Numismatic Lexicon: E – K

EAC
Short for Early American Coppers

Eagle
A gold coin with a face value of ten dollars. Along with the dollar, this was the basis of the U.S. currency system from 1792 until 1971. No U.S. gold coins were struck for circulation after 1933, and all gold coins issued prior to that time were recalled from circulation.

Ear
An area of certain coins that is important to the strike. (i.e. The hole in the ear of the Standing Liberty quarter is a necessary component of a Full Head designation.)

Early American Coppers (Club)
A club or society to advance the study of pre-1857 United States copper coinage including Colonials. Many members specialize collecting large cents by Sheldon numbers.

Early strike
One of the first coins struck from a pair of dies. Such coins are generally fully struck, with no die flaws, and they are usually Prooflike and/or exhibit cameo contrast.

ED
Short for environmental damage.

Edge
The third side of a coin. It may be plain, reeded, or ornamented – with lettering or other elements raised or incuse.

Edge device
A group of letters or emblems on the edge of a coin. Examples would be the stars and lettering on the edge of Indian Head eagles and Saint-Gaudens double eagles.

EF-40
This is for "Extremely Fine' (the grade) and "40" (the numerical designation of the grade). Also called XF-40. About 90% of the original detail is still evident and the devices are sharp and clear.

EF-45
This is for "Extremely Fine" (the grade) and "45" (the numerical designation of the grade). Also called XF-45. About 95% of the original detail is still evident and the devices are sharp and clear.

Electrotype
A duplicate coin created by the electrolytic method, in which metal is deposited into a mold made from the original. The obverse and reverse metal shells are then filled with metal and fused together – after which the edges sometimes are filed to obscure the seam.

Elements
For numismatic condition purposes, the various components of grading. In other numismatic contexts, this term refers to the various devices and emblems seen on coins.

Eliasberg
Short for Louis E. Eliasberg, Sr. who was the only collector to assemble a complete collection of United States coins. Thus, the Eliasberg pedigree on a particular coin is held in the highest numismatic esteem.

Emission sequence
The order in which die states are struck. Also, the die use sequence for a particular issue.

Engraver
The person responsible for the design and/or punches used for a particular numismatic item.

Envelope toning
A term applied to toning that results from storage mainly in 2 x 2 manila envelopes; most paper envelopes contain reactive chemicals.

Environmental damage
Corrosion-effect seen on a coin that has been exposed to the elements. This may be minor, such as toning that is nearly black, to major - a coin found in the ground or water which has severely pitted surfaces. PCGS does not grade coins with environmental damage.

Eroded die
Synonym for “worn die.”

Error
A numismatic item that unintentionally varies from the norm. Ordinarily, overdates are not errors since they were done intentionally while other die-cutting “mistakes” are considered errors. Double dies, planchet clips, off-metal strikings, etc. also are errors.

Essai
Term for trial, pattern, and experimental strikings. The anglicized version is essay and literally means a test or trial.

Exergue
A feature at the lower part of a coin, usually set off by a horizontal bar that displays the date or denomination.

Expert
A specialist in a particular numismatic area. (i.e. A copper expert, a gold expert, a paper money expert, a D-Mint expert, etc.)

Extra Fine
Alternate form of Extremely Fine.

Extremely Fine
The grades EF40 and 45. This grade has nearly full detail with only the high points worn, the fields rubbed often with luster still clinging in protected areas.

Extremely High Relief
The 1907 double eagle issue by Augustus Saint-Gaudens that had such medallic depth that multiple blows from a powerful press were required to fully bring up the detail. Because of this difficulty, the Mint engraver lowered the design resulting in the High Relief, which again was lowered to create the familiar Standing Liberty double eagle, or Saint, as to which they are commonly referred.

Eye appeal
The element of a coin's grade that "grabs" the viewer. The overall look of a coin.

