Glossary

Alloy
Mixture of more than one metal, usually preceded by the name of the most predominant or most important metal in the mix, such as nickel alloy.

Arbitrage
To simultaneously buy and sell commodities or securities in different markets to take advantage of price differentials.

Ask Price
The selling price offered by the dealer (also known as the "sell" or "offer" price).

Assay
Analytic test or trial to ascertain the fineness, weight, and consistence of precious or other metal in coin or bullion.

Bag Marks
Minor abrasions on an otherwise uncirculated coin, caused by contact between coins in a mint bag.

Base Metal
Also known as pot metal is a mixture of non-precious metals. It is frequently used as a base for gold-filled, gold-plated, or rolled gold plate coverings.

Bear Market
Describes investment markets such as stock markets or metals markets in which prices are, or are soon expected to be, in decline. The opposite of a bear market is a bull market.

Bid Price
The price a dealer is willing to pay (also known as the "buy" price).

Bullion
Precious metal in negotiable or tradable form, such as a wafer or bar.

Bullion Coin
A legal tender coin whose market price depends on its gold content, rather than its rarity or face value. (Examples: Australian Platinum Koalas, Canadian Gold Maple Leafs, U.S. Silver Eagles)

Bull Market
Describes investment markets such as stock markets or metals markets in which prices are, or are soon expected to be, on the rise. The opposite of a bull market is a bear market.

Carat (with a "c")
A measurement of weight which is generally used in reference to gems. It is equal to about 3.086 grains Troy or 0.2 grams. It is not to be confused with KARAT (with a "k") which is a measurement of the fineness of gold.

Face Value
The value marked, imprinted, or stamped on a coin.

Fine Gold
Pure, 24 Karat, .999 fine gold.

Fineness
A description of the purity of gold in parts per thousand. For instance, "three 9's" means 999 parts out of 1000 are pure gold. This is equivalent to 24 Karat.

Graded Coin
Numismatic coins graded according to the quality of the coin. The following are the general characteristics that define the A.N.A coin gradings. (Listing from the highest grade to the lowest)

MINT STATE -- The terms Mint State (MS) and Uncirculated (Unc.) are interchangeably used to describe coins showing no trace of wear. Such coins may vary to some degree because of blemishes, toning or slight imperfections as described in the following subdivisions.

Perfect Uncirculated (MS-70)	Perfect new condition, showing no trace of wear. The finest quality possible, with no evidence of scratches, handling or contact with other coins. Very few regular issue coins are ever found in this condition.
Choice Uncirculated (MS-65)	An above average Uncirculated coin which may be brilliant or lightly toned and has very few contact marks on the surface or rim. MS-67 through MS-62 indicate a slightly higher or lower grade of preservation.
Uncirculated (MS-60)	Has no trace of wear but may show a number of contact marks, and surface may be spotted or lack some luster.
Choice About Uncirculated (AU-55)	Barest evidence of light wear on only the highest points of the design. Most of the mint luster remains.
About Uncirculated (AU-50)	Has traces of light wear on many of the high points. At least half of the mint luster is still present.
Choice Extremely Fine (EF-45)	Light overall wear shows on highest points. All design details are very sharp. Some of the mint luster is evident.
Extremely Fine (EF-40)	Design is lightly worn throughout, but all features are sharp and well defined. Traces of luster may show.
Choice Very Fine (VF-30)	Light even wear on the surface and highest parts of the design. All lettering and major features are sharp.
Very Fine (VF-20)	Shows moderate wear on high points of design. All major details are clear.
Fine (F-12)	Moderate to considerable even wear. Entire design is bold with overall pleasing appearance.
Very Good (VG-8)	Well worn with main features clear and bold although rather flat.
Good (G-4)	Heavily worn with design visible but faint in areas. Many details are flat.
About Good (AG-3)	Very heavily worn with portions of lettering, date and legends worn smooth. The date may be barely readable.
When grading coins any defects should be noted, such as bent, scratched, etc. Cleaning or mutilations of any kind should be mentioned. (i.e., Extra Fine with rim nick at 9 O'clock, small scratch on face)

Grain
The earliest known unit of weight and was originally one grain of wheat or barley. It is equal to 0.0648 grams troy and 24 grains are equivalent to one pennyweight. There are 480 grains in a troy ounce, and 437.5 grains in an Avoirdupois ounce.

Gram
A metric unit of mass and weight. A gram equals approximately 1/32 troy oz. It is used in troy weight as a measure of gold.

Liquidity
The quality of being readily convertible to cash.

Market Value
The price a coin will bring in the open market, which may be greater than or equal to its intrinsic value.

NYMEX
New York Mercantile Exchange in New York, where platinum and palladium, as well as other commodities are traded on a daily basis.

Numismatics
Study and collecting of coins, paper money, tokens, medals, and other similar objects.

Ounce
A unit of weight equal to 1/16 avoirdupois pound or 1/12 troy pound.

Premium
Market value of a coin less the intrinsic value of the same represents the premium. A silver coin which contains $10 in silver (intrinsic value) and sells for $20 (market value) has a 100% premium.

Proof
A coin produced by a technique involving specially prepared dies and planchets and usually specially striking (struck two times or more), resulting in particular sharpness of detail and virtually flawless surface, usually mirror-like fields. A coin made specifically for collectors that is not made for circulation

Restrikes
"New" coins made from "old" dies. Thus, they are referred to as "new mintings." Restrikes generally have the same specifications as the original coins of which they are copies. This includes the same dates, composition, and dimensions. Restrike coins are officially produced by a government and are usually not legal tender. Government mints pick one date as the "strike date" on a particular coin. For instance, the restrike date for the Austrian 100 Corona is 1915. Restrikes are considered bullion coins because such a large number were made that they have no numismatic value. In fact, the original coins made from the dies used for restrikes have no numismatic value because there is no way to tell them from the copies.

Small Order Prices
Small order prices on our homepage are indication prices for gold purchases of 25 ounces, silver purchases of 300 ounces, and platinum purchases of 25 ounces.

Spot Price
The current price in the physical market for immediate delivery of the precious metal. Sometimes referred to as the cash price.

Troy Ounce
Unit of weight for precious metals. One troy ounce equals 1.09711 ounces or 31.103 grams.