Non-circulating legal tender (NCLT) refers to coins that are theoretically

legal tender Legal tender is a form of money that Standard of deferred payment, courts of law are required to recognize as satisfactory payment in court for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything ...

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 A bullion coin (also known as a specie) is a coin struck from highly refined precious metal (bullion) and kept as a store of value or an investment rather than used in day-to-day commerce, or collectable, with numismatic value beyond that of its ...

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 l ...

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, which was a pattern. Private issues are not NCLT because they are not legal tender and are properly viewed as medals.

References

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