Glossary of Numismatic Terms

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back: The paper money side opposite the "face"; analogous to the reverse of a coin.

bag marks: See contact marks.

bank note: A promissory note issued by a bank in useful denominations, payable to bearer and intended to circulate as money. The term should not be used as a generic term for all forms of paper money, since many forms of notes are not bank issues.

Bas–relief: Sculpture style featuring slight differences between the raised design and the field and in which no part of the design is undercut; used to execute models for coins and medals. See also relief.

base metal: Nonprecious metal; e.g., copper.

Bicentennial coins: The special quarter dollar, half dollar and dollar struck from mid-1975 to the end of 1976 in honor of the 200th anniversary of American Independence. Coins feature the dual date 1776-1976 and special reverses emblematic of the celebration. Issued in copper-nickel clad versions for circulation. Special 40 percent silver-copper clad versions were sold to collectors.

bid sheet: A form used by a buyer in an auction or mail-bid sale, on which the buyer lists the item being bid on by the number it is assigned and the price he is willing to pay.

bid-buy sale: A combination form of fixed-price list and mail-bid sale. Rules may vary from dealer to dealer. However, customers usually may either buy a lot outright at the fixed price or place a bid (higher or lower). It permits buyers to purchase a lot at less than fixed price (in some cases), or by paying more, ensures a greater chance of obtaining the lot.

billon: A low-grade alloy used for some minor coin issues consisting usually of a mixture of silver and copper, and sometimes coated with a silver wash.

bison, buffalo: Species considered typically North American, used on coinage and paper money of the United States; bison is a better term than buffalo, which is a more general term referring to a number of related but different species outside North America.

bit: A popular term for the Spanish-American 1-real piece (also Danish West Indies and other neighboring islands) that formerly circulated in the United States. More often used in the plural, as two bits (25 cents) or four bits (50 cents). A bit is equal to 12-1/2 cents, with 2 bits equal a 25 cents ("two bits" is slang for a quarter dollar).

blank: The disc of metal that when fully prepared becomes a planchet, the disc of metal on which a coin is struck. For U.S. coins, a blank lacks the slightly raised protorim of the planchet. In paper money, a small colored disc embedded in the paper used as an anti-counterfeiting device.

block: In paper money collecting, a series of related notes indicated by the same prefix and suffix letters in the serial number. When the suffix letter changes, a new block is created. The suffix currently changes when the serial number reaches 99 920 000.

Blue Book: Nickname given to Handbook of United States Coins, an annual price guide for collectors. The book has a blue cover, hence the nickname. Gives wholesale prices, or what dealers might pay for U.S. coins.

bourse: Rhymes with "horse," the area at a coin show or convention where dealers set up tables of collectibles for sale.

brass: Coinage metal alloy containing chiefly copper and zinc.

Britannia: Gold bullion coin and its fractionals to be issued by Great Britain beginning in 1987; also, the allegorical figure representing Britain.

broadstrike: Coin struck outside a restraining collar. See Error and Variety Coins under Essentials.

broken bank note: Mos t accurately, paper money of a defunct bank or a bank that has failed (broken), but often applied to any obsolete bank note.

bronze: Coinage metal alloy containing chiefly copper and tin.

Brown Back: A Brown Back note is a Second Charter, First Issue national bank note. Has brown ink on the back.

buffalo: See bison.

Buffalo nickel: More properly: Indian Head 5-cent coin.

bullion: Uncoined precious metal in the form of bars, plates, ingots and other items.

bullion coin: A precious metal coin traded at the current bullion price plus a slight premium.

buyer's fee: Winning bidders in a public auction in the United States are usually charged a buyer's fee based on a certain percentage of the winning bid. Most U.S. auction houses charge a 15 percent buyer's fee; a buyer placing a $110 hammer bid on a coin would pay an additional $16.50.