Toning on a coin is the change of colour brought about through oxidization, which forms a thin layer of tarnish on the metal's surface. Coin toning can vary in aesthetics, and thus can alternately add or detract from a coin's value. [1] Coins with unusual toning colours or patterns tend to be valued by coin collectors. Toning is most common on silver coins, but can be found on coins minted from other metals and alloys, including gold, copper and cupronickel.
Different colors and patterns of toning can have varying effects on a coin's grade and value. For example, brown spotty toning could decrease a coin's value, while colorful rainbow toning could increase it. Similarly, toning can raise or lower a coin's grade by several points, as grading is based on factors including eye appeal and not just wear. Depending on the environment in which the toning took place, toned coins can come in many different colors and color combinations. Toning patterns may cover an entire coin, just one side, or just one area. Coins which have sat stacked in bags for a long time can develop crescent toning, where the toned coin was partially covered by one sitting off-center on top of it. This is common with Morgan dollars, which were typically delivered to and stored in banks in large cloth bags.
Coins are sometimes toned artificially through the use of chemicals or heat. This may be done by those seeking to increase their value, but unnatural toning on rare coins will reduce their value when detected. Coins with original surfaces are almost always preferable, although coins with extreme artificial toning, such as altered American Silver Eagles, are sometimes sold as novelties. [2]
Coin collecting is the collecting of coins or other forms of minted legal tender.
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.
A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them. The faces of coins or medals are sometimes called the obverse and the reverse, referring to the front and back sides, respectively. The obverse of a coin is commonly called heads, because it often depicts the head of a prominent person, and the reverse is known as tails.
Printmaking is the process of creating artworks by printing, normally on paper, but also on fabric, wood, metal, and other surfaces. "Traditional printmaking" normally covers only the process of creating prints using a hand processed technique, rather than a photographic reproduction of a visual artwork which would be printed using an electronic machine ; however, there is some cross-over between traditional and digital printmaking, including risograph.
In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation.
Engraving is the practice of incising a design onto a hard, usually flat surface by cutting grooves into it with a burin. The result may be a decorated object in itself, as when silver, gold, steel, or glass are engraved, or may provide an intaglio printing plate, of copper or another metal, for printing images on paper as prints or illustrations; these images are also called "engravings". Engraving is one of the oldest and most important techniques in printmaking.
Halftone is the reprographic technique that simulates continuous-tone imagery through the use of dots, varying either in size or in spacing, thus generating a gradient-like effect. "Halftone" can also be used to refer specifically to the image that is produced by this process.
A banknote—also called a bill, paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks or monetary authorities.
Mint-made errors are errors during the minting process. Groups of coins with distinctive characteristics are known as varieties. The term variety applies to coins with both intended and unintended differences while the term error refers only to coins with unintended differences. Nevertheless, not all errors are varieties. Although there may be many identical examples of some errors, others are unique. For example, there may be many indistinguishable examples of coins with a specific die crack, while off-center strikes tend to be unique. Being unique does not mean that an error is valuable. Although no other coin may be similar to a coin with an off-center strike, off-center strikes happen often enough that buyers can choose from many examples each of which varies slightly from the other. Mint error coins can be the result of deterioration of the minting equipment, accidents or malfunctions during the minting process, or intentional interventions by mint personnel. Accidental error coins are perhaps the most numerous and in modern minting are usually very rare, making them valuable to numismatists. Intentional intervention by mint personnel does not necessarily include a deliberate attempt to create an error, but usually involves an action intended to improve quality that miscarries and creates error coins instead. Errors can be the result of defective planchets, defective dies or the result of mistakes made during striking. The planchet, die, and striking classification system happens to correspond with the mintmarks of the three largest U.S. mints, Philadelphia, Denver, and San Francisco. Not all errors fall neatly within the categories. Sometimes design elements are missing from coins because die crevices are filled with grease. Labels used to identify specific categories of errors sometimes describe the cause of the error. Other errors names describe what the viewer sees when looking at the coin while others have names that were adapted for use. The result is that some errors are known by multiple names. Filled die errors are also known as missing design element errors and as strike throughs. As is noted below under the discussion of missing design element coins, some errors have multiple causes. A rare error that sold for $5462.50 on Heritage Auctions in August 2010 is an undated U.S nickel struck on top of a 1960 5 centavos. Foreign coins struck on a U.S coin planchet or vice versa are very uncommon and hold a high value.
