Letter P


A rare metallic element of the platinum group. Primarily used in industry and jewelry.

Paper Profits

Unrealized profits.


Produits Artistiques Métaux Précieux, a refiner of Precious Metals, located in Switzerland.


See Chinese Panda (Gold or Silver).

Paper Precious Metals

Precious metal investments that are not associated with investors holding physical gold, silver or other precious metals.


Proposed coin design which may or may not have been adopted.


Professional Coin Grading Service, one of the two major coin grading services in the United States.


The chemical symbol for palladium.


An American unit of gold weight. One pennyweight equals 24 grains or 1/20 of a troy oz.

Personal Check

A check drawn against funds deposited in a personal checking account.

Perth Mint

The primary mint located in Australia.


Abbreviation for Proof, used as part of professional grading systems.


See Austrian Philharmonic

Physicals Market

A marketplace in which the physical product is traded, as opposed to a futures market where contracts are traded and may or may not include the actually delivery of a tangible product.

Piedfort or Piefort

A coin struck with ordinary dies on an unusually thick (often double thick) planchet; it is identical in all other respects to the coins of the realm that is resembles. Not intended for circulation or commercial use. Collectors the world over have long prized the piedfort as a mix between a pattern and a circulation issue, unique because of its thick status and, in the case of precious metals coins, more valued metal content.


Prooflike. Circulation-quality coins that feature qualities normally associated with collector coins.


The blank disk of metal upon which the dies are struck to produce a coin. See Blank.


The deposition of a layer of metal on an object, forming the cathode, during electrolysis.


An ability to change shape drastically without breaking.


A precious silver-white metallic element.

Platinum American Eagle

Modern platinum bullion coins minted by the U.S. Mint. They are made of .9995 Platinum and were struck in 1 oz., 1/2 oz., 1/4 oz. and 1/10 oz. sizes.

Platinum Metals

Platinum, palladium, rhodium, ruthenium, osmium, and iridium.

Pool Accounts

A venture in which investors contribute funds for the purpose of buying commodities.

Population Report

Total number of coins that have been given a specific grade.

Poured (Adj.)

Placing molten metal in a mold to obtain a particular size or design


Abbreviation for Proof, used as part of the grading system by PCGS.

Precious Metals IRA

An individual retirement account (IRA) that allows you to invest in your choice of IRA approved products.


Price of a coin over its bullion value.

Presentation Pieces

Coins minted with unusual care from new dies on carefully selected blanks, intended as gifts for “VIPs” on visits to the mint.


A coin made from carefully selected coin blanks that have been highly polished. The coins are hand-fed into a slow-moving press. This assures a well-struck coin, more even impression, and makes the design more distinct. Each coin is struck twice or more. The finished coins have an almost mirror surface. See Matte proof.

Proof Branch Mint

A proof coin which has been struck at a mint other than the Philadelphia. For example, branch mint proofs are known to exist of the following date Morgan dollars: 1879-O, 1883-O, 1893-CC. etc.

Proof Set

A set of all coins issued during a specific year. These coins are struck multiple times to bring out the features of the designs. They are also specially handled to keep imperfections at a minimum.


A coin which has been struck from a new die, or a newly polished die, which leaves a mirrorlike reflective surface upon the field, and occasionally the devices, of a coin. Prooflike coins are business strikes and therefore usually have abrasions. See First strike.

Prooflike Cameo

A prooflike coin in which the reflective mirror finish is confined to the fields of the coin. The devices will have a frosty finish.

Proof Set

A set of one proof coin of each denomination issued by a mint in a particular year.


The chemical symbol for platinum.

Pure Gold

Gold of .999 fineness, with no alloying metal.

Pure Silver

Silver of .999 fineness, with no alloying metal.


The purity relationship between metals. The higher the purity, the better quality of the metal.


An option that gives the owner the right to sell a commodity or a financial security on a specified date in the future, at a specified price. and intangible factors.