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Only Gold - Precious metals glossary Category: General > Gold and silver Date & country: 07/03/2016, USA Words: 100

acid test
A means of determining the fineness of gold through the use of nitric acid and aqua regia.

actual gold content
The amount of gold that exists in an object when all the alloys have been subtracted.

ag
The chemical symbol for silver.

alloy
A mixture of two or more metals. Metals such as silver, nickel, copper and zinc are frequently mixed with gold to improve its hardness and/or change its color.

american eagles
Products of the U.S. Mint, and since their debut in 1986 have become this country's most popular gold bullion coin. Struck in a traditional coinage alloy of 91.7% pure gold (22 karat), each size contains a full measure of pure gold, plus additional silver and copper as alloy.

arbitrage
Simultaneously buying and selling a commodity in different markets to take advantage of price differentials.

assay
An analysis of a metal used to determine its purity. A series of assays can be run to determine the alloys in the metal as well.

ask
the price at which a dealer offers to sell.

austrian philharmonic
Austria's .9999 gold Philharmonics came out in 1990, and quickly became Europe's most popular gold bullion coin. They picture the Weinar Philharmonic building on the obverse, with musical instruments on the reverse.

australian kangaroo
Australia's gold Nuggets (now Kangaroos) were introduced in 1986 as a .9999 fine bullion coin. Each year the design is changed, since 1989 with various portraits of kangaroos. Coins come individually encapsulated in a square

australian dragon
Each coin comes individually encapsulated in a square plastic case. Australia's Lunar Calendar series began in 1997 as a 'premium' priced .9999 bullion coin. BackToTop

avoirdupois
The system of weights and measures commonly used in the U.S. and Great Britain in which 16 oz. = 1 pound. It is used for most solid objects except precious metals and gems. One avoirdupois ounce equals 28.35 grams or 437.50 grains. See

backwardation
A situation in which prices for future deliveries are lower than the spot price

base metal
Also known as pot metal is a mixture of non precious metals. It is frequently used as a base for gold-filled, gold plated or rolled gold plate coverings.

bear market
Describes investment markets such as stock markets or metals markets in which prices are, or are soon expected to be, in decline. The opposite of a bear market is a bull market.

bid
the price at which a dealer is willing to buy.

blank planchet
A plain metal disc made for coinage which has not yet been struck with an obverse, reverse or edge design.

british sovereign
British gold Sovereigns were struck worldwide at the height of the British Empire. Each is 91.7% pure (22k) and contains .2354 troy ounce of pure gold. Condition of these pre-1928 coins we offer is Extra Fine to Almost Mint.

bust
The head, neck, shoulders and upper chest of an image generally found on the obverse (front) of a coin.

business strike
The strike used by the mint to manufacture coins for everyday use. This differs from a proof strike.

bullion coin
Precious metal in the form of a coin which trades at a price close to spot. In other words, it has little or no numismatic value.

bullion
Gold which is 995 fine or better. The term has also come to be used to describe 1. gold coins which closely follow spot gold and have little or no numismatic value (such as restrikes) and 2. the form in which metal is shaped such as bars, ingots or wafers. The most commonly traded gold bullion pieces among individual investors in the United States weigh 10 oz. or less.

bull market
Describes investment markets such as stock markets or metals markets in which prices are, or are soon expected to be, on the rise. The opposite of a bull market is a bear market.

bu
Brilliant uncirculated, used to describe a coin in new condition.BackToTop

cash market
A market in which delivery and payment have to be made within two working days of the transaction date.

centenario
See Mexican Peso

central device
The main design found on either side of a coin.

chinese panda
China's Panda gold coins began in 1982 as the first 'premium' priced .999 bullion coin, featuring a different panda portrait each year. They became hugely popular as collectibles by the late 1980's. Each coin is individually sealed in a vinyl pouch at the China Mint.

coin
A stamped piece of metal of a known weight and fineness issued for commerce.

