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VOCABULARY TERM: NONCIRCULATING LEGAL TENDERHere's a short entry from Dick Johnson's Encyclopedia of Coin and Medal Terminology. -Editor Noncirculating Legal Tender. A coin bearing all characteristics of a circulating coin, but intended to be sold to collectors and the public instead. Usually such a coin is sold at a premium over the face value and frequently in sets of two or more. The design is often commemorative and in a composition not usual for circulating coin. Such coins in precious metals are popular. The quantity struck is often small but the size is sometimes larger than typical circulating coin. Bullion coins bearing a denomination fall in this class of mint-struck objects. Caribbean island countries and third world countries were first to issue these coins, now many countries do. The term is abbreviated NCLT.
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