"Bourse Floor Jargon" article by Bill Fivaz in this month's Fun-topics GREAT INFO!!
TheNumish
Posts: 1,628 ✭✭
This is from an article about coin show jargon written by Bill Fivaz. Lots of the same terms used on this board. Thought it might be helpful. A changed a few things--hope he doesn't mind.
"AT"- Artificial toning. Color on a coin that is not natural, but applied bya c achemical process to make the coin appear more attractive.
"BLAST"-A coin that exhibits extraordinary luster.
"BLAZER"-Similar to "Blast: but not quite as impressive
"BLUE SHEET"-slang for the Certified Coin Dealer Newsletter. Printed in blue ink hence the name. A publication published weekly dealers use the get wholesale prices on mainly PCGS and NGC coins. In general prices are for "sight unseen" coins. Generally the "Blue Sheet" prices are a bit lower than the "Grey Sheet", as the represent prices most dealers would pay for an encapsulated coin without seeing it.
"BODY BAG"-A coin returned from a third party grading service without a grade because of a problem on the coin. ie--cleaning, artificial tone,repair. It arrives back from the grading service in a soft plastic "Flip"(the body bag") with the reason for the rejection on it.
"BULLION"- A coin that is only worth it's gold or silver value. Usually a bullion coin has a premium less than 15% over it's "melt" value.
"BURIED"- The mistake of buying a coin for more than you can readily sell it for.
"CHERRYPICK"-The art of using one's knowledge to purchase a seemingly "normal"coin, but which has something different about it that makes it worth far more money. Examples are boubles dies, repunched mint marks or other die varieties. There is a great book about this called "The Cherrypickers Guide" that should be in everyone's library.
"COIN DOCTOR"-Anyone who alters the surface of a coin to enhance it's appearence to fetch a higher price. examples are "Thumbing" artificial toning, cleaning, torching, buzzing(putting a coin in an ultrasonic cleaner with secret chemicals) etc. etc. Some people make a living doing this.
"CRACKOUT"-An encapsulated coin that is thought by the owner to be of
higher grade than is on the holder. It is "cracked out" of the holder and resubmitted in the hopes of getting a higher grade.
"CROSSOVER"-A coin from one grading service that can be sent into a different one in the hopes it receives the same grade. Since different grading service's coins bring different premiums this is done to get the coin in the perceived better holder so that the coin can be sold for more money.
"DMPL" "Deep Mirror Prooflike" Usually a Morgan Dollar whice has deeply reflective surfaces on both the obverse and the reverse. Coin looks like a proof coin. Commonly referred to as "dimple."
"FISH"-A buyer or seller who is unaware of the true market of a coin, and buys or sells at a price not commemensurate with what it's worth. You can buy "rips" from they get "buried" when they sell.
"FRESH Material"-Coins or items that haven't been on the numismatic market for many years.
"Flip"- A "2X2" or "2 /12 by 2 1/2" pliable plastic holder for a coin.
"FLIP A COIN"-Selling a coin immediately after buying it for a quick profit.
"GODZILLA"-An Extremely attractive("killer") coin.
"Gray Sheet"-A weekly publication listing the wholesale bid and ask prices for uncertified coins.
"HAMMER PRICE"- The price at which the winning bidder gets the auction lot upon which he was bidding.
"JUICE"-The commision paid on a coin in an auction. The usual "Juice" on a coin bought in auction is 10-15% over the hammmer price.
"Leave the Money on the Table"-Mistakenly selling something for a good deal less than it's actual value.
"LOCK 3"-A coin that is a no question MS-63. Can be used lock 4, lock 5, lock 6 etc.
"MADE COIN"-different uses 1)The most recent grade on an encapsulated coin that has been submitted to a grading service more than once. 2)If someone says "I made that coin," it means they were the one who submitted it for grading.
"MELT"-A coin worth only the bullion value.
"NEWPS"- New purchase
"POP"-Population report. Therse are periodic puplications issued by the various grading services. They indicate the number of coins graded iin each grade. Figures are not considered 100% reliable due to "Resubmissions."
