- M -

Major variety
A coin that is widely recognized as having a major difference from other coins of the same date, design, type, and mint.

Market grade
The grade at which most reputable dealers and auction houses would offer an uncertified coin.

Marks
Imperfections acquired after a coin is struck.

Master die
The main die produced from the master hub. Also see: Master die, Working hub, and Working die

Master hub
The original hub created by the portrait lathe. Master dies are created from this hub.

Matte Proof
A certain type of proof minted in the U.S. mostly from 1908 to 1916. Gold and silver matte proofs have a dull, granular (i.e. sandblasted) finish without any mirror-like qualities. Copper and nickel matte proofs are really more like Roman finish proofs. Also see: Roman Finish

MD
Acronym for medium date.

Medal press
A high-pressure coining press acquired by the U.S. Mint, in the 1850s. It was used to strike medals, and other issues.

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

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

Melt
Term for the intrinsic metal value of a coin.

Mercury dime
Common name for the Winged Liberty Head dime issued from 1916 through 1945. (Also “Merc”).

Metal stress lines
Radial lines, sometimes visible, caused by metal flowing outward from the center of the planchet during the minting process.

Milling mark
A series of two or more small nicks on a coin which result from contact with the reeded edge of another coin, usually in a mint bag. Milling marks are generally more detrimental to the grade than normal bagmarks, because of their severity of depth and greater visual impact. Also see: Reeding Mark.

Minor variety
A coin that has a minor difference from other coins of the same design, type, date, and mint.

Mint
A facility where coins are crafted.

Mint bloom
Original lustre that is still visible on a coin.

Mint error
Also see: Error

Mint set
A group of Uncirculated coins from a particular year, usually comprising coins from each Mint.

Mint set toning
Term referring to toning acquired by coins after years of storage in their original cardboard holders.

Mint State
Describes a coin that has never been in circulation. Thus, the coin has no wear. A mint state coin may still be weakly struck, and therefore lack the detail of even a lower grade coin. All mint state coins have some imperfections if you study them hard enough. The term “Mint State” may also correctly be applied to coins that were struck as proofs.

Mintage
The number of coins of a particular date struck at a given mint during a specific year.

Mintmark
Letter(s) stamped into a coin to denote the mint at which it was struck.

Mis-struck
Term applied to “error coins” with striking irregularities.

Mishandled Proof
A proof coin that somehow escaped into circulation or was otherwise significantly abused.

ML
Acronym for medium letters.

Morgan
Synonym for Morgan dollar.

Morgan dollar
Term for the Liberty Head silver dollar struck from 1878 through 1904 and once again in 1921. George Morgan was only an assistant engraver, but his design for the dollar was selected over William Barber’s.

Mottled toning
Splotchy, uneven toning.

Motto
An inscription on a coin. The most popular being IN GOD WE TRUST, which first appeared on the 1864 two-cent piece and is now is required on all U.S. coinage.

MS
Acronym for Mint State.

Multiple-struck
Also see: Double-struck

Mutilated
A coin that has been damaged to the point where it no longer can be graded.

- N -

NCLT
Short for Non-Circulating Legal Tender. Refers to a legal tender coin that has a face value but does not circulate. Two examples in US coinage are commemoratives, particularly those issued 1982 and later, and bullion coins.

New
Term for a coin that never has been in circulation.

New Orleans
The branch Mint established in 1838 in New Orleans, Louisiana. It struck coins for the United States until its seizure in 1861 by the Confederacy. (Some 1861-O half-dollars were struck after the seizure.) It reopened in 1879 and struck coins until 1909 (actually closed in 1910). Now this facility is a museum.

NGC
Acronym for Numismatic Guaranty Corporation, located in Sarasota Florida. Currently one of leading coin grading services.

NGC Census Report
Quarterly publication issued by NGC listing the number of coins graded and their grade.

Nickel
Popular term for a five-cent piece.

No “CENTS” nickel
Liberty Head nickels struck in 1883 without a denomination. The lack of a denomination was very confusing to the public and led to the “racketeer” nickel scandal.

No Arrows
Term applied to coins without arrows by their dates during years when other coins had arrows by the date. (i.e. 1853 Arrows and No Arrows half dimes.)

