Bid/Ask Price— The spot price is determined by futures contracts. As the name suggests, these are contracts for delivery at a point in the future. However, when you purchase from us or another dealer, you do not want your item in several months, you want it as soon as possible. Therefore, we must determine a price for the current moment. This is done by taking the price set by the futures market and performing a time value of money calculation also known as an EFP (Exchange for Physical). There is no agreed-upon way to perform the time value of money calculation. Each company performs its own calculation based on their cost of money and other factors.
“Random year” means the coin you purchase will be from a year of our choice.
An “assay” is a test that determines a metal’s composition, type, and purity. When an assay is included with a product, there will be an insert similar to cardstock confirming the metal composition, type, and purity, along with the assayers information.
The “FV” is the legal currency value of the coin as assigned by the mint.
The “mintage” refers to the amount of coins produced in a given year and/or from a particular series.
A “mint” is where bullion is produced. Government mints produce the country’s currency. Private mints produce bullion rounds, bars, bullets, and medallions.
The “obverse” refers to the front side of a coin. The “reverse” refers to the back side.
“Premiums” refer to the fixed dollar amount over spot price on a product. Premiums cover the cost to manufacture, the wholesale and retail markup, shipping, and any other costs associated with the production of the product. Premiums vary by product and change over time.
A “proof” is a coin that has a mirror-like finish as a result of a special minting procedure. These coins are typically considered collectibles.
“Purity” refers to the percentage of metal within the bullion.
A precious metals “refinery” reduces, or “refines,” raw materials and/or scrap metals down to their purest state.
Precious metals are always weighed in troy ounces. When dealing with those metals, “troy ounce” and “ounce” are interchangeable. Non-precious metals (e.g., copper) are weighed in regular ounces. A troy ounce weighs approximately 31.104 grams, while a regular, or “avoirdupois,” ounce weighs approximately 28 grams. A kilo bar of silver weighs 32.15 troy ounces, whereas a kilo bar of copper weighs 35.27 ounces.
“ER” stands for “Early Release.” Early Release is the designation the Numismatic Guaranty Corporation (NGC) gives to coins they or an NGC-approved depository receive within the first thirty (30) days of the coin’s release date.
“FS” stands for “First Strike.” First Strike is the designation the Professional Coin Grading Service (PCGS) gives to coins they or a PCGS-approved depository receive within the first thirty (30) days of the coin’s release date.
