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physical currency, and which can be established by the deposit of
physical currency with such institutions. Bank money is not legal
tend
Proof Coins
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 report 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
480 grains or 31.10348 grammes).
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one troy ounce equals
4. Diameter.
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