No Motto
Coins struck without the motto, “IN GOD WE TRUST”.

No Stars
Term referring to the Gobrecht-designed Liberty Seated coins without stars.

No-grade
Term applied to a coin returned from a third-party grading service that was not encapsulated. This can be due to questionable authenticity, cleaning, damage, or other reasons.

Numerical grading
The Sheldon 1-70 scale employed by NGC, PCGS, and other third-party grading services.

Numismatics
The science of money. Coins, currency, tokens, inscribed bars, and all related items are numismatic.

Numismatist
One who studies or collects money.

- O -

O
Mintmark used to signify coins struck at the New Orleans, Louisiana branch Mint.

O-Mint
Term used for the coinage of the branch Mint in New Orleans, Louisiana.

Obverse
The front (heads side) of a coin.

Oct
Synonym for octagonal – the Pan-Pac octagonal commemorative fifty-dollar coin.

Off center
A coin struck on a blank that was not properly centered over the anvil, or lower, die.

Open collar
A device used to position a planchet over the lower die. It was employed specifically for striking early U.S. coins whose edges had already been stamped with reeding or lettering.

Orange-peel surfaces
Dimpled fields seen on many Proof gold coins, and some Mint State gold dollars and $3 gold coins.

Original
Referring to any aspect of a coin that retains its original state. Original toning means natural, not retoned or cleaned. Original lustre means undisturbed lustre that hasn’t been enhanced through artificial methods.

Original roll
A roll of coins, all the same date, denomination, and mintmark, and usually of the same die variety, which seem to have been acquired by the same original owner, probably from the same original mint bag. Generally, all the coins in an original roll will have similar toning and lustre.

Original toning
Referring to a coin that has never been cleaned or dipped. Original toning ranges from a very mild yellow to extremely dark blues, grays, browns, and finally black.

Over-mintmark
A coin struck with a die on which one mintmark is engraved over a different mintmark. In rare instances, branch mints returned dies that already had mintmarks punched into them; on occasion, these were later sent to different branch mints and the new mint altered the die to add its mintmark over the old one. Examples include the 1944 D/S Lincoln Cent, and the 1949 D/S Jefferson Nickel.

Over dipped
A coin whose lustre has been dulled from too many baths in a dipping solution.

Overdate
A coin struck from a die with a date that has one year punched over a different year.

- P -

P-Mint
Synonym for the U.S. Mint located in Philadelphia, Pennsylvania.

Pan-Pac
Synonym for Panama-Pacific Exhibition.

Pan-Pac slug
Synonym for the round or octagonal 1915-dated Panama-Pacific fifty-dollar commemorative coins.

Panama-Pacific Exhibition
A 1915 exhibition held in San Francisco, California to celebrate the completion of the Panama Canal.

Paper money
Synonym for currency.

Patina
Synonym for toning. Refers both to a greenish encrustation left by corrosion on bronze and to toning on other types of coinage

Pattern
A test striking of a coin produced to trial a proposed design, composition, or size. Patterns were often struck in metals other than the one proposed.

PCGS
Professional Coin Grading Service, a leading third-party coin grading service located in Newport Beach, California.

PCGS Population Report
Monthly publication by PCGS listing the number of coins graded and their grade.

Peace dollar
Synonym for the silver dollar struck from 1921 to 1935. The Peace dollar was designed by Anthony Francisci to commemorate the peace following World War I. 1921 featured another coin designated High Relief. In 1922, the relief was lowered resulting in the Regular Relief type that was issued through 1935.

Pedigree
The listing of a coin’s current owner plus all known previous owners.

Penny
Synonym for a one-cent U.S. coin.

Peripheral toning
Coloring – which may be light, medium, or dark – around the edge of a coin.

Philadelphia
The primary U.S. Mint located in Philadelphia, Pennsylvania. It was first established in 1792.

Pioneer gold
Privately issued gold coins struck prior to 1861. The term is generally associated with the private issues from California and the other post-1848 ore finds in Nevada, Oregon, and Colorado.

PL
Abbreviation for prooflike.

Plain edge
A smooth, flat edge seen mainly on a small-denomination coinage.

