The fineness of a precious metal object represents the weight of fine metal therein, in proportion to the total weight which includes alloying base metals and any impurities. Alloy metals are added to increase hardness and durability of coins and jewelry, alter colors, decrease the cost per weight, or avoid the cost of high-purity refinement. For example, copper is added to the precious metal silver to make a more durable alloy for use in coins and jewelry. Coin silver, used for making silver coins in the past, contains 90% silver and 10% copper, by mass. Sterling silver contains 92.5% silver and 7.5% of other metals copper, by mass. Various ways of expressing fineness have been used and two remain in common use: millesimal fineness expressed in units of parts per 1,000 and karats used only for gold. Karats measure the parts per 24, so that 18 karat = 18⁄24 = 75% and 24 karat gold is considered 100% gold. Millesimal fineness is a system of denoting the purity of platinum and silver alloys by parts per thousand of pure metal by mass in the alloy.
For example, an alloy containing 75% gold is denoted as "750". Many European countries use decimal hallmark stamps rather than "14K", "18K", etc., used in the United Kingdom and United States. It is an extension of the older karat system of denoting the purity of gold by fractions of 24, such as "18 karat" for an alloy with 75% pure gold by mass; the millesimal fineness is rounded to a three figure number where used as a hallmark, the fineness may vary from the traditional versions of purity. Here are the most common millesimal finenesses used for precious metals and the most common terms associated with them. 999.5: what most dealers would buy as if 100% pure. Refined by the Perth Mint in 1957. 999.99—five nines fine: the purest type of gold produced. 999.9—four nines fine: e.g. ordinary Canadian Gold Maple Leaf and American Buffalo coins 999—24 karat occasionally known as three nines fine: e.g. Chinese Gold Panda coins 995: the minimum allowed in Good Delivery gold bars 990—two nines fine 986—Ducat fineness: used by Venetian and Holy Roman Empire mints.
This was achieved by the Royal Silver Company of Bolivia. 999.9—four nines fine: ultra-fine silver used by the Royal Canadian Mint for their Silver Maple Leaf and other silver coins 999—fine silver or three nines fine: used in Good Delivery bullion bars and most current silver bullion coins 980: common standard used in Mexico ca. 1930–45 958: Britannia silver 950: French 1st Standard 935: Swiss standard for watchcases after 1887, to meet the British Merchandise Marks Act and to be of equal grade to 925 Sterling. Sometimes claimed to have arisen as a Swiss misunderstanding of the standard required for British Sterling. Marked with three Swiss bears. 925: Sterling silver equivalent to "plata de primera ley" in Spain 917: a standard used for the minting of Indian silver, during the British raj 900: one nine fine, coin-silver, or 90% silver: e.g. Flowing Hair and 1837–1964 U. S. silver coins 892.4: US coinage 1485⁄1664 fine "standard silver" as defined by the Coinage Act of 1792: e.g. Draped Bust and Capped Bust U.
S. silver coins 875: Swiss standard used for export watchcases. 835: a standard predominantly used in Germany after 1884, for the minting of coins in countries of the Latin Monetary Union 833: a common standard for continental silver among the Dutch and Germans 830: a common standard used in older Scandinavian silver 800: the minimum standard for silver in Germany after 1884. The karat system is a standard adopted by US federal law. K is the karat rating of the material, Mg is the mass of pure gold in the alloy, Mm is the total mass of the material.24-karat gold is pure, 18-karat gold is 18 parts gold, 6 parts another metal, 12-karat gold is 12 parts gold, so forth. In England, the karat was divisible into four grains, the grain was divisible into four quarts. For example, a gold alloy of 127⁄128 fineness could have been described as being 23-karat, 3-grain, 1-quart gold; the karat fractional system is being complemented or superseded by the millesimal system, descr
The face value is the value of a coin, stamp or paper money, as printed on the coin, stamp or bill itself by the issuing authority. The face value of coins, stamps, or bill is its legal value. However, their market value need not bear any relationship to the face value. For example, some rare coins or stamps may be traded at prices above their face value; the face value of bonds represents the principal or redemption value. Interest payments are expressed as a percentage of face value. Before maturity, the actual value of a bond may be greater or less than face value, depending on the interest rate payable and the perceived risk of default; as bonds approach maturity, actual value approaches face value. In the case of stock certificates, face value is the par value of the stock. In the case of common stock, par value is symbolic. In the case of preferred stock, dividends may be expressed as a percentage of par value; the face value of a life insurance policy is the death benefit. In the case of so-called "double indemnity" life insurance policies, the beneficiary receives double the face value in case of accidental death.
