Introduction to Numismatics
Numismatics is the study and collection of coins, paper currency, tokens, and related objects. Understanding coin terminology is essential for properly identifying, grading, and valuing coins in your collection. This comprehensive reference guide will help you navigate the specialized language of coin collecting.
Core Numismatic Concepts
Basic Coin Anatomy
- Obverse: The “front” or “heads” side of a coin, usually featuring a portrait
- Reverse: The “back” or “tails” side of a coin
- Edge: The outer border of a coin (can be plain, reeded, lettered, or decorated)
- Rim: The raised border around the perimeter of both sides
- Field: The flat background area of a coin not occupied by design or inscription
- Relief: The raised design elements on a coin’s surface
- Legend: The main inscription or lettering on a coin
- Exergue: A small space on a coin, usually below the main design, often containing a date or mint mark
- Mintmark: Letter(s) indicating which mint produced the coin
Coin Production Terms
- Planchet/Blank: The metal disk on which a coin design is stamped
- Die: The engraved metal tool used to stamp designs onto coins
- Hub: The master tool used to create dies
- Proof: Specially made coin with polished surfaces and sharp details
- Mint State: Uncirculated condition; never been in general circulation
- Mint Set: Complete set of uncirculated coins from a specific year
- Proof Set: Complete set of proof coins from a specific year
Coin Grading Process
The Sheldon Scale (70-point scale) is the standard grading system used by professional grading services.
Grading Steps:
- Examine the coin’s preservation level
- Check for wear on high points
- Look for luster and original surfaces
- Note any damage or problems
- Compare to grading standards
- Assign a numerical grade
Key Terminology by Category
Coin Conditions & Grades
Circulated Grades
- Good (G-4): Heavily worn with outline of design visible
- Very Good (VG-8): Design worn but major features distinct
- Fine (F-12): Moderate wear, all major features clear
- Very Fine (VF-20/25/30/35): Light wear on high points, all details sharp
- Extremely Fine (EF/XF-40/45): Minimal wear, sharp details, some luster
- About Uncirculated (AU-50/53/55/58): Trace wear on highest points, most luster intact
Uncirculated Grades
- Mint State (MS-60 through MS-70): No wear from circulation
- MS-60: No wear but may have many marks/flaws
- MS-65: High quality with minor imperfections
- MS-70: Perfect coin with no discernible flaws
Coin Defects & Variations
- Variety: Intended difference in design during production
- Error: Unintended mistake in production
- Double Die: Die with doubled image due to misalignment
- Off-Center: Design not centered on planchet
- Clipped Planchet: Coin missing a piece due to improper cutting
- Lamination Error: Metal layers separating
- Cud: Raised, irregular blob of metal on coin from broken die
- Repunched Mintmark: Mintmark punched multiple times in different positions
- Overdate: New date punched over previous date
Coin Surfaces & Appearance
- Luster: Natural shine on uncirculated coins
- Toning: Natural color change due to oxidation
- Patina: Chemical surface change giving aged appearance
- Whizzing: Artificial brightening by wire brushing (damages coin)
- Cleaned: Improperly cleaned, removing natural surfaces
- Dipped: Chemically treated to remove toning
- PVC Damage: Green residue from improper storage in plastic
- Hairlines: Fine scratches from cleaning
- Bag Marks: Minor nicks from contact with other coins
- Corrosion: Chemical deterioration of metal
- Environmental Damage: Harm from exposure to elements
Comparison Tables
Grading Scale Comparison
| Short Term | Numerical Grade | Description |
|---|---|---|
| Poor (P-1) | 1 | Barely identifiable |
| Fair (Fr-2) | 2 | Type identifiable, severe wear |
| AG-3 | 3 | About Good, outline visible |
| G-4 | 4 | Good, worn but all major details visible |
| G-6 | 6 | Good, slightly better |
| VG-8 | 8 | Very Good, major features distinct |
| VG-10 | 10 | Very Good, slightly better |
| F-12 | 12 | Fine, all major details clear |
| F-15 | 15 | Fine, slightly better |
| VF-20 | 20 | Very Fine, moderate wear on high points |
| VF-30 | 30 | Very Fine, light wear on high points |
| XF/EF-40 | 40 | Extremely Fine, slight wear on highest points |
| XF/EF-45 | 45 | Extremely Fine, minimal wear |
| AU-50 | 50 | About Uncirculated, trace wear, half luster |
| AU-58 | 58 | About Uncirculated, minimal wear, most luster |
| MS/PR-60 | 60 | Mint State/Proof, no wear but many marks |
| MS/PR-65 | 65 | Mint State/Proof, gem quality |
| MS/PR-70 | 70 | Mint State/Proof, perfect coin |
Types of Collections by Focus
| Collection Type | Focus | Example |
|---|---|---|
| Date Set | Complete dates of a series | All Lincoln cents 1909-present |
| Type Set | One example of each design | One of each U.S. quarter design |
| Mint Mark Set | Coins from specific mints | All Morgan dollars by mint |
| Year Set | All coins from a specific year | All 1964 U.S. coins |
| Error Collection | Specific error types | Off-center strike collection |
| Topical | Theme-based collection | Animals on world coins |
| World Collection | Coins from multiple countries | One coin from each country |
Common Terminology Challenges & Solutions
Challenge: Confusion Between Similar Terms
- Problem: Mixing up “mint mark” (production location) and “mint state” (condition)
- Solution: Remember mint marks are letters (D, S, P); mint state refers to grades (MS-60 to MS-70)
Challenge: Understanding Toning vs. Damage
- Problem: Difficulty distinguishing natural toning from damage
- Solution: Natural toning shows rainbow colors in concentric patterns; damage looks uneven and often has black spots
Challenge: Grading Consistency
- Problem: Inconsistent personal grading standards
- Solution: Use photo grading guides and practice with professionally graded coins
Best Practices & Practical Tips
For Describing Coins:
- Always note denomination, date, mint mark, and grade
- Describe distinctive features or varieties
- Mention any significant damage or problems
- Use standard terminology rather than slang
- Include attribution numbers for varieties when known
For Learning Terminology:
- Study one category of terms at a time
- Create flashcards with terms and definitions
- Join forums and discussion groups to practice using terms
- Handle and examine coins while learning related terminology
- Attend coin shows and talk with experienced collectors
Additional Resources
Books:
- “The Official American Numismatic Association Grading Standards”
- “Coin Grading and Counterfeit Detection” by ANA
- “Cherrypickers’ Guide to Rare Die Varieties” by Bill Fivaz and J.T. Stanton
Organizations:
- American Numismatic Association (ANA)
- Professional Numismatists Guild (PNG)
- American Numismatic Society (ANS)
Online Resources:
- PCGS CoinFacts (www.pcgs.com/coinfacts)
- NGC Coin Explorer (www.ngccoin.com/coin-explorer)
- Newman Numismatic Portal (nnp.wustl.edu)
- Numista (numista.com)
Grading Services:
- Professional Coin Grading Service (PCGS)
- Numismatic Guaranty Corporation (NGC)
- ANACS
- Independent Coin Graders (ICG)
This cheat sheet serves as your quick reference guide to the complex world of numismatic terminology. As you build your collection, these terms will become second nature, helping you communicate effectively with dealers, fellow collectors, and the broader numismatic community.