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Almost:
A term being used more and more these days to describe a note that is between grades with a leaning to be closer to the higher grade than the next grade down.

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Bag Marks:
Minor abrasions on an otherwise uncirculated coin, caused by handling in mint bags.
Banknote:
A promissory note issued by a bank in useful denominations, payable to bearer and intended to be circulated as money.
Bullion:
Uncoined precious metal in the form of bars, plates etc. Also intrinsic value attributed to a worn coin. 

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Carbon Spots:
Not really carbon in the chemical sense but a term to describe dark spots on the coin's surface. Generally the result of mishandling.
Choice:
A term to describe a particularly nice example (See Gem and Proof Like).
Coin:
Usually a piece of metal, marked with a device, issued by a governing authority and intended to be used as money.
Condition:
The state of preservation of a coin or note; the better the condition the more desirable the piece.

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Denticles:
Dots or beads arranged around the edge of many coins, including most Commonwealth coins struck in Australia.

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Essay or Proof Note:
A trial print made to test a new design or printing technique before a note is officially authorised for circulation. Essays (sometimes called "specimen notes") are rarely available to collectors, and many bring high prices.

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Front:
The face or obverse of the note.
Frosting:
Coins, particularly proof or pattern pieces, may be issued with certain parts of the design slightly dulled. This is accomplished by slight sand blasting or etching that part of the design on the die. It is called frosting as it has that appearance.

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Grade:
A carefully constructed series of guidelines to determine the condition and thus the rarity and value of a coin, banknote or other piece of numismatic material.
Gem:
A relatively flawless piece of superlative quality. A coin which is actually struck from normal circulation dies but one which may have an almost prooflike appearance. A coin free from the usual manufacturing defects of an uncirculated example.

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Imprint:
The name of the printer or engraver on paper money such as the T.S. Harrison imprint on early Australian Commonwealth series notes. 

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Matte Proof:
A proof coin or medal with a finely granulated surface. These were mostly produced around the beginning of the 20th century. Today, most proofs have frosted highlights.
Mint Lustre
The bloom on the surface on an uncirculated numismatic object resulting from the radial flow of metal caused by striking with dies. Mint lustre or bloom is somewhat frosty in appearance as opposed to the mirror-like smoothness of the field of a proof. 

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Obverse: The side of a numismatic item bears the principal design or device, often as prescribed by the issuing authority. 

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Patina:
Natural colouring acquired by a coin, token or medal with the passing of time. It might also be the result of oxidation produced by certain soils and moisture affecting the piece.
Prefix:
Letters or numbers in front of the serial number on a banknote.
Proof Like:
Having a surface as flawless and brilliant, or almost, as that of an actual proof issue. The difference is that this coin has been struck with the normal working, or circulation, dies. Such coins are much prized; having a higher value than a similar coin regarded as uncirculated. 

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Rare:
A comparative term denoting a high degree of scarcity. There are also degrees of rarity such as "very" or "extremely" rare or modified by the use of figures such as R3, R7. There is no universally accepted scale of rarity. 

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Specimen:
(See prooflike.) A coin or banknote prepared with special care as an example of a given issue. In the case of banknotes, the actual word "specimen" may be overprinted on the design.
Suffix:
Letters appearing after a serial number. Some early Australian notes carried such a serial number.
Superscribed:
Wording superimposed over another note to change its value or issuing authority. While the Commonwealth Treasury was waiting for materials to print its own notes around 1910, it superscribed its authority over unissued note forms of the individual colonial banks. 

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Toning:
A slow, natural and normal process by which a coin oxidises over a number of years. Blue, yellow, gold and red tonings occur. If attractive, such toning can add appreciable value to uncirculated coins. 

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Watermark:
A section of a note is specially treated to contain an unobstrusive design which cannot be seen unless held up to the light.