The face value of property, casualty or health insurance policies is the maximum amount payable, as stated on the policy's face or declarations page. Face value can be used to refer to the apparent value of something other than a financial instrument, such as a concept or plan. In this context, "face value" refers to the apparent merits of the idea, before the concept or plan has been tested. Face value refers to the price printed on a ticket to a sporting event, concert, or other event; the practice of re-selling tickets for more than face value is known as ticket scalping. Taking someone at face value is assuming another person's suggestion, offer, or proposal is sincere, rather than a bargaining ploy. Denomination Denomination Gresham's law Nominal value Melt value Par value Place value Token money Buchanan, T. B.. Principles of Money and Coinage. Chamber of Commerce and Board of Trade. P. 22. Retrieved September 5, 2017. Allen, L.. The Encyclopedia of Money. ABC-CLIO. P. 193. ISBN 978-1-59884-251-7.
Retrieved September 5, 2017. Conant, C. A.. Book II-The principles of the value of money: The importance of definitions; the Principles of Money and Banking. Harper. P. 280. Retrieved September 5, 2017
The pound sterling known as the pound and less referred to as sterling, is the official currency of the United Kingdom, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling have currencies called the pound. Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, the euro. Together with those two currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is the third most-held reserve currency in global reserves; the British Crown dependencies of Guernsey and the Isle of Man produce their own local issues of sterling which are considered equivalent to UK sterling in their respective regions. The pound sterling is used in Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena and Tristan da Cunha; the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Banknotes issued by other jurisdictions are not regulated by the Bank of England. The full official name pound sterling, is used in formal contexts and when it is necessary to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is used; the currency name is sometimes abbreviated to just sterling in the wholesale financial markets, but not when referring to specific amounts. The abbreviations "ster." and "stg." are sometimes used. The term "British pound" is sometimes incorrectly used in less formal contexts, it is not an official name of the currency; the exchange rate of the pound sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets. The origins of this term are attributed to the fact that in the 1800s, the GBP/USD exchange rate was transmitted via transatlantic cable. Forex traders of GBP/USD are sometimes referred to as "cable dealers". GBP/USD is now the only currency pair with its own name in the foreign exchange markets, after IEP/USD, known as "wire" in the forward FX markets, no longer exists after the Irish Pound was replaced by the euro in 1999.
There is apparent convergence of opinion regarding the origin of the term "pound sterling", toward its derivation from the name of a small Norman silver coin, away from its association with Easterlings or other etymologies. Hence, the Oxford English Dictionary state that the "most plausible" etymology is derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to mean "little star" and to refer to a silver penny of the English Normans; as another established source notes, the compound expression was derived: However, the perceived narrow window of the issuance of this coin, the fact that coin designs changed in the period in question, led Philip Grierson to reject this in favour of a more complex theory. Another argument that the Hanseatic League was the origin for both the origin of its definition and manufacture, in its name is that the German name for the Baltic is "Ost See", or "East Sea", from this the Baltic merchants were called "Osterlings", or "Easterlings".
In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was called "Easterlings Hall", or Esterlingeshalle. Because the League's money was not debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver; the currency sign for the pound is £, written with a single cross-bar, though a version with a double cross-bar is sometimes seen. This symbol derives from medieval Latin documents; the ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound"; the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes: GGP, JEP and IMP. Stocks are traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices.
A common slang term for the pound sterling or pound is quid, singular and plural, except in the common phrase "quids in!". The term may have come via Italian immigrants from "scudo", the name for a number of coins used in Italy until the 19th century.
Obverse and reverse
Obverse and its opposite, refer to the two flat faces of coins and some other two-sided objects, including paper money, seals, drawings, old master prints and other works of art, printed fabrics. In this usage, obverse reverse means the back face; the obverse of a coin is called heads, because it depicts the head of a prominent person, the reverse tails. In fields of scholarship outside numismatics, the term front is more used than obverse, while usage of reverse is widespread; the equivalent terms used in codicology, manuscript studies, print studies and publishing are "recto" and "verso". The side of a coin with the larger-scale image will be called the obverse and, if that does not serve to distinguish them, the side, more typical of a wide range of coins from that location will be called the obverse. Following this principle, in the most famous of ancient Greek coins, the tetradrachm of Athens, the obverse is the head of Athena and the reverse is her owl. Similar versions of these two images, both symbols of the state, were used on the Athenian coins for more than two centuries.
