A grade range from 50 to 58 on the Sheldon scale. An AU coin shows only a trace of friction on its highest points and keeps most of its original mint luster.
Altered coin
A genuine coin that has been changed to imitate a more valuable one, for example by adding or removing a mint mark or re-engraving a date digit. Grading services and the Changes Hands Grading Standard reject altered coins outright.
Ask
The price at which a seller offers to sell. The lowest ask in an order book is the best price a buyer can get right now.
Bag marks
Small nicks and abrasions on uncirculated coins caused by contact with other coins in mint bags. Bag marks are a major factor in Mint State grades, especially on large, heavy coins such as Morgan dollars.
Bailment
A legal arrangement in which an owner hands goods to someone else to keep, and the keeper (the bailee) must return those specific goods. Title stays with the owner. Changes Hands holds customer coins as bailee.
Bid
The price at which a buyer offers to buy. The highest bid in an order book is the best price a seller can get right now.
Brown, Red-Brown and Red (BN, RB, RD)
Color designations for copper coins. RD coins keep nearly all their original red color, RB coins show a mix, and BN coins have toned to brown. Original red commands a large premium on uncirculated copper.
Bullion
Precious metal valued mainly for its weight and purity rather than collector interest. Bullion coins such as the American Silver Eagle are struck in standard weights and trade close to the metal price.
Business strike
A coin made for circulation, as opposed to a proof struck for collectors. Most coins in circulated grades are business strikes.
CAC sticker
A sticker applied by Certified Acceptance Corporation to a PCGS or NGC holder after reviewing the coin. Green means CAC judged it solid for the grade; gold means CAC judged it better than the grade. The grade on the label does not change.
Cameo
A proof coin with frosted design elements that contrast against mirror-like fields. Stronger contrast earns Deep Cameo or Ultra Cameo designations.
Carson City (CC)
The branch mint in Nevada whose coins carry a CC mint mark. Carson City Morgan dollars are among the most sought-after coins in the series.
Certificate number
The unique number printed on a grading service label. It can be checked against the service's online database to confirm that the slab and grade are genuine.
Certified coin
A coin authenticated and graded by a third-party service such as PCGS or NGC and sealed in a tamper-evident holder. Also called a slabbed coin.
CHGS
The Changes Hands Grading Standard, the published rules Changes Hands uses to authenticate and house-grade raw coins. Two independent graders grade every coin blind, and the lower band stands if they are one band apart.
Clad
A coin made of layers of different metals bonded together. US dimes and quarters from 1965 and half dollars from 1971 are copper-nickel clad over a copper core, which shows as a copper stripe on the edge.
Cleaned
A coin whose original surface has been altered by rubbing, polishing, chemicals or abrasives. Cleaning leaves hairlines or unnatural color and results in a details grade rather than a normal grade.
Common date
A date and mint combination that survives in large numbers and is easy to find. Common dates usually trade at the lowest premiums in a series.
Contact marks
Nicks and abrasions from contact with other coins or objects during minting, bagging or circulation. A few are normal; heavy marks lower the grade.
Counterfeit
A coin not made by the official mint as genuine coinage of its stated type, date and mint. Modern die-struck counterfeits can be convincing, so weight, diameter and metal tests matter.
Crossover
Moving a coin from one grading service's holder to another's. The submitter usually sets a minimum grade, and the coin stays in its original holder if the new service will not meet it.
Cull
A coin too worn or impaired to grade normally, for example with a missing date or heavy damage. Culls usually trade in bulk.
Denticles
Small tooth-like projections around the inside of the rim on many older coins. They wear down with circulation and help a grader judge the rims.
Details grade
A grade given to a genuine coin with a problem such as cleaning, damage or corrosion. It states the wear level and the problem instead of a number. NGC calls these Details; PCGS labels them Genuine.
Die
A hardened steel cylinder engraved with the design of one side of a coin. A pair of dies strikes the obverse and reverse at the same time.