F-12
This is for "Fine" (the grade) and "12" (the numerical designation of the grade). The design detail is partially in evidence. The coin is still heavily worn. If there is any eye appeal in this grade it comes from the smooth surfaces associated with this grade, as any distracting marks have usually been worn off through circulation.

F-15
This is for "Fine" (the grade) and "15" (the numerical designation of the grade). Most of the letters in LIBERTY are visible, about 35-50% of the wing feathers are visible, or whatever applies to the coin in question. In other words, the coin is still in highly collectible shape.

Face value
The stated value on a coin, at which it can be spent or exchanged. The face value is usually different from a coin’s numismatic or precious metal value.

Fair
The adjective corresponding to the grade FR-2. In this grade, there is heavy wear with the lettering, devices, and date partially visible.

Fake
Slang for a counterfeit or altered coin.

Fantasy piece
A term applied to coins struck at the whim of Mint officials. Examples include the 1868 large cent Type of 1857 and the various 1865 Motto and 1866 No Motto coins.

Fasces
Term to designate the Roman symbol of authority used as a motif on the reverse of Mercury (Winged Liberty Head) dimes. It consists of a bundle of rods wrapped around an ax with a protruding blade. The designation "full bands" refers to fasces on which there is complete separation in the central bands across the rods.

Fat head
Slang for the Small Size Capped Bust quarter and half eagles. (Mainly heard as “fat head fives.)

FB
Short for Full Bands.

FBL
Short for Full Bell Lines.

FH
Short for Full Head.

Fiat currency
Coins and paper money that do not have metal value or are not backed up by metal value.

Field
The portion of a coin where there is no design – generally the flat part (although on some issues, the field is slightly curved).

Finalizer
A PCGS grader who, before computers were used for this task, compared his own grade with those of other graders and determined the final grade. The verifier replaced the finalizer after PCGS began inputting the grades by computer.

Fine
The adjective corresponding to the grades F-12 and 15. In these grades, most of a coin's detail is worn away. Some detail is present in the recessed areas, but it is not sharp.

Finest known
The best-known condition example of a particular numismatic item.

First shot
Slang for the opportunity to get the first opportunity to buy items from a particular numismatic deal or from a particular dealer.

First Strike (TM)
Beginning in 2004, PCGS began designating coins delivered by the U.S. Mint in the 30 day period following the initial sales date of a new product as "First Strike". For instance, new American Silver Eagles typically go on sale each January 1st, thus any coins delivered between January 1 and January 31 qualify for the First Strike (TM) designation.

Five
Short for a five-dollar gold coin or half eagle.

Five Indian
Slang for the Indian Head half eagles struck from 1908 to 1929.

Five Lib
Slang for the Liberty Head half eagles struck from 1839 until 1908.

Fixed price list
A dealer listing of items for sale at set prices.

Flat edge
Term referring to the particular specimens of High Reliefs that do not have a wire edge.

Flat luster
A subdued type of luster seen on coins struck from worn dies. Often these coins have a gray or otherwise dull color that makes the fields seem even more lackluster.

Flip
This has two meanings. First, it is the term for the plastic sleeve in which coins are stored. Also, it can mean to quickly sell a recently purchased coin, usually for a short profit. (The plastic flips used to submit coins to PCGS are not recommended for long term storage unless they do not contain PVC. Care should be used with the PVC-free flips as they are very brittle and can damage the delicate coin surfaces).

Flip rub
Discoloration, often only slight, on the highest points of a coin resulting from contact with a flip. On occasion, highly desirable coins sold in auctions have acquired minor rub from being repeatedly examined by eager bidders. The shifting of the coin, although it may be slight, can cause this rub.

Flop
To sell a new purchase for a short profit.

Flow lines
The lines, sometimes visible, resulting from the metal flowing outward from the center of a planchet as it is struck. The “cartwheel” luster is the result of light reflecting from these radial lines.

Flowing Hair
The design attributed to Mint engraver Robert Scot that features Miss Liberty with long, flowing hair.

Flying Eagle
Short for Flying Eagle Cent.

