Glossary of Terms

B

Brilliant uncirculated coins

This basic finish is used on most of Canada’s standard circulation coins. With a brilliant uncirculated finish, both the engraved design (relief) and the background (field) are shiny.

Bullion

Bars, ingots, plates, wafers, or coins made from precious metals, usually gold or silver.

C

Circulation coins

Coins that have been used in commerce and circulated among the general population.

Commemorative coins

Coins that are minted to commemorate a particular event, person, place, institution or issue. These are usually collector coins, and are not circulated. (Also known as numismatic or collectible coins.)

Coin set

A coin set is a collection of uncirculated or proof coins, released by a mint.

Composition

What the coin is made from. Four of the most coveted compositions include:

• 99999 (or 99.999%): pure gold
• 9999 (or 99.99%): pure gold or silver
• 99.95% pure platinum

E

Edge

This is the rim of your coin. It can contain a series of reeds, lettering, or other decoration. It can also be plain.

Effigy

The image or likeness of a person, usually on the obverse of your coin.

Encapsulated coins

These are coins that have been authenticated, graded, and preserved in a plastic case. You can remove the coin from its plastic capsule, but this is not recommended.

Engraving

An artist's design adapted and transferred to a medium, ensuring the best relief for minting.

F

Finish

The appearance or surface texture of your coin's relief. Popular finishes include:

• Proof: A frosted relief over a brilliant field.
• Reverse proof: Brilliant, reflective or mirror-like details on a frosted or slightly matte field.
• Specimen: A brilliant image relief against a matte or lined background.

G

Grade

This is the condition of the coin. A coin’s grade indicates how much wear has occurred and if it shows any physical damages (scratches, dents, corrosion, etc) or changes in colour or tone. Those in mint condition will have a higher value than those with even the slightest flaw.

I

Intrinsic value

The actual value of your coin, based on key factors including what you paid for it, plus the historic value, aesthetic features, mint year, scarcity/rarity (mintage), and collectability.

M

Matte proof

This finish is unique to the Royal Canadian Mint. It’s similar to a standard proof, only with a satin finish on the background instead of a high-shine polish. It gives coins a slightly more aged appearance while still allowing for various textures on the relief portion.

Mint

An industrial facility that manufactures coins (e.g., Royal Canadian Mint).

Minting

The process of manufacturing coins.

Mintage

Simply put, your coin’s mintage is the maximum number of coins that can be produced. Mintages can range from as low as 10 to 65,000 or more—and once those coins have been sold, the mint will not produce any more. The lower the mintage, the more rare it is.

N

Numismatics

The study or collection of coins or paper money.

Numismatist

A student or collector of coins or paper money.

P

Proof coins

Coins that are minted using a high-quality finish. For proof-finished coins, the field (flat background) has a highly hand polished mirror-like finish and the relief (raised foreground) incorporates the use of different finishes which beautifully accentuate the design.

R

Reverse proof

This finish is much like the regular proof finish except (as the name suggests) reversed: the background is matte while the engraved relief shines with a glass-like polish. It’s like “portrait mode” for a coin because the background recedes to keep the focus on the subject.

S

Specimen coin

These coins are higher quality than uncirculated coins – the finish combines brilliant and frosted relief (raised foreground) over a lined field (background). We are the only mint in the world that offers this finish.

U

Uncirculated coins

Either a circulation coin that has never been circulated, or a coin with a brilliant field over a brilliant relief.