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- Scratch
A mark on a coin that is more severe than a hairline.
- Swap
Simultaneous purchase and sale of spot against forward, or swap between locations, or swap of different size or quality of gold bars.
- Settlement Date
The date on which a contract must be fully paid for and delivered. It is the practice in international bullion markets for settlement to take place two business days after the transaction date, ie, spot.
- Spot
Settlement (ie, delivery of metal and payment of money) which takes place two business days after the transaction date.
- Sheldon scale
A system of grading which was originally introduced by the late Dr. William H. Sheldon, for the purpose of grading large cents. The system was adapted to all coins in the early 1970’s. The Sheldon Scale, as applied today, incorporates numerical grades 1 through 70 to correspond with various descriptive grades as follows:Poor - 1Fair - 2Almost Good - 3Good - 4, 6Very Good - 8, 10Fine - 12, 15Very Fine - 20, 25, 30, 35Extremely Fine - 40, 45Almost Uncirculated - 50, 53, 55, 58Mint State - 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70.
- Sleeper
A coin which is undervalued or underpriced.
- Silver commemoratives
Coins struck at various times from 1892 through 1954 and post-1982, to celebrate a person, place, or event.
- Slider
A coin which a less scrupulous individual might sell at a higher grade than it really merits. The term usually refers to a nearly mint-state coin which is, or could be offered as a full mint-state.
- Small Eagle
Referring to the coin design with the plain eagle on a perch, first used on the 1794 half dime and half dollar.
- Souk
The local name for market used throughout the Arab world.
- Second toning
Natural or artificial toning that occurs after a coin is dipped or cleaned.
- Small date
Term referring to the size of the digits of the date on a coin. The use of this term implies that a large or medium date exists for that coin or series.
- SL
Acronym for small letters.
- Small size
A term referring to the diameter of a coin in a series. The use of this term implies that there is a large diameter coin with the same motif.
- Shiny spots
Areas on Matte, Roman, and Satin Proof coins where the original dulled surface has been disturbed.
- S-Mint
Term applied to coins struck at the San Francisco, California branch Mint.
- Straddle
Purchase or sale of call and put options for the same underlying asset with the same expiry date and strike price.
- Silver
1 - A precious metal2 - Referring to coins struck in silver (generally 90% silver and 10% copper but there are a few exceptions).
- Short Straddle
The sale of a call and put option with the same exercise price and expiry date. The investor has a neutral view of the underlying asset and expects limited price fluctuation.
- SMS
Acronym for Special Mint Set
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