The dollar coin is a United States coin with a face value of one United States dollar. Dollar coins have been minted in the United States in gold, silver, and base metal versions. Dollar coins were first minted in the United States in 1794.
Proof coinage refers to special early samples of a coin issue, historically made for checking the dies and for archival purposes. Nowadays proofs are often struck in greater numbers specially for coin collectors (numismatists). Nearly all countries have issued proof coinage.
Casino tokens are small discs used in terms of currency in casinos. Colored metal, injection-molded plastic or compression molded clay tokens of various denominations are used primarily in table games, as opposed to metal token coins, used primarily in slot machines. Casino tokens are also widely used as play money in casual or tournament games.
Security printing is the field of the printing industry that deals with the printing of items such as banknotes, cheques, passports, tamper-evident labels, security tapes, product authentication, stock certificates, postage stamps and identity cards. The main goal of security printing is to prevent forgery, tampering, or counterfeiting. More recently many of the techniques used to protect these high-value documents have become more available to commercial printers, whether they are using the more traditional offset and flexographic presses or the newer digital platforms. Businesses are protecting their lesser-value documents such as transcripts, coupons and prescription pads by incorporating some of the features listed below to ensure that they cannot be forged or that alteration of the data cannot occur undetected.
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians c. 3000 BC until 1873. Following the discovery in the 16th century of large deposits of silver at the Cerro Rico in Potosí, Bolivia, an international silver standard came into existence in conjunction with the Spanish pieces of eight. These silver dollar coins played the role of an international trading currency for nearly four hundred years.
This glossary of numismatics is a list of definitions of terms and concepts relevant to numismatics and coin collecting, as well as sub-fields and related disciplines, with concise explanations for the beginner or professional.
Metallic paint, also called metal flake or polychromatic, is a type of paint that is most common on new automobiles, but is also used for other purposes. Metallic paint can reveal the contours of bodywork more than non-metallic, or "solid" paint. Close-up, the small metal flakes included in the paint create a sparkling effect mimicking a metal surface.
A coin wrapper, sometimes known as a bank roll or roll, is a paper or plastic container for a number of coins. In the 19th century, coins were distributed in large cloth bags and coins were hand wrapped. Since the onset of the 20th century, coin wrapping machines have been in use. The earliest patent for a coin wrapping machine was in 1901. By 1910, automatic coin counting machines were in use, which could reject counterfeit coins, wrap coins, and crimp the coin wrapper ends.
Goloid is an alloy of silver, gold and copper patented by Dr. William Wheeler Hubbell on May 22, 1877. The patent specifies 1 part gold, 24 parts silver, and 2.5 parts copper ; however, the patent also states that "The proportions may be slightly varied" and goes on to specify that the silver portion can range from 20 times to 30 times that of the gold, and the copper could range from one-eighth to one-twelfth of the total mixture. The patent specifies that the metals be separately melted, then mixed, along with "sulphate of sodium or sulphate of potassium" in the amount of one part sulfate to one thousand parts metal. The alloy, in varying proportions, was used by the United States Mint to strike pattern dollars, sometimes called "metric dollars" from 1878 to 1880. Patterns of the same design were struck in other metals, including aluminum, copper, normal coin silver, lead, and white metal.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.
Coin cleaning is the process of removing undesirable substances from a coin's surface in order to make it more attractive to potential buyers. The subject is disputed among the numismatic community whether cleaning coins is necessary. Those that argue in favor of cleaning are also in dispute on which methods work best. It was once common practice to clean coins as the method was recommended by experts in the field. Solutions from pencil erasers to wire brushes and potassium cyanide were all used as cleaning agents with the goal to make the coin look brilliant again. When certified grading came into use in the mid 1980s though, the practice of cleaning coins diminished over time. Most coin experts have since come out against cleaning coins, as doing so can negatively affect them both in grade and value. If a potentially valuable coin must be cleaned then professional work is recommended. Commonly found coins are mentioned as ideal candidates for any attempted cleaning experiments.
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