P.Q."-"Premium Quality". When a certified coin is felt to be at the upper end of the grade on the holder. Can be used for non-certified coins.
"Playing the Game"-The act of buying coins to be submitted to the grading services to make money.
"RIP"-Buying a coin a lot cheaper than it should have been. Usually it involves buying it for a lower grade than the seller thought it was.
"SCORE"-Making a BIG profit on a coin or coin deal. Also referred to as "hit."
"SLIDER"- A coin that has the appearance of being uncirculated but has rub on the high points making it an almost unc coin. Hard for novices to see differnce between unc and almost unc.
"SHEET AT"-The price the coin is listed in the "grey sheet" or Blue sheet."
"SLAB"-Common word for a coin graded by a service and placed inside a plastic holder.
"THUMBING"- The deceptive practice of trying to hide an abrasion on a coin by getting a bit of oil and carefully rubbing the affected areo. This has a tendency to reduce the reflectivity of the mark and hide it.
"TRAP COIN"- A coin that is priced at top dollar but can barely meet the grade. The buyer might get "trapped" as he could have a difficult time selling it. Also happens on some coins that have an inflated high "trends" value but there are no buyers for it.
"TRENDS"-The prices given for coins in "Coin World" weekly newspaper.
"VEST POCKET DEALER"- Usually a part time or smaller dealer who has no table at a show and/or does not own a coin shop.
"WHITE COIN"-A coin with no toning at all. It has the original "white" luster.
"WORKED"-1)Generally referring to a coin that has submitted to another grading service in the hope of attaining a higher grade.2)A coin that has something unnaturally done to it--like cleaning.
"3,4,5"-shorhand for "MS-63, MS-64, MS65"
Now, the next time you go to a show and hear someone say: "I flipped a Godzilla white 5 dimple newp to a vest pocket yesterday", you'll know just what he means...won't you?
"AT"- Artificial toning. Color on a coin that is not natural, but applied bya c achemical process to make the coin appear more attractive.
"BLAST"-A coin that exhibits extraordinary luster.
"BLAZER"-Similar to "Blast: but not quite as impressive
"BLUE SHEET"-slang for the Certified Coin Dealer Newsletter. Printed in blue ink hence the name. A publication published weekly dealers use the get wholesale prices on mainly PCGS and NGC coins. In general prices are for "sight unseen" coins. Generally the "Blue Sheet" prices are a bit lower than the "Grey Sheet", as the represent prices most dealers would pay for an encapsulated coin without seeing it.
"BODY BAG"-A coin returned from a third party grading service without a grade because of a problem on the coin. ie--cleaning, artificial tone,repair. It arrives back from the grading service in a soft plastic "Flip"(the body bag") with the reason for the rejection on it.
"BULLION"- A coin that is only worth it's gold or silver value. Usually a bullion coin has a premium less than 15% over it's "melt" value.
"BURIED"- The mistake of buying a coin for more than you can readily sell it for.
"CHERRYPICK"-The art of using one's knowledge to purchase a seemingly "normal"coin, but which has something different about it that makes it worth far more money. Examples are boubles dies, repunched mint marks or other die varieties. There is a great book about this called "The Cherrypickers Guide" that should be in everyone's library.
"COIN DOCTOR"-Anyone who alters the surface of a coin to enhance it's appearence to fetch a higher price. examples are "Thumbing" artificial toning, cleaning, torching, buzzing(putting a coin in an ultrasonic cleaner with secret chemicals) etc. etc. Some people make a living doing this.
"CRACKOUT"-An encapsulated coin that is thought by the owner to be of
higher grade than is on the holder. It is "cracked out" of the holder and resubmitted in the hopes of getting a higher grade.
"CROSSOVER"-A coin from one grading service that can be sent into a different one in the hopes it receives the same grade. Since different grading service's coins bring different premiums this is done to get the coin in the perceived better holder so that the coin can be sold for more money.
"DMPL" "Deep Mirror Prooflike" Usually a Morgan Dollar whice has deeply reflective surfaces on both the obverse and the reverse. Coin looks like a proof coin. Commonly referred to as "dimple."
