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.

Licensed Warehouse

An approved facility for the storage of silver or gold held as a deliverable against gold or silver futures contracts.

Licensed Weighmaster

An organization approved to witness and verify the weighing of silver or gold delivered against a silver or gold futures contract.

Limit (Up or Down)

The pausing of trading of stocks and other traded products in order to correct imbalance or unusual suspicious activity.

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.

Liquidity

Items available to be readily converted to cash

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.

Locked-In Price

The amount assessed to an item to be bought or sold at its most up-to-date value. Generally, the buyer and seller must agree to adhere to this pricing, regardless of fluctuation.

London Fix Price

The bullion pricing standard set each day in London by the members of the London Bullion Market Association. There is a morning and afternoon price fix and the London Fix is internationally recognized for this benchmark price.

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