| Backwardation:
A situation in which prices for future deliveries are lower than the
spot price |
| 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:
the price at which a dealer is willing to buy. |
| BLANK
PLANCHET:
A plain
metal disc made for coinage which has not yet been struck with an
obverse, reverse or edge design. |
| British
Sovereign:
British gold Sovereigns were struck worldwide at the height of the British
Empire. Each is 91.7% pure (22k) and contains .2354 troy ounce of pure gold. Condition of these pre-1928 coins we offer is Extra Fine to Almost
Mint. |
| BU:
Brilliant uncirculated, used to describe a coin in new condition. |
| 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. |
| BULLION
COIN:
Precious
metal in the form of a coin which trades at a price close to spot. In
other words, it has little or no numismatic value. |
| BULLION:
Gold which is
995 fine or better. The term has also come to be used to describe 1.
gold coins which closely follow spot gold and have little or no
numismatic value (such as restrikes) and 2. the form in which metal is
shaped such as bars, ingots or wafers. The most commonly traded gold
bullion pieces among individual investors in the United States weigh 10
oz. or less. |
| BUSINESS
STRIKE:
The strike used by the mint to manufacture coins for everyday use. This
differs from a proof strike. |
| BUST:
The head, neck,
shoulders and upper chest of an image generally found on the obverse
(front) of a coin. |
C  |
| Canadian
Maple Leafs:
Modern bullion coins by the Royal Canadian Mint. Canada's gold Maple Leafs are from the Royal Canadian Mint, and were the
first .999 pure gold bullion coin (as opposed to a bar or ingot ) when released in 1979. Today, they are struck to an even finer purity of .9999
("four nines," or 99.99% pure gold). |
| 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. |
| Cash
market:
A market in which delivery and payment have to be made within two
working days of the transaction date. |
| Chinese
PANDA: China's Panda gold coins began in 1982 as the first 'premium' priced .999
bullion coin, featuring a different panda portrait each year. They became
hugely popular as collectibles by the late 1980's. Each coin is individually sealed in a vinyl pouch at the China Mint. |
| Centenario:
See Mexican Peso |
| CENTRAL
DEVICE:
The main
design found on either side of a coin. |
| Coin
of the realm:
A legal tender coin issued by a government, meant for general
circulation. |
| Coin:
A stamped piece of metal of a known weight and fineness issued for
commerce. |
| Comex:
One of the world's major commodities futures exchanges where gold and
silver are traded. The Comex is in New York City and is a division of
the New York Mercantile Exchange. |
| Commemoratives:
Legal tender coins or medallions usually minted of gold or silver to
commemorate themes, events, places, or people. |
| CORONET:
A small crown
or tiara worn by Liberty in some of the early U.S. coins. |
| Cu:
The metallurgical
symbol for copper. |
| D |
| DEVICE:
A design found
on a coin. Frequently it is the bust or profile of a person who
symbolizes a particular country at a particular time in history or a
country's coat of arms or insignia. |
| DIE:
An engraved metal
object used to strike or stamp the design on a coin. |
| Double
Eagles:
U.S. $20 gold coins used as
legal tender 1850 –1933. Double Eagles contain .9675 oz. of pure gold.
Early $20 coins had the portrait of Miss Liberty’ s profile on the
obverse. From 1908-1933 they had Augustus St. Gaudens’ standing
Liberty design. This design was appropriated, with modifications, for
the various sizes of the modern gold Eagle bullion coins. |
| Dragon:
Australia's Dragons. The current (year 2000) version is the "Year of the Dragon."
Each coin comes individually encapsulated in a square plastic case. Australia's Lunar Calendar series began in 1997 as a 'premium' priced .9999
bullion coin. . |
| E |
EAGLE:
U. S. $10 face value gold coins used as
legal tender 1795-1933. They contain .4837 ounces of pure gold ALSO: the
generic term for the modern bullion coins issued by the U. S. Mint since
1986.
