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The Franklin Mint: Glossary

Entries for letter: l
Legal Tender
  1. Coins, paper money, or other currency issued by a government and used as money. The legal tender value of a coin is the value placed on it by the government. It may be different than the intrinsic value (bullion value) or collector value.
Legend
  1. The main lettering on a coin. For instance the phrase "United States of America"
Lettered Edge
  1. The edge of a coin that has lettering on the outside of it. Usually it is raised, but sometimes incused. Most coins today have a plain edge or "reeded" edge. Having something inscribed or a design on the edge of a coin was prevalent when coins were made of precious metal. Supposedly it made it easier to detect when a coin that had some of its precious metal shaved off the edge. You'll find most all of the older gold and silver US coins will have either lettered or reeded edges. Bust Today's dime and quarter are examples of a reeded edge.
Luster
  1. The brilliant or “frosty "surface quality of an Uncirculated (Mint State) coin.