Planchet
The blank metal disk, which becomes a coin when struck under high pressure between two dies.

Planchet defect
Any defect of a coin which was caused by the planchet being imperfect prior to the coin being struck. Also see: Planchet flaw

Planchet flaw
An irregular hole in a coin blank, sometimes the result of a lamination that has broken away.

Planchet striations
Fine, incuse lines found on some Proof coins believed to be caused by polishing of the blanks prior to striking. Also see: Adjustment marks, Burnishing lines, Die striations, Roller marks

Plated
A coin with a thin layer of metal applied. For example, gold-plated copper strikings of certain U.S. pattern coins.

Platinum
A precious metal sometimes used for coinage. The only United States issues struck in platinum are the pattern half dollars of 1814 and modern platinum Eagles.

Plugged
Term used to describe a coin that has had a hole filled, often so expertly that it can be discerned only under magnification.

PNG
Professional Numismatists Guild, an organization of Numismatic dealers founded in 1955.

PNG certificate
A document (in duplicate: one for the coin owner and one kept on-file at PNG) completed by a PNG dealer that provided a guarantee of authenticity prior to third-party grading services.

PO
Abbreviation for Poor. (Also P).

Polished die
A die that has been basined to remove clash marks or other die injury. Dies used to strike Proof coins were polished to impart mirrorlike surfaces.

Polyvinyl chloride
A somewhat active chemical found in some types of plastic coin flips. Polyvinyl Chloride will cause some coins to tone or turn green over time.

Poor
Synonym for the grade PO-1 (or P1).

Pop Report
Synonym for a report issued by NGC or PCGS, which summarizes the coins certified to date.

Postage Currency
A series of patterns minted in the 1860s, designed to be redeemable for stamps and fractional notes and to relieve a shortage of small change. (2) The first issue of Fractional Currency from 1862-63, so-called because it bore images of then-circulating stamps.

PQ
Acronym for premium quality.

PR
Abbreviation for Proof.

Premium quality
A term which describes the very finest coins that fall into any given grade, or that have some claims to a higher grade.

Presentation striking
A coin, often a Proof or an exceptionally sharp business strike, specially struck and given to a dignitary or other person.

Press
Any coining machine.

Price guide
A periodical listing prices for numismatic items. The guide might differentiate between buy and sell (Bid/Ask), as well as wholesale or retail prices.

Price list
Synonym for fixed price list

Pristine
Term describing coins in original, unimpaired condition. Pristine coins are typically graded MS/PR-67 and higher.

Privy Mark
A small symbol appearing on a coin for a specific purpose. Some are essentially mintmarks, such as the cornucopia privy mark used on many products of the Monnaie de Paris. More recently, privy marks have been appearing on coins, usually commemoratives, to signify that they are a part of a specific set or were coined for a specific purpose

Proof
The term Proof denotes a method of manufacture, not a grade. Proof coins are made with special care, exclusively for collectors or investors and not struck for general circulation. Generally, proof coins are struck on specially selected and polished planchets. They are struck using polished dies. Usually the coins are made on a slower moving press, and/or are struck more than once. Most proof coins are brilliant, with a mirrorlike surface.

Proof dies
Dies which are prepared and used exclusively to produce proof coins. Often, the fields of proof dies are highly polished to impart a mirrorlike finish, and the recessed areas are left unfinished to create frosted devices.

Proof set
A coin set containing Proof issues from a particular year. A few sets contain anomalies such as the 1804 dollar and eagle in 1834 presentation Proof sets.

Proof-only issue
A coin struck only as a Proof, with no business-strike counterpart.

Prooflike
A coin that has mirror-like surfaces. This term is particularly applicable to Morgan dollars.

Provenance
Synonym for pedigree.

Punch
A steel rod with a device, a date, lettering, and other symbols on the end which was hammered into a working die.

Put-together roll
An “original roll” that has had the best coins removed and substituted with lesser quality coins. Also see: Original roll

PVC
Acronym for polyvinyl chloride.

PVC damage
A film, often green, left on a coin after storage in flips that contain PVC. During the early stage, this film may be clear and sticky.

PVC flip
Synonym for a coin flip that contains PVC.