coin of the realm
A legal tender coin issued by a government, meant for general circulation.BackToTop

comex
One of the world's major commodities futures exchanges where gold and silver are traded. The Comex is in New York City and is a division of the New York Mercantile Exchange.

commemoratives
Legal tender coins or medallions usually minted of gold or silver to commemorate themes, events, places, or people.

coronet
A small crown or tiara worn by Liberty in some of the early U.S. coins.

cu
The metallurgical symbol for copper.

device
A design found on a coin. Frequently it is the bust or profile of a person who symbolizes a particular country at a particular time in history or a country's coat of arms or insignia.

die
An engraved metal object used to strike or stamp the design on a coin.

double eagles
U.S. $20 gold coins used as legal tender 1850 –1933. Double Eagles contain .9675 oz. of pure gold. Early $20 coins had the portrait of Miss Liberty’ s profile on the obverse. From 1908-1933 they had Augustus St. Gaudens’ standing Liberty design. This design was appropriated, with modifications, for the various sizes of the modern gold Eagle bullion coins.

eagle
U. S. $10 face value gold coins used as legal tender 1795-1933. They contain .4837 ounces of pure gold ALSO

edge
The side of a coin which may be reeded, lettered or plain.

face value
The legal monetary value stamped on a coin. See symbolic face value.

fine weight
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

fineness
The purity of a precious metal measured in 1,000 parts of an alloy

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.

fine gold
Pure, 24 karat, 999 fine gold.

fool's gold
Iron pyrite is often mistaken by novices for gold. Although its color resembles gold, its properties are very different from gold. It is hard and brittle while gold is soft and malleable.BackToTop

forward transaction
Purchase or sale for delivery and payment at an agreed date in the future; similar to a futures contract, except that forward transactions are not subject to the standardized procedures and regulations of a commodities futures exchange.

futures contract
An agreement made on an organized exchange to take or make delivery of a specific commodity or financial instrument at a set date in the future.

good delivery
The specification that a bar of precious metal must meet in order to be acceptable for delivery at a particular exchange.BackToTop

gold-filled (gf
) A process by which a layer of at least 10 kt. gold has been mechanically bonded to another metal (usually a base metal). This layer usually constitutes AT LEAST 1/20th of the total weight of the metal in the piece. Items are marked G.F. preceded by the karat fineness of the veneer. For example if a bracelet is marked 1/20 10 kt. G.F. and weighs one Troy ounce it is possible to determine the pure gold content by performing the following calculation. Pure gold content = 1/20

gold plate
A common term for electro-gold plating.

gold standard
A monetary system based on convertibility into gold; paper money backed and interchangeable with gold.

gold flashed
A gold coating which is less than seven millionths of an inch thick. It is sometimes called gold washed.BackToTop

gold electroplate
Process by which 24 karat gold is deposited on another metal electrolytically. The plating must be at least seven millionths of an inch thick.

gold eagles
Modern gold bullion coins. American gold Eagles are products of the U.S. Mint, and since their debut in 1986 have become this country's most popular gold bullion coin. Struck in a traditional coinage alloy of 91.7% pure gold (22 karat), each size contains a full measure of pure gold, plus additional silver and copper as alloy. See our American Gold Eagles page

gold color
Variations in the alloys used with gold create different colors of gold such as yellow, green, red and white. The most common alloys used with gold are

gold
A precious yellow metallic element that is resistant to oxidation and is highly ductile and malleable. In the United States, a metal must 10 Karat gold or more to be called gold.

gram
The basic unit of weight of the metric system A metric unit of mass and weight. A gram equals approximately 1/32 Troy oz. and is used in Troy weight as a measure of gold. (31.1035 grams = one troy ounce.)

grain
The earliest known unit of weight and was originally one grain of wheat or barley. It is equal to 0.0648 grams Troy and 24 grains are equivalent to one pennyweight. There are 480 grains in a Troy ounce, and 437.5 grains in an Avoirdupois ounce.

