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Physical Currency
Bank notes and coins as contrasted with bank money or
scriptural money, i.e. claims on financial institutions (such
as banks), which are acceptable when transferred from one holder
to another in discharge of obligations, which are exchangeable on
demand into physical currency, and which can be established by
the deposit of physical currency with such institutions.
money is not legal tender.
Proof Coins
Bank
Coins struck from highly polished dies. They usually have
a mirror-like or frosted surface and are of the highest quality.
Proof-Set
A set of one proof coin of each current denomination issued
for a specific year.
Redemption
In the repat a distinction is drawn between the redemption
and exchange of currency. A coin is considered redeemable if the
holder has the right in law to demand payment at a given rate in
foreign currency from the issuing authority. This is independent
of the authority's obligation to exchange coins (i.e. make
payment in domestic notes and/or coins, of a new or current
series of equivalent nominal face value, i.e. on a one-for-one
basis) if they should cease to be legal tender.
Specifications
Coin specifications are normally expressed in terms of
1. Metal type (gold, silver, etc.).
2. Fineness i.e. the degree of purity of the precious metal.
3. Total weight (in grains or grammes - one troy ounce
equals 480 grains or 31.10348 grammes).
4. Diameter.