(n.)
A “raw” coin is simply a coin that is not semi-permanently encapsulated in a plastic holder. In other words, a coin in its natural, plucked-from-circulation (or fresh-from-the-mint) state.
According to numismatist John Michael Murbach (see Sources below), the phrase “raw coin” dates back to the year 1986 or ’87, which places its origin at around the same time that the major commercial third-party grading services PCGS and NGC were founded.
Some collectors–especially collectors of ancient coins or early American coppers–like to be able to feel a coin in their hand, and prefer to keep their coins unencapsulated.
It is usually not a good idea to buy a valuable or rare coin in its raw form unless you are an expert in coin authentication.
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Sources
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