Circulated

Circulated is the term used to refer to coins that have been used or 'in circulation' as currency.  All coins start out as uncirculated since they leave the Mint in pristine condition. Once circulated, gold and silver coins pick up marks and blemishes from everyday use. Since all circulated coins display some signs of wear, they are never graded higher than AU-58.  Although many collectors prefer Uncirculated coins (Unc.), Brilliant Uncirculated (BU) or Mint State (MS) coins, certain circulated coins are sought after for their precious metal content or historical value.