Die variety
A coin struck from a die that differs in a recognizable way from other dies of the same date and mint, such as doubling, an overdate or a repunched mint mark. Collectors attribute varieties using standard references.
Doubled die
A die variety in which the die itself received a doubled impression of the design during manufacture, so every coin it strikes shows doubled lettering or features. The 1955 Doubled Die Obverse Lincoln cent is the best-known example.
Edge
The outer side of a coin, sometimes called the third side. US coins have plain, reeded or lettered edges depending on the series.
Extremely Fine (XF or EF)
Grades 40 and 45 on the Sheldon scale. Light wear is confined to the highest points, all other detail is sharp, and traces of luster may remain.
Eye appeal
The overall attractiveness of a coin seen at arm's length, taking in color, surface, toning and marks together. Strong eye appeal can lift a coin within its grade.
Face value
The denomination stamped on a coin. Silver coins are often traded in multiples of face value, such as one dollar face value of 90% silver.
Field
The flat background area of a coin's design, around the raised devices and lettering. Hairlines and marks in the fields strongly affect the grade.
Fine (F)
Grades 12 and 15 on the Sheldon scale. The coin shows moderate, even wear, but all major features are bold and key diagnostics are visible.
Fineness
The proportion of pure metal in a coin, written as a decimal. Fineness .900 means 90% silver; .999 means 99.9%.
Full Bands (FB)
A strike designation for Mercury dimes whose central horizontal bands on the fasces are fully separated. It applies only to well-struck uncirculated coins and carries a premium.
Full Bell Lines (FBL)
A strike designation for Franklin half dollars where the lower horizontal lines across the Liberty Bell are complete. It is assigned by the grading services, not by Changes Hands house grading.
Full Steps (FS)
A strike designation for Jefferson nickels showing complete, unbroken steps at the base of Monticello. Many dates are rare with Full Steps because of weak strikes.
Good (G)
Grades 4 and 6 on the Sheldon scale. The coin is heavily worn, but its design is outlined and the date and lettering are readable.
Hairlines
Fine, shallow scratches in a coin's fields, usually caused by wiping or cleaning. Hairlines running in one direction across a field are a sign that a coin has been cleaned.
High points
The most elevated parts of a coin's design, where wear appears first. Graders examine the high points of each series to judge wear.
House grade
A grade assigned by a marketplace or dealer rather than an independent grading service. On Changes Hands, house grades follow CHGS and are shown with the HG code and a band, never as a PCGS or NGC grade.
Junk silver
Circulated, common-date US dimes, quarters and half dollars from 1964 and earlier, which are 90% silver and trade mainly for their metal content.
Key date
The scarcest and most sought-after date and mint combination in a series, such as the 1909-S VDB Lincoln cent. Key dates carry large premiums and are frequently faked.
Legend
The main lettering on a coin, such as UNITED STATES OF AMERICA or LIBERTY. Readable legends are a requirement for the lower grades.
Limit order
An order to buy at or below, or sell at or above, a price you set. If it cannot fill immediately, it rests on the order book until it fills or you cancel it.
Luster
The rotating cartwheel of light on a newly struck coin, created by metal flow during striking. Luster is broken by wear and destroyed by cleaning, and it never returns once lost.
Market order
An order to buy or sell immediately at the best prices currently available in the order book. On Changes Hands, market orders include a protective price limit.
Melt value
The value of the metal in a coin at the current spot price. It sets a rough floor under the price of silver and gold coins.
Mint mark
A small letter showing which mint struck a coin, such as D for Denver, S for San Francisco, O for New Orleans or CC for Carson City. Many Philadelphia coins carry no mint mark.
Mint State (MS)
Grades 60 to 70 on the Sheldon scale, for coins with no wear. The number within Mint State reflects marks, luster, strike and eye appeal.
Mintage
The number of coins struck for a given date and mint. Mintage is a starting point for rarity, but survival rates often matter more.