half eagle
U. S. $5 face value gold coins used as legal tender, and issued from 1795-1929. They contain .24187 ounces of pure gold and were almost identical in size to the nickel 5c coin.

hallmark
Mark or stamp on a bullion item that identifies the producer.

hedge
An offsetting transaction (e.g. the purchase or sale of a future contract or option) designed to lessen the impact of adverse movements in the value of assets.

intrinsic value
The value of a coin's metal content.

inverted market
A situation in which prices for future deliveries are lower than the spot price. Also known as backwardation.

karat gold
Gold (10 karat or better) used in the manufacture of jewelry. According to U.S. law, the metal must be at least 10 karat or it cannot be called gold.

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 Gold Krugerrands from South Africa were introduced in 1967, and dominated the gold bullion market in the U.S. from 1974 through the early 1980's. They are struck in 22 karat gold (91.7% pure), each coin containing a full measure of pure gold, plus additional copper as an alloy.

legal tender
Currency in specified denominations which a creditor is compelled by law to accept as payment of a debt.

legend
The inscription on a coin.

liquidity
The quality of being readily convertible into cash.

luster
A frosty appearance on the surface of a coin, usually an un-circulated coin.

market value
The price at which a coin or bullion item trades.

metric ton
1,000 kilograms or 32,151 troy ounces.

mexican 50 peso
Gold coin first issued in 1921 to celebrate the 100th anniversary of Mexico's independence. The Mexican 50 Pesos in the bullion coin market normally are restrikes, minted from 1943 onward. Weight

mint
The place where a coin or bar was manufactured.BackToTop

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 un-circulated condition.

modern issues
Current coins, whether struck for circulation or for sale to investors or collectors.

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.

noble
Modern platinum bullion coin issued by the Isle of Man since 1983.

nominal face value
Nominal value given to legal tender coins sold for their metal content. Example

nugget
Modern gold bullion coin minted by Australia, .9999 fine.

numismatic coins
Coins whose prices depend more on their rarity, condition, dates, and mint marks than on their gold or silver content.

numismatics
The study of coins, currency and medallic art.

numismatist
Coin collector.

nymex
The New York Mercantile Exchange, a future exchange where platinum and palladium are traded.

obverse
The front of a coin. The device on the obverse usually consists of the image of one or more people.

ounce
A unit of weight. In the precious metals industry, an ounce means a troy ounce equal to 31.1035 grams.

panda
China's Panda gold coins began in 1982 as the first 'premium' priced .999 bullion coin, featuring a different panda portrait each year. They became hugely popular as collectibles by the late 1980's. Each coin is individually sealed in a vinyl pouch at the China Mint.

pennyweight
Equals 24 grains or 1/20 of a Troy ounce.

philharmonic
Austria's .9999 gold Philharmonics came out in 1990, and quickly became Europe's most popular gold bullion coin. They picture the Weinar Philharmonic building on the obverse, with musical instruments on the reverse.

platinum eagles
Modern platinum bullion coins minted by the U.S. Treasury.

planchet
A blank piece of metal used for stamping a coin or medallion.BackToTop

proof
Refers to the manner in which a coin was minted NOT to its condition. Highly polished dies and special plainchants are used to produce coins with a mirror-like finish. A proof strike is very different from a business strike and proof coins are generally made for collectors not for normal use.

premium
The additional cost of gold coin or bullion over and above the spot gold price. The premium includes the costs of fabrication, distribution and a minimal dealer fee. The average premium of a bullion piece at this time is 5% to 15% above spot gold. Rare coins carry an additional premium called numismatic value which is based on scarcity, quality, demand and intangible factors.

quarter eagle
U. S. $ 2 ½ face value gold coins, issued as legal tender 1795- 1929. These dime-size coins contain .121 ounces of pure gold.

restrike
Officially issued reproduction of a former circulating coin.BackToTop

reverse
The back of a coin. The device on the reverse of a coin usually consists of a country's coat of arms or an insignia.