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Non-circulating Legal Tender
Non-circulating legal tender (NCLT) refers to coins that are theoretically legal tender and could circulate but do not because their issue price, and/or their melt value at the time of issue is significantly above the arbitrary legal tender value placed thereon. They are sold to collectors and investors with no intention that they be used as money. Notable examples would include commemoratives, proofs, bullion coins, presentation sets, patterns and the like. Some coins intended as NCLT have historically circulated, such as the 1893 World's Columbian Exposition Half Dollars, which was a commemorative, and the 1856 Flying Eagle cent The Flying Eagle cent is a one- cent piece struck by the Mint of the United States as a pattern coin in 1856 and for circulation in 1857 and 1858. The coin was designed by Mint Chief Engraver James B. Longacre, with the eagle in flight based o ..., which was a pattern. Private issues are not NCLT because they are not legal tender and are proper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. Some jurisdictions allow contract law to overrule the status of legal tender, allowing (for example) merchants to specify that they will not accept cash payments. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques, credit cards, and similar non-cash methods of payment are usually not. Some jurisdictions may include a specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. Some jurisdictions may forbid or restrict payment made by other than legal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commemorative Coin
Commemorative coins are coins issued to commemorate some particular event or issue with a distinct design with reference to the occasion on which they were issued. Many coins of this category serve as collectors items only, although some countries also issue commemorative coins for regular circulation. Subcategories Commemorative coins can be seen as being of one of three types: *'' Regular issue coinage'' are the normal coins intended to be used in commerce every day and are typically issued with the same design for several years, e.g. euro coins. *''Circulating commemoratives'' are intended to be used for commerce, but the design will only be issued for a limited time to commemorate an event, anniversary, person or location, among other items. Examples include the €2 commemorative coins and U.S. 50 State Quarters. *''Non-circulating legal tender (NCLT)'' are coins which are legal tender, and thus can in theory be used to purchase goods or services, but are not intended to b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proof Coinage
Proof coinage refers to special early samples of a coin issue, historically made for checking the dies (as in demonstrating that something is true) and for archival purposes. Nowadays proofs are often struck in greater numbers specially for coin collectors (numismatists). Nearly all countries have issued proof coinage. Preparation of a proof striking usually involved polishing of the dies. They can usually be distinguished from normal circulation coins by their sharper rims and design, as well as much smoother "fields" – the blank areas not part of the coin's design. The dies for making modern proof coins are often treated with chemicals to make certain parts of the design take on a frosted appearance, with the polished fields taking on a mirror finish. Several other methods have been used in the past to achieve this effect, including sand blasting the dies, and matte proofs. Proof coins of the early 19th century even appear to be scratched, but it was part of the production ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bullion Coin
Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the Anglo-Norman term for a melting-house where metal was refined, and earlier from French , "boiling". Although precious metal bullion is no longer used to make coins for general circulation, it continues to be held as an investment with a reputation for stability in periods of economic uncertainty. To assess the purity of gold bullion, the centuries-old technique of fire assay is still employed, together with modern spectroscopic instrumentation, to accurately determine its quality. As investment The specifications of bullion are often regulated by market bodies or legislation. In the European Union, the minimum purity for gold to be referred to as "bullion", which is treated as investment gold with regard to taxation, is 99.5% for gold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pattern Coin
A pattern coin is a coin which has not been approved for release, but produced to evaluate a proposed coin design. They are often off-metal strike (using metals of lower value to test out the dies), to proof standard or piedforts. Many coin collectors collect and study pattern coins because of their historical importance. Many of the world's most valuable coins are pattern coins; nearly 25 of the pieces listed in ''100 Greatest US Coins'' are pattern coins. English patterns The first English coin that can be identified with certainty is a groat, originally worth fourpence. This piece, an example of which was illustrated and sold in the Dodsley Cuff sale of the mid-19th century, had crowns in place of the usual three pellets in each quarter of the reverse. Patterns are particularly identifiable and exist in larger numbers from the reign of Elizabeth I onwards. The experimental base metal issues of all coinage prior to the mid-18th century have been well preserved. Boulton's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Columbian Half Dollar
The Columbian half dollar is a coin issued by the Bureau of the Mint in 1892 and 1893. The first traditional United States commemorative coin, it was issued both to raise funds for the 1893 World's Columbian Exposition and to mark the quadricentennial of the first voyage to the Americas of Christopher Columbus, whose portrait it bears. The Columbian half dollar was the first American coin to depict a historical person. The coin stems from the desire of the Columbian Exposition's organizers to gain federal money to complete construction of the fair. Congress granted an appropriation, and allowed it to be in the form of commemorative half dollars, which legislators and organizers believed could be sold at a premium. Fair official James Ellsworth wanted the new coin to be based on a 16th-century painting he owned by Lorenzo Lotto, reputedly of Columbus, and pushed for this through the design process. When initial sketches by Mint Chief Engraver Charles E. Barber proved unsatisfact ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flying Eagle Cent
The Flying Eagle cent is a one- cent piece struck by the Mint of the United States as a pattern coin in 1856 and for circulation in 1857 and 1858. The coin was designed by Mint Chief Engraver James B. Longacre, with the eagle in flight based on the work of Longacre's predecessor, Christian Gobrecht. By the early 1850s, the large cent (about the size of a half dollar) being issued by the Mint was becoming both unpopular in commerce and expensive to mint. After experimenting with various sizes and compositions, the Mint decided on an alloy of 88% copper and 12% nickel for a new, smaller cent. After the Mint produced patterns with an 1856 date and gave them to legislators and officials, Congress formally authorized the new piece in February 1857. The new cent was issued in exchange for the worn Spanish colonial silver coin that had circulated in the U.S. until then, as well as for its larger predecessor. So many cents were issued that they choked commercial channels, especially ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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