"FISH"-A buyer or seller who is unaware of the true market of a coin, and buys or sells at a price not commemensurate with what it's worth. You can buy "rips" from they get "buried" when they sell.
"FRESH Material"-Coins or items that haven't been on the numismatic market for many years.
"Flip"- A "2X2" or "2 /12 by 2 1/2" pliable plastic holder for a coin.
"FLIP A COIN"-Selling a coin immediately after buying it for a quick profit.
"GODZILLA"-An Extremely attractive("killer") coin.
"Gray Sheet"-A weekly publication listing the wholesale bid and ask prices for uncertified coins.
"HAMMER PRICE"- The price at which the winning bidder gets the auction lot upon which he was bidding.
"JUICE"-The commision paid on a coin in an auction. The usual "Juice" on a coin bought in auction is 10-15% over the hammmer price.
"Leave the Money on the Table"-Mistakenly selling something for a good deal less than it's actual value.
"LOCK 3"-A coin that is a no question MS-63. Can be used lock 4, lock 5, lock 6 etc.
"MADE COIN"-different uses 1)The most recent grade on an encapsulated coin that has been submitted to a grading service more than once. 2)If someone says "I made that coin," it means they were the one who submitted it for grading.
"MELT"-A coin worth only the bullion value.
"NEWPS"- New purchase
"POP"-Population report. Therse are periodic puplications issued by the various grading services. They indicate the number of coins graded iin each grade. Figures are not considered 100% reliable due to "Resubmissions."
P.Q."-"Premium Quality". When a certified coin is felt to be at the upper end of the grade on the holder. Can be used for non-certified coins.
"Playing the Game"-The act of buying coins to be submitted to the grading services to make money.
"RIP"-Buying a coin a lot cheaper than it should have been. Usually it involves buying it for a lower grade than the seller thought it was.
"SCORE"-Making a BIG profit on a coin or coin deal. Also referred to as "hit."
"SLIDER"- A coin that has the appearance of being uncirculated but has rub on the high points making it an almost unc coin. Hard for novices to see differnce between unc and almost unc.
"SHEET AT"-The price the coin is listed in the "grey sheet" or Blue sheet."
"SLAB"-Common word for a coin graded by a service and placed inside a plastic holder.
"THUMBING"- The deceptive practice of trying to hide an abrasion on a coin by getting a bit of oil and carefully rubbing the affected areo. This has a tendency to reduce the reflectivity of the mark and hide it.
"TRAP COIN"- A coin that is priced at top dollar but can barely meet the grade. The buyer might get "trapped" as he could have a difficult time selling it. Also happens on some coins that have an inflated high "trends" value but there are no buyers for it.
"TRENDS"-The prices given for coins in "Coin World" weekly newspaper.
"VEST POCKET DEALER"- Usually a part time or smaller dealer who has no table at a show and/or does not own a coin shop.
"WHITE COIN"-A coin with no toning at all. It has the original "white" luster.
"WORKED"-1)Generally referring to a coin that has submitted to another grading service in the hope of attaining a higher grade.2)A coin that has something unnaturally done to it--like cleaning.
"3,4,5"-shorhand for "MS-63, MS-64, MS65"
Now, the next time you go to a show and hear someone say: "I flipped a Godzilla white 5 dimple newp to a vest pocket yesterday", you'll know just what he means...won't you?
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Comments
Last month I was playing the game and I cherrypicked a blast Morgan in an ICG slab with my sights on a nice score. I cracked the slider DMPL out for a crossover and was planning on flipping it over greysheet after I had it made a grade up. Now it's come back in a body bag as it was AT'd by some coin doctor and I fell like the fish who's now buried in this trap coin.
Well, this whole coin thing is new to me anyway.
Coyn
as usual laura once again points out the finer points in the trade.
I like basil, i use it all the time
Go BIG or GO HOME. ©Bill
cracked out, due to the fact that it most likely would not make the same grade again.
basal
Sorry.
GSAGUY