Face Value - The monetary value of an investment coin, which does not necessary correspond to its actual worth. For example, the face value of a gold American Eagle one-ounce coin is $50, but its actual worth is tied to the spot value of its gold content a much higher value.
Fiat Money - Paper money made legal tender by law, although not backed by gold or silver.
Field - The open area or background on a coin.
Fineness - The purity of precious metal measured in parts per thousand. A "Good Delivery" bar contains a least 995 part pure gold and no more that 5 parts other metals or impurities. Many gold and silver bullion products, such as the original gold Maple Leaf coins are 99.99% pure gold and are often described as being struck from .9999-fine gold. Example: the American Gold Eagle is .9167 fine, which means it is 91.67% gold. A Canadian Maple Leaf has a fineness of .999, meaning that it is 99.9% pure.
Fine Silver - Pure silver. Generally 99.9% pure.
Fine Weight - The weight of precious metal contained in a coin or bullion as determined by multiplying the gross weight by the fineness. The metallic weight of a coin, ingot, or bar, as opposed to the item's gross weight, which includes the weight of the alloying metal. Example: a 1-oz Gold Eagle has a fine weight of one troy ounce, but a gross weight of 1.0909 troy ounce.
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Gold - A soft, shiny, heavy, malleable,and highly ductile transition metal that has long been used as a store of wealth and a standard for currencies worldwide. For centuries, gold has been used in coinage, jewelry, and in countless industrial applications.
Gold Eagles - Modern gold bullion coins.
Gold Standard - A monetary system based on convertibility into gold; paper money backed and interchangeable with gold.
Gold/Silver Ratio - The number of ounces of silver required to buy one ounce of gold at current spot prices.
Good Delivery Bar - A bar of gold or silver that is acceptable for delivery against a metals contract.
Grading Service - A company that grades numismatic coins. Generally, graded coins are encapsulated in plastic, a procedure called "slabbing". PCGS and NGC are the two dominant grading services in the United States.
Grain - The earliest weight unit for gold. One troy ounce contains 480 grains.
Gram - The basic unit of weight of the metric system. (31.1035 grams = one troy ounce.)
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Hallmark - A stamped impression on the surface of a precious metals bar that indicates the producer, serial number, weight, and purity of metal content.
Hedge - An investment made as a strategy to mitigate risk of adverse price movements in a given asset. A transaction initiated with the specific intent of protecting an existing or anticipated physical market exposure from unexpected or adverse price fluctuations.
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Intrinsic Value - The actual value of the precious metals contained within a bullion bar or coin.
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Karat - A measure of the purity of precious metal. Pure gold is 24-karat.
Kilo Bar - A bar weighing one kilogram (32.1507 troy ounces).
Kilogram - 1,000 grams (32.1507 troy ounces).
Koala - Australian platinum coin, minted since 1987,.995 fine.
Krugerrand - South African gold coin.
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Legal Tender - In the U.S., coins and paper currency that have been authorized by Congress for the payment of debts owed. This includes circulating coins and all commemorative coins.
Legend - The inscription on a coin.
Liquidity - The quality of being readily convertible into cash.
Liquid Market - A market characterized by the ability to buy and sell with relative ease.
London Fix Price - This price is set each day in London by five old-line firms. The "fixing price" reflects the price at which buy and sell orders from the firms' customers' are in balance. The London Fix is an internationally recognized benchmark price for that particular moment in time.
Luster - A frosty appearance on the surface of a coin, usually an uncirculated coin.
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(Canadian) Maple Leafs - Modern gold, silver, and platinum coins minted by the Royal Canadian Mint.
Malleable - Allowing change in form under pressure or hammering without rupture or fracture.
Market Value - The total price of a bullion bar or coin inclusive of intrinsic value and any premium or discount.
Medallion - A round piece of metal resembling a coin but not a "coin of the realm." A medallion may be issued by a government or private mint. The Engelhard 1-oz Silver Prospector is a privately-minted medallion.
Metric Ton - 1,000 kilograms or 32,151 troy ounces.
Mint Mark - A letter or symbol stamped on a coin to identify the minting facility where it was struck.
Mint State - Describes a coin in uncirculated condition.
Modern Issues - Current coins, whether struck for circulation or for sale to investors or collectors.
Money Order - Order for the payment of a specified amount of money, usually issued and payable at a bank or post office.
MS-60 - The lowest grade of Mint State coins. Higher-grade coins are labeled MS-61 up to MS-70. Coins showing wear are graded below MS-60 and fall into grades from AU down to G, with G being a coin showing great wear and AU being a coin showing little wear.
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