CoinClinic: What Counts as Specie?
From specie and hard money to shipwreck silver and coin conservation, Coin Clinic tackles the terminology, treatments, and techniques collectors encounter in numismatics.
1866 quarter eagle is considered specie. Image courtesy Heritage Auctions
Does the term specie cover anything beyond coins composed of gold or silver?
Specie is technically circulation-strike coinage composed of gold or silver. In practice, specie has encompassed gold dust, ingots, pearls, platinum, and (of course) paper money that has been backed by gold or silver meant to be available “on demand” when these notes are being redeemed.
Is there a difference between hard money and specie?
Speaking in numismatic terms, hard money and specie for practical purposes are interchangeable. Hard money is also a political term referring to campaign contributions made for a specific candidate, political party, or to some organization supporting a specific candidate or party. Politically, hard money contributions must follow specific laws. Numismatically, hard money can be bank notes redeemable for specie, while soft money is not.
This Peru 8 Escudo coin is part of a collection found in a shipwreck. Image courtesy NGC
How do gold and silver treasure coins recovered from a sunken ship fare once they have been retrieved?
Gold coins are reasonably resistant to saltwater damage, although some restoration may become necessary. Silver coins found in saltwater will be impacted by chloride ions that lead to corrosion and mineralization. The silver will eventually convert into other compounds.
I’m considering sending a coin to one of the third-party certification services for restoration. What exactly will these services do?
Conservation, which is the accepted term, will involve the safe removal of surface contaminants (dirt, PVC, active corrosion) to improve the appearance of the coin without damaging that coin’s surface. They will not enhance the appearance through tooling, smoothing, or disguising pitting.
What happens to the coin if someone tools or smooths the surface of a coin?
Each of these alterations is invasive. They may involve moving, removing, or adding metal to the surfaces. Such efforts are typically attempted when someone is hoping to increase the condition and the value of a coin artificially. Properly conserved coins are recognized as having been conserved, but tend to command a better price than coins that have been identified as having been tooled or smoothed.
Some silver coins I’ve seen have been noted as having been dipped. What exactly does this mean?
Dipping a coin into a chemical soup is meant to improve the appearance of the coin. In some instances, the coin may have unsightly toning. In others, the person performing the dipping is hoping to improve the grade for which he can resell it. Coin dips can be purchased commercially. They are diluted acid solutions meant to remove surface oxidation and tarnish. What they do is strip the original luster from that surface, resulting in an unnatural shine that detracts from that coin’s value.
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