

Half cent
The lowest-value coin denomination ever issued by the U. S., representing 1/200th of a dollar. Half cents were struck from 1793 until 1857.

Half disme
The original spelling of half dime. The first United States regular issue was the 1792 half disme supposedly struck in John Harper’s basement using the newly acquired Mint presses.

Half Dollar
The denomination first struck in 1794 that is still issued today.

Half Eagle
Literally, half the value of an Eagle. The Eagle was defined by the Mint Act of 1792 as equal to ten silver dollars.

Hammer die
The upper die that is non-stationary. While usually the obverse, on some issues with striking problems, the reverse was employed as the hammer die.

Hammer Price
The amount an item sells for at auction, before any buyer’s premium is added.

Haze
A cloudy film seen on business-strike coins and Proofs. It may occur naturally or be added.

Hell Banknote
An imitation banknote, used in funeral ceremonies in far eastern countries with the idea that the deceased will have money to spend in the afterlife. Hell refers merely to the place where the dead go, and does not carry a negative connotation

Heraldic Eagle
Also called the large eagle, this emblem of Liberty got its name because of its resemblance to the eagles of heraldry.

High end
A term applied to any coin at the upper end of a particular grade.

High Relief
A coin with deep concave fields, due to its design. High relief coins required extra pressure to be fully struck, and were difficult to stack. Therefore, the few coins struck in high relief by the U.S. Mint (such as the 1921 Peace dollar and the 1907 Roman Numerals double eagle) were each made for only one year.

Hoard
A group of coins held for either numismatic or monetary reasons.

Hoard coin
A coin that exists, or existed, in a quantity held by an individual, organization, etc. Examples include Stone Mountain half dollars still held by the Daughters of the Confederacy.

Hoarder
An individual who amasses a great quantity of a numismatic item.

Hobo nickel
An Indian Head (Buffalo) nickel which has been engraved with the portrait of a hobo or other character, often by a hobo. These are popular with some collectors and some are so distinctive that they have been attributed to particular “hoboes.”

Holder toning
Any toning acquired by a coin as a result of storage in a holder.

Hub
Minting term for the steel device that is used to produce a die.

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ICG
Independent Coin Grading Company is a grading service located in Englewood, CO.

Impaired Proof
A Proof coin that grades lower than PR-60.

Incomplete strike
A coin that is missing design detail because of a problem during the striking process. An incomplete strike may be due to insufficient striking pressure or improperly spaced dies.

Incuse design
The intaglio design used on Indian Head quarter eagles and half eagles. The devices on these coins were recessed to try and deter counterfeiting and improve durability.

Indian cent
Synonym for an Indian Head cent.

Indian Head cent
Cents struck from 1859 until 1909 designed by James Longacre.

Indian Head eagle
The Saint-Gaudens designed ten-dollar gold coin struck from 1907 until 1933.

Indian penny
Synonym for Indian Head cent.

Investment Grade
Refers to the grade of a coin that is targeted to investors. These coins tend to be relatively common, in relatively but not extremely high grade, dated prior to 1934, certified by a major grading service, and have enough numismatic value to be desirable to collectors in some way and not be overly affected by ordinary changes in bullion value. Common Morgan Dollars or Saint-Gaudens Double Eagles in MS65 or MS66 are good examples of investor grade coins.

Intrinsic value
The value of the metal(s) contained in a numismatic item. The United States issues contained their intrinsic value in metal until 1933 for gold coins and 1964 for silver coins. Modern U.S. coins are termed fiat currency (see Fiat currency).

Iridescent
Probably the most desirable form of toning on a silver or nickel coin. Iridescent toning covers virtually all of the coin’s surface, while still permitting all of the coin’s natural lustre to shine through with its full intensity.

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Jefferson nickel
The five-cent coin struck beginning in 1938 through to this day. Felix Schlag was the designer.

