Non-circulating legal tender (NCLT) refers to coins that are theoretically
legal tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in ...
and could circulate but do not because their issue price, and/or their melt value at the time of issue is significantly above the arbitrary legal tender value placed thereon. They are sold to collectors and investors with no intention that they be used as money. Notable examples would include
commemoratives,
proofs,
bullion coin
Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes fro ...
s, presentation sets,
pattern
A pattern is a regularity in the world, in human-made design, or in abstract ideas. As such, the elements of a pattern repeat in a predictable manner. A geometric pattern is a kind of pattern formed of geometric shapes and typically repeated li ...
s and the like.
Some coins intended as NCLT have historically circulated, such as the 1893
World's Columbian Exposition Half Dollars, which was a commemorative, and the 1856
Flying Eagle cent
The Flying Eagle cent is a one- cent piece struck by the Mint of the United States as a pattern coin in 1856 and for circulation in 1857 and 1858. The coin was designed by Mint Chief Engraver James B. Longacre, with the eagle in flight based o ...
,
which was a pattern.
Private issues are not NCLT because they are not legal tender and are properly viewed as medals.
References
{{DEFAULTSORT:Non-Circulating Legal Tender
Numismatics