LACKLUSTRE

- Lustre that appears dull, washed out, etc. because of either damage to the lustre itself (eg. from excessive "dipping") or because of an opaque film covering it and subduing its effect.

LACQUERED COINS

- Coins, particularly copper, that have been coated with a clear transparent lacquer, usually to protect the coin from further toning or damage from contamination. The lacquer can be easily removed without subsequent damage to the coin.

LAUREATE

- Head crowned with laurel wreath.

LEGAL TENDER

- Currency explicitly determined by a government to be acceptable in the discharge of debts.

LEGEND

- The principal inscription on a coin.

LETTERED EDGE

- Intaglio lettering milled onto the edge of a coin before striking or raised lettering on the edge of a coin produced by the use of a segmented collar die at the time of striking.

LINTMARKS

- Small incuse or incised marks on the surface of a coin caused by stray hairs, threads, and the like adhering to the die after it was wiped with an oily rag and then being pressed into the surface of the planchet as the coin was being struck.

LIQUIDITY

- A measure of how quickly an asset or commodity can be turned into cash at or nearly at full retail value less a reasonable transaction fee or commission. During depressed or slow markets, coins that are not in active demand are especially not very liquid.

LOGO (LOGOTYPE)

- Multiple digit hand punch used to punch date digits into a hub or die (may have 2,3, or 4 digits).

LOUPE

- See Magnifying Glass.

LOVE TOKEN

- A coin which has been altered by smoothing one or both surfaces and engraving initials, scenes, messages, etc. thereon.

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.

LUSTRE

- The sheen or bloom on the surface of an uncirculated numismatic object resulting from the centrifugal flow of metal caused by striking with dies. Mint lustre or bloom is somewhat frosty in appearance as opposed to the mirrorlike smoothness of the field of a proof. Since the lustre of a coin can vary considerable due to factors such as wear, polishing, of dies or planchets, exposure to chemicals, humidity or temperature extremes, etc., it is an important indicator of the condition of grade of a coin. The qualities of lustre are often described by such adjectives as fiery, frosty, light frost, heavy frost, satiny, flat looking, matte, semi-matte, and so on. Often a given series of coins will have their own distinctive quality of lustre compared to other series, eg. Edward VII 5 cent silvers versus 5 cents of Victoria. Although normally brilliant, with time lustre may become dull, spotted, or discoloured. Lustre is easily worn through with the slightest amount of circulation and strong chemical cleaners will destroy it. Once the mint lustre is gone it cannot be properly restored.

LUSTRE BREAK

- See Break in the Lustre.

LUSTRE "GRAY" TEST

- A method to detect the possible absence of lustre on a coin. Tilt the coin in good lighting, both obverse and reverse, and look for minute changes in the appearance of the lustre especially around the likely points of first wear on the coin. Those areas where lustre has been damaged or lost will appear a grayish colour against they typical twinkling brilliance of full lustre surrounding it. See also Rub.

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