In the many republics of ancient Greece, such as Athens or Corinth, one side of their coins would have a symbol of the state their patron goddess or her symbol, which remained constant through all of the coins minted by that state, regarded as the obverse of those coins. The opposite side may have varied from time to time. In ancient Greek monarchical coinage, the situation continued whereby a larger image of a deity, is called the obverse, but a smaller image of a monarch appears on the other side, called the reverse. In a Western monarchy, it has been customary, following the tradition of the Hellenistic monarchs and the Roman emperors, for the currency to bear the head of the monarch on one side, always regarded as the obverse; this change happened in the coinage of Alexander the Great, which continued to be minted long after his death. After his conquest of ancient Egypt, he allowed himself to be depicted on the obverse of coins as a god-king, at least because he thought this would help secure the allegiance of the Egyptians, who had regarded their previous monarchs, the pharaohs, as divine.
The various Hellenistic rulers who were his successors followed his tradition and kept their images on the obverse of coins. A movement back to the earlier tradition of a deity being placed on the obverse occurred in Byzantine coinage, where a head of Christ became the obverse and a head or portrait of the emperor became considered the reverse; the introduction of this style in the gold coins of Justinian II from the year 695 provoked the Islamic Caliph, Abd al-Malik, who had copied Byzantine designs, replacing Christian symbols with Islamic equivalents to develop a distinctive Islamic style, with just lettering on both sides of their coins. This script alone style was used on nearly all Islamic coinage until the modern period; the type of Justinian II was revived after the end of Iconoclasm, with variations remained the norm until the end of the Empire. Without images, therefore, it is not always easy to tell which side will be regarded as the obverse without some knowledge. After 695 Islamic coins avoided all images of persons and contained script alone.
The side expressing the Six Kalimas is defined as the obverse. A convention exists to display the obverse to the left and the reverse to the right in photographs and museum displays, but this is not invariably observed; the form of currency follows its function, to serve as a accepted medium of exchange of value. This function rests on a state as guarantor of the value: either as trustworthy guarantor of the kind and amount of metal in a coin, or as powerful guarantor of the continuing acceptance of token coins. Traditionally, most states have been monarchies where the person of the monarch and the state were equivalent for most purposes. For this reason, the obverse side of a modern piece of currency is the one that evokes that reaction by invoking the strength of the state, that side always depicts a symbol of the state, whether it be the monarch or otherwise. If not provided for on the obverse, the reverse side contains information relating to a coin's role as medium of exchange. Additional space reflects the issuing country's culture or government, or evokes some aspect of the state's territory.
Regarding the euro, some confusion regarding the obverse and reverse of the euro coins exists. As agreed by the informal Economic and Finance Ministers Council of Verona in April 1996, despite the fact that a number of countries have a different design for each coin, the distinctive national side for the circulation coins is the obverse and the common European side is the reverse; this rule does not apply to the collector coins. A number of the designs used for obverse national sides of euro coins were taken from the reverse of the nations' former pre-euro coins. Several countries continue to use portraits of the reigning monarch. In Japan, from 1897 to the end of World War II, the following informal conventions existed: the Chrysanthemum Throne, representing the imperial family, appeared on all coins, this side was regarded as the obverse; the Chrys
The gram is a metric system unit of mass. Defined as "the absolute weight of a volume of pure water equal to the cube of the hundredth part of a metre, at the temperature of melting ice". However, in a reversal of reference and defined units, a gram is now defined as one thousandth of the SI base unit, the kilogram, or 1×10−3 kg, which itself is now defined by the International Bureau of Weights and Measures, not in terms of grams, but by "the amount of electricity needed to counteract its force" The only unit symbol for gram, recognised by the International System of Units is "g" following the numeric value with a space, as in "640 g" to stand for "640 grams" in the English language; the SI does not support the use of abbreviations such as "gr", "gm" or "Gm". The word gramme was adopted by the French National Convention in its 1795 decree revising the metric system as replacing the gravet introduced in 1793, its definition remained that of the weight of a cubic centimetre of water. French gramme was taken from the Late Latin term gramma.
