Numismatists have terms that are used, and it is important to be aware of these if one is to collect coins. It is imperative that a good collector be able to comprehend what a seller is saying about a coin. It is even more important that one understand, and properly use, the terms of numismatics when selling a coin.
Most people use the terms good, very good, fine, very fine, extremely fine, almost or about uncirculated, and uncirculated to describe grades of coins, but currently uncirculated coins must be further refined. While giving the mint state may seem the simplest, some auction sites do not allow a coin to have its mint state stated in the title, unless the coin has been graded by a reputable grading service. Using the terms brilliant uncirculated to denote a low grade uncirculated coin, gem to indicate MS-65, superb to denote MS -67, and perfect to indicate MS-70 gets around the problem. So, if a coin is sold as brilliant uncirculated, it is probably not what many collectors are seeking.
When referring to a coin the side one might normally call heads is the obverse, and the side one might call tails is the reverse. The raises ring at the circumference of a coin is called the rim. A coin with an edge that is rough, like the edges of United States dimes and quarters, is said to have a reeded edge. The reeded edge makes shaving metal from a coin difficult, and can be used to preserve the amount of metal contained in silver and gold coins.
Foreign mints are making very desirable coins, and numismatic interest in them is increasing. Foreign mints use some additional terms with their coins. The most frequent of these are privy mark, tribute coin, and dump.
A privy mark, sometimes called an honor mark, is a small, but noticeable, mark made on the reverse of a coin that honors the subject of the mark. The Royal Canadian Mint used these marks on some Maple Leaf coins, and the Perth Mint of Australia uses them on some kookaburra coins. This is an ideal way for a mint to take a coin of high mintage and make a low mintage version. Perth made privy marks of the state quarters of the United States, and honored many foreign coins. The Royal Canadian Mint has had lunar privy marks honoring the Chinese lunar symbols, the Titanic, fireworks, and the Olympics. These are examples of what has been issued over the last two decades.
A tribute coin is a reproduction of a coin's image. Normally, tributes are rounds, but the Royal Australian Mint makes tributes to obsolete coins, coins from the pre-decimal period. These tributes, are inserted into the center of a current coins that is minted with a hole in the center. Filling the center of a coin is done with what is referred to as a dump. The holey dollar of Australia should have its dump with it.
Black Spaniel Gallery, through its http://blackspanielgallery.com website offers links to the mints mentioned here as a service to the numismatic community.
Henry M. Smith provides information and sells coins through Black Spaniel Gallery. The website is http://blackspanielgallery.com for both coins and information.
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