laser-enhanced

A technological achievement displayed on certain of Canada’s numismatic coins. Laser enhancement of a coin microengraves a portion of the design to create depth and the illusion of color.

launder

Term, often used in a derogatory sense, referring to the cleaning of paper money to enhance its appearance. In fact, careful cleaning, such as to remove grease or grime, can be beneficial, but should be done only by experts.

laureate

Description of a head crowned with a laurel wreath.

Lazy 2, Lazy deuce

Nicknames for an Original Series or Series of 1875 National Bank Note of the $2 denomination, which has a large 2 placed horizontally in a resting or “lazy” position.

legal tender

Money that is officially issued and recognized for redemption by an authorized government or agency.

Legal Tender Note

Note from $1 to $10,000 issued in large-size and small-size formats. For a long time Legal Tender Notes were the basic mainstay of the federal paper-money system. Synonym: United States Note.

legal-tender status

A.K.A. obligation. Information given in the lettered inscriptions on the back of a note, describing its exchangeability. As an example, certain early Legal Tender Notes have this inscription: “This note is a legal tender for all debts, public and private, except duties on imports and interest on the public debt, and is receivable in payment of all loans made to the United States.”

legend

The principal inscription on a coin.

lettered edge

The edge of a coin bearing an inscription, found on some foreign and some older United States coins, modern Presidential dollars, and the MMIX Ultra High Relief gold coin.

loonie

Nickname for the 11-sided brass one-dollar coin introduced in Canada in 1987. The coin features on its reverse a depiction of the common loon, a water bird.

luster

The brilliant or “frosty” surface quality of an Uncirculated (Mint State) coin, which can vary depending on Mint finish.