|
| EDGE:
The side of a coin which may be reeded, lettered or plain. |
| F |
| Face
value:
The legal monetary value stamped on a coin. See symbolic face value. |
| Fiat
money:
Paper money made legal tender by law, although not backed by gold or
silver. |
| Field:
The open area or background on a coin. |
| FINE GOLD:
Pure, 24
karat, 999 fine gold. |
| Fine
weight:
The metallic weight of a coin, ingot, or bar, as opposed to the item's
gross weight which includes the weight of the alloying metal. Example: a
1-oz Gold Eagle has a fine weight of one troy ounce but a gross weight
of 1.0909 troy ounce. |
| Fineness:
The purity of a precious metal measured in 1,000 parts of an alloy: a
gold bar of .995 fineness contains 995 parts gold and 5 parts of another
metal. Example: the American Gold Eagle is .9167 fine, which means it is
91.67% gold. A Canadian Maple Leaf has a fineness of .999, meaning that
it is 99.9% pure. |
| FOOL'S GOLD:
Iron pyrite
is often mistaken by novices for gold. Although its color resembles
gold, its properties are very different from gold. It is hard and
brittle while gold is soft and malleable. |
| Forward
transaction:
Purchase or sale for delivery and payment at an agreed date in the
future; similar to a futures contract, except that forward transactions
are not subject to the standardized procedures and regulations of a
commodities futures exchange. |
| French
Franc:
French 20-franc gold "Roosters" were struck from 1899 to 1916, and
each is 91.7% pure (22 karat) pure and contains .1867 troy ounce of pure gold.
These coins we offer are almost Mint to fully Mint Condition. |
| Futures
contract:
An agreement made on an organized exchange to take or make delivery of a
specific commodity or financial instrument at a set date in the future. |
| G |
| GOLD COLOR:
Variations in the alloys used with gold create different colors of gold
such as yellow, green, red and white. The most common alloys used with
gold are: silver, copper, zinc, and nickel. Silver and zinc tend to give
gold a greenish hue, copper a reddish cast and nickel a white color. |
| Gold
Eagles:
Modern gold bullion coins. American gold Eagles are products of the U.S. Mint, and since their debut in
1986 have become this country's most popular gold bullion coin. Struck in a
traditional coinage alloy of 91.7% pure gold (22 karat), each size contains a
full measure of pure gold, plus additional silver and copper as alloy. |
| GOLD ELECTROPLATE:
Process by which 24 karat gold is deposited on another metal
electrolytically. The plating must be at least seven millionths of an
inch thick. |
| GOLD
FLASHED:
A
gold coating which is less than seven millionths of an inch thick. It is
sometimes called gold washed. |
| GOLD
NUGGET:
Placer gold which has been washed out of the rocks generally into river
beds where it has been beaten by the water and rocks into a
"nugget" shape. |
| GOLD
PLATE: A
common term for electro-gold plating. |
| Gold
standard:
A monetary system based on convertibility into gold; paper money backed
and interchangeable with gold. |
| GOLD:
A precious yellow
metallic element that is resistant to oxidation and is highly ductile
and malleable. In the United States, a metal must 10 Karat gold or more
to be called gold. |
| GOLD-FILLED (GF:
) A process by which a layer of at least 10 kt. gold has been mechanically
bonded to another metal (usually a base metal). This layer usually
constitutes AT LEAST 1/20th of the total weight of the metal in the
piece. Items are marked G.F. preceded by the karat fineness of the
veneer. For example if a bracelet is marked 1/20 10 kt. G.F. and weighs
one Troy ounce it is possible to determine the pure gold content by
performing the following calculation. Pure gold content = 1/20 |
| Good
delivery:
The specification that a bar of precious metal must meet in order to be
acceptable for delivery at a particular exchange. |
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:
The basic unit of
weight of the metric system A metric unit of mass and weight. A gram
equals approximately 1/32 Troy oz. and is used in Troy weight as a
measure of gold. (31.1035 grams = one troy ounce.) |
| H |
| HALF
EAGLE:
U. S. $5
face value gold coins used as legal tender, and issued from 1795-1929.