Flying Eagle Cent
The small cent, struck in 88% copper and 12% nickel, that replaced the large cent. This featured James Longacre’s reduction of the Gobrecht eagle used on the reverse of the silver dollars of 1836-1839.

Focal area
The area of a coin to which a viewer's eye is drawn. An example is the cheek of a Morgan dollar.

Foreign
Any numismatic item not from the United States

Four-dollar gold piece
An experimental issue, also known as a stella, struck in 1879-1880 as a pattern. Often collected along with regular-issue gold coins, this was meant to be an international coin approximating the Swiss and French twenty-franc coins, the Italian twenty lira, etc.

FPL
Short for Fixed Price List.

FR-2
This is for "Fair" (the grade) and "2" (the numerical designation that means Fair). A coin that is worn out. There will be some detail intact, the date will be discernible (if not fully readable) and there is almost always heavy wear into the rims and fields.

Franklin
Short for Franklin half dollar.

Franklin half dollar
The John Sinnock designed half dollar struck from 1948 until 1963. This featured Ben Franklin on the obverse and the Liberty Bell on the reverse.

Friction
Slight wear on a coin's high points or in the fields.

Frost
A crystallized-metal effect seen in the recessed areas of a die, thus the raised parts of a coin struck with that die. This is imparted to dies by various techniques, such as sandblasting them or pickling them in acid, then polishing the fields, leaving the recessed areas with frost.

Frosted devices
Raised elements on coins struck with treated dies that have frost in their recessed areas. Such coins have crystalline surfaces that resemble frost on a lawn.

Frosty luster
The crystalline appearance of coins struck with dies that have frost in their recessed areas. Such coins show vibrant luster on their devices and/or surfaces; the amount of crystallization may vary. Also, this term is applied to coins whose entire surface his this look.

FS
Short for Full Steps.

Fugio cents
These 1787-dated one-cent coins are considered by some to be the first regular issue United States coin. Authorized by the Continental Congress, this would seem to be a logical conclusion. However, the Mint Act was not passed by Congress until 1792, so the case for the half dismes of 1792 as the first regular issue is also valid. (Adam Eckfeldt, Chief Coiner from 1814 to 1839 worked for the fledgling Mint in 1792 and was present for the striking of the 1792 half dismes. He is quoted in the 1840s that he considered the half dismes patterns and that George Washington gave them out as presents. He was a very old man by then, so perhaps his memory was failing him, but debate continues as to which coin deserves the distinction as the first regular issue. If the half disme and the Fugio cent are not the first coins, then that title would go to the Chain cent, which was the first coin struck in the newly occupied Mint building. Although the building was likely occupied in late 1792, as records indicate, it appears that all the machinery was not fully operational as Chain cents were not struck until March, 1793.)

Full Bands
Term applied to Mercury (Winged Liberty Head) dimes when the central band is fully separated (FB). There can be no disturbance of the separation. Also applicable to Roosevelt dimes that display full separation in both the upper and lower pair of crossbands on the torch.

Full Bell Lines
Term applied to Franklin half dollars when the lower sets of bell lines are complete (FBL). Very slight disturbance of several lines is acceptable.

Full Head
Term applied to Standing Liberty quarters when the helmet of the head has full detail (FH). Both Type 1 and 2 coins are so designated but the criteria is different for both.

Full Steps
Term applied to a Jefferson five-cent example when at least 5 steps of Monticello are present.

Full strike
A numismatic item that displays the full detail intended by the designer. Weak striking pressure, worn dies or improper planchets can sometimes prevent all the details from appearing, even on uncirculated specimens.

FUN Show
The first coin show each year. This annual convention is sponsored by the Florida United Numismatists and is held in early January.

G-4
This is for "Good" (the grade) and "4" (the numerical designation of the grade). The major details of the coin will be worn flat. Minor wear into the rims is allowable, but the peripheral lettering will be nearly full.

