Glossary - An Introduction to Coin Investing & Collecting

A B C D E F G H I J K L M N O P Q R S T U V W

L

Lamination:

A form of planchet flaw caused by imperfections in the metal, whereby a thin strip of the metal separates itself from the coin.

Large cent:

U.S. copper coin (1793-1857).

Layered metal:

A metal item in which gold or silver is used as a finishing surface on a base metal, such as gold or silver plate.

Legal Tender:

Coin or currency identified by a government to be acceptable in the discharge of debts.

Legend:

The main inscription on a coin.

Lettered edge:

Edge of a coin which has an inscription around the edge.

Lincoln cent:

U.S. copper coin (1909-present). One hundredth of a dollar; one cent.

Lint mark:

A characteristic which occurs mostly on proof coins as a result of a piece of lint on the die or planchet during the striking process. This lint creates an incused, scratch-like mark on the coin. Lint marks are wider, deeper, and more visible than hairlines. They are also identifiable by their interesting thread-like shapes. Since a lint mark is mint-caused, it has a much smaller effect on the value of a coin than a hairline of equal size or prominence.

Liquid market:

A market where selling and buying can be accomplished with ease, due to the presence of a large number of interested persons willing and able to trade substantial quantities at small price differences.

Low relief:

The designing of a die so as to create a shallow, relatively flat field upon the surface of a coin in order to improve die life. Most of the aesthetic deficiencies of the 1908 Saint-Gaudens Double Eagle are due to the change from a high-relief design (1907) to a low-relief design (1907-1933). (See "High relief.")

Luster:

The brightness or brilliance of the coin's metal. The luster of a coin can vary considerably due to factors such as wear, polishing of dies or planchets; or exposure to chemicals, humidity or temperature extremes.