They contain .24187 ounces of pure gold and were almost identical in
size to the nickel 5c coin. |
| Hallmark:
Mark or stamp on a bullion item that identifies the producer. |
| Hedge:
An offsetting transaction (e.g. the purchase or sale of a future
contract or option) designed to lessen the impact of adverse movements
in the value of assets. |
| I |
| Intrinsic
value:
The value of a coin's metal content. |
| Inverted
market:
A situation in which prices for future deliveries are lower than the
spot price. Also known as backwardation. |
| J |
| K |
| KARAT:
(with a "k") A measure of gold fineness or purity. Pure
gold is considered to be 24 karat. For this reason, the actual gold
content of any object is the percentage relationship of its purity to
24. For example, 18 karat gold is 18kt/24kt or 75% pure gold or 750
fine. |
| KARAT
GOLD:
Gold
(10 karat or better) used in the manufacture of jewelry. According to
U.S. law, the metal must be at least 10 karat or it cannot be called
gold. |
| Kilo
bar:
A bar weighing one kilogram (32.1507 troy ounces). |
| Kilogram:
1,000 grams (32.1507 troy ounces). |
| Koala:
Australian platinum coin, minted since 1987,.995 fine. |
| Krugerrand:
South African gold coin Gold Krugerrands from South Africa were introduced in 1967, and dominated
the gold bullion market in the U.S. from 1974 through the early 1980's. They are struck in 22 karat gold (91.7% pure), each coin containing a full
measure of pure gold, plus additional copper as an alloy. |
| L |
| Legal
tender:
Currency in specified denominations which a creditor is compelled by law
to accept as payment of a debt. |
| Legend:
The inscription on a coin. |
| Liquidity:
The quality of being readily convertible into cash. |
| London
fix: Two daily bidding sessions in London of five major gold
firms, at which the price of gold is "fixed" or set. |
| Luster:
A frosty appearance on the surface of a coin, usually an un-circulated
coin. |
| M |
| Maple
Leafs:
Modern gold, silver, and platinum coins minted by the Royal Canadian
Mint. Canada's gold Maple Leafs are from the Royal Canadian Mint, and were the
first .999 pure gold bullion coin (as opposed to a bar or ingot ) when released in 1979. Today, they are struck to an even finer purity of .9999
("four nines," or 99.99% pure gold). |
| Market
value:
The price at which a coin or bullion item trades. |
| Medallion:
A round piece of metal resembling a coin but not a "coin of the
realm." A medallion may be issued by a government or private mint.
The Engelhard 1-oz silver prospector is a privately-minted medallion. |
| Metric
ton:
1,000 kilograms or 32,151 troy ounces. |
| Mexican
50 Peso: Gold coin first
issued in 1921 to celebrate the 100th anniversary of Mexico's
independence. The Mexican 50 Pesos in the bullion coin market normally
are restrikes, minted from 1943 onward. Weight: 1.2057 troy ounce,.900
fine. |
| MINT:
The place where a
coin or bar was manufactured. |
| Mint
mark:
A letter or symbol stamped on a coin to identify the minting facility
where it was struck. |
| Mint
State:
Describes a coin in un-circulated condition. |
| Modern
issues:
Current coins, whether struck for circulation or for sale to investors
or collectors. |
| MS-60:
The lowest grade of Mint State coins. Higher-grade coins are labeled
MS-61 up to MS-70. Coins showing wear are graded below MS-60 and fall
into grades from AU down to G, with G being a coin showing great wear
and AU being a coin showing little wear. |
| N |
| Noble:
Modern platinum bullion coin issued by the Isle of Man since 1983. |
| NOMINAL
FACE VALUE:
Nominal value given to legal tender coins sold for their metal content.
Example: the 1-oz Gold Eagle carries a $50 face value but sells for the
value of its gold content plus a premium of 5% to 8%. |
| Nugget:
Modern gold bullion coin minted by Australia, .9999 fine. |
| Numismatic
coins:
Coins whose prices depend more on their rarity, condition, dates, and
mint marks than on their gold or silver content. |
| NUMISMATICS:
The study
of coins, currency and medallic art. |
| Numismatist:
Coin collector. |
| NYMEX:
The New York Mercantile Exchange, a future exchange where platinum and
palladium are traded. |
| O |
| OBVERSE:
The front of a coin. The device on the obverse usually consists of the
image of one or more people. |
| Ounce:
A unit of weight. In the precious metals industry, an ounce means a troy
ounce equal to 31.1035 grams. |
| P |
| PANDA:
China's Panda gold coins began in 1982 as the first 'premium' priced .999 bullion coin, featuring a different panda portrait each year. They became
hugely popular as collectibles by the late 1980's. Each coin is individually sealed in a vinyl pouch at the China
Mint. |
| pennyweight:
Equals 24 grains or 1/20 of a Troy ounce. |
| Planchet:
A blank piece of metal used for stamping a coin or medallion. |
| Philharmonic:
Austria's .9999 gold Philharmonics came out in 1990, and quickly became Europe's most popular gold bullion coin. They picture the Weinar
Philharmonic building on the obverse, with musical instruments on the
reverse. |
| Platinum
Eagles: Modern platinum bullion coins minted by the U.S.