G-6
This is for "Good" (the grade) and "6" (the numerical designation of the grade). A higher grade (i.e., less worn) than a G-4 coin. The rims will be complete and the peripheral lettering will be full.

Galvano
The large metal relief used in the portrait lathe from which a positive reduction in steel, called a hub, is made.

Garrett
Short for the Garrett family. The two main collectors, Thomas H. Garrett and John W. Garrett, formed this extensive collection from the late 1800s through the early 1900s. Later, it was given to Johns Hopkins University and was sold in five auction sales. This provenance on a numismatic item is as coveted as an Eliasberg pedigree.

Gem
Adjectival description applied to Mint State and Proof-65 coins. It also is used for higher grades and as a generic term for a superb coin.

Gem BU
Short for Gem Brilliant Uncirculated.

Gem Unc
Short for Gem Uncirculated.

Gem Uncirculated
The adjectival equivalent of Mint State 65 or 66.

Gobrecht
Short for “Gobrecht dollar.”

Gobrecht dollar
The silver dollars dated 1836, 1838, and 1839 struck in those years and restruck later (some 1836-dated coins were struck in 1837). These are named for their designer, Christian Gobrecht, Chief Engraver from 1840 to 1844 but defacto engraver when William Kneass suffered his stroke in 1835.

Gold
Obviously, the precious metal. Also, slang for any United States gold issues.

Gold commem
Short for gold commemorative.

Gold commemorative
Any of the eleven commemorate coins struck in gold from 1903 until 1925. Also, any of the modern United States commemorative gold issues, sometimes called modern gold commems.

Gold dollar
The small coins of one dollar denomination struck from 1849 until 1889.

Good
The adjective corresponding to the grades G-4 and G-6. Coins in these grades usually have little detail but outlined major devices. On some coins, the rims may be worn to the tops of some letters.

GPA
This refers to the Grade Point Average of a PCGS Set Registry set. If a set is unweighted the GPA is figured by adding up the grades of each coin and dividing the sum by the number of coins in the set. If a set is weighted (and someday all of the sets will be weighted) then the rarity of the coins is also factored into the equation.

Grade
The numerical or adjectival condition of a coin.

Grader
An individual who evaluates the condition of coins.

Grading
The process of numerically quantifying the condition of a coin. Before the adoption of the Sheldon numerical system, coins were given descriptive grades such as Good, Very Good, Fine, and so forth.

Greysheet
Slang for Coin Dealer Newsletter.

Hair
The area of a coin that represents hair and may be an important grading aspect. (i.e. The hair above the ear on a Morgan dollar is critical to the strike.)

Hairlines
Fine cleaning lines found mainly in the fields of Proof coins, although they sometimes are found across an entire Proof coin as well as on business strikes.

Half
Slang for half dollar.

Half cent
The lowest-value coin denomination ever issued by the United States, representing one-two hundredth of a dollar. Half cents were struck from 1793 until the series was discontinued in 1857.

Half disme
The original spelling of half dime. The first United States regular issue was the 1792 half disme supposedly struck in John Harper’s basement with the newly acquired Mint presses.

Half Dollar
The denomination first struck in 1794 that is still struck today.

Half Eagle
Literally, half the value of an Eagle. The Eagle was defined by the Mint Act of 1792 as equal to ten silver dollars.

Half rolls
At times rolls were issued with one half the number of coins in a roll that we consider to be normal today. For instance, Liberty nickels (1883-1912) were often issued with 20 coins in the roll (face value one dollar).

Halogen light
A powerful light source that enables a viewer to examine coins closely. This type of light reveals even the tiniest imperfections.

Hammer die
The upper die, usually the obverse – although on some issues with striking problems, the reverse was employed as the upper die.

Haze
A cloudy film, original or added, seen on both business-strike coins and Proofs. This film can range from a light, nearly clear covering with little effect on the grade to a heavy, opaque layer that might prevent the coin from being graded.

Heraldic Eagle
Also called the large eagle, this emblem of Liberty resembles the eagles of heraldry, thus its acquired name.

