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Glossary of Precious Metals & Coin Terms

Understanding coins, bullion, and grading can feel overwhelming at first. That’s why we’ve created this glossary — to give you clear, simple explanations of the most common terms you’ll come across as a collector or investor.

Pricing & Market Terms

  • Ask Price – The price a dealer is asking (the selling price).

  • Bid Price – The price a buyer is offering (what someone is willing to pay you).

  • Spot Price – The live market price of a precious metal (like gold or silver) trading on global exchanges.

  • Futures Price – The price of a metal for delivery at a future date, traded on commodity markets.

  • Spread – The difference between the buy price and the sell price.

  • Premium – The amount a coin or bar costs above its raw metal value. (Example: A silver eagle often sells above its melt value because of demand and minting costs.)

  • Melt Value – The value of a coin if melted down to its pure metal content.

Bullion & Coin Types

  • Bullion – Precious metals like gold, silver, platinum, or palladium in bar or coin form, valued mainly for their metal content.

  • Collector Coins – Modern coins with limited mintages, often sought after by hobbyists.

  • Historic Coins – Coins tied to history, such as shipwreck coins or older issues with unique stories.

  • Numismatic Coin – A coin valued for rarity, condition, and demand, not just metal content.

Purity & Measurement

  • Troy Ounce – The standard unit of weight for precious metals (1 troy ounce = ~31.1 grams, slightly heavier than a regular ounce).

  • Fineness – A measure of purity, expressed as parts per thousand (example: .999 fine silver = 99.9% pure).

  • Sterling – Silver that is .925 (92.5% pure), commonly used in jewelry and flatware.

  • Karat – A measurement of gold purity. 24k = 100% pure gold.

Coin Grading & Services

  • Grading Service – Independent companies (like PCGS and NGC) that authenticate and grade coins.

  • Coin Grade – Coins are graded on the Sheldon Scale, from 1 (poor) to 70 (perfect).

  • MS (Mint State) – Indicates an uncirculated coin, typically graded MS60–MS70.

  • Proof (PR or PF) – A special coin made with polished dies and planchets, resulting in sharp detail and mirror-like surfaces. Proof refers to the method of manufacture, not condition.

Sheldon Grading Scale (Simplified)

  • Poor (PO1) – Barely identifiable.

  • Good (G4–G6) – Heavily worn but major details still visible.

  • Fine (F12–F15) – Moderate wear with more detail showing.

  • Very Fine (VF20–VF35) – Light to moderate wear with clear detail.

  • Extremely Fine (XF40–XF45) – Light wear only on high points.

  • About Uncirculated (AU50–AU58) – Slight wear but close to Mint State.

  • Mint State (MS60–MS70) – No wear. MS70 is a perfect coin.

Proof Grades (PR60–PR70)

Proof coins are graded on the same 70-point scale as Mint State coins, with PR70 being flawless.

Start Your Collecting Journey with Confidence:

Understanding the language of rare coins and precious metals is the key to making informed decisions as a collector or investor. Whether you’re just beginning or have years of experience, our glossary is here to make coin collecting clear and approachable. At LCR Coin, we combine over 35 years of trusted expertise with a commitment to transparency, education, and customer-first service — so you can build your collection or portfolio with confidence.