Treasury. |
| PREMIUM: The additional
cost of gold coin or bullion over and above the spot gold price. The
premium includes the costs of fabrication, distribution and a minimal
dealer fee. The average premium of a bullion piece at this time is 5% to
15% above spot gold. Rare coins carry an additional premium called
numismatic value which is based on scarcity, quality, demand and
intangible factors. |
| PROOF:
Refers to the
manner in which a coin was minted NOT to its condition. Highly polished
dies and special plainchants are used to produce coins with a mirror-like
finish. A proof strike is very different from a business strike and
proof coins are generally made for collectors not for normal use. |
| Q |
| QUARTER
EAGLE: U. S. $ 2 ˝
face value gold coins, issued as legal tender 1795- 1929. These
dime-size coins contain .121 ounces of pure gold.
|
| R |
| Restrike:
Officially issued reproduction of a former circulating coin. |
| RESTRIKES:
Are
"new" coins made from "old" dies which is why 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 mint and they are usually
not legal tender. Government mints pick one date as the "restrike
date" for 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. |
| REVERSE:
The back of a
coin. The device on the reverse of a coin usually consists of a
country's coat of arms or an insignia. |
| ROLLED
GOLD PLATE
(RGP):
Jewelry which consists of LESS than 1/20 of 10 karat to 14
karat gold by weight. For example, a RGP bracelet weighing 1 Troy oz.
might be |
| S |
| Short
sale:
The sale of an asset for future delivery without possession of the asset
sold. |
| Silver
Eagles:
Modern 1-oz silver bullion coins. |
| Slabbed
coins:
Coins encapsulated in plastic for protection against wear. Generally,
"slabbed" coins are graded by one of the two major grading
services. |
| SOLID
GOLD:
The
Federal Trade Commission rules state that the term "solid
gold" can be applied to items which are not hollow and contain at
least 10 kt. or finer gold. |
| South African Krugerrand:
Gold Krugerrands from South Africa were introduced in
1967, and dominated the gold bullion market in the U.S. from 1974 through the early 1980's.
They are struck in 22 karat gold (91.7% pure), each coin containing a full
measure of pure gold, plus additional copper as an alloy. |
| Sovereign:
English gold coin with a face value of one pound sterling and a gold
content of .2354 ounce. British gold Sovereigns were struck worldwide at the height of the British
Empire. Each is 91.7% pure (22k) and contains .2354 troy ounce of pure gold. Condition of these pre-1928 coins we offer is Extra Fine to Almost
Mint. |
| SPOT
GOLD PRICE:
The constantly fluctuating price of gold in unfabricated form. The
closing spot price varies with markets located in numerous cities and
countries throughout the world. It is recommended that one follow the
spot gold close from one particular source in order to consistently
gauge the fluctuations in the world markets. Commonly quoted gold
markets include: New York City, Chicago, Handy and Harmon, Engelhard,
Republic National Bank, London, Zurich, Paris,Frankfurt, and Hong Kong.
Note that when buying gold in the United States, the price will
generally be based on the prices in New York or Chicago. |
| Spot
market:
A market in which delivery and payment have to be made within two
working days of the transaction date. |
| Spot:
The price for the physical delivery of bullion bars, usually 100-oz bars
of gold or platinum and 1,000-oz bars of silver. |
| SPREAD:
The difference
between the buying price and the selling price of an object at the same
time on the same day by the same person. If gold is purchased at $400.00
per ounce, and sold at $390.00,the spread is $10.00. |
| Symbolic
face value:
Nominal value given to legal tender coins sold for their metal content.
Example: the 1-oz Gold Eagle carries a $50 face value but sells for the
value of its gold content plus a premium of 5% to 8%. |
| T |
TROY
OUNCE:
A measure of weight. A Troy ounce is different from the
ounce most Americans are accustomed to (the Avoirdupois ounce). There
are 12 Troy ounces in a Troy pound, and one Troy ounce is equivalent to
1.333 Avoirdupois
ounces. So, if you buy one pound or twelve Troy ounces of gold, don't
expect it to weigh in at one pound on your bathroom scale, because it
won't. One troy ounce equals 31.1035 grams or 480 grains. One troy ounce
equals 1.09711 avoirdupois ounce.
|
| U |
| Uncirculated:
A coin in new condition, sometimes said to be "Brilliant
Uncirculated or BU The term is often used interchangeably with Mint
State |
| V |
| VERMEIL:
Gold plating on another metal - usually silver. |
| W |
| X |
| Y |
| Z |