Numismatics
The study and collecting of coins, tokens, medals and paper money. A numismatist is a person who studies or collects them.
Obverse
The front or heads side of a coin, usually bearing the main portrait and the date.
Order book
The live list of bids and asks for one market, sorted by price. On Changes Hands every class of interchangeable coins has its own order book.
Overdate
A die variety in which one date is punched over another, leaving traces of the earlier digit, as on the 1942/1 Mercury dime or the 1918/7-D Buffalo nickel.
Planchet
The blank metal disk that becomes a coin once it is struck by the dies.
Population report
A count of how many coins a grading service has graded at each grade for a given date and mint. Resubmitted coins can inflate the figures.
Premium
The amount a coin sells for above its melt value or above a reference price. Collector premiums reflect rarity, condition and demand.
Proof
A coin struck for collectors using specially prepared dies and planchets, usually struck more than once, giving sharp detail and often mirror-like fields. Proof grades are written PR or PF.
Prooflike (PL) and Deep Mirror Prooflike (DMPL)
Designations for business-strike coins with reflective, mirror-like fields resembling a proof. They are best known on Morgan dollars and are assigned by the grading services.
PVC damage
Green, sticky residue left by soft plastic flips containing polyvinyl chloride. Left untreated, it can permanently etch a coin's surface.
Raw coin
A coin that has not been certified and sealed in a grading service holder.
Reeded edge
An edge with fine vertical ridges, used on US dimes, quarters and half dollars and on the classic silver dollars. Reeding was originally introduced to deter clipping metal from coin edges.
Relief
The height of a coin's design above its fields. High-relief designs, such as the 1921 Peace dollar, are striking but harder to strike fully and wear faster.
Reverse
The back or tails side of a coin.
Rim
The raised border around the edge of each side of a coin, which protects the design from wear. Rim damage is a common problem that lowers value.
Semi-key date
A date and mint combination scarcer and more valuable than the common dates in a series but less so than the key.
Sheldon scale
The 1 to 70 numerical grading scale introduced by William Sheldon in his 1949 book Penny Whimsy and now used throughout the US coin market. A grade of 1 is barely identifiable and 70 is a flawless Mint State coin.
Slab
The sealed, tamper-evident plastic holder in which a grading service encapsulates a coin with its grade label.
Spot price
The current market price of a precious metal for immediate delivery, usually quoted per troy ounce. Bullion and melt values are calculated from it.
Spread
The difference between the highest bid and the lowest ask. A narrow spread means buyers and sellers are close to agreeing on price.
Strike
How completely the dies pressed the design into the planchet. A weak strike leaves details soft even on an uncirculated coin.
Toning
Color that forms on a coin's surface as the metal reacts with its environment over time. Natural, attractive toning can add value; artificial toning is treated as a problem.
Troy ounce
The standard unit for precious metals, equal to 31.1035 grams, about 10% heavier than an ordinary ounce.
Type coin
A single example of a particular design, collected to represent that design rather than as part of a complete date set. Type collectors usually choose a common date in a nice grade.
VAM
A die variety number for Morgan and Peace dollars, from the reference by Leroy Van Allen and A. George Mallis. Some VAMs, such as the 1888-O Hot Lips, carry strong premiums.
Very Fine (VF)
Grades 20 to 35 on the Sheldon scale. The coin shows light to moderate wear on the high points, with most fine detail still sharp.
Very Good (VG)
Grades 8 and 10 on the Sheldon scale. The coin is well worn, but major features are clear and some interior detail is visible.
War nickel
A Jefferson nickel struck from mid-1942 through 1945 in an alloy of 56% copper, 35% silver and 9% manganese, recognizable by the large mint mark above Monticello.
Wear
Loss of metal and detail caused by circulation, appearing first on the high points as smooth or grainy metal where luster has been rubbed away.
Whizzing
Treating a coin with a rotary wire brush to imitate mint luster. Whizzed coins show a fuzzy, swirling surface and receive a details grade.