High end
A term applied to any coin at the upper end of a particular grade.

High Relief
The Saint-Gaudens inspired effort of Charles Barber to reduce the Extremely High Relief down to a coin with acceptable striking qualities. After 11,250 coins, this effort was abandoned. However, these were released and quickly became one of the most popular coins of all time.

Hoard
A group of coins held for either numismatic or monetary reasons. A numismatic hoard example would be the hoard of Little Orphan Annie dimes (1844). A monetary hoard example would be the 100,000 plus coins in the Economite, Pennsylvania hoard of the nineteen century. That hoard consisted mainly of half dollars.

Hoard coin
A coin that exists, or existed, in a quantity held by an individual, organization, etc. Examples include Stone Mountain half dollars still held by the Daughters of the Confederacy, the superb group of 1857 quarters that surfaced in the 1970s, and so on.

Hoarder
An individual who amasses a quantity of a numismatic item(s).

Hobo nickel
An Indian Head (Buffalo) nickel which has been engraved with a portrait of a hobo or other character, often by a hobo. These are popular with some collectors and some are so distinctive that they have been attributed to specific “hoboes.”

Holder toning
Any toning acquired by a coin as a result of storage in a holder. Mainly refers to toning seen on coins stored in Wayte Raymond-type cardboard holders which contained sulfur and other reactive chemicals. Sometimes vibrant, spectacular reds, greens, blues, yellows, and other colors are seen on coins stored in these holders.

Hub
Minting term for the steel device from which a die is produced. The hub is produced with the aid of a portrait lathe or reducing machine and bears a "positive" image of the coin's design – that is, it shows the design as it will appear on the coin itself. The image on the die is "negative" – a mirror image of the design.

Impaired Proof
A Proof coin that grades less than PR-60; a circulated Proof.

Incandescent light
Direct light from a lamp, as opposed to indirect light such as that from a fluorescent bulb.

Incomplete strike
A coin that is missing design detail because of a problem during the striking process. The incompleteness may be due to insufficient striking pressure or improperly spaced dies.

Incuse design
The intaglio design used on Indian Head quarter eagles and half eagles. These coins were struck from dies which had fields recessed, so that the devices – the areas usually raised – were recessed on the coins themselves. This was an experiment to try to deter counterfeiting and improve wearing quality.

Indian cent
Common name for an Indian Head cent.

Indian Head cent
Those James Longacre design cents struck from 1859 until 1909. From 1859 until mid-1864, these were composed of copper-nickel alloy, while those struck mid-1864 to 1909 were struck in bronze.

Indian Head eagle
The Saint-Gaudens designed ten-dollar gold coin struck from 1907 until 1933.

Indian penny
Slang for an Indian Head cent.

Intrinsic value
The value of the metal(s) contained in a numismatic item. The United States issues contained their intrinsic value in metal until 1933 for gold coins and 1964 for silver coins. Today’s “sandwich” coins are termed fiat currency.

Investor
An individual who buys numismatic items strictly for profit, not caring to complete a set or particular collection.

Iridescence
A "glow" displayed by a coin, often gleaming through light pastel colors.

Jefferson nickel
The Felix Schlag designed five-cent coin first struck from 1938 to date.

Key Coin
The major, or most important, coin in a particular series. The "key" coin is usually the lowest-mintage coin and/or the most expensive coin in a particular set. The 1916-D dime, for instance, is usually considered the key coin of the Mercury dime series. It is the lowest mintage coin of the set and the most expensive (in most grades). The 1919-D dime is the "condition rarity key" of the Mercury dime series, as it is the most expensive coin in top condition.

Killer
Slang term for outstanding. (i.e. That 1880-S silver dollar has killer luster.)

King
The number one coin. The 1804 dollar was referred to as the "King of Coins" in an 1885 auction catalogue. Since then, the word "King" has come to mean the most important coin of a particular series.

Knife edge
Slang for wire edge.