This word—ultimately from Greek γράμμα, "letter"—had adopted a specialised meaning in Late Antiquity of "one twenty-fourth part of an ounce", corresponding to about 1.14 modern grams. This use of the term is found in the carmen de ponderibus et mensuris composed around 400 AD. There is evidence that the Greek γράμμα was used in the same sense at around the same time, in the 4th century, survived in this sense into Medieval Greek, while the Latin term did not remain current in Medieval Latin and was recovered in Renaissance scholarship; the gram was the fundamental unit of mass in the 19th-century centimetre–gram–second system of units. The CGS system co-existed with the MKS system of units, first proposed in 1901, during much of the 20th century, but the gram has been displaced by the kilogram as the fundamental unit for mass when the MKS system was chosen for the SI base units in 1960; the gram is today the most used unit of measurement for non-liquid ingredients in cooking and grocery shopping worldwide.
Most standards and legal requirements for nutrition labels on food products require relative contents to be stated per 100 g of the product, such that the resulting figure can be read as a percentage by weight. 1 gram = 15.4323583529 grains 1 grain = 0.06479891 grams 1 avoirdupois ounce = 28.349523125 grams 1 troy ounce = 31.1034768 grams 100 grams = 3.527396195 ounces 1 gram = 5 carats 1 gram = 8.98755179×1013 joules 1 undecimogramme = 1 "eleventh-gram" = 10−11 grams in the historic quadrant–eleventh-gram–second system a.k.a. hebdometre–undecimogramme–second system 500 grams = 1 Jin in the Chinese units of measurement. 1 gram is equal to 1 small paper clip or pen cap. The Japanese 1 yen coin has a mass of one gram, lighter than the British penny, the United States cent, the Euro cent, the 5 cent Australian coins. Conversion of units Duella Gold gram Orders of magnitude Gram at Encyclopædia Britannica
Proof coinage refers to special early samples of a coin issue made for checking the dies and for archival purposes, but nowadays struck in greater numbers specially for coin collectors. Nearly all countries have issued proof coinage. Preparation of a proof striking involved polishing of the dies, they can 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 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, matte proofs. Proof coins of the early 19th century appear to be scratched, but it was part of the production process; the term "proof" refers to the process by which the coins are made and not to the condition of the coin. Certification agencies can assign numerical ratings for proof coins.
A PR70 coin is the highest grade possible for a proof coin and indicates a perfect example, with PR69 and lower grades reflecting some deficiency in the strike, details, or other aspect of the coin. Most proof coins are double struck under higher pressure; this does not result in doubling, observable, but does result in the devices being struck fully. After being struck, they are separately and individually handled, in contrast to normal coins which are thrown into bins; the U. S. had stopped striking proof coins in 1916, although a few specimens exist. From 1936 to 1942, proof coins could be ordered individually from the U. S. Mint. Beginning in 1950, customers could order proof coins only as complete sets. From 1950 to 1955, proof sets were packaged in a box and each of the five coins was sealed in a cellophane bag. 1955 saw both the original "box" packaging and introduced the flat-pack, where the coins were sealed in cellophane and presented in an envelope. The flat-pack packaging continued through 1964, after which the coins were sealed in various styles of hard plasticized cases.
Sets struck from 1936 to 1942 and from 1950 to 1972 include the cent, dime and half dollar. From 1973 through 1981 the dollar was included, from 2000 on; the 1999–2008 proof sets contain five different Statehood quarters. The 2004–2005 series contain the two Lewis and Clark nickels; the 2007-2016 proof sets include Presidential dollars. The 2010-2021 proof sets contain America the Beautiful quarters, depicting different National Parks and Monuments. Proof sets issued in 2009 contain 18 coins – the most included – as that year featured four different reverses for the Lincoln Cent, six quarters issued under the District of Columbia and United States Territories quarters program, four Presidential and one Native American dollar struck that year, the five cent and half dollar coins. Proof sets containing only 2009 cents, Statehood quarters, America the Beautiful quarters, Presidential dollars are available; the U. S. Mint has released special proof sets, such as in 1976, when a proof set of three 40% silver-clad coins: the quarter, half-dollar and dollar coins depicting special reverses to commemorate the U.