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Key
A coin that is among the toughest and most expensive to obtain within a series. In the Lincoln Cent series, for example, the 1909-S VDB would be considered the key, as would the 1914-D and often the 1922-Plain. A coin somewhat lesser in stature but still among the tougher in a series to collect is called a semi-key; the 1909-S and 1931-S fulfill this role within the Lincoln Cent series for many collectors. Whether a coin is a key may be subject to the context in which a set is compiled; for instance, if a collector is simply trying to piece together a set of Walking Liberty Half Dollars regardless of condition, the keys are the 1921, 1921-D, and 1916-S, but if another collector is putting together the same set in Gem condition, the 1919-D and 1921-S would be considered keys and the 1916-S likely would not. Also Key Date.

Knife edge
Synonym for wire edge.

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Lamination
A form of planchet flaw caused by imperfections in the metal, whereby a thin strip of the metal separates itself from the coin.

Large cent
A large copper U.S. coin – issued from 1793 until 1857 – valued at one-hundredth of a dollar. It was later replaced by a much smaller cent made from a copper-nickel alloy.

Large date
Term referring to the size of the digits of the date on a coin. The use of this term implies that a medium or small date exists for the coin or series.

Large Eagle
Synonym for Heraldic Eagle.

Large letters
Term referring to the size of the lettering of the date on a coin. The use of this term implies that medium or small letters exist for the coin or series.

Large Motto
Synonym for the 1864 two-cent coin with large lettering for the motto “IN GOD WE TRUST”. Congress mandated this inscription for all coinage and it has been used on nearly every coin since that time.

Large size
A term referring to the particular diameter of a coin in a series. The use of this term implies that there is a small size with the same motif.

LD
Acronym for large date.

Legend
Any phrase that appears on a coin. For example “UNITED STATES OF AMERICA”.

Lettered edge
A coin edge that displays an inscription or other design elements, rather than being plain or reeded (see Reeded Edge).

Lettering
The alphabet characters used in creating legends, mottos, and other inscriptions on a coin.

Liard
An old French copper coin equal in value to three Deniers or 1/4 of a Sol.

Lib
Term for Liberty Head. (i.e. a $10 Lib, a $20 Lib).

Liberty
A symbolic figure used in many U.S. coin designs.

Liberty Cap
The head of Miss Liberty, with a cap on a pole by her head. This design was used on certain U.S. half cents and large cents.

Liberty Head
The design used on most U.S. gold coins from 1838 until 1908. Morgan dollars and Barber coinage are also sometimes referred to as Liberty Head coins.

Liberty Seated
The motif featuring Miss Liberty seated on a rock first used on the Gobrecht dollars of 1836-1839. This design was used on nearly all regular issue silver coinage from 1837 through 1891.

Lincoln
Synonym for a Lincoln Head cent.

Lincoln cent
Cent designed by Victor D. Brenner that was first issued in 1909 and continues through today, although the reverse design was changed to the Memorial Reverse in 1959.

Lincoln penny
Synonym for Lincoln Head cent.

Lint mark
A characteristic that occurs mostly on proof coins as a result of a piece of lint on the die or planchet during the striking process. This lint creates an incused scratch-like mark on the coin. Lint marks are distinguishable from hairlines by their evenness of depth and lack of raised ridges on their borders. They are also identifiable by their interesting thread-like shapes. Since a lint mark is mint-caused, it has a much smaller effect on the grade and value of a coin than a hairline of equal size and prominence.

LL
Acronym for large letters.

Long Beach
Synonym for the Long Beach Coin and Stamp Exhibition held in Long Beach, California, America’s largest commercial coin show. This show is held three times a year, usually in February, June, and October.

Lot
A unique number assigned by an auction house to an item or items sold in a particular sale.

Loupe
A magnifying glass used to examine coins.

Luster
Synonym for lustre.

Lustre
The brightness of a coin that results from the way in which it reflects light. Many different types of lustre exist, and one of the trickiest parts of the grading process is determining whether the lustre of a coin is artificial (see whizzed), natural as made, or diminished through wear, friction, cleaning, or other factors.

Lustrous
A term used to describe a coin that still has its original mint bloom.