Auction
A public sale in which coins or collectibles are sold to the highest bidder, either in person, by telephone, or online.
GLOSSARY
Glossary
Commonly used terms in auctions
Bid
An offer made by a prospective buyer to purchase a lot at a specific price during an auction.
Buyer's Premium
An additional charge, expressed as a percentage of the hammer price, paid by the buyer on top of the winning bid.
Catalogue
An illustrated publication listing the lots available in an auction sale, with descriptions, estimates and provenance information.
Die
A hardened metal stamp used to strike coins. The obverse and reverse dies are pressed together to impart their designs onto a blank planchet.
Error Coin
A coin that was produced with a mistake during the minting process, such as a double strike, off-centre strike, or wrong planchet. These are highly sought by collectors.
Grade
A numerical or descriptive assessment of a coin's condition and preservation, ranging from Poor (P-1) to Perfect Mint State (MS-70) on the Sheldon scale.
Hammer Price
The final price at which a lot is sold at auction, before the buyer's premium is added. Named after the auctioneer's hammer fall signalling the sale.
Lot
A single item or group of items offered for sale as one unit in an auction. Each lot is assigned a unique catalogue number.
Mint
A facility authorized to manufacture coins. Also used as an adjective to describe a coin in pristine, uncirculated condition, as if freshly struck.
Obverse
The front side of a coin, typically featuring a portrait or main design element. Commonly referred to as "heads".
Proof
A specially struck coin produced with polished dies and planchets to create a mirror-like finish. Proof coins are intended for collectors rather than circulation.
Reserve Price
The minimum price a seller is willing to accept for a lot. If bidding does not reach this price, the lot is withdrawn from sale. The reserve is usually kept confidential.
Strike
The process of producing a coin by pressing a planchet between two dies. Also describes the sharpness and quality of the resulting design on the finished coin.
Toning
The natural or artificial discolouration of a coin's surface over time due to oxidation or chemical reactions. Attractive original toning can enhance a coin's value.
Uncirculated
A coin that has never been used in commerce and retains its original mint luster. Graded MS-60 to MS-70 on the Sheldon scale, indicating no wear from use.
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