S. Bicentennial was issued. From 1971 to 1974, proof silver-clad Eisenhower dollars were issued in a plastic case contained in a brown wood-grain finish slipcase box, are referred to as "Brown Ikes". Proof Susan B. Anthony dollars were struck in 1999. Although these proof dollars were sold separately and not included in the proof sets for that year, some third parties used the cases from other years to create 1999 proof sets that include the dollar, prompting the U. S. Mint to advise the public that these sets were not government-issued sets. A proof "Coin & Chronicles" set was issued for 2009, which included one each of the 4 different Lincoln Cent designs and a commemorative Lincoln Silver Dollar, presented in special packaging. Other sets, called "Prestige Proof" sets contain selected commemorative coins; these sets were sold from 1983 to 1997 at an additional premium. As Legacy Proof sets, the practice was resumed from 2005 to 2008. There are errors which escape the Mint's inspection process, resulting in some rare and expensive proof sets.
This has happened at least seven times: 1968-S, 1970-S and 1975-S and in the 1983-S Prestige set, each with a dime that has no mint mark. Not as rare are proof sets issued with coin varieties that are less common than those found in other sets issued in the same year; these include the 1960 and 1970-S sets, both of which are found in either a "small date" or "large date" variety, which refers to the size and position of the date on the Lincoln cent. The 1979-S and 1981-S sets each come in either a "Type I" or a "Type II" version, where on all coins the "S" mint mark is either "filled" or "clear". 1964 has a design variation where the President's portrait on the Kennedy half-dollar has "accented hair". The design was modified early in the production to give the hair a smoother appearance; this resulted in the "accented hair" variety being somewhat rarer
The Quarter guinea was a British coin minted only in the years 1718 and 1762. As the name implies, it was valued at one-fourth of a guinea, which at that time was worth twenty-one shillings; the quarter guinea therefore was valued at threepence. At the beginning of the reign of King George I the price of silver had risen resulting in much British silver coinage being melted down and few silver coins' being struck. Isaac Newton, the Master of the Mint, wrote a minute dated 21 September 1717 in which he blamed the rising price of silver on the overvaluation of the guinea at twenty-one shillings and sixpence. Newton's memo resulted in a Proclamation of 20 December reducing the value of the guinea to twenty-one shillings. In 1718 it was decided to strike a new gold coin equal to a quarter guinea to provide a useful coin worth the same as the five-shilling silver crown; the new coin had to be proportionate in size to the other gold denominations, this resulted in a coin which weighed 2.1 grams and was 16 millimetres in diameter.
It had not been realised at the time that a coin of this size was impracticably small to use, would prove unpopular. 37,380 coins were minted, but many of them were put aside as keepsakes and many of the rest were lost. The coin was discontinued after 1718, for the next few years there was an increased output of guineas and half guineas. Despite its minuscule size, the coin took the form of a scaled-down version of the guinea and half guinea, including all the intricate cruciform shields on the reverse and all the king's Hanoverian titles; the coin is a fine example of the mint's work, although a magnifying glass is needed to properly appreciate it. The obverse shows a right-facing portrait of the king with the legend GEORGIVS D G M BR FR ET HIB REX F D, abbreviation for Georgius, Dei Gratia Magna Britannia, Francia, et Hibernia Rex, Fidei Defensor, Latin for "George, by the Grace of God King of Great Britain and Ireland, Defender of the Faith"; the reverse shows four crowned cruciform shields separated by sceptres, with a central Star of the Order of the Garter, the legend BRVN ET L DVX S R I A TH ET PR EL 1718 – Brunswick et Luneburg Dux, Sacrum Romanum Imperatoria Arch-Tresorum et Princeps-Elector, Latin for "Duke of Brunswick and Lüneburg, Arch-Treasurer and Prince Elector of the Holy Roman Empire".
The dies for all quarter-guineas of King George I were engraved by John Croker, from Dresden. When George III came to the throne in 1760, the price of silver had again risen dramatically. Despite the unpopularity of the 1718 quarter guinea it was considered necessary to produce this coin again, to the same size and weight as before, to fill the gap between the low-denomination silver coins and the larger gold coins, it met the same fate as its predecessor and was only produced in 1762. The obverse shows a right-facing portrait of the king with the legend GEORGIVS III DEI GRATIA, while the reverse shows a large crowned shield bearing the arms of England and Scotland, France and Hanover, the legend M B F ET H REX F D B ET L D S R I A T ET E 1762 – abbreviation for Magna Britannia, Francia, et Hibernia Rex, Fidei Defensor, Brunswick et Luneburg Dux, Sacrum Romanum Imperatoria Arch-Tresorum et Elector - Latin for "King of Great Britain and Ireland. British